Earticle

초록

영어

In this paper, we develop a new way of measuring the herding behavior of market participants and test herding behavior among investors in Chinese IPO firms, compared with prior methods of herding measure developed by Christie and Huang (1995), Chang, Chen, and Khorana (2000), and Hwang and Salmon (2009). Our proposed new non-parametric herding measure, cross sectional time dispersion (CSTD), is defined differently as dispersion in IPO issuance timing, compared with traditional definitions of herding as dispersion in IPO returns or risk measure. Traditional CSSD, CSAD and beta herding measures do not provide statistically significant or consistent relationship between the herding measures and the IPO firms’ initial or long-term returns. In contrast, the new measure of time herding, CSTD clearly and consistently indicates that investors are affected more by the herding behaviors of IPO firms than by those of investors in the IPO markets in China.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Literature Review
1. Herding Behavior
2. IPO and Chinese Market
Ⅲ. Hypotheses and Test Models
1. Hypotheses
2. Empirical Models
Ⅳ. Empirical Studies
1. Data and Samples
2. Correlation Analyses
3. Group Mean Tests
4. Regression Analysis
Ⅴ. Conclusion
References

키워드

저자

• Sunghwan Kim [ Professor, Kyungpook National University ] Corresponding Author
• Dongmin Lim [ Professor, Gyeongsang National University ]
• Jihyun Kim [ Ph.D. Candidate, University of Missouri-Columbia ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330