羊群

每年夏天牧羊人都将羊群赶到牧场去。

Every summer the shepherds drive the sheep up to pasture

只听得见远处羊群的哀鸣。

The only sounds were the distant , melancholy cries of the sheep

他们的父亲在帮忙给羊群洗药浴。

Their father was helping to dip the sheep .

牧羊人在看管他的羊群。

The shepherd is tending to his sheep .

羊群正在山坡上吃草。

The sheep are browsing on the hillside .

把羊圈关好，防备羊群跑掉。

Close the gate of the pen properly to prevent the sheep from getting away .

姑娘们看护她们的羊群。

The girls are keeping watch over the flock .

羊群散布在山坡上吃草。

A flock of sheep are grazing here and there on the hillside .

牧羊人看守着自己的羊群。

The shepherds watched their flocks .

经济行为的另一个具有深厚进化论根基的例子，就是引起金融泡沫的“羊群效应”。

Another example of economic behaviour that may have deep evolutionary roots is the " herd " mentality that contributes to financial bubbles .

美国大自然保护协会还向众多入侵物种发起了宣战，从羊群到植物再到具有攻击性的阿根廷蚁。

The Nature Conservancy has    declared   war on a multitude of invasive species here , from sheep to plants to the   aggressive   Argentine ant .

羊群里少了几只羊。

A few sheep have been lost from the flock .

于是，他披上一身羊皮，趁羊群在牧场里游荡时悄然混进去。

So he clothed himself in a sheepskin , and slipped among the sheep when they were out at pasture .

他完全骗过了放羊倌，晚上羊群被关进栏里时，他也被一起关了进去。

He completely deceived the shepherd , and when the flock was penned for the night he was shut in with the rest .

起初，尝试着从羊群中偷取羔羊，但是牧羊人一见到狐狸，便放狗追他。

He began by trying to steal a lamb from a flock of sheep , but the shepherd saw him and set his dogs on him .

狼群派了一个使者到羊群那里送去一份缔结永久和平的建议书，其中提出，只要羊群放弃牧羊犬的看护，并把他处死，狼群便愿意与羊群和平相处。

The wolves sent a deputation to the sheep with proposals for a lasting1 peace between them , on condition of their giving up the sheepdogs to instant death .

有一头猪跑进正在牧场里吃草的羊群中，牧羊人抓住了他，要把他送到屠夫那里，猪鬼哭狼嚎般拼命挣扎着想逃出来。

A pig found his way into a meadow where a flock of sheep were grazing . The shepherd caught him , and was proceeding1 to carry him off to the butcher 's when he set up a loud squealing2 and struggled to get free .

愚蠢的羊群同意了狼群的提议，但是，一只上了年纪的公羊因年长而颇具智慧，他说：“即使眼前有狗在保护我们，我们尚且不能平安地逃出你们的魔爪，还怎么敢期望着与你们和平相处呢？“

The foolish sheep agreed to the terms , but an old Ram2 , whose years had brought him wisdom , interfered3 and said , " How can we expect to live at peace with you ? Why , even with the dogs at hand to protect us , we are never secure from your murderous attacks . "

羊群行为（HerdBehavior）是行为金融学里一个核心的概念。

Herd Behavior is a key concept of behavioral finance .

金融市场中的羊群行为（HerdBehavior）是一种从众行为。

Herd behavior in financial market is a kind of collective behavior .

A区和B区绵羊临床表现出被毛发焦、脱毛、羔羊出现摇摆病，羊群中母羊发情推迟，公羊配种能力下降。

Clinical symptoms of sheep in zones A , B showed that ram and ewe were reduced reproductive performance , steely wolf , fall wool and lamb swayback .

这一过程往往导致羊群行为（herdingbehaviour），使风险控制很容易变为次要问题。

This process tends to lead to Herding Behaviour , in which risk controls easily become a secondary issue .

1995年，William和Roger提出将市场收益率分散度作为测度羊群行为的指标。

In 1995 , William and Roger measured the herding of the market using the market return dispersion .

基于异质性信念的羊群行为CAPM模型修正

Herb Behavior CAPM Model Modification Based on Heterogeneous Belief

国外对羊群行为的理论研究主要集中在羊群行为产生的机理上。其中，理性羊群行为（RationalHerding）理论认为，投资者之间的信息串联、基于声誉的考虑和报酬结构是产生羊群行为的主要原因。

Thereinto , rational herding theories think that imperfect information , concern for reputation , and compensation structures are most important reasons for forming herd behaviour .

同时，作者尝试用时机选择理论、羊群效应理论和托宾Q理论来解释牛熊市长期并购绩效的差异，发现托宾Q理论能够更好地解释这一现象。

At the same time , the author tries to apply timing theory , managerial herding theory and Tobin ' Q theory in explaining the long-term performance of M & A under different market status .

本文通过投资强度聚合模型计算了中国投资基金自2001年第二季度到2007年第4季度共27个季度区间内度量投资基金行业投资策略羊群效应的指标HB指数。

The paper calculates the HB index of Mutual Fund investment strategies of Chinese from the second quarter of 2001 to the fourth quarter of 2007 using a special model .

Q连锁酒店把店长比喻成头羊，把员工比喻成羊群，羊群在头羊的带领下会自动寻找水草丰盛的草地，员工在店长的带领下会自动自发地工作。

Q hotel chain to store manager likened to sheep , the staff likened the sheep , the sheep in sheep under the leadership will automatically look for plants rich grassland , staff manager under the leadership will be self-motivated work .

另一类是非理性的羊群行为（IrrationalHerding），非理性的羊群行为研究主要是针对行为主体的心理，认为行为主体只会盲目的相互模仿，从而忽略了理性分析的重要性。

The other one is Irrational Herding , which mostly refers to mentality of investors . It considers that all investors can do are imitating each other blindly and ignoring the importance of rational analysis .

但需要指出的是，要想使得个股收益率的横截面标准偏差CSSD随绝对市场收益率的增大而减小，只有当大部分的投资者都表现出强烈的羊群行为时才有可能。

But it should be pointed out that only when most investors have serious herding behavior , the cross section with the standard deviation CSSD of stock returns will decrease as the absolute market yield increases .