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《Chinese Journal of Management Science》 2008-05
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Studies on Individual Investor's Herd Behavior by Questionnaires and Experiments

XIE Ye1,2,WEN Feng-hua3,YANG Xiao-guang2,4(1.School of Economics and Management,Beijing City University,Beijing 100083,China;2.Management School,Graduate University of CAS,Beijing 100080,China;3.School of Economics,University of Science and Technology of Changsha, Changsha,Hunan 410076,China 4.Academy of Mathematics and Systems Science,CAS,Beijing 100080,China)  
The paper studies the individual investors' psychological and behavioral features from microcosmic points of view by questionnaires and experiments,emphasizing on the herd behavior.The results show that the degree of individual investors' herd behavior is different due to investors' personality characters and personal backgrounds: high self-efficacy and long-term investors have less herd behavior;the difference of herd behavior is significant among the investors with different investment experiences;and there are more herd behavior when investors purchase stocks than when they sell stocks.Moreover,the herd behavior in purchasing,adventurousness and independent personality have some predicting powers for the investors' performance.Through the experiment we do not find significant evidence that information factor and self-efficacy factor influence the investors' herd behavior,but the two factors influence the investors' performance significantly.
【Key Words】: herd behavior behavioral finance investor questionnaire behavior experiment
【Fund】: 国家自然科学基金资助项目(70425004 70221001 70701035)
【CateGory Index】: F830.91;F224
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【Citations】
Chinese Journal Full-text Database 5 Hits
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Chinese Journal Full-text Database 10 Hits
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