The results indicate that even if every investor is full rational, the herd behavior of investors may result in the bounded rationality of group trading.

研究结论表明，虽然每个投资者完全理性，但羊群行为可能导致投资者表现出群体的有限理性。

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Based on the research survey of the herd behavior in security markets, the author empirically studies the herd behavior in China stock market and theoretically analyzes the occurrence mechanism of it.

本文主要在对证券市场羊群行为研究现状进行综述的基础上，对中国股票市场上的羊群效应进行实证研究并对其发生机制进行理论分析。

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The Herd Behavior of the open-ended funds is just a case in point.

开放式基金的“羊群行为”就是其中一种。

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In the short run, at least, the herd behavior of the pros makes it even harder for you to take a winning bet against the "speculative element" in a stock's price.

WSJ: Intelligent Investor: Don't Bet the House on Efficient-Market Model

Emotional investors behave like a herd copying and replicating the behavior of one another, fearing that they will miss out on a market uptrend or be crashed in the market downtrend.

FORBES: How to Amass and Lose a Fortune on Wall Street

Analysts get close to the government entities and companies under their coverage, making analysts more sympathetic to the securities they are covering. (Not to mention making it easier to miss the forest for all the trees.) Analysts also succumb to herd behavior, meaning they are unlikely to create a forecast or reach a conclusion that is significantly different from that of their peers.

FORBES: Analysts Pressured To Be Positive