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《Securities Market Herald》 2013-01
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The Happening Mechanism of Herd Behavior During Stock Market Trading: Based on the Analysis of Big Rise on IPO First Day

Lin Fangzhu,Zhai Weili,Li Guangchuan  
In this paper,we analyze the cause of the herd behavior in the stock market trading by studying the big rise phenomena during the IPO first day.We found that there were always specific external market and institutional environment factors when herd behavior happened.Sudden events or new events could stimulate the herd behavior.The existence of individual investors who are easily influenced by the environment and stimulus will make the groups tend to form.Some accounts with large amount entrusted investment,active participants willing to take high risk,are both the requirement to sustain and strengthen the herd behaviour.Finally,the interaction and emotional spreading between investors during the stock trading cause the herd behaviour.We suggest promoting the trading system innovation,developing education system for classified investors,perfecting the investor appropriateness management system,and strengthening the supervision on the "chasing new" behaviour.
【Fund】: 国家自然科学基金项目(批准号:71172226);; 博士后科学基金(资助编号:20100480780)的资助
【CateGory Index】: F832.51
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