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초록
영어
This paper intends to investigate herding behavior of mutual fund managers participated in Taiwan stock market, especially as they were facing the regional and global financial crises in 1997 and 2008. Furthermore, it identifies fund managers’ optimal choices of trading strategies as they are facing the shallow-dish characteristics in Taiwan stock market. The empirical results reveal that fund managers do herd as they are picking up their portfolios. Instead of pursuing stocks with high speculative intensity, mutual fund managers adhere to the prudent rule to trade. However, the trading styles are not robust during the period of 1997 Asian financial crisis.
목차
Abstract
1. Introduction
2. The Data
3. Tests for Herding by Securities
3.1 Definitions of the Variables
3.2 Tests for the Relation between the Demands of Two Successive Periods
3.3 Tests for Herding by Securities
3.4 Mutual Funds’ Propensity to Herd
4. Tests for the Sources of Herding
4.1 Tests for Herding by Stock Returns and/or Idiosyncratic Risk
4.2 Tests for Herding by Market Capitalization
4.3 Tests for Herding by Stock Speculative Intensity
5. Herding Behavior during the Periods of Financial Crises
6. Conclusions
Appendix
Reference
Figure
Table
1. Introduction
2. The Data
3. Tests for Herding by Securities
3.1 Definitions of the Variables
3.2 Tests for the Relation between the Demands of Two Successive Periods
3.3 Tests for Herding by Securities
3.4 Mutual Funds’ Propensity to Herd
4. Tests for the Sources of Herding
4.1 Tests for Herding by Stock Returns and/or Idiosyncratic Risk
4.2 Tests for Herding by Market Capitalization
4.3 Tests for Herding by Stock Speculative Intensity
5. Herding Behavior during the Periods of Financial Crises
6. Conclusions
Appendix
Reference
Figure
Table
저자정보
참고문헌
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