"National Team"holdings and herd behavior of institutional investors
Since the 2015 stock market crash,the trading activities of the"National Team"funds have drawn significant attention from investors.This paper uses A-share listed company stock trading data from the third quarter of 2015 to the fourth quarter of 2021 to examine the impact of"National Team"fund holdings on institutional investor herding behavior.Employing a fixed effects model for regression analysis,the findings indicate that"National Team"fund holdings exacerbate institutional investor herding behavior.Further analysis reveals a negative correlation between institutional herd behavior and stock price synchronicity,suggesting that this behavior is not merely blind following of"National Team"fund holdings but rather a pseudo-herd behavior influenced by shared market and private information.This effect is consistent across bull,bear,and volatile market conditions,though it is somewhat reduced during bear markets.The conclusions of this study enhance the understanding of the intervention effects of the"National Team"funds and provide valuable insights for their effective management.
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