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2010•The Journal of Financial ResearchRequires access

The Herding Behavior Difference between Institutional Investor and Individual Investor

Yang Gi Jin

Open publisher page 1 citations

Abstract

Based on TopView data,this paper defines herding behavior as the deviation of investor position change.The empirical results indicate the herding behavior difference between institutional investor and individual investor.In short run,institutional investor's herding behavior is more apparent than individual investor's herding behavior,but individual investor's trading behavior doesn' t copy institutional investor' s trading behavior. From the perspective of herding behavior,this paper clearly demonstrates China's capital market micro-structure, and helps investors and scholars to deeply understand the nature of China's capital market.

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What this paper is about

Based on TopView data,this paper defines herding behavior as the deviation of investor position change.The empirical results indicate the herding behavior difference between institutional investor and individual investor.In short run,institutional investor's herding behavior is more apparent than individual investor's herding behavior,but individual investor's trading behavior doesn' t copy institutional investor' s trading behavior. From the perspective of herding behavior,this paper clearly demonstrates China's capital market micro-structure, and helps investors and scholars to deeply understand the nature of China's capital market.

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Available abstract

Based on TopView data,this paper defines herding behavior as the deviation of investor position change.The empirical results indicate the herding behavior difference between institutional investor and individual investor.In short run,institutional investor's herding behavior is more apparent than individual investor's herding behavior,but individual investor's trading behavior doesn' t copy institutional investor' s trading behavior. From the perspective of herding behavior,this paper clearly demonstrates China's capital market micro-structure, and helps investors and scholars to deeply understand the nature of China's capital market.

Key concepts: Herding, Herd behavior, Institutional investor, Investor behavior, Investor profile, Financial economics, Capital market, China

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