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.
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.
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.
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.
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.
同时也分析了区域房价泡沫传染的态势，及一个城市房价泡沫如何在消费者的非理性、羊群效应影响下扩散到另一个城市。
The paper also analyzed the condition of the regional bubble infection and how bubble infected by the effect of unreasonablities and herd behavior.
同时也分析了区域房价泡沫传染的态势，及一个城市房价泡沫如何在消费者的非理性、羊群效应影响下扩散到另一个城市。
The paper also analyzed the condition of the regional bubble infection and how bubble infected by the effect of unreasonablities and herd behavior.
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