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.
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。
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。
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