| 基金投资行为与股票市场稳定性 |
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| 引用本文： | 俞雪飞,刘亚.基金投资行为与股票市场稳定性[J].财经科学,2012(5):25-33. |
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| 作者姓名： | 俞雪飞 刘亚 |
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| 作者单位： | 对外经济贸易大学金融学院 北京,100029 |
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| 摘 要： | 本文实证研究了我国开放式基金的羊群行为及反馈行为,并检验了这种投资行为对中国股票市场的影响。结果表明,开放式基金具有明显的羊群行为及反馈行为,这种投资行为提高了股市上涨期间的上涨幅度,加剧了下跌期间股票市场的波动。加强市场及产品创新,改变基金投资范围狭窄、缺乏做空机制、产品同质化严重、投资管理模式雷同的现状,是解决这种不利局面的根本措施。
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| 关 键 词： | 基金投资行为 羊群行为 反馈行为 稳定性 |
Institution Investment Behavior and Stock Market Stability |
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| Yu Xuefei
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Liu Ya.Institution Investment Behavior and Stock Market Stability[J].Finance and Economics,2012(5):25-33. |
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| Authors: | Yu Xuefei Liu Ya |
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| Abstract: | Using the data from 2001Q4 to 2008Q3,this paper studies China mutual funds’ Herding Behavior,Feedback Behavior and their effect on China stock market.The empirical result shows that China mutual funds’ Herding Behavior and Feedback Behavior are outstanding,and help China stock market rising higher in bull period and fluctuating violently in bear period.At last,we give some advice to solve this problem. |
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| Keywords: | Institution Investment Behavior Feedback Behavior Stability |
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