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本文在个体投资者层次对基金赎回中的羊群效应进行了系统研究。通过建立Cox比例风险模型,本文发现在面对相同的风险和收益时,投资者看到更多人赎回基金,自己赎回基金的概率会提升,因此羊群效应存在。此外,本文研究了股票型基金投资者与混合型基金投资者在赎回行为中的差异。结果发现股票型基金投资者比混合型基金投资者表现出更强的羊群效应。
This article systematically studies the herding effect in the redemption of funds in the level of individual investors. By setting up a Cox proportional hazards model, we find that in the face of the same risks and returns, investors see that more people redeem their funds and their probability of redemption will be higher, so the herd effect exists. In addition, this paper studies the differences between redemption behavior of equity fund investors and mixed fund investors. The results showed that equity fund investors showed stronger herding effects than those of mixed fund investors.