Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis
综述了资本市场中羊群行为、激励互动、社会学习和信息级联的理论与证据，提出简单分类，评估不同理论如何解释投资者、企业和分析师的行为，并分析各方参与或防范羊群行为的激励。
We review theory and evidence relating to herd behaviour, payoff and reputational interactions, social learning, and informational cascades in capital markets. We offer a simple taxonomy of effects, and evaluate how alternative theories may help explain evidence on the behaviour of investors, firms, and analysts. We consider both incentives for parties to engage in herding or cascading, and the incentives for parties to protect against or take advantage of herding or cascading by others.