金融市场中的从众行为与信息传播研究（Research on herd behavior and information communication in financial market）.doc

金融市场中的从众行为与信息传播研究（Research on herd behavior and information communication in financial market） Research on herd behavior and information communication in financial market Abstract: at present, many theoretical and empirical studies have found that the phenomenon of conformity is one of the important causes of the volatility of financial markets. Therefore, it is very meaningful to understand the evolution and development process of herd behavior, analyze the causes of conformity, and propose some preventive measures. The phenomenon of conformity is very complicated, analyzing the conformity behavior from the angle of information dissemination. Keywords: herd behavior, information investors CLC number: F832 document mark code: A, article number: 1673-291X (2010) 31-0102-02 Since 1980s, more and more attention has been paid to the study of Herd (Behavior) which has been regarded as irrational and unscientific by traditional finance. Especially in recent ten years, along with the people to understand the nature of the financial markets deepening, coupled with the frequent outbreak of the financial crisis, the interaction characteristics of market participants in financial markets (herding) has attracted more and more attention. The study of conformity behavior has become a challenging and practical direction. The herd behavior of financial market is a kind of irrational behavior, which has a negative impact on the utility of investors and the stability of the whole market. The irrational herd behavior is detrimental to both the individual and the market as a whole. In order to control this irrational behavior, it is necessary to study the reasons for the formation of herd behavior. Only when we have a deep understanding and understanding of the causes of herd behavior, we can find the right remedy and find the corresponding control method. Conformity refers to the phenomenon that market participants tend to act in accordance with the behavior of most participants under