The correlated trading and investment performance of individual investors
研究发现个人投资者倾向于与同一券商营业部的其他个人投资者同向交易，且羊群行为越明显，投资绩效越差；其限价单执行率低、执行时间长，易被机构投资者“抢单”，但投资者会从经验中学习，未来减少羊群行为。
Individual investors tend to trade in the same direction as other individual investors in the same broker branch. The more pronounced an individual investor's herding behavior, the worse his/her investment performance. We find that the limit orders of herding investors have a lower execution ratio, a longer time-to-execution, and a higher probability of being picked up by institutional investors, indicating that their orders are subject to the pick-off risk as they face fierce execution competition and tend to become stale after submissions. Finally, we find that individual investors learn from experience and herd less in the future.