运筹与管理Issue(6)：191-199,9.
投资者情绪对基金羊群效应的影响研究
Study on the Influence of Investor Sentiment on Fund Herding Effect
摘要
Abstract
Extensive literatures prove that herding behavior exists in fund managers , but the literatures appear to include little research that conducts an empirical investigation to explain the behavior of institutional investors herding .To address this issue , this study examines whether prior investor sentiment explains the level of fund manager herding .The study employs the principal component analysis as the means of extracting the composite sentiment measure ,and uses the fund number of top ten circulation shareholders to measure manager herding .The results indicate that investor sentiment plays a significant role in explaining subsequent fund herding ,and fund managers make the negative-feedback strategies in the previous quarter investor pessimism (optimism)sentiment.关键词
证券投资基金/羊群效应/投资者情绪Key words
securities investment funds/herding effect/investor sentiment分类
管理科学引用本文复制引用
贾丽娜,扈文秀..投资者情绪对基金羊群效应的影响研究[J].运筹与管理,2013,(6):191-199,9.基金项目
国家自然科学基金项目（71373204）；陕西（高校）哲学社会科学重点研究基地科学研究计划项目（1352036）；陕西省国家重点培育学科基金 （）
