A new approach is employed to test herding towards the market portfolio, which is based on the cross-sectional dispersion of the factor loading of asset pricing model within Shanghai stock market.

采用一种利用资产定价模型因子载荷截面离散度指标测度羊群行为的新方法来检验上海股票市场是否存在以市场指数为领头羊的羊群行为。

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The single-factor model thinks, the rate of return of the stock can be explained with system risk and none system risk together, but it limits the system risk in a factor (such as market index).

单因素模型认为，股票的收益率可以由系统风险和非系统风险联合解释，但它把系统风险限制在一个因素（如市场指数）当中。

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This model expands on the Fama-French Three-Factor Model by adding a stock momentum risk factor.

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The "capital asset pricing model" identified one factor, beta, or a stock's volatility relative to the index, as pivotal to the stock's returns.

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