摘要
羊群效应是近年来金融研究的热点,被认为是引起金融市场混乱的原因之一。本文运用CCK模型分别对我国创业板及美国纳斯达克市场的羊群效应进行了实证研究。通过研究发现,在所选数据期间内(2011年7月1日至2012年9月30日),我国创业板存在较为明显的羊群效应,而美国纳斯达克市场则没有出现。本文分析了上述现象产生的原因,并提出相应的政策建议。
Herd behavior is a hotspot for financial research in recent years, which is considered to be one of the causes leading to the confusion of financial markets. The paper uses the CCK model to conduct an empirical study on the herd behavior of China＇ s GEM and US＇ s NASDAQ. Through research, it is found that herding was more obvious in China＇ s GEM during the selected data starting from July 1st of 2011 to September 30th of 2012, while no herding happened in the US＇ s Nasdaq market. This paper analyzes the causes for the above-mentioned phenomenon, and puts forward policy recommendations.
出处
《金融发展研究》
2013年第8期75-78,共4页
Journal Of Financial Development Research
基金
山东省自然科学基金项目(项目编号:zr2011gl026)的阶段性成果
