Abstract: The paper studies the individual investors' psychological and behavioral features from microcosmic points of view by questionnaires and experiments,emphasizing on the herd behavior. The results show that the degree of individual investors herd behavior is different due to investors personality characters and personal backgrounds:high self-efficacy and long-term investors have less herd behavior;the difference of herd behavior is significant among the investors with different investment experiences;and there are more herd behavior when investors purchase stocks than when they sell stocks. Moreover,the herd behavfor in purchasing,adventurousness and independent personality have some predicting powers for the investors'performance. Through the experiment we do not find significant evidence that information factor and self-efficacy factor influence the investors'herd behavior,but the two factors influence the investors' performance significantly.

Key words: herd behavior, behavioral finance, investor questionnaire, behavior experiment