The Structural Change of Mutual Fund Herding in China Stock Market
نویسندگان
چکیده
This paper examines the structural change of mutual fund herding in china stock market,an important investment behavior of institutional investors. A self-normalization based KolmogorovSmirnov test is employed to test the change point of herding from 2002 to 2011, the results suggest that there really be structural change points in mutual fund herding. The mutual fund herding changed at December 2004, June 2007 and December 2008. The structural change of the mutual fund herding can be explained by the financial environment of China stock market**.
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