羊群

When the sun rises, when people began to discharge of flame flower, animal husbandry, firecrackers, to congratulate the sheep sermon, and then the sheep arrived at the lush grass of the place, so that the United States and the United States to feast on the sheep.

当太阳升起的时候，牧人们开始燃放焰花爆竹，向羊布道贺喜，然后将羊群赶到水草最丰美的地方，让羊群美美地饱餐一顿。

For I must remark, Thrasymachus, if you will recall what was previously said, that although you began by defining the true physician in an exact sense, you did not observe a like exactness when speaking of the shepherd; you thought that the shepherd as a shepherd tends the sheep not with a view to their own good, but like a mere diner or banqueter with a view to the pleasures of the table; or, again, as a trader for sale in the market, and not as a shepherd.

我必须提请你注意，斯拉斯马科斯，如果你愿意回顾一下你前面所说的话，虽然你开始的时候要求以精确的旨意去定义现实中的医生，后来你在谈到牧羊人时却未能观察到类似的精确性；牧羊人在你看来，不是从他们自身利益的角度去看管羊群的，而是从类似就餐者或晚宴食客想让餐桌充满愉快的角度去看管羊群的；或者，还可以被看作集贸市场上的羊群交易者，而不是被当作牧羊人来看待。

In August Ennis spent the whole night with Jack in the main camp and in a blowy hailstorm the sheep took off west and got among a herd in another allotment.

八月Ennis整夜和Jack呆在主营地里。一场狂风大作的冰雹来袭，羊群往西跑到了另一个牧场和那里的羊群混在了一起。

And there is a descend trend of herd behavior in 2006, whats more, the herd behavior in the trade industry and colligate industry are more obvious than others.

在对我国股市进行分段研究时，发现比起我国早期股市在2006年羊群行为有减弱的趋势，而在对我国不同行业羊群行为的检验中，发现房地产类股票的羊群行为相对较弱，而批发零售类和综合类的上市公司羊群行为较为显著。

So, it has been an important guideline of the maturation of stock market. In this thesis we do some research as hereinafter.

首先介绍了有关羊群行为的理论研究，目前对于羊群行为的理论研究主要集中在羊群行为产生的机理上。

We used residuum not returns to research herding behavior, which can avoid pseudo herding. By using multielement statistic method, we got necessary and sufficient condition of existence of herding behavior.

本文通过研究股票收益率的残差，而不是传统的股票收益率，避免了伪羊群行为的干扰，给出了市场存在羊群行为的充要条件，用多元统计方法寻找和划分羊群。

The second part demonstration uses three methods to test the herding and analyses the herding in Chinese stork market by the proper data from June the first, 2005 to June the first 2007, and then uses the investment aggregation intensity model to analyze the fund managers" herding based on the board effect. The conclusion is that the elucidative ability of Shanghai Stork average PE is strong to Herding effect, but the whole equation"s R~2 is small.

它们分别是基于分散度的羊群行为检验，基于CAPM的羊群行为分析和基于ARCH模型的羊群行为分析，得出的结论是：在基于分散度方法进行分析时，排除剧烈羊群行为的可能，但是不排除轻微的羊群行为存在的可能性；基于CAPM和ARCH模型的羊群行为分析中，得出的结论是市场收益率的二次项系数均显著为负，说明中国股票市场存在羊群行为。

Be shepherds of God's flock that is under your care, serving as overseers--not because you must, but because you are willing, as God wants you to be; not greedy for money, but eager to serve; not lording it over those entrusted to you, but being examples to the flock.

要牧养神所付托你们的羊群，甘心乐意地按照神的旨意照顾他们，不是出於勉强；不是为酬报而工作，而是自动自发的事奉。不要辖制你们所牧养的羊群，却要作羊群的榜样。

Thereinto, rational herding theories think that information cascades, concern for reputation etc, are most important reasons for forming herd behavior. However, irrational herding theories start with mentality of investors, point out the irrationalities of herd behavior.

其中，理性羊群行为理论认为，投资者之间的信息瀑布、基于声誉的考虑等是产生羊群行为的主要原因；而非理性羊群行为理论则从行为主体的心理出发，论述了羊群行为的非理性。

Currently, in most developed markets, the power of institutional investors has exceeded more than half of the market; therefore, on institutional investors trading in the market characteristics, including acts such as herding behavior, study the stability of the market is of important significance.

对机构投资者羊群行为的检验，观察其对于市场稳定性的影响，可以作为市场及其机构投资者成熟程度的测度之一。基于以上认识和理解，本文在总结以往羊群行为研究的基础上，运用LSV和CCK模型，实证研究我国证券投资基金是否存在显著的羊群行为。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。