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| The Impact of Private Information Sharing on Herd Behavior of Institutional Investors Based on Network |
| LIU Xinzheng，GAO Chuang |
| 1.Henan Normal University, Xinxiang, Henan，China;2.Capital University of Economics and Business, Beijing, China |
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Abstract Using the data of A-share listed companies from 2003~2019, this study analyzes the influence of private information sharing on institutional investors’ herding behavior from the perspective of the network. The study finds that private information sharing in the network can lead to institutional investors ‘herding behavior, especially the buyer’s herding behavior. This effect is more obvious in the period of market turbulence. When the quality of public information is lower and the information collection ability of institutional investors is stronger, the impact of private information sharing on institutional investors’ herding behavior is more significant. Further research shows that the herding behavior caused by private information sharing improves the stock price synchronization, which belongs to real herding behavior. Competition plays a significant mediating role, and private information sharing cannot promote more private information into the stock price.
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Received: 25 March 2021
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