Investor Interaction Network Motifs and Herding Behavior : Evidence from the Stock Market of China

With complex network methods to model the investor interaction relationship, the interactive patterns of online investors are studied through the motif structure of the investor interaction network in the stock forum, and we find that there is a dynamic mutual effect between investors' interaction network mode and herding behavior, which is reflected in both the mean level and the volatility level. In terms of the mean level, a two-way positive influence exists between investor interaction network motif degree P1 and herding behavior. In terms of the volatility level, there is an interactive relationship between motif degree P1, P2 and herding behavior, showing a significant two-way volatility spillover effect