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A Study of the Herding Effect of Chinese Open-End Funds at the Industry Level

In: Proceedings of the 3rd International Conference on Economic Development and Business Culture (ICEDBC 2023)

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  • Xianming Chen

    (University of Sydney)

Abstract

In recent years there has been a growing perception among investors that there is a huddle of institutional investors in A-shares. To investigate this problem this paper applies a modification of the classical LSV model, which studies herd behaviour, to the industry level. By analyzing the data of open-end funds in various industries from March 2009 to December 2017, this paper investigates the extent and distribution characteristics of institutional investors’ herding behavior at the industry level, and explores the driving forces of herding behavior at the industry level. It is found that Chinese open-end funds indeed have significant herding behavior at the industry level. As herding behaviour in the securities market may exacerbate stock market volatility, this phenomenon deserves the attention of regulators.

Suggested Citation

  • Xianming Chen, 2024. "A Study of the Herding Effect of Chinese Open-End Funds at the Industry Level," Advances in Economics, Business and Management Research, in: Shehnaz Tehseen & Mohd Naseem Niaz Ahmad & Rafia Afroz (ed.), Proceedings of the 3rd International Conference on Economic Development and Business Culture (ICEDBC 2023), pages 151-157, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-246-0_17
    DOI: 10.2991/978-94-6463-246-0_17
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