The paper adopts from the investment behavior theory and studies the affecting factors of financial investors in investment decision-making and the investment fund behavioral deviation. At the same time, the thesis also analyzes the efficiency of asset allocation and investment behavior of China's securities investment funds, and studies its impact on China's securities market. On the basis of ...

We propose a model for stochastic formation of opinion clusters, modeled by an evolving network, and herd behavior to account for the observed fat-tail distribution in returns of financial-price data. The only parameter of the model is h, the rate of information dispersion per trade, which is a measure of herding behavior. For h below a critical h(*) the system displays a power-law distribution...

We adopt the cross-sectional absolute deviation model (CSAD) to test herding behavior of ChiNext, a decade-old NASDAQ-style stock market in China, based on its stocks from 2015-2019. Our findings show that is prevalent, implying such widespread relatively new themed with growth-oriented innovative enterprises and dominated by individual investors instead institutional investors. Moreover, we fi...

Do firms employing undocumented workers have a competitive advantage? Using administrative data from the state of Georgia, this paper investigates the incidence of undocumented worker employment across firms and how it affects firm survival. Firms are found to engage in herding behavior, being more likely to employ undocumented workers if competitors do. Rivals’ undocumented employment harms fi...

We show that the algorithm to extract diverse M -solutions from a Conditional Random Field (called divMbest [1]) takes exactly the form of a Herding procedure [2], i.e. a deterministic dynamical system that produces a sequence of hypotheses that respect a set of observed moment constraints. This generalization enables us to invoke properties of Herding that show that divMbest enforces implausib...

This paper takes a comparative approach to early farming, arguing that bioarchaeological work on Neolithic Europe can inform understanding of earlier cultivation and herding in the Near East, where the ‘package’ of crops and livestock emerged in the PPNB period. Evidence for intensive cultivation (‘garden agriculture’) integrated with small-scale herding is outlined for south-east and central E...

Rational herd behaviour and informationally efficient security prices have long been considered to be mutually exclusive but for exceptional cases. In this paper we describe the conditions on the underlying information structure that are necessary and sufficient for informational herding and contrarianism. In a standard sequential security trading model, subject to sufficient noise trading, peo...