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1、本科毕业论文外文外文题目：HerdBehaviorinFinancialMarket出处IMFStaffPapersVol.47,No.3作者：SushilBikhchandaniandSunilSharma原文：HerdBehaviorinFinancialMarketsThispaperprovidesanoverviewoftherecenttheoreticalandempiricalresearchonherdbehaveiorinfinanceialmaekets.Itlooksatwhatpreciselyismeant
2、byhearding,thecausesofherdbehaveior,thesuccesssofexisitingstudiesinidentifyingthephenolmenon,andtheeffectthatherdinghasonfinanceialmarkets.Intheaftermathofseveralwidespreadfinancialcrises,“herd”hasagainbecomeapejorativeterminthefinanciallexicon.Investorsandfundmanagersa
3、reportrayedasherdsthatchargeintoriskyventureswithoutadequateinformationandappreciationoftherisk-rewardtrade-offsand,atthefirstsignoftrouble,fleetosaferhavens.Someobserversexpressconcernthatherdingbymarketparticipantsexacerbatesvolatility,destabilizesmarkets,andincreases
4、thefragilityofthefinancialsystem.Thisraisesquestionsaboutwhyitissurprisingthatprofit-maximizinginvestors,increasinglywithsimilarinformationsets,reactsimilarlyatmoreorlessthesametime?Andissuchbehaviorpartofmarketdisciplineinrelativelytransparentmarkets,orisitduetootherfa
5、ctors?Foraninvestortoimitateothers,shemustbeawareofandbeinfluencedbyothers’actions.Intuitively,anindividualcanbesaidtoherdifshewouldhavemadeaninvestmentwithoutknowingotherinvestors’decisions,butdoesnotmakethatinvestmentwhenshefindsthatothershavedecidednottodoso.Alternat
6、ively,sheherdswhenknowledgethatothersareinvestingchangesherdecisionfromnotinvestingtomakingtheinvestment.Thereareseveralreasonsforaprofit/utility-maximizinginvestortobeinfluencedintoreversingaplanneddecisionafterobservingothers.First,othersmayknowsomethingaboutthereturn
7、ontheinvestmentandtheiractionsrevealthisinformation.Second,andthisisrelevantonlyformoneymanagerswhoinvest9onbehalfofothers,theincentivesprovidedbythecompensationschemeandtermsofemploymentmaybesuchthatimitationisrewarded.Athirdreasonforimitationisthatindividualsmayhavean
8、intrinsicpreferenceforconformity.Wheninvestorsareinfluencedbyothers’decisions,theymayherdonaninvestmentdecisio
