The Research Of Herding And Positive Feedback Behavior Correlation On Securities Investment Fund In China

This article taken the Behavioral Finance theory as the instruction, utilized modern, profiled from the domestic and foreign related research results and utilized modern statistical theory and method, to share market whether or not existence Herd Behavior and Positive Feedback Trading carry out the empirical research.First of all, summarized domestic and foreign related research of herding behavior and positive feedback, and then introduced the herding and positive feedback behavior of related theory. For empirical research part, firstly selected the data and processing, and then used Wermers (1999) to LSV (1990) revision of the model, on China securities investment fund herding behavior of existence of inspection, in particular, calculated the herding behavior and sell buy herding behavior, and then through the S.G. Bactrintath and Sunil Wahal (2002) of constructing BW methods to test our country securities investment fund positive feedback transactions, the existence of the last, combined with the correlation inspection to measure and positive feedback herding behavior on the behavior of the correlation. The empirical results show that in the sample interval in China in the securities investment fund is always existing herding, buying and selling herding behavior on the behavior of the calculation results, showed that there are no significant buying behaviors and significant sold herding behavior, and sells the flock behavior with strong buying herding. Positive feedback transactions of the results of the study show that, the securities investment fund market in our country the showed a positive feedback transactions, and later showed a negative feedback market trading. Through the correlation analysis found that there is no direct herding behavior to China securities investment fund is the formation of feedback transactions, in our country and the securities investment fund market is not formed by herding and positive feedback behavior and the formation of a positive feedback loop.