基金申赎流量影响因素的实证研究
|
摘要
开放式基金具有份额的开放机制，投资者可以根据基金的业绩表现情况决定其申购和赎回行为。投资者的申购和赎回行为会对基金规模造成直接影响。通过对基金申赎流量的分析和研究，能够帮助我们了解基金投资人群体的投资行为特征，这些有利于基金公司提升其投资管理能力并做好基金销售相关的市场营销工作，清楚基金投资者的申赎行为特征能够为可能出现的大规模的基金申购和赎回做好事前防备，以便及时地采取相应的应对措施，从而能够及时有效地减少基金投资管理过程中可能面临的流动性风险；此外，通过对基金投资人行为特征的了解，基金营销人员能够做出正确的营销方式，减少因不正确的营销方式给公司到来的损失。
本文在总结以往文献的基础上，构建了多个基金申购赎回流量指标，并分别从单基金、总基金、分类基金三个角度探讨了基金申购赎回流量的时间序列特征，并采用面板数据模型分析了市场因素、基金自身表现特性以及投资者情绪等对单基金申赎流量的静态分析，在此基础上，本文着重分析了市场因素、基金业绩和资金流动间的动态关系并阐释了各类基金的差异性。时间序列分析发现，首先，基金申购行为表现出惯性，基金当期的申购份额受到前期申购行为的影响明显。其次，长期趋势上看，各类基金赎回份额表现情况基本一致平稳，但各类基金申购份额变化情况存在明显差异，随着时间的延续，投资者更倾向于投资于股票型基金。但基金历史的资金流动只能一定程度上解释基金后期资金流动的趋势，而对于其波动方面的特征无法有效刻画。
因此，后文的重点就是通过三大类影响因素对基金申赎流量进行解释，分别讨论了单基金、总基金和分类基金间的不同特征。单基金申赎流量分析能发掘市场因素和基金自身因素的影响，对基金微观管理具有实际价值。总基金申赎流量分析则更关注基金市场和股票市场的关联性，对于关注整个基金市场资金流动情况的证券市场监管层和投资者具有借鉴作用。分类基金的影响分析能反映不同类型基金的特性对于其流量的影响。三个层次的划分能够对我国证券投资基金市场作出整体、全面的分析，使得文章更具有系统性。
通过面板模型对单基金申赎流量影响因素的分析，发现单基金申赎流量受到基金投资策略、投资者结构以及市场因素等方面的影响，首先，基金当期收益率越高，会导致基金资金的大量流出，这与部分学者已有的研究结论较为一致，基金收益越好反而导致净赎回，说明国内基金存在“赎回悖论”。这不利于发挥开放式基金“优胜劣汰”的机制，会在一定程度上制约基金市场的健康发展。其次，基金持有资产中股票比例越高越能促进基金资金的流入，说明国内投资者对收益的偏好强于对风险规避的意识。再次，基金现金比例越高同样能够促进资金的流入，说明投资者倾向于基金持有一定的现金比例以保证自己的正常赎回。最后，通过分析投资者申赎份额与其滞后期的统计分析发现，投资者的申赎行为均存在一定的惯性，即投资者前期的申赎行为会正向影响之后的申赎情况。此外，透过对基金投资者不同类型的划分，我们发现过多的个人投资者可能是造成处置效应和赎回悖论的根源。
而运用VAR模型对总基金和分类基金中资金流动、基金业绩、市场收益率的动态分析发现：（1）基金市场存在较强的羊群效应，投资者的申购、赎回份额在受到自身脉冲冲击后均出现一个正向的增长，已有基金投资者的投资行为引导基金市场后续投资者的资金流动方向。（2）总体基金的流量受到基金历史收益率的影响，从分离的申购、赎回行为上，基金历史收益较好并未能引起投资者更大范围的申购，但能抑制已有的基金投资者的赎回。（3）市场收益率的影响并不总是正向的。（4）基金申赎流量、基金自身收益率和股票市场收益对自身的波动处于主导地位，但长期来看，基金申赎流量对基金自身收益率和股票市场收益他们的影响有所增加。而针对不同类型的基金，虽然整体上上述结论依然成立，但也存在一定的差异性。
Investor can choose whether and when to purchanse or redeem any open-endfund.As mutual fund flow will have direct impacts on the size of each fund, so itis important for banks, mutual fund companies to analyze the pattern of mutualfund flow and factors affecting the fund flow.
This paper consists of seven chapters, Chapter1is introduction andliterature review; Chapter2conclude that the individual mutual fund flow ismainly depended by market factors, fund characteristics and investment strategy,then build the index system of mutual fund flow; Time series analysis isconducted in Chapter3. From Chapter4-5, this paper focuses on the factorsaffecting mutual fund flow. As an innovation compared to other literature, thispaper uses the panel data model and VAR model to analyze the factors affectingthe fund flow of individual fund, total mutual fund, and total mutual fund withinspecific type.
Time series analysis show that: first, the purchase behavior exhibitdependent tendency, which means that purchase amount is affected by previouspurchanse amount. Second, for the long term, the redeem amount of differenttype of mutual fund is stable, but highly dependent on the type of mutual fund.Investors tend to purchase stock type mutual fund other than other fund.
This paper argues that the factos affecting the fund flow of individualmutual fund, total fund, total fund of specific type are different. Analyzing thefund flow of individual fund will discover the impact of fund specificcharacteristics on fund flow, and have practical value for fund managementcompanies; while analyzing the fund flow of total funds will focus on thecorrelation between fund market and stock market, and have implications forstock market supervision and investment; Analyzing the fund flow of specifictype of fund will discover the impact of investment type of fund in fund flow.These three dimension analysis help systematically understand mutual fund flow.
Based on a panel-data model, Chapter4analyze the three factors affectingindividual mutual fund flow-market factors, fund characteristics and investment strategy, and we find the following results：(1) fund tends to flow out from themutual fund with higher current yield,which confirm that the redemptionanalomy existed in China market.(2) fund tends to flow into mutual funds withhigher ratio of stock in total portfolio, which implies that investor prefer highyield than risk aversion.(3) fund tens to flow into mutual fund with higher cashratio in fund portfolio, implying that investor tends to invest funds which couldbe easily redempted.(4) Previous purchase behavior will have significantimpacts in purchase behavior later.(5) Individual investors show higheriratiionality that institutional investors, which may be the reason of dispositioneffect and redemption anomaly in China.
In Chaper5, VAR is used to analyze dynamic relationship among total fundflow, fund yield and stock market yield. Following results have been obtained:(1)there is existed significant herd effect in mutual fund market, the purchase andredemption show positive impulse feedback after a shock to the variable itself.Furthermore, the fund flow of most mutual fund show the same direction, alsocomfirm the herd behavior in mutual fund investment.(2) fund flow of totalmutual funds is affected by fund historic rate of return. Better performance in thepast could not induce greater purchase, but prohibit redemption.(3) the effect ofmarket yield on fund flow is heterogeneous, not always positive.(4) themovement of mutual fund flow, rate of return of mutual fund, market yield iscaused mainly by the variable itselves, but in the long run, the mutual fund flowplay an increasingly role in the movement of fund return and stock market return.We also conducted impulse feedback and variance decomposition to mutual fundflow of four different types of mtual fund in this chapter, finding that：(1) thefund flow of the four types of fund all have shock effect to later fund flow, butthe degree is different.(2) there existed difference among the performanceconsistence of the four types. Stock type and hybrid type mutual fund havepoorer performance consistence, so investor tend to redeem the fund when itsperformance is relatively higher as they expect the good performance could notcarry on. While, bond type fund has better performance consistence, so hasweaker disposition effect.
本文在总结以往文献的基础上，构建了多个基金申购赎回流量指标，并分别从单基金、总基金、分类基金三个角度探讨了基金申购赎回流量的时间序列特征，并采用面板数据模型分析了市场因素、基金自身表现特性以及投资者情绪等对单基金申赎流量的静态分析，在此基础上，本文着重分析了市场因素、基金业绩和资金流动间的动态关系并阐释了各类基金的差异性。时间序列分析发现，首先，基金申购行为表现出惯性，基金当期的申购份额受到前期申购行为的影响明显。其次，长期趋势上看，各类基金赎回份额表现情况基本一致平稳，但各类基金申购份额变化情况存在明显差异，随着时间的延续，投资者更倾向于投资于股票型基金。但基金历史的资金流动只能一定程度上解释基金后期资金流动的趋势，而对于其波动方面的特征无法有效刻画。
因此，后文的重点就是通过三大类影响因素对基金申赎流量进行解释，分别讨论了单基金、总基金和分类基金间的不同特征。单基金申赎流量分析能发掘市场因素和基金自身因素的影响，对基金微观管理具有实际价值。总基金申赎流量分析则更关注基金市场和股票市场的关联性，对于关注整个基金市场资金流动情况的证券市场监管层和投资者具有借鉴作用。分类基金的影响分析能反映不同类型基金的特性对于其流量的影响。三个层次的划分能够对我国证券投资基金市场作出整体、全面的分析，使得文章更具有系统性。
通过面板模型对单基金申赎流量影响因素的分析，发现单基金申赎流量受到基金投资策略、投资者结构以及市场因素等方面的影响，首先，基金当期收益率越高，会导致基金资金的大量流出，这与部分学者已有的研究结论较为一致，基金收益越好反而导致净赎回，说明国内基金存在“赎回悖论”。这不利于发挥开放式基金“优胜劣汰”的机制，会在一定程度上制约基金市场的健康发展。其次，基金持有资产中股票比例越高越能促进基金资金的流入，说明国内投资者对收益的偏好强于对风险规避的意识。再次，基金现金比例越高同样能够促进资金的流入，说明投资者倾向于基金持有一定的现金比例以保证自己的正常赎回。最后，通过分析投资者申赎份额与其滞后期的统计分析发现，投资者的申赎行为均存在一定的惯性，即投资者前期的申赎行为会正向影响之后的申赎情况。此外，透过对基金投资者不同类型的划分，我们发现过多的个人投资者可能是造成处置效应和赎回悖论的根源。
而运用VAR模型对总基金和分类基金中资金流动、基金业绩、市场收益率的动态分析发现：（1）基金市场存在较强的羊群效应，投资者的申购、赎回份额在受到自身脉冲冲击后均出现一个正向的增长，已有基金投资者的投资行为引导基金市场后续投资者的资金流动方向。（2）总体基金的流量受到基金历史收益率的影响，从分离的申购、赎回行为上，基金历史收益较好并未能引起投资者更大范围的申购，但能抑制已有的基金投资者的赎回。（3）市场收益率的影响并不总是正向的。（4）基金申赎流量、基金自身收益率和股票市场收益对自身的波动处于主导地位，但长期来看，基金申赎流量对基金自身收益率和股票市场收益他们的影响有所增加。而针对不同类型的基金，虽然整体上上述结论依然成立，但也存在一定的差异性。
Investor can choose whether and when to purchanse or redeem any open-endfund.As mutual fund flow will have direct impacts on the size of each fund, so itis important for banks, mutual fund companies to analyze the pattern of mutualfund flow and factors affecting the fund flow.
This paper consists of seven chapters, Chapter1is introduction andliterature review; Chapter2conclude that the individual mutual fund flow ismainly depended by market factors, fund characteristics and investment strategy,then build the index system of mutual fund flow; Time series analysis isconducted in Chapter3. From Chapter4-5, this paper focuses on the factorsaffecting mutual fund flow. As an innovation compared to other literature, thispaper uses the panel data model and VAR model to analyze the factors affectingthe fund flow of individual fund, total mutual fund, and total mutual fund withinspecific type.
Time series analysis show that: first, the purchase behavior exhibitdependent tendency, which means that purchase amount is affected by previouspurchanse amount. Second, for the long term, the redeem amount of differenttype of mutual fund is stable, but highly dependent on the type of mutual fund.Investors tend to purchase stock type mutual fund other than other fund.
This paper argues that the factos affecting the fund flow of individualmutual fund, total fund, total fund of specific type are different. Analyzing thefund flow of individual fund will discover the impact of fund specificcharacteristics on fund flow, and have practical value for fund managementcompanies; while analyzing the fund flow of total funds will focus on thecorrelation between fund market and stock market, and have implications forstock market supervision and investment; Analyzing the fund flow of specifictype of fund will discover the impact of investment type of fund in fund flow.These three dimension analysis help systematically understand mutual fund flow.
Based on a panel-data model, Chapter4analyze the three factors affectingindividual mutual fund flow-market factors, fund characteristics and investment strategy, and we find the following results：(1) fund tends to flow out from themutual fund with higher current yield,which confirm that the redemptionanalomy existed in China market.(2) fund tends to flow into mutual funds withhigher ratio of stock in total portfolio, which implies that investor prefer highyield than risk aversion.(3) fund tens to flow into mutual fund with higher cashratio in fund portfolio, implying that investor tends to invest funds which couldbe easily redempted.(4) Previous purchase behavior will have significantimpacts in purchase behavior later.(5) Individual investors show higheriratiionality that institutional investors, which may be the reason of dispositioneffect and redemption anomaly in China.
In Chaper5, VAR is used to analyze dynamic relationship among total fundflow, fund yield and stock market yield. Following results have been obtained:(1)there is existed significant herd effect in mutual fund market, the purchase andredemption show positive impulse feedback after a shock to the variable itself.Furthermore, the fund flow of most mutual fund show the same direction, alsocomfirm the herd behavior in mutual fund investment.(2) fund flow of totalmutual funds is affected by fund historic rate of return. Better performance in thepast could not induce greater purchase, but prohibit redemption.(3) the effect ofmarket yield on fund flow is heterogeneous, not always positive.(4) themovement of mutual fund flow, rate of return of mutual fund, market yield iscaused mainly by the variable itselves, but in the long run, the mutual fund flowplay an increasingly role in the movement of fund return and stock market return.We also conducted impulse feedback and variance decomposition to mutual fundflow of four different types of mtual fund in this chapter, finding that：(1) thefund flow of the four types of fund all have shock effect to later fund flow, butthe degree is different.(2) there existed difference among the performanceconsistence of the four types. Stock type and hybrid type mutual fund havepoorer performance consistence, so investor tend to redeem the fund when itsperformance is relatively higher as they expect the good performance could notcarry on. While, bond type fund has better performance consistence, so hasweaker disposition effect.
引文
[1] Brennan, M. J., Subrahmanyam, A. Market Microstructure and AssetPricing: On The Compensation for Illiquidity in Stock Returns. Journal ofFinancial Economics,1996,41(3):441-464.
[2] Gaspar, J. M., Massa, M., Matos, P. Favoritism in Mutual Fund Families?Evidence on Strategic Cross-Fund Subsidization. The Journal of Finance,2006,61(1):73-104.
[3] Warther, V. A. Aggregate Mutual Fund flows and Security Returns. Journalof Financial Economics,1995,39(2-3):209-235.
[4] Zheng, L. Is Money Smart? A Study of Mutual Fund Investors' FundSelection Ability. Journal of Finance,1999,54(3):901-933.
[5] Fant, L. F. and O’Neal, E. S. Temporal Changes in the Determinants ofMutual Fund Flows. Journal of Financial Research,2000,23(3):353-371.
[6] Teoa, M., Woo, S. J. Style Effects in the Cross-section of Stock Returns.Journal of Financial Economics,2004,74(2):367-398.
[7] Alves, G., Mendes, V. Are Mutual Fund Investors in Jail? AppliedFinancial Economics,2007,17(16):1301-1312.
[8] Guercio, D. D., Tkac, P. A. Star Power. The Effect of Morningstar Ratingson Mutual Fund Flow. Journal of Financial and Quantitative Analysis,2008,43(4):907-936.
[9] Chevalier, J. A., Ellison, G. D. Risk Taking by Mutual Funds as aResponse to Incentives. Journal of Political Economy,1997,105(6):1167-1200.
[10] Sawicki, J. Investors’ Differential Response to Fund Performance. Journalof Financial Research,2001,24(1):367-384.
[11] Bergstressera, D., Poterba, J. Do After-tax returns Affect Mutual fundInflows? Journal of Financial Economics,2002,63(3):381-414.
[12] Jayaraman, N., Khorana, A., Nelling, E. An Analysis of the Determinantsand Shareholder Wealth Effects of Mutual Fund Mergers. The Journal ofFinance,2002,57(3):1521-1551.
[13] Barber, B. M., Odean, T.&Zheng, L. Out of Sight, Out of Mind: TheEffects of Expenses on Mutual Fund Flows. Journal of Business,2005,78(6):2095-2120.
[14] Benson, K. L., Tang, G. and Tutticci, I. The Relevance of FamilyCharacteristics to Individual Fund Flows. Australian Journal ofManagement,2008,32(3):419-444.
[15] Goetzmann, W. N. and Massa, M. Index Funds and Stock Market Growth.Journal of Business,2003,76(1):1-28.
[16] Spitz, A. E. Mutual fund Performance and Cash Inflows. AppliedEconomics,1970,2(2):141-145.
[17] Smith, K. V. Is Fund Growth Performance Related To Fund Performance?The Journal of Portfolio Management,1978,4(3):49-54.
[18] Karceskia, J. Returns-chasing Behavior, Mutual Funds, and Beta’s Death.The Journal of Financial and Quantitative Analysis,2002,37(4):559-594.
[19] Coval, J. D., Stafford, E. Asset fire sales (and purchases) in equity markets.Journal of Financial Economics,2007,86(2):479-512.
[20] Gruber, M. J. Another Puzzle: The Growth in Actively Managed MutualFund. The Journal of Finance,1996,51(3):783-810.
[21] Sirri, E. R., Tufano, P. Costly search and mutual fund inflows. The Journalof Finance,1998,53(5):1589-1622.
[22] Greenwood, R., Suddaby, R. Institutional Entrepreneurship in MatureFields: The Big Five Accounting Firms. Journal of American Management,1996,49(1):27-48.
[23] Narasimhan, C., Wilcox, R. T. Private Labels and the ChannelRelationship: A Cross-Category Analysis. The Journal of Business,1998,71(4):573-600.
[24] Sawicki, J. Investors' Response To The Performance Of Professional FundManagers: Evidence From The Australian Wholesale Funds Market.Australian Journal of Management,2000,25(1):47-66.
[25] Odean, T. Are Investors Reluctant to Realize Their Losses?. The Journal ofFinance,1998,53(5):1775-1798.
[26] Lynch, A. W., Musto, D. K. How Investors Interpret Past Fund Returns.The Journal of Finance,2003,58(5):2033-2058.
[27] Fama, E. F. and French, K. R. The Cross-Section of Expected StockReturns. The Journal of Finance,1992,47(2):427-465.
[28] Ippolito, R. A. Consumer Reaction to Measures of Poor Quality: EvidenceFrom the Mutual Fund Industry. Journal of Law and Economics,1992,35(1):45-70.
[29] Javier, G. B., Pablo, R. V. The relationship between Price and Performancein the Mutual Fund Industry. The Journal of Finance,2009,64(5):2153-2183.
[30] Odean, T. Do Investors Trade Too Much?. The American EconomicReview,1999,89(5):1279-1298.
[31] Lettau, M. Explaining the Facts with Adaptive Agents: The Case of MutualFund Flows. Journal of Economic Dynamics and Control,1997,21(7):1117-1147.
[32] Edelen, R. M. Investor Flows and The Assessed Performance of Open-endMutual Funds. Journal of Financial Economics,1999,53(3):439-466.
[33] Atiase, R. K. Market Implications of Predisclosure Information: Size andExchange Effects. Journal of Accounting Research,1987,25(1):168-175.
[34] Huang, J., Wei, K. D., Yan, H. Participation Costs and the Sensitivity ofFund Flows to Past Performance. The Journal of Finance,2007,62(3):1273-1311.
[35] Rakowskia, D. Fund Flow Volatility and Performance. Journal of Financialand Quantitative Analysis,2010,45(1):223-237.
[36] Indro, D. C. Does Mutual Fund Flow Reflect Investor Sentiment?. Journalof Behavioral Finance,2004,5(2):105-115.
[37] Shu, P. G., Yeh, Y. H., Yamada, T. The Behavior of Taiwan Mutual FundInvestors-performance and Fund Flows. Pacific-Basin Finance Journal,2002,10(5):583-600.
[38] Chen, J., Hong, H., Huang, M., Kubik, J. D. Does Fund Size Erode MutualFund Performance? The Role of Liquidity and Organization. TheAmerican Economic Review,2004,94(5):1276-1302.
[39] Keswani, A., Stolin, D. Which Money Is Smart? Mutual Fund Buys andSells of Individual and Institutional Investors. The Journal of Finance,2008,63(1):85-118.
[40] Edelen, R. M., Evans, R. B., Kadlec, G. B. Scale Effects in Mutual FundPerformance: The Role of Trading Costs. Working Paper,2007.
[41] Korkeamaki, T., Puttonen, V., Smythe, T. Advertising and Mutual FundAsset Flows. International Journal of Bank Marketing,2007,25(7):434-451.
[42] Dreman, D., Johnson, S., MacGregor, D. and Slovic, P. A Report on theMarch2001Investor Sentiment Survey. Journal of Behavioral Finance,2001,2(3):126-134.
[43] Goetzmann, W. N., Massa, M., Rouwenhorst, K. G. Behavioral Factors inMutual Fund Flows. Yale School of Management Working Papers,2000.
[44] Sterling. Liquidity, Investment Style, and the Relation between Fund Sizeand Fund Performance. Journal of Financial and Quantitative Analysis,2008,43(3):741-767.
[45] Cao, C., Chang, E. C., Wang, Y. An Empirical Analysis of The DynamicRelationship Between Mutual Fund Flow and Market Return Volatility.Journal of Banking and Finance,2008,32(10):2111-2123.
[46] Boyera, B., Zheng, L. Investor Flows and Stock Market Returns. Journalof Empirical Finance,2009,16(1):87-100.
[47] Brown, G. W., Cliff, W. T. Investor Sentiment and The Near-term StockMarket. Journal of Empirical Finance,2004,11(1):1-27.
[48] Neal, R., Wheatley, S. M. Do Measures of Investor Sentiment PredictReturns?. Journal of Financial and Quantitative Analysis,1998,33(4):523-547.
[49] Beaumont, R., Daele, M. V., Frijns, B., Lehnert, T., Muller, A. InvestorSentiment, Mutual Fund Flows and Its Impact on Returns and Volatility.Managerial Finance,2008,34(11):772-785.
[50] Brown, G. W., Cliff, M. T. Investor Sentiment and Asset Valuation. Journalof Business,2005,78(2):405-440.
[51] Remolona, E. M., Kleiman, P. and Bocain, D. G. Market Returns andMutual Fund Flows. Economic Policy Review,1997,3(2):1124-1135.
[52]许培基.业绩对基金流量影响的研究.工作论文,2002:23-45.
[53]姜玉燕.开放式基金绩效与投资者赎回行为的关系[J].统计与决策,2005,(10):84-85.
[54]田穗.中国开放式基金赎回现象的实证分析及成因探讨[J].金融与经济,2006,(7):72-73.
[55]薛强军.开放式基金申购赎回:基于分离现金流量的研究[J].南京农业大学学报,2006,(6):35-39.
[56]丘晓坚,孟卫东,张家萃.我国开放式基金投资者赎回的影响因素[J].重庆大学学报（自然科学版）,2006,(6):149-153.
[57]王家.开放式基金投资风格偏离对其投资者处置效应影响的实证研究[J].世界经济情况,2007,(11):74-78.
[58]刘永利,薛强军.货币市场基金申购赎回的实证研究[J].数理统计与管理,2007,(6):1111-1117.
[59]陈利军,李刚.我国开放式基金赎回异象研究[J].商场时代,2007(34):70-71.
[60]任淮秀,汪涛.我国开放式基金赎回行为的实证分析[J].经济理论与经济管理,2007,(6):42-47.
[61]汪慧建,张兵,周安宁.中国开放式基金赎回异象的实证研究[J].南方经济,2007,(8):65-73.
[62]雷良桃,黎实.开放式基金赎回问题研究基于Panel-Data的Granger因果检验[J].南方经济,2007,(9):60-68.
[63]虞红霞,王启亮,陈晞.我国股票型开放式基金赎回行为的研究[J].金融理论与实践,2008,(8):30-33.
[64]解学成,张龙斌.基金持有人赎回行为研究[J].证券市场导报,2009,(8):35-38.
[65]杨文虎.基金家族影响投资者选择吗?——基于基金流量的实证分析[J].管理评论,2009,(12):25-33.
[66]冯金余.开放式基金赎回与业绩的内生性基于中国动态面板数据的分析[J].证券市场导报,2009,(3):28-34.
[67]朱宏泉,马晓维,李亚静,段妮妮,朱宏志.基金投资者投资行为影响因素研究[J].管理评论,2009,(10):86-94.
[68]刘巧霞,戴皓明.我国股票型开放式基金赎回风险研究[J].财务与金融,2009,(3):14-18.
[69]梁春早,张龙斌.开放式基金的业绩波动与资金流动的因果关系研究[J].北京理工大学学报(社会科学版),2009,(2):58-60.
[70]冯金余.开放式基金赎回与业绩的内生性基于中国动态面板数据的分析[J].证券市场导报,2009,(3):28-34.
[71]张建江,周长鸣.开放式基金赎回问题的再研究[J].工业技术经济,2009,(1):154-157.
[72]李宁,宋歌.我国开放式基金业绩与申购赎回关系及成因研究[J].经济论坛,2009,(17):112-115.
[73]郑宇涵,朱波,金钢.我国债券型基金赎回风险的应对策略[J].统计与决策,2009,(16):124-126.
[74]胡国鹏,宋振平,程川楠.我国偏股型开放式基金赎回行为的实证研究基于牛市和熊市分阶段分析[J].中国市场,2009,(13):36-38.
[75]李金鑫.开放式债券基金赎回行为的实证研究.[J].海南金融,2010,(5):31-33.
[76]何小杨.中国开放式基金业绩与投资者的选择——“基金热”前后开放式基金赎回现象对比研究[J].证券市场导报,2010,(6):69-77.
[77]陈磊,杨桂元.我国证券投资基金处置效应检验[J].技术经济,2010,(11):110-114.
[78]李学峰,何林泽,沈宁.我国开放式证券投资基金与QFII“处置效应”比较——基于“买卖周期时间”统计量视角的实证研究[J].证券市场导报,2010,(9):71-77.
[79]周铭山,周开国,张金华,刘玉珍.我国基金投资者存在处置效应吗?——基于国内某大型开放式基金交易的研究[J].投资研究,2011,(10):87-97.
[80]范允奇,王文举.开放式基金“赎回之谜”的实证检验[J].广东商学院学报,2011,(2):38-46.
[81]肖峻,石劲.基金业绩与资金流量:我国基金市场存在赎回异象吗?[J].经济研究,2011,(10):112-125.
[82]骆玉林,时旭辉.我国债券型开放式基金申赎行为的实证研究[J].特区经济,2012,(5):106-108.
[83]冯金余.国内基金市场不存在“赎回异象”吗?——基于基金业绩与资金流动视角[J].证券市场导报,2012,(12):67-74.
[84]王品,王静.我国开放式基金费用、绩效与资金流关系的实证分析[J].中国物价,2009(11):38-42.
[85] Yu, C. H., Wu, C. Economic Sources of Asymmetric Cross-correlationAmong Stock Returns. International Review of Economics&Finance,2001,10(1):17-40.
[86]王雯,吴丽华.开放式基金赎回困惑：基于行为金融学的成因分析[J].生产力研究,2006,(2):83-84.
[87]李曜,于进杰.开放式基金赎回机制的外部效应[J].财经研究,2004,(12):111-120.
[88]吴英姿,金发奇,肖荣.我国开放式基金投资者流动性需求影响因素研究[J].华东交通大学学报,2006,(6):28-30.
[89]姚颐,刘志远.我国开放式基金赎回行为的实证研究[J].经济科学,2004,(5):48-57.
[90]王睿,赵子铱.基于平行数据的基金流量影响因素的实证分析[J].贵州财经学院学报,2008,(4):65-69.
[91]覃金华,李玉龙,李永建.基于面板数据模型对开放式基金赎回风险的实证研究[J].经济视角,2012,(4):101-103,85.
[92]陈海燕.基于面板分位数回归的开放式基金赎回行为研究[J].西部论坛,2012,(3):95-101.
[93]宋军,吴冲锋.基于分散度的金融市场的羊群行为研究[J].经济研究,2001,(11):21-27.
[94]孙培源,施东晖.基于CAPM的中国股市羊群行为研究兼与宋军、吴冲锋先生商榷[J].经济研究,2002,(2):64-69.
[95]施东晖.证券投资基金的交易行为及其市场影响[J].世界经济,2001,(10):26-31.
[96]吴福龙,曾勇,唐小我.羊群效应理论及其对中国股市的现实意义[J].预测,2003,(2):62-67.
[97]杨德群,蔡明超,施东晖.我国证券投资基金持股特征的实证研究[J].中南财经政法大学学报,2004,(2):68-74.
[98]徐瑾,侯晓阳.中国证券投资基金羊群行为研究[J].当代经济科学,2004,(6):37-45.
[99]伍旭川,何鹏.中国开放式基金羊群行为分析[J].金融研究,2005,(5):60-69.
[100]祁斌,袁克,胡倩,周春生.我国证券投基金羊群行为的实证研究[J].证券市场导报,2006,(12):49-57.
[101]盛军锋,李善民,汤大杰.中国证券投资基金羊群行为:基于LSV模型的实证研究[J],金融发展研究,2008,(5):62-66.
[102]徐锋.中国证券市场基金羊群行为研究[J].世界经济情况,2008,(3):51-55.
[103]苏艳丽,庄新田.中国证券投资基金羊群行为和正反馈行为研究[J].东北大学学报(自然科学版),2008,(3):420-423.
[104]楚鹰,鲁威.中国证券市场羊群行为实证研究[J].统计与决策,2008,(9):131-133.
[105]于鑫.我国股票市场羊群行为实证研究[J].生产力研究,2008,(7):49-51.
[106]冯东方,顾荣宝.我国股票市场羊群行为实证研究[J].金融经济,2009,(20):87-89.
[107]甄红线.中国投资基金羊群行为的经验研究[J].金融理论与实践,2009,(4):28-33.
[108]许妍天,易灿.我国证券投资基金机构羊群行为的实证检验——2004年至今[J].现代商业,2009,(11):37-39.
[109]杨文娟.中国证券投资基金羊群行为实证研究[J].中国证券期货，2010,(9):7-8.
[110]魏立波.中国开放式基金羊群行为的实证分析[J].重庆大学学报(社会科学版),2010,(3):35-40.
[111]王学明.我国证券投资基金羊群行为的实证研究[J].财务与金融,2010,(5):37-41.
[112]胡海峰,宋李.我国证券投资基金羊群行为的实证研究[J].北京师范大学学报(社会科学版),2010,(5):109-117.
[113]陈晓迪,徐赐文.我国上海股票市场的羊群行为研究[J].中央民族大学学报(自然科学版),2011,(3):73-76.
[114]王磊,孔东民,陈巍.证券投资基金羊群行为与股票市场过度反应[J].南方经济,2011,(3):69-78.
[115]淳伟德,李晓燕,李曼.基于分散度模型的股市羊群行为研究[J].预测,2011,(5):25-30.
[116]顾荣宝,蒋科学.深圳股票市场的羊群行为及其演化——基于一个改进的CCK模型[J].南方经济,2012,(10):135-145.
[117]邓德炮.基于改进SDH法的证券投资基金羊群行为实证研究[J].中国市场,2012,(18):64-65,80.
[118]王春丽,白红丽.基于ARCH模型的中国股市羊群行为实证分析[J].数学的实践与认识,2012,(19):24-30.
[119] Capon, N., Fitzsimons, G. J.,&Prince, R. A. An Individual Level AnalysisOf The Mutual Fund Investment Decision. Journal of Financial ServicesResearch,1996,10(1):59-82.
[120] Bauera, R., Koedijk, K., Otten, R. International Evidence on EthicalMutual Fund Performance and Investment Style. Journal of Banking andFinance,2005,29(7):1751-1767.
[121]何德旭,陈百助.投资基金:开放式和封闭式的选择[J].经济管理,1998,(6):38-39.
[122] Nanda, V., Wang, Z. J., Zheng, L. Family Value and The Star Phenomenon:Strategies of Mutual Fund Families. Review of Financial Studies,2004,17(3):667-698.
[123] Chevalier, J., Ellison, G. Are Some Mutual Fund Managers Better ThanOthers? Cross-Sectional Patterns in Behavior and Performance. TheJournal of Finance,1999,54(3):875-899.
[124] Bhargav, V. Equity Fund Flows and Stock Price Changes. TheInternational Journal of Finance,2004,16(5):231-242.
[125] Shu, P. G., Yeh, Y. H., Yamada, T. The behavior of Taiwan Mutual FundInvestors-performance and Fund Flows. World Economic Review,2002,10(5):25-53.
[126] Delong, J. Bradford, Andrei Schleifer, Lawrence H. Summers, and RobertWaldman Positive Feedback Investment Strategies and DestabilizingRational Speculation[J]. Journal of Finance,1990,45:379-395.
[127]胡昌生,朱迪星.基于LSV模型的个体投资者羊群行为研究[J].统计与决策,2008,(12):135-137.
[128]祁斌,黄明,陈卓思.我国证券投资基金羊群行为的实证研究[J].证券市场导报,2006,(12):103-110
[129]邓勇,汤大杰.股市反馈交易行为特征分析来自桑还证券市场的实证检验[J].改革与战略,2006,(11):28-33.
[130]宋冬林,毕子男,沈正阳.机构投资者与市场波动性关系的研究基于中国A股市场的实证分析[J].经济科学,2007,(3):97-103.
[131]朱嘉晨.我国机构投资者对股市稳定性的影响及成因[J].边疆经济与文化,2007,(3):62-64.
[132]彭惠,江小林,吴洪.偏股型开放式基金的赎回悖论与申购异象[J].管理世界,2012,(6):60-73.
[133] Frederic Palomino and Harald Uhlig. Should Smart Investors Buy Fundswith High Past Returns? Review of Finance,2007,11(1):51-70.
[134]林树,汤震宇,李翔,潘哲盛.基金投资者的行为方式及其合理性——基于我国证券基金市场的经验证据[J].证券市场导报,2009,(8):23-28.
[135]陆蓉,陈百助,徐龙炳,谢新厚.基金业绩与投资者的选择中国开放式基金赎回异象的研究[J].经济研究,2007,(6):40-49.
[136] Shefrin, H., Statman, M. The Disposition to Sell Winners Too Early andRide Losers Too Long: Theory and Evidence. The Journal of Finance,1985,40(3):777-790.
[137]谢盐,田澎,赵世英.开放式基金结构与投资者赎回行为关系的分析[J].数量经济技术经济研究,2004,(6):96-100.
[138]束景虹.开放式基金赎回现象的实证研究[J].数量经济技术经济研究,2005,(4):117-126.
[139] Malkiel, B. G. Returns from Investing in Equity Mutual Funds1971to1991. The Journal of Finance,1995,50(2):549-572.
[2] Gaspar, J. M., Massa, M., Matos, P. Favoritism in Mutual Fund Families?Evidence on Strategic Cross-Fund Subsidization. The Journal of Finance,2006,61(1):73-104.
[3] Warther, V. A. Aggregate Mutual Fund flows and Security Returns. Journalof Financial Economics,1995,39(2-3):209-235.
[4] Zheng, L. Is Money Smart? A Study of Mutual Fund Investors' FundSelection Ability. Journal of Finance,1999,54(3):901-933.
[5] Fant, L. F. and O’Neal, E. S. Temporal Changes in the Determinants ofMutual Fund Flows. Journal of Financial Research,2000,23(3):353-371.
[6] Teoa, M., Woo, S. J. Style Effects in the Cross-section of Stock Returns.Journal of Financial Economics,2004,74(2):367-398.
[7] Alves, G., Mendes, V. Are Mutual Fund Investors in Jail? AppliedFinancial Economics,2007,17(16):1301-1312.
[8] Guercio, D. D., Tkac, P. A. Star Power. The Effect of Morningstar Ratingson Mutual Fund Flow. Journal of Financial and Quantitative Analysis,2008,43(4):907-936.
[9] Chevalier, J. A., Ellison, G. D. Risk Taking by Mutual Funds as aResponse to Incentives. Journal of Political Economy,1997,105(6):1167-1200.
[10] Sawicki, J. Investors’ Differential Response to Fund Performance. Journalof Financial Research,2001,24(1):367-384.
[11] Bergstressera, D., Poterba, J. Do After-tax returns Affect Mutual fundInflows? Journal of Financial Economics,2002,63(3):381-414.
[12] Jayaraman, N., Khorana, A., Nelling, E. An Analysis of the Determinantsand Shareholder Wealth Effects of Mutual Fund Mergers. The Journal ofFinance,2002,57(3):1521-1551.
[13] Barber, B. M., Odean, T.&Zheng, L. Out of Sight, Out of Mind: TheEffects of Expenses on Mutual Fund Flows. Journal of Business,2005,78(6):2095-2120.
[14] Benson, K. L., Tang, G. and Tutticci, I. The Relevance of FamilyCharacteristics to Individual Fund Flows. Australian Journal ofManagement,2008,32(3):419-444.
[15] Goetzmann, W. N. and Massa, M. Index Funds and Stock Market Growth.Journal of Business,2003,76(1):1-28.
[16] Spitz, A. E. Mutual fund Performance and Cash Inflows. AppliedEconomics,1970,2(2):141-145.
[17] Smith, K. V. Is Fund Growth Performance Related To Fund Performance?The Journal of Portfolio Management,1978,4(3):49-54.
[18] Karceskia, J. Returns-chasing Behavior, Mutual Funds, and Beta’s Death.The Journal of Financial and Quantitative Analysis,2002,37(4):559-594.
[19] Coval, J. D., Stafford, E. Asset fire sales (and purchases) in equity markets.Journal of Financial Economics,2007,86(2):479-512.
[20] Gruber, M. J. Another Puzzle: The Growth in Actively Managed MutualFund. The Journal of Finance,1996,51(3):783-810.
[21] Sirri, E. R., Tufano, P. Costly search and mutual fund inflows. The Journalof Finance,1998,53(5):1589-1622.
[22] Greenwood, R., Suddaby, R. Institutional Entrepreneurship in MatureFields: The Big Five Accounting Firms. Journal of American Management,1996,49(1):27-48.
[23] Narasimhan, C., Wilcox, R. T. Private Labels and the ChannelRelationship: A Cross-Category Analysis. The Journal of Business,1998,71(4):573-600.
[24] Sawicki, J. Investors' Response To The Performance Of Professional FundManagers: Evidence From The Australian Wholesale Funds Market.Australian Journal of Management,2000,25(1):47-66.
[25] Odean, T. Are Investors Reluctant to Realize Their Losses?. The Journal ofFinance,1998,53(5):1775-1798.
[26] Lynch, A. W., Musto, D. K. How Investors Interpret Past Fund Returns.The Journal of Finance,2003,58(5):2033-2058.
[27] Fama, E. F. and French, K. R. The Cross-Section of Expected StockReturns. The Journal of Finance,1992,47(2):427-465.
[28] Ippolito, R. A. Consumer Reaction to Measures of Poor Quality: EvidenceFrom the Mutual Fund Industry. Journal of Law and Economics,1992,35(1):45-70.
[29] Javier, G. B., Pablo, R. V. The relationship between Price and Performancein the Mutual Fund Industry. The Journal of Finance,2009,64(5):2153-2183.
[30] Odean, T. Do Investors Trade Too Much?. The American EconomicReview,1999,89(5):1279-1298.
[31] Lettau, M. Explaining the Facts with Adaptive Agents: The Case of MutualFund Flows. Journal of Economic Dynamics and Control,1997,21(7):1117-1147.
[32] Edelen, R. M. Investor Flows and The Assessed Performance of Open-endMutual Funds. Journal of Financial Economics,1999,53(3):439-466.
[33] Atiase, R. K. Market Implications of Predisclosure Information: Size andExchange Effects. Journal of Accounting Research,1987,25(1):168-175.
[34] Huang, J., Wei, K. D., Yan, H. Participation Costs and the Sensitivity ofFund Flows to Past Performance. The Journal of Finance,2007,62(3):1273-1311.
[35] Rakowskia, D. Fund Flow Volatility and Performance. Journal of Financialand Quantitative Analysis,2010,45(1):223-237.
[36] Indro, D. C. Does Mutual Fund Flow Reflect Investor Sentiment?. Journalof Behavioral Finance,2004,5(2):105-115.
[37] Shu, P. G., Yeh, Y. H., Yamada, T. The Behavior of Taiwan Mutual FundInvestors-performance and Fund Flows. Pacific-Basin Finance Journal,2002,10(5):583-600.
[38] Chen, J., Hong, H., Huang, M., Kubik, J. D. Does Fund Size Erode MutualFund Performance? The Role of Liquidity and Organization. TheAmerican Economic Review,2004,94(5):1276-1302.
[39] Keswani, A., Stolin, D. Which Money Is Smart? Mutual Fund Buys andSells of Individual and Institutional Investors. The Journal of Finance,2008,63(1):85-118.
[40] Edelen, R. M., Evans, R. B., Kadlec, G. B. Scale Effects in Mutual FundPerformance: The Role of Trading Costs. Working Paper,2007.
[41] Korkeamaki, T., Puttonen, V., Smythe, T. Advertising and Mutual FundAsset Flows. International Journal of Bank Marketing,2007,25(7):434-451.
[42] Dreman, D., Johnson, S., MacGregor, D. and Slovic, P. A Report on theMarch2001Investor Sentiment Survey. Journal of Behavioral Finance,2001,2(3):126-134.
[43] Goetzmann, W. N., Massa, M., Rouwenhorst, K. G. Behavioral Factors inMutual Fund Flows. Yale School of Management Working Papers,2000.
[44] Sterling. Liquidity, Investment Style, and the Relation between Fund Sizeand Fund Performance. Journal of Financial and Quantitative Analysis,2008,43(3):741-767.
[45] Cao, C., Chang, E. C., Wang, Y. An Empirical Analysis of The DynamicRelationship Between Mutual Fund Flow and Market Return Volatility.Journal of Banking and Finance,2008,32(10):2111-2123.
[46] Boyera, B., Zheng, L. Investor Flows and Stock Market Returns. Journalof Empirical Finance,2009,16(1):87-100.
[47] Brown, G. W., Cliff, W. T. Investor Sentiment and The Near-term StockMarket. Journal of Empirical Finance,2004,11(1):1-27.
[48] Neal, R., Wheatley, S. M. Do Measures of Investor Sentiment PredictReturns?. Journal of Financial and Quantitative Analysis,1998,33(4):523-547.
[49] Beaumont, R., Daele, M. V., Frijns, B., Lehnert, T., Muller, A. InvestorSentiment, Mutual Fund Flows and Its Impact on Returns and Volatility.Managerial Finance,2008,34(11):772-785.
[50] Brown, G. W., Cliff, M. T. Investor Sentiment and Asset Valuation. Journalof Business,2005,78(2):405-440.
[51] Remolona, E. M., Kleiman, P. and Bocain, D. G. Market Returns andMutual Fund Flows. Economic Policy Review,1997,3(2):1124-1135.
[52]许培基.业绩对基金流量影响的研究.工作论文,2002:23-45.
[53]姜玉燕.开放式基金绩效与投资者赎回行为的关系[J].统计与决策,2005,(10):84-85.
[54]田穗.中国开放式基金赎回现象的实证分析及成因探讨[J].金融与经济,2006,(7):72-73.
[55]薛强军.开放式基金申购赎回:基于分离现金流量的研究[J].南京农业大学学报,2006,(6):35-39.
[56]丘晓坚,孟卫东,张家萃.我国开放式基金投资者赎回的影响因素[J].重庆大学学报（自然科学版）,2006,(6):149-153.
[57]王家.开放式基金投资风格偏离对其投资者处置效应影响的实证研究[J].世界经济情况,2007,(11):74-78.
[58]刘永利,薛强军.货币市场基金申购赎回的实证研究[J].数理统计与管理,2007,(6):1111-1117.
[59]陈利军,李刚.我国开放式基金赎回异象研究[J].商场时代,2007(34):70-71.
[60]任淮秀,汪涛.我国开放式基金赎回行为的实证分析[J].经济理论与经济管理,2007,(6):42-47.
[61]汪慧建,张兵,周安宁.中国开放式基金赎回异象的实证研究[J].南方经济,2007,(8):65-73.
[62]雷良桃,黎实.开放式基金赎回问题研究基于Panel-Data的Granger因果检验[J].南方经济,2007,(9):60-68.
[63]虞红霞,王启亮,陈晞.我国股票型开放式基金赎回行为的研究[J].金融理论与实践,2008,(8):30-33.
[64]解学成,张龙斌.基金持有人赎回行为研究[J].证券市场导报,2009,(8):35-38.
[65]杨文虎.基金家族影响投资者选择吗?——基于基金流量的实证分析[J].管理评论,2009,(12):25-33.
[66]冯金余.开放式基金赎回与业绩的内生性基于中国动态面板数据的分析[J].证券市场导报,2009,(3):28-34.
[67]朱宏泉,马晓维,李亚静,段妮妮,朱宏志.基金投资者投资行为影响因素研究[J].管理评论,2009,(10):86-94.
[68]刘巧霞,戴皓明.我国股票型开放式基金赎回风险研究[J].财务与金融,2009,(3):14-18.
[69]梁春早,张龙斌.开放式基金的业绩波动与资金流动的因果关系研究[J].北京理工大学学报(社会科学版),2009,(2):58-60.
[70]冯金余.开放式基金赎回与业绩的内生性基于中国动态面板数据的分析[J].证券市场导报,2009,(3):28-34.
[71]张建江,周长鸣.开放式基金赎回问题的再研究[J].工业技术经济,2009,(1):154-157.
[72]李宁,宋歌.我国开放式基金业绩与申购赎回关系及成因研究[J].经济论坛,2009,(17):112-115.
[73]郑宇涵,朱波,金钢.我国债券型基金赎回风险的应对策略[J].统计与决策,2009,(16):124-126.
[74]胡国鹏,宋振平,程川楠.我国偏股型开放式基金赎回行为的实证研究基于牛市和熊市分阶段分析[J].中国市场,2009,(13):36-38.
[75]李金鑫.开放式债券基金赎回行为的实证研究.[J].海南金融,2010,(5):31-33.
[76]何小杨.中国开放式基金业绩与投资者的选择——“基金热”前后开放式基金赎回现象对比研究[J].证券市场导报,2010,(6):69-77.
[77]陈磊,杨桂元.我国证券投资基金处置效应检验[J].技术经济,2010,(11):110-114.
[78]李学峰,何林泽,沈宁.我国开放式证券投资基金与QFII“处置效应”比较——基于“买卖周期时间”统计量视角的实证研究[J].证券市场导报,2010,(9):71-77.
[79]周铭山,周开国,张金华,刘玉珍.我国基金投资者存在处置效应吗?——基于国内某大型开放式基金交易的研究[J].投资研究,2011,(10):87-97.
[80]范允奇,王文举.开放式基金“赎回之谜”的实证检验[J].广东商学院学报,2011,(2):38-46.
[81]肖峻,石劲.基金业绩与资金流量:我国基金市场存在赎回异象吗?[J].经济研究,2011,(10):112-125.
[82]骆玉林,时旭辉.我国债券型开放式基金申赎行为的实证研究[J].特区经济,2012,(5):106-108.
[83]冯金余.国内基金市场不存在“赎回异象”吗?——基于基金业绩与资金流动视角[J].证券市场导报,2012,(12):67-74.
[84]王品,王静.我国开放式基金费用、绩效与资金流关系的实证分析[J].中国物价,2009(11):38-42.
[85] Yu, C. H., Wu, C. Economic Sources of Asymmetric Cross-correlationAmong Stock Returns. International Review of Economics&Finance,2001,10(1):17-40.
[86]王雯,吴丽华.开放式基金赎回困惑：基于行为金融学的成因分析[J].生产力研究,2006,(2):83-84.
[87]李曜,于进杰.开放式基金赎回机制的外部效应[J].财经研究,2004,(12):111-120.
[88]吴英姿,金发奇,肖荣.我国开放式基金投资者流动性需求影响因素研究[J].华东交通大学学报,2006,(6):28-30.
[89]姚颐,刘志远.我国开放式基金赎回行为的实证研究[J].经济科学,2004,(5):48-57.
[90]王睿,赵子铱.基于平行数据的基金流量影响因素的实证分析[J].贵州财经学院学报,2008,(4):65-69.
[91]覃金华,李玉龙,李永建.基于面板数据模型对开放式基金赎回风险的实证研究[J].经济视角,2012,(4):101-103,85.
[92]陈海燕.基于面板分位数回归的开放式基金赎回行为研究[J].西部论坛,2012,(3):95-101.
[93]宋军,吴冲锋.基于分散度的金融市场的羊群行为研究[J].经济研究,2001,(11):21-27.
[94]孙培源,施东晖.基于CAPM的中国股市羊群行为研究兼与宋军、吴冲锋先生商榷[J].经济研究,2002,(2):64-69.
[95]施东晖.证券投资基金的交易行为及其市场影响[J].世界经济,2001,(10):26-31.
[96]吴福龙,曾勇,唐小我.羊群效应理论及其对中国股市的现实意义[J].预测,2003,(2):62-67.
[97]杨德群,蔡明超,施东晖.我国证券投资基金持股特征的实证研究[J].中南财经政法大学学报,2004,(2):68-74.
[98]徐瑾,侯晓阳.中国证券投资基金羊群行为研究[J].当代经济科学,2004,(6):37-45.
[99]伍旭川,何鹏.中国开放式基金羊群行为分析[J].金融研究,2005,(5):60-69.
[100]祁斌,袁克,胡倩,周春生.我国证券投基金羊群行为的实证研究[J].证券市场导报,2006,(12):49-57.
[101]盛军锋,李善民,汤大杰.中国证券投资基金羊群行为:基于LSV模型的实证研究[J],金融发展研究,2008,(5):62-66.
[102]徐锋.中国证券市场基金羊群行为研究[J].世界经济情况,2008,(3):51-55.
[103]苏艳丽,庄新田.中国证券投资基金羊群行为和正反馈行为研究[J].东北大学学报(自然科学版),2008,(3):420-423.
[104]楚鹰,鲁威.中国证券市场羊群行为实证研究[J].统计与决策,2008,(9):131-133.
[105]于鑫.我国股票市场羊群行为实证研究[J].生产力研究,2008,(7):49-51.
[106]冯东方,顾荣宝.我国股票市场羊群行为实证研究[J].金融经济,2009,(20):87-89.
[107]甄红线.中国投资基金羊群行为的经验研究[J].金融理论与实践,2009,(4):28-33.
[108]许妍天,易灿.我国证券投资基金机构羊群行为的实证检验——2004年至今[J].现代商业,2009,(11):37-39.
[109]杨文娟.中国证券投资基金羊群行为实证研究[J].中国证券期货，2010,(9):7-8.
[110]魏立波.中国开放式基金羊群行为的实证分析[J].重庆大学学报(社会科学版),2010,(3):35-40.
[111]王学明.我国证券投资基金羊群行为的实证研究[J].财务与金融,2010,(5):37-41.
[112]胡海峰,宋李.我国证券投资基金羊群行为的实证研究[J].北京师范大学学报(社会科学版),2010,(5):109-117.
[113]陈晓迪,徐赐文.我国上海股票市场的羊群行为研究[J].中央民族大学学报(自然科学版),2011,(3):73-76.
[114]王磊,孔东民,陈巍.证券投资基金羊群行为与股票市场过度反应[J].南方经济,2011,(3):69-78.
[115]淳伟德,李晓燕,李曼.基于分散度模型的股市羊群行为研究[J].预测,2011,(5):25-30.
[116]顾荣宝,蒋科学.深圳股票市场的羊群行为及其演化——基于一个改进的CCK模型[J].南方经济,2012,(10):135-145.
[117]邓德炮.基于改进SDH法的证券投资基金羊群行为实证研究[J].中国市场,2012,(18):64-65,80.
[118]王春丽,白红丽.基于ARCH模型的中国股市羊群行为实证分析[J].数学的实践与认识,2012,(19):24-30.
[119] Capon, N., Fitzsimons, G. J.,&Prince, R. A. An Individual Level AnalysisOf The Mutual Fund Investment Decision. Journal of Financial ServicesResearch,1996,10(1):59-82.
[120] Bauera, R., Koedijk, K., Otten, R. International Evidence on EthicalMutual Fund Performance and Investment Style. Journal of Banking andFinance,2005,29(7):1751-1767.
[121]何德旭,陈百助.投资基金:开放式和封闭式的选择[J].经济管理,1998,(6):38-39.
[122] Nanda, V., Wang, Z. J., Zheng, L. Family Value and The Star Phenomenon:Strategies of Mutual Fund Families. Review of Financial Studies,2004,17(3):667-698.
[123] Chevalier, J., Ellison, G. Are Some Mutual Fund Managers Better ThanOthers? Cross-Sectional Patterns in Behavior and Performance. TheJournal of Finance,1999,54(3):875-899.
[124] Bhargav, V. Equity Fund Flows and Stock Price Changes. TheInternational Journal of Finance,2004,16(5):231-242.
[125] Shu, P. G., Yeh, Y. H., Yamada, T. The behavior of Taiwan Mutual FundInvestors-performance and Fund Flows. World Economic Review,2002,10(5):25-53.
[126] Delong, J. Bradford, Andrei Schleifer, Lawrence H. Summers, and RobertWaldman Positive Feedback Investment Strategies and DestabilizingRational Speculation[J]. Journal of Finance,1990,45:379-395.
[127]胡昌生,朱迪星.基于LSV模型的个体投资者羊群行为研究[J].统计与决策,2008,(12):135-137.
[128]祁斌,黄明,陈卓思.我国证券投资基金羊群行为的实证研究[J].证券市场导报,2006,(12):103-110
[129]邓勇,汤大杰.股市反馈交易行为特征分析来自桑还证券市场的实证检验[J].改革与战略,2006,(11):28-33.
[130]宋冬林,毕子男,沈正阳.机构投资者与市场波动性关系的研究基于中国A股市场的实证分析[J].经济科学,2007,(3):97-103.
[131]朱嘉晨.我国机构投资者对股市稳定性的影响及成因[J].边疆经济与文化,2007,(3):62-64.
[132]彭惠,江小林,吴洪.偏股型开放式基金的赎回悖论与申购异象[J].管理世界,2012,(6):60-73.
[133] Frederic Palomino and Harald Uhlig. Should Smart Investors Buy Fundswith High Past Returns? Review of Finance,2007,11(1):51-70.
[134]林树,汤震宇,李翔,潘哲盛.基金投资者的行为方式及其合理性——基于我国证券基金市场的经验证据[J].证券市场导报,2009,(8):23-28.
[135]陆蓉,陈百助,徐龙炳,谢新厚.基金业绩与投资者的选择中国开放式基金赎回异象的研究[J].经济研究,2007,(6):40-49.
[136] Shefrin, H., Statman, M. The Disposition to Sell Winners Too Early andRide Losers Too Long: Theory and Evidence. The Journal of Finance,1985,40(3):777-790.
[137]谢盐,田澎,赵世英.开放式基金结构与投资者赎回行为关系的分析[J].数量经济技术经济研究,2004,(6):96-100.
[138]束景虹.开放式基金赎回现象的实证研究[J].数量经济技术经济研究,2005,(4):117-126.
[139] Malkiel, B. G. Returns from Investing in Equity Mutual Funds1971to1991. The Journal of Finance,1995,50(2):549-572.