The Causes and Influences of Institutional Investors Herding Behavior in the Taiwan Stock Market

• Main Authors: HUANG, YU-SIN, 黃育新
• Other Authors: WANG, KUEI-YUAN
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/qq37e5

碩士 === 亞洲大學 === 財務金融學系 === 106 === This study uses the Taiwan stock market as sample to discuss the causes and influences of institutional investors herding behavior. The empirical period was from January 2007 to December 2017. The empirical results show that: (1) The institutional investors generally have herding behavior; (2) The institutional investors have both intentional herding and spurious herding; (3) Herding behavior of the institutional investors presents a positive relationship with excess returns of the next period of individual stocks; (4) Market volatility will affect the herding behavior of the institutional investors; (5) The financial crisis will not affect the cause of herding behaviors of the institutional investors, but it will affect changes in the behavior of herding behaviors on excess returns and market volatility. The above empirical results provide investors with new direction when selecting stocks.