结合最新的资产定价模型和股票市场羊群行为检验思路，提出了股票市场理性与非理性羊群行为检验方法，并将股票市场羊群行为实证研究扩展到不同市场之间的比较。
This paper put forwards the measures of rational and irrational herding of stock market, which are used to compare the herding difference between different stock markets.
该结论在很大程度上支持了基于羊群行为的有限理性资产定价模型。
This conclusion lies in line with the assets pricing model of bounded rationality based on herding behaviors.
而从行为金融学的角度分析，羊群行为是由交易者的心理活动和认知偏差引起的，它是非理性的。
From the perspective of Behavioral Finance, herding is irrational due to security trader's mind and cognizance error.
结论表明，若市场中的交易者完全理性，则不会发生羊群行为；
The result indicates that herding never occurs in market if all the traders are perfectly rational.
金融市场中的羊群行为是一种非理性的行为，对于投资者的效用和整个市场的稳定都产生消极的影响。
Herding Behavior on the financial market is a non-rational action, it can bring negative effect on investors' utility and stabilization on all markets.
市场信息的不对称性以及决策者的非理性，导致联盟合作伙伴选择的羊群行为。
Asymmetric market information and the irrational behavior subjects cause herd behavior in the partner-selection of the alliance.
研究结论表明，虽然每个投资者完全理性，但羊群行为可能导致投资者表现出群体的有限理性。
The results indicate that even if every investor is full rational, the herd behavior of investors may result in the bounded rationality of group trading.
而利用下期回报率对羊群行为的理性和非理性进行分析得出中国的开放式基金可能为假羊群行为的结论。
And from analyses of the rationality and irrationality of herd behavior by the next period return, the conclusion is that herd behavior in China's open funds may be not true.
许多实证结果显示，在此之前被认为是理性投资者的基金也广泛的参与了羊群行为。
Many positive researches demonstrate, the fund, was considered to be rational investors, also widespread participated in herding.
股评家羊群行为的理性研究指出，当舆论被事后的收益率证明为错误时，羊群行为反而增加。
The research on the rationality of the herding behaviors indicates that the degree of herding increases when the consensus is proved to be wrong by the ex post return.
股评家羊群行为的理性研究指出，当舆论被事后的收益率证明为错误时，羊群行为反而增加。
The research on the rationality of the herding behaviors indicates that the degree of herding increases when the consensus is proved to be wrong by the ex post return.
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