1、“text-align:center;“ - 2006A2005 3.242007518GDP200518%2007580%200546912006 12318565(24000)30.64%QFII-()20002005-2006-200612 4192006-?-1.-Lev(1988)(Information Production)Wilson(1975)2.-(Scale Economy)-1.Malkiel(2005)-(1)1(15)70%S“ (3)()()-,-FENO.CN- -(-)-1.-()-(Short-termism)-()- (Shleifer & Vishny
2、1997)Menkhoff(2002)-(Endurance Horizon) (Anticipation Horizon)()(Information Processing Horizon)()Menkhoff(2002)45-2.-(Ippolito 1992Sirri & Tuffano1998Gruber1996)Palomino (2003)-(Tournaments)-Brown et al (1996)- Chevalier & Ellison(1997)-3.-()Menkhoff(2002)()(-)-(1)(Window Dressing)-(2)(Portfolio Churning)460 194524%2004112%Dow & Gorton(1997)-(3)(Coordinated Behavior)EichbergerGrantKing(1999)(4)(Selective Communication)-Malkiel(1995)Jain & Wu (2000)(2003)(2005)(2005)-1.-2.-20-
