Having identified the aggressiveness of trades

Buy–sell imbalances and aggressive trades in herding portfolios by investor group. This table presents the buy–sell imbalances and the percentage of aggressive AEB071 by various types of investors in the highest herding (buy–sell imbalance) portfolios. The percentage of aggressive orders relative to total trades (aggressive trades (%)) by a specific type of investor in the portfolio is also provided. On each day, the highest buy-herding (B1) and sell-herding (S1) portfolios of stocks by large individual investors, local institutional investors, and foreign investors, respectively, are chosen. We also conduct the procedure for the most intense buy and sell portfolios based on the buy–sell imbalances for small retail investors. We calculate the buy–sell imbalances of each type of investor (including large individual investors, local institutional investors, foreign investors, and small retail investors; small institutions and small foreign investors are plasma cells omitted due to their low proportions in the market) and the percentage of aggressive trades relative to total trades by each type of investor. The mean percentage of aggressive trade for the highest buy-herding portfolio of stocks investors are averaged across all stocks and presented in the first row, and the results for the highest sell-herding portfolio are presented in the second row.