The Herding Behavior Difference between Institutional Investor and Individual Investor
基于TopView数据，研究发现机构投资者的羊群行为在短期内比个人投资者更明显，但个人投资者并未模仿机构投资者的交易行为，这有助于理解中国资本市场的微观结构。
Based on TopView data,this paper defines herding behavior as the deviation of investor position change.The empirical results indicate the herding behavior difference between institutional investor and individual investor.In short run,institutional investor's herding behavior is more apparent than individual investor's herding behavior,but individual investor's trading behavior doesn' t copy institutional investor' s trading behavior. From the perspective of herding behavior,this paper clearly demonstrates China's capital market micro-structure, and helps investors and scholars to deeply understand the nature of China's capital market.