confidence ability and herding ability

We use the trading data of Wanke corporation to compute the trader’s confidence ability and herding ability, which is described in detail in our paper “The dynamics of heterogeneous investors’ trading pattern——the perspective from the level of confidence and herding”. The typical trader Bayesian updates the memory coefficients of his confidence ability and herding ability based on a monthly frequency, respectively. We show the patterns of confidence ability based on the trader’s past performance and herding ability based on the recent market ups and downs.我们采用万科公司的交易数据，计算交易者的信心能力与羊群行为能力，相关细节已在我们的论文《异质投资者交易模式的动态性——基于信心水平与羊群行为视角》中详细阐释。典型交易者会分别以月度为周期，对自身信心能力与羊群行为能力的记忆系数进行贝叶斯更新。我们基于交易者过往业绩展示了信心能力的变化特征，并基于近期市场涨跌情况呈现了羊群行为能力的变化模式。