Title: Herding behavior of Chinese individual and institutional investors
Abstract: This article analyzes the herding behavior of various kinds of investors and their influence on each other. Our sample came from the Shanghai Stock Exchange A Share Market, including 667 stocks and all their trades between August 27, 2001 and March 25, 2002. The results show that individual investors manifest significant herding behavior. Medium-size investors and institutional investors did not manifest herding behavior. The conclusion is that medium-size investors and institutional investors are more informed and efficient traders in the Chinese securities market than individual investors. Therefore, the policy of accelerating development of institutional investors will benefit both investors and regulators.
Publication Year: 2004
Publication Date: 2004-01-01
Language: en
Type: article
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