Research on risk measurement of the multi-hierarchical herding behavior of the heterogeneous institutional investors
Jie Ma, Zhenghua Wei, Xing Yin
Available Online October 2017.
- https://doi.org/10.2991/febm-17.2017.134How to use a DOI?
- institutional investors; herding behavior; lsv model; heterogeneous
- Based on the modified LSV model, this paper measured the herding behavior of the 6 types of institutional investor via three aspects. We got some new findings: 1) The fund’s herding behavior is the most serious in all kinds of institutional investors, and the fund shows no the professional ability in practice; 2) QFII、Trust and Broker did not do a good job as the social security fund, and even might be seen as the backward pointer of the market; 3）none of the industries owned the bigger or smaller measurement value of herding behavior for all of the institutional investors, which means all of the institutional investors will never buy or sell any industry simultaneously; 4）the social security fund invested the most in the growth enterprise market, which is quite different with our traditional conception on social security fund.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - Jie Ma AU - Zhenghua Wei AU - Xing Yin PY - 2017/10 DA - 2017/10 TI - Research on risk measurement of the multi-hierarchical herding behavior of the heterogeneous institutional investors BT - Second International Conference On Economic and Business Management (FEBM 2017) PB - Atlantis Press SP - 995 EP - 1005 SN - 2352-5428 UR - https://doi.org/10.2991/febm-17.2017.134 DO - https://doi.org/10.2991/febm-17.2017.134 ID - Ma2017/10 ER -