%0 Journal Article
%T Stock market herd behavioral mechanism and its impact based on computational experiment<br>基于计算实验的股票市场羊群行为机理及其影响
%A LIU Hai-fei
%A YAO Shun
%A XIAO Bin-qing
%A QU Hui
%A <br>刘海飞
%A 姚舜
%A 肖斌卿
%A 瞿慧
%J 系统工程理论与实践
%D 2011
%I 
%X This paper studies herd behavior by designing an artificial stock market model and analyzing its results in which way the true herd behavior and the spurious herd behavior can be differentiated.The result shows that,in the short run,herding interacts with the returns and destabilizing the market.In the long run,it is not the traders' herd behavior but the traders' disregard of discovering their own information, the low proportion of informed traders and the lack of market liquidity that are to blame for the...
%K herd behavior
%K artificial stock market
%K informed traders<br>羊群行为
%K 人工股票市场
%K 知情交易者
%U http://www.alljournals.cn/get_abstract_url.aspx?pcid=01BA20E8BA813E1908F3698710BBFEFEE816345F465FEBA5&cid=962324E222C1AC1D&jid=1D057D9E7CAD6BEE9FA97306E08E48D3&aid=128D5ABF53EBF982D85F7F47A292C2DF&yid=9377ED8094509821&vid=4AD960B5AD2D111A&iid=94C357A881DFC066&sid=8C8D39B86A1EED4F&eid=525CF7714FCB18E2&journal_id=1000-6788&journal_name=系统工程理论与实践&referenced_num=0&reference_num=21