金融学专业外文翻译-----金融市场上的羊群行为-金融财政(编辑修改稿)

金融学专业外文翻译-----金融市场上的羊群行为-金融财政(编辑修改稿)内容摘要：

mism regarding firms’ earning expectations, then type F investors may increase the share of Sd and Bd in their portfolio, buying both from type D , in the domestic markets Sd and Bd, type F investors appear to be part of a buying “herd” whereas type D investors appear to be part of a selling “herd.”However, the investment decisions of types F and D investors are individual decisions and may not be influenced by others’ actions. Moreover, this behavior is efficient under the capital convertibility constraints imposed on type D investors. Other causes of intentional herding include behavior that is not fully rational(and Bayesian). Recent papers on this topic include DeLong, Shleifer, Summers,and Waldman (1990)。 Froot, Scharfstein, and Stein (1992)。 and Lux and 4 Marchesi(1999). In this review, we do not discuss models of herd behavior by individuals who are not fully rational except to note that one type of herd behavior—use of momentuminvestment strategies—has been documented in the literature (see, for example, Grinblatt, Titman and Wermers (1995)。 Froot and others (2020)。 Choe and others (1999)。 Kim and Wei (1999a, 1999b)). A momentuminvestment strategy is the tendency of an investor to buy and sell stocks based on past returns of the stocks, that is, to buy recent winners and sell recent losers. This form of herd behavior is not rational under the efficientmarkets hypothesis since market prices are assumed to reflect all available information. Such “momentuminvestment” or “positivefeedback” strategies can exacerbate price movements and add to volatility. Of course, one could argue that it takes time for market participants to pletely digest and act on new information and hence market prices fully incorporate new information only over time. If this is the case, then positivefeedback strategies may be rational and participants who follow such strategies can be seen as exploiting the persistence of returns over some time period. In this paper we provide an overview of the recent theoretical and empirical research on rational herd behavior in financial markets. Specifically, we examine what precisely is meant by herding, what are possible causes of rational herd behavior, what success existing studies have had in identifying it, and what effect such behavior has on financial markets. In Section I, we discuss how imperfect information, concern for reputation, and pensation structures can cause herding. Intentional herding may be inefficient and is usually characterized by fragility and idiosyncrasy. It can lead to excess volatility and systemic Therefore, it is important to distinguish between true (intentional) and spurious (unintentional)herding. Furthermore, the causes of investor herding are crucial for determining policy responses for mitigating herd behavior. How does one empirically distinguish between informational, reputationbased, and pensationbased herding?One approach would be to examine whether the assumptio。