morgan stanley pays bonuses in cash, but places the cash in a restricted account where it can't be used for a certain number of years.

yet in spite of this impulse to conformity, the risk-management performance of banks in this credit market turmoil is anything but herd-like.

不过，尽管存在这种趋同冲动，在此次信贷市场危机中，银行的风险管理表现绝不能用羊群效应来描述。

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this paper illustrates the reasons and characteristics of band-wagon effect on the stock market, and puts forward the strategies on rational investment.

本文论述了股市中羊群效应的表现特征和形成原因，提出了理性投资的策略。

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in this paper, we used the sequential trade framework of financial market microstructure model to study the herding mechanism in security markets.

用金融市场微观结构模型的序贯交易框架分析了证券市场上羊群效应的发生机制。

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when demand risk does not exist, the static state nash equilibrium exists in the game and the herding does not take place;

没有需求风险时博弈存在静态纳什均衡且不会发生羊群效应；

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this produced attractive risk-adjusted returns, which in due course were boosted by a herd-like migration of other investors into timber.

这产生了诱人的经风险调整后的回报，而且由于后来其他投资者蜂拥投资木材，形成羊群效应，这一回报得以推高。

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the asymmetric degree of herding in up and down markets could be explained by behavioral finance and its prospect theory.

羊群效应的不对称性可用行为金融学及其期望理论解释。

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regarding sif investment behavior, there exist obvious positive feedback trading strategy effect and herding effect on stock market.

在基金投资行为方面，我国基金投资行为存在明显的正反馈交易策略效应和羊群效应。

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as one common phenomenon in stock market, it has great influence on single stock and the whole market.

羊群效应行为作为一种在股票市场中常见的现象，对于单个股票以及整个市场都具有重要的作用。

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the thesis firstly illustrates the definition of sheep-flock effect and analyzes it from the angle of game theory.

本文首先对羊群效应的基本概念进行阐述，并从博弈论的角度对其成因进行分析。

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we believe that this dynamic behavior is a direct reflection of investors' herding on security prices.

我们认为这种动态行为是投资者的羊群效应对金融证券作用的直接反映。

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except for construction industry, other industries do not exhibit herding behavior in disclosing operating strategy.

除建筑业外，其他行业上市公司的自愿披露并未呈现出“羊群效应”。

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and among various sectors, the herding in industrial stocks is the most significant one.

各行业中以工业类股票的羊群效应最显著；

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herding behavior of private enterprises listing in overseas market: a case study from linyi

民营企业境外上市中的羊群效应：临沂案例

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analysis of herd behavior in portfolio investment

证券投资中的羊群效应分析

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we construct the herding model of the individual investors under the irrational condition.

依据此结论，构建了非理性因素条件下个体投资者的羊群效应模型。

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the result indicated that the inventory change can originate herd behavior.

结论表明即便在一维不确定性下，交易者之间存货的变化可能引起羊群效应。

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ch method and cck method both test herding effect in investors, ch method thinks that the cross section with the standard deviation cssd of stock returns will decrease as the absolute market yield increases when the stock market exists herding effect.

CH方法和CCK方法都是检验投资者之间羊群效应的方法，CH方法认为，当股市存在羊群效应时，个股收益率的横截面标准偏差CSSD随绝对市场收益率的增大而减小。

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there are many scholars use lsv model to study herd behavior in china securities investment fund and have a unanimous conclusion.

目前已经有很多学者通过LSV模型对我国证券投资基金的羊群效应进行了研究，并得出羊群效应很高的一致结论。

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the herd effect in investment funds

投资基金羊群效应分析

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there has been a relation between the herd effect and systematic structure.

市场系统性风险结构和羊群效应本身是有内在联系的。

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