Earticle

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

키워드

저자

• Yu-Fen Chen [ Department of Business Administration, Da-Yeh University ] Corresponding Author
• Sheng-Yung Yang [ Department of Finance, National Chung-Hsing University ]
• Fu-Lai Lin [ Department of Finance, Da-Yeh University ]

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  한국재무학회 학술대회

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  2006~2024

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  KDC 325 DDC 330