本研究探討台灣股票市場中共同基金從眾行為，使用相關的假說進行驗證，並分析不同類型共同基金的從眾行為。首先驗證台灣整體共同基金市場是否存在顯著的從眾行為，接下來分別就不同類型共同基金從眾行為差異做分析:本研究有四點發現(一)台灣共同基金市場存在從眾行為(二)以規模大小來區分，不論共同基金規模大小或是共同基金所屬投信公司規模大小，均發現規模小的共同基金從眾行為較明顯(三)本國型投信公司從眾行為較外資型投信公司明顯(四)前期報酬較低的共同基金，當期從眾行為較前期報酬較高的共同基金明顯。這些結果隱含台灣市場可能較無效率使得從眾行為較明顯，且共同基金從眾行為會因為基金類型有所差異。

The purpose of this study is to investigate the herding behavior of mutual funds in Taiwan market. We verify related hypotheses and analyze the differences of mutual funds herding behavior. First of all, we verify that the overall mutual fund market if there is a significant herding behavior in Taiwan market, and then dividing all mutual fund into various groups according to mutual fund characteristics. The main findings are four points. (1)The herding behavior in Taiwan overall mutual fund market is very significant. (2)Based on either the size of the mutual fund or the securities investment trust enterprises which the mutual fund belongs to, we find that the herding behavior in the small-scale mutual funds are more significant than those of the large-scale mutual funds. (3)The herding behavior in the domestic securities investment trust enterprise is more significant than that of the foreign securities investment trust enterprise. (4)The herding behavior of the mutual funds with lower past return is more significant than the mutual funds with higher past return. This result of obvious herding behavior implies inefficiency in Taiwan markets. In addition, the different type of mutual fund varies on groups

中文
江宏儒，「股票市場從眾行為之探討: 新興市場與已開發國家之比較」， 高雄第一科技大學財務管理研究所碩士論文，2002。
李春安，賴藝文，「股市劇烈變動區間台灣股票市場與本國機構投資人從眾行為之研究」， 台灣管理學刊，5(2)，231-267頁，2005。
吳政樂，「證券自營商之從眾行為與投資策略分析」，中央大學財務管理研究所碩士論文1998。
杜樹森，「機構投資人交易行為對股票市場之影響，以國內共同基金為例」，政治大學財務管理研究所碩士論文，1996。
范揚洲，「共同基金擇股偏好與從眾之研究」，中央大學財務管理研究所碩士論文，(1998)。
許培基，陳軒基，黃淑貞，「基金經理人為何出現群集行為」，管理評論， 24(4)， 57-81頁，2005。
林雋琦，「國內共同基金從眾行為及原因分析」，雲林科技大學企業管理研究所碩士論文，2001。
羅進水，李春安，「從眾與非從眾行為對市場報酬衝擊之研究」，管理評論，28(3)，21-41頁，2009。
英文
Bikhchandani, Sushil, David Hirshleifer, and Ivo Welch. "A theory of fads, fashion, custom, and cultural change as informational cascades." Journal of political Economy (1992): 992-1026.
Chang, Eric C., Joseph W. Cheng, and Ajay Khorana. "An examination of herd behavior in equity markets: An international perspective." Journal of Banking & Finance 24.10 (2000): 1651-1679.
Christie, William G., and Roger D. Huang. "Following the pied piper: Do individual returns herd around the market?." Financial Analysts Journal (1995): 31-37.
Falkenstein, Eric G. "Preferences for stock characteristics as revealed by mutual fund portfolio holdings." The Journal of Finance 51.1 (1996): 111-135.
Graham, John R. "Herding among investment newsletters: Theory and evidence." The Journal of Finance 54.1 (1999): 237-268.
Grinblatt, Mark, Sheridan Titman, and Russ Wermers. "Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior."The American economic review (1995): 1088-1105.
Lakonishok, Josef, Andrei Shleifer, and Robert W. Vishny. "The impact of institutional trading on stock prices." Journal of financial economics 32.1 (1992): 23-43.
Puckett, Andy, and Xuemin Yan. "Short-term institutional herding and its impact on stock prices." Unpublished manuscript, University of Missouri (2008).
Scharfstein, David S., and Jeremy C. Stein. "Herd behavior and investment." The American Economic Review (1990): 465-479.
Wermers, Russ. "Mutual fund herding and the impact on stock prices." The Journal of Finance 54.2 (1999): 581-622.