金融學(xué)專業(yè)外文翻譯-----金融市場(chǎng)上的羊群行為-金融財(cái)政-展示頁(yè)
2025-05-26 14:58本頁(yè)面
【正文】 hchandani and Sunil Sharma 譯 文： 金融市場(chǎng) 上的 羊群行為 本文綜述了近年來(lái) 在金融市場(chǎng)上的羊群行為 的理論和實(shí)證 研究 。 Froot and others (2020)。 Froot, Scharfstein, and Stein (1992)。 1 本科畢業(yè)論文外文 外文題目： Herd Behavior in Financial Market 出 處 IMF Staff Papers , 作 者： Sushil Bikhchandani and Sunil Sharma 原 文： Herd Behavior in Financial Markets This paper provides an overview of the recent theoretical and empirical research on herd behaveior in financeial looks at what precisely is meant by hearding,the causes of herd behaveior,the successs of exisiting studies in identifying the phenolmenon,and the effect that herding has on financeial markets. In the aftermath of several widespread financial crises, “herd” has again bee a pejorative term in the financial lexicon. Investors and fund managers are portrayed as herds that charge into risky ventures without adequate information and appreciation of the riskreward tradeoffs and, at the first sign of trouble, flee to safer havens. Some observers express concern that herding by market participants exacerbates volatility, destabilizes markets, and increases the fragility of the financial raises questions about why it is surprising that profitmaximizing investors, increasingly with similar information sets, react similarly at more or less the same time? And is such behavior part of market discipline in relatively transparent markets, or is it due to other factors? For an investor to imitate others, she must be aware of and be influenced by others’ actions. Intuitively, an individual can be said to herd if she would have made an investment without knowing other investors’ decisions, but does not make that investment when she finds that others have decided not to do so. Alternatively, she herds when knowledge that others are investing changes her decision from not investing to making the investment. There are several reasons for a profit/utilitymaximizing investor to be influenced into reversing a planned decision after observing others. First, others may know something about the return on the investment and their actions reveal this information. Second, and this is relevant only for money managers who invest 2 on behalf of others, the incentives provided by the pensation scheme and terms of employment may be such that imitation is rewarded. A third reason for imitation is that individuals may have an intrinsic preference for conformity. When investors are influenced by others’ decisions, they may herd on an investment decision that is wrong for all of them. Suppose that 100 investors each have their own assessments, possibly different, about the profitability of investing in an emerging market. For concreteness, suppose that 20 of the investors believe that this investment is worthwhile and the remaining 80 believe that it is investor knows only her own esti
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