本文对基金羊群行为产生的原因进行了分析。
The reasons of funds' herd behavior are analyzed in this paper.
得出，羊群行为的存在增加了股票价格的波动。
The conclude is that herd behavior increases the price fluctuation of stock.
我是经济学家所谓的“信息羊群行为”的受害者。
I was a victim of what economists call "informational herding".
羊群行为对市场起的是积极还是消极作用，各方说法不一。
On which herding behavior plays positive or negative role in the market, the parties have different points.
商业银行信息羊群行为部分，首先建立了两参与人博弈模型。
In the discussion of informational herding, a model of two managers is set up.
投资者的羊群行为是导致杠杆效应、市场泡沫的一个重要因素。
Herd behavior is also the important factor that causes the leverage effect and market foam.
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.
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.
文章主要分为三个部分来讨论羊群行为的微观机理与元胞自动机模拟。
The article mainly divides into three parts to discuss the microcosmic mechanism of investors' herd behavior and cellular automaton simulation.
证券市场上投资者的羊群行为会使股价发生波动，影响证券市场的稳定。
The herd behavior of investors will disturb stock prices, which affects the stability of the stock market.
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.
股票市场中的羊群行为是指各类投资者忽略私有信息、相互模仿投资决策的现象。
Herd behaviour in stock market means that investors ignore their private information and imitate others when making investment decisions.
羊群行为是证券市场中的常见现象，尤其在中国这样一个新兴市场更是普遍存在。
Herding behavior is a common phenomenon in the stock market, especially in emerging markets such as China is more prevalent.
分散度检验法和横截面收益绝对差检验法是检验证券市场中羊群行为的两种方法。
Dispersal degree test and cross sectional absolute deviation test are two kinds of methods to test herding behavior on the financial market.
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.
本文首先对羊群行为作了一个简单的介绍，然后描述了羊群行为在金融市场上的几种模式。
This paper first gives a brief introduction of researches on herding behavior. Then it describes some patterns of herding behavior in financial market.
在此基础上尝试将商业银行羊群行为分为三类即：商业银行声誉、信息以及挤兑羊群行为。
Herd behaviors in our commercial Banks are classified as follow: reputational herding, informational herding, and running herding.
实证结果显示，我国大豆期货市场不存在羊群行为，而豆粕和玉米期货市场存在羊群行为。
The empirical results show that, China's soybean futures market does not exist Herding Behavior, but the soybean and corn futures market have Herding Behavior.
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.
进一步地，本文对我国商品期货市场的大豆、豆粕和玉米三个品种进行羊群行为的实证研究。
Further, the paper gives the empirical research on the Herding Behavior of soybean, soybean meal and corn of the China's commodity futures market.
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.
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.
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