摘要
我国基金市场中存在显著的“羊群效应”,“羊群效应”随着股票历史收益率的增加呈现逐步减弱的趋势;基金卖出的“羊群效应”强于买入的“羊群效应”,“羊群效应”与基金投资绩效之间具有正相关性;基金在买卖小规模公司股票时的“羊群效应”明显强于买卖大规模公司股票时的“羊群效应”。
There is an obvious herding effect in mutual fund of China Stock Marke t, and the effect becomes weaker as the historic return rate of stock return inc reases. The herding effect in buying is stronger than that in selling, and there is a positive relationship between the return of the fund and its herding effec t. In addition, the mutual fund has a stronger herding effect in dealing with st ocks of the small firms than that in dealing with stocks of the big firms.
出处
《学习与探索》
CSSCI
北大核心
2005年第2期229-233,共5页
Study & Exploration
基金
2001年国家自然科学基金项目(70173043)
2002年教育部重点项目(02JAZ790005)
2002年教育部重大项目(02JAZJD790007)
关键词
羊群效应
投资基金
证券市场
herding effect
mutual fund
securities market
