Herding Behaviour

This paper continues the research of the presence of herd behavior in the Chinese stock markets, in particular, the A-share and B-share markets in Shenzhen and Shanghai. I first present the theoretical models, then discuss researches in similar fields that have been done to date. The in-depth analysis of findings is done in Section 4, 5 and 6, for those who would like to accelerate to the conclusion. Thorough time series analysis, including but not limited to issues of stationarity, heteroskedasticity and autocorrelation, is disclosed in Section 7. I find evidence of herding in the said stock markets.

Herding behavior is the tendency of individual investors in India to follow investment decisions of others. Behavioral finance
assumes that characteristics of individual market participants and the structure of information systematically have an
influence on investment decisions of individuals. Financial markets have been facing unforeseen and sudden economic
turbulences that have been directly or indirectly responsible for returns on stocks. This study aimed to identify the causes of
herding behavior by an individual investor and identify the possible effects of herding behavior of investors on the stock
market. To do this, we interacted with stock market investors to identify the reasons of their herding behavior. The response
collected was analyzed using system dynamics models. The study revealed that investors in India have the tendency to follow
the behavior of others while making investments in stock markets in order to avoid losses and regrets. This is because they
are not much financially literate and are not well aware about stock market functioning. So, they generally go with the
decisions made by market leaders to earn safe returns out of their investments.

Kinerja dalam suatu perusahaan sangat dipengaruhi oleh beberapa faktor, di antaranya ialah faktor internal dan faktor eksternal. Karya tulis ilmiah ini akan membahas mengenai faktor-faktor eksternal yang berada di lingkungan perusahaan dan pengaruhnya terhadap kinerja, pencapaian dan citra perusahaan.

The biological, ecological and anthropological aspects of the bone deposits The bones, the rigid elements constituting the inner framework of the vertebrates, do not only represent food remains and traces of the material culture found in the archaeological sites. Through the living animal, those parts of the endoskeleton are involved in economic, technical, religious events and social human acts. Bone remains also indicate the behaviour, movements and the social arrangements of people in a given period. In order to study human behaviour, the methodologies of life and social sciences could be applied. The objective features οf each bio-archaeological assemblage could be based on the examination, the counting of the fragments, the multifactor statistics and the, eventual , chemical analysis. The analysis of variance could take into account the geographical area, the space, the organisation of the architectural constructions, the stratigraphy (reflecting the historical accomplished facts), the collective representations, the written documents and, ultimately, the human demography. The morphology of the human group (age, sex, social stratification, political structure etc .) are not always visible, but attitudes and beliefs can be traced. * I am most grateful to Prof. A. Mazarakis Ainian for inviting me to participate in the research project concerning the Social Archaeology of EIA and EA Greece, a most valuable support in a period of social and economic crisis; the archaeologists

The Siberian Northeast shows striking parallels between the cosmologies of hunters and reindeer
herders. What may this tell us about the transformation from hunting to pastoralism? This article
argues for a structural identity between hunting and sacrifice, and for the domestication of the
reindeer as the result of hunters’ efforts to use sacrifice to control the accidental variables of the
hunt. Hunters can practise their ethos of ‘trust’ with prey only through highly controlled ritual
enactments. We describe two: the famous bear festival of the Amur Gulf region and the consecrated
reindeer of the Eveny. Both express the same overall logic by which sacrifice functions as an ideal
hunt. The animal is involved in a relation not of domination but of trust, while also undergoing a
process of taming. We therefore suggest that the reindeer’s domestication may be based not only
on ecological or economic adaptations, but also on cosmology.

Closed-end funds (CEFs) present a unique opportunity to study finance in that the price of shares rarely matches the net value of the underlying holdings. This study investigates this phenomenon and how behavioral finance influences the discount. The study uses time-series regression analysis to examine the CNN Fear and Greed Index  and its relationship with CEF discounts over time. Results of vector autoregression (VAR) and Granger-causality testing indicate that investor sentiment does not significantly influence the price of CEFs in relation to their net  assets. Autoregressive conditional heteroskedasticity (ARCH) models show that the volatility of investor sentiment does not significantly influence the volatility of the CEF discount, but that there is an autoregressive component to movements in the discount. ARMA models show that the time series functions of investor sentiment and the CEF are cointegrated, but with no significant causation. In addition, the impact of herding on the CEF discount was evaluated using simple linear regression to show that the herding behavior of investors toward CEFs with higher distribution yields causes the fluctuation in the CEF discount. Investors may use this information to better understand the relationship between investor sentiment, herding, and the valuation inefficiencies of closed-end funds.

Herding behaviour is one of the efficient market hypothesis anomalies. Investors display such behaviour when they imitate the actions of other investors; the behaviour occurs when there is constant interaction between rational investors, which prevents them from seeking information about market fundamentals. Herding behaviour arises because investors do not act in accordance with their private information, but refer to other investors' decisions. As a result, the process of social learning stops. Information asymmetry is claimed to be responsible for the emergence of such behaviour. Extensive literature and empirical studies have proven its existence in financial markets; however, the majority of these studies examined herding behavior in institutional contexts, or in terms of overall market movements. No studies have examined individual motivation for such behaviour. This paper builds a new model of individual herding behaviour to fill the lack of theory about such motivation. Aspects of personality, namely conscientiousness and neuroticism, together with gender, are important factors that affect the relationship between the asymmetry of information and herding behaviour.

Herding behavior is the tendency of individual investors in India to follow investment decisions of others. Behavioral finance assumes that characteristics of individual market participants and the structure of information systematically have an influence on investment decisions of individuals. Financial markets have been facing unforeseen and sudden economic turbulences that have been directly or indirectly responsible for returns on stocks. This study aimed to identify the causes of herding behavior by an individual investor and identify the possible effects of herding behavior of investors on the stock market. To do this, we interacted with stock market investors to identify the reasons of their herding behavior. The response collected was analyzed using system dynamics models. The study revealed that investors in India have the tendency to follow the behavior of others while making investments in stock markets in order to avoid losses and regrets. This is because they are not mu...

An approach to cultural events such as festivals from two main perspectives has been made, first, the economy of rational optimization describing findings in the characteristics of the curves of supply and demand and other features defined in the study by the EAN University consultants in partnership with the Ministry of Culture; and second, based on information provided by the social heuristics related to consumer behavior, such as the named “herd behavior” grounded in values assigned by the public (consumer) of such events. As a result, it is concluded that the above elements and its characteristics can be beneficial if properly managed within the framework of festivals, as economic events of significant importance. The article contains excerpts from the study by EAN University consultants in partnership with the Ministry of Culture.

In early July 2015, I worked together with my co-moderators at the Sociolinguistic Events Calendar (http://www.baal.org.uk/slxevents.html) on an online survey to determine, once and for all, what’s hot and what’s not in the world of sociolinguistic conferences. On 9 July 2015, I released the survey to a number of sociolinguistic mailing lists. A week later on 16 July, after a healthy 100 responses, I cast my eyes over the results and wrote it all into a report for everyone to savour, to digest, and to use as a Conference Planning Bible. The survey is still live. You can take it here: https://goo.gl/MSMCgH. You can also check the latest results https://goo.gl/NchF58. The first 100 responses had some definite trends, so here’s my report... (Note: not all questions were mandatory so, despite 100 responses, the % doesn’t always equal the number.)

Herding behavior is the tendency of individual investors in India to follow investment decisions of others. Behavioral finance assumes that characteristics of individual market participants and the structure of information systematically have an influence on investment decisions of individuals. Financial markets have been facing unforeseen and sudden economic turbulences that have been directly or indirectly responsible for returns on stocks. This study aimed to identify the causes of herding behavior by an individual investor and identify the possible effects of herding behavior of investors on the stock market. To do this, we interacted with stock market investors to identify the reasons of their herding behavior. The response collected was analyzed using system dynamics models. The study revealed that investors in India have the tendency to follow the behavior of others while making investments in stock markets in order to avoid losses and regrets. This is because they are not mu...

Conceptually, the stock market is strong form efficient in the long term. However, in practice, there are various forms of market anomalies that undermine the accuracy of the efficient market hypothesis. One factor suspected as the cause of market inefficiency is herding behavior. Investors herd when they imitate the actions of other investors. This behavior occurs when there is a continuous interaction among rational investors that prevents them from seeking information about market fundamentals. This study provides new insights by including information asymmetry as a moderating variable. This research examines the phenomenon of herding behavior in the Indonesia Stock Exchange as well as examines directly the effect of information asymmetry on herding behavior. The period of study is 2008 using time series of daily stocks data that actively traded in the capital market. Results of this study find that investor tends to follow market consensus when price changes at the low level, but when there is large price swing market participant acts independently from other investors. Interestingly, this study finds that information asymmetry is a necessary condition for the existence of herding behavior.

In this paper, we present a short overview of the people flow coordination methods and propose a multi-agent based route recommender architecture for smart spaces which considers the influence of stress on human reactions to the recommended routes. The objective of the architecture is to ensure that people can efficiently move in and among smart spaces while at the same time improve the overall system performance. The functioning of the architecture is demonstrated on a case study. The proposed approach can be used, among others, in route recommendation in smart cities, large public events, and emergency evacuations.

Herding behaviour in the financial market has been popular as a theoretical concept since the 1990s. Many articles have studied and discussed herding behaviour in the capital market, but research examining the causes or factors that trigger herding behaviour is minimal. The research themes are relatively underdeveloped because the majority of empirical research still struggles to answer the question of whether herding behaviour is found in the capital market or not. It has impeded our understanding and the development of a comprehensive theoretical framework of herding behaviour. The purpose of this paper is to conduct a bibliometric analysis and systematic literature review to provide an overview of the research findings, analyse the research profile, and guide the researcher to the most influential works and results related to herding behaviour. Based on 279 articles taken from the Scopus database, we mapped the co-occurrence of research through keywords analysis. This paper's...

Bu yazımızda ülkemiz GYO hisse senetlerinin ikincil piyasa
performansını azaltıcı davranışsal bir etken olarak sürü davranışının
nitelik ve sonuçlarını Akinsomi ve bşk. (2018) çalışmamız üzerinden değerlendirmeye çalışacağız. Ülkemiz GYO sektörünün beklendiği kadar
gelişememesine neden olan söz konusu etkenin analizi aynı
zamanda GYO bilanço yönetimindeki başarıma ilişkin çeşitli
ipuçları vereceği için de ilgi çekici bulunabilir.

Herding behaviour in the financial market has been popular as a theoretical concept since the 1990s. Many articles have studied and discussed herding behaviour in the capital market, but research examining the causes or factors that trigger herding behaviour is minimal. The research themes are relatively underdeveloped because
the majority of empirical research still struggles to answer the question of whether herding behaviour is found in the capital market or not. It has impeded our understanding and the development of a comprehensive theoretical framework of herding behaviour. The purpose of this paper is to conduct a bibliometric analysis and systematic literature review to provide an overview of the research findings, analyse the research profile, and guide the researcher to the most influential works and results
related to herding behaviour. Based on 279 articles taken from the Scopus database, we mapped the co-occurrence of research through keywords analysis. This paper’s main contribution is to build a structure of knowledge for herding behaviour in the capital market, elaborate and classify empirical research into relevant dimensions that can be used as a reference for comprehensively developing herding behaviour research. Finally, this systematic literature review’s results may provide insight into future research prospects about herding behaviour.

This study develops and tests a theoretical framework, which draws on herd behavior literature and explains how and under what conditions tabloids' attention to misinformation drives broadsheets' attention to misinformation. More specifically, the study analyzes all cases of political and business misinformation in Switzerland and the U.K. between 2002 and 2018, which are selected based on corresponding Swiss and U.K. press councils' rulings (N = 114). The findings show that during amplifying events (i.e., election campaigns and economic downturns) tabloids allocate more attention to political and business misinformation, which, in turn, drives broadsheets to allocate more attention to the misinformation as well-and especially if the misinformation serves broadsheets' ideological goals. Moreover, the findings show differences between Swiss and U.K. media markets only in the case of business misinformation and suggest that the attention allocation process depends in particular on the strength of the amplifying event in a media market. Thereby, this study contributes to the understanding of how and under what conditions misinformation spreads in media markets.

Herd describes how individuals in a group can act collectively without centralized direction. The herd behavior on stock markets implies that investors ignore their own ideas in stock trading decisions and trade in the direction of the market. It is important to detect the effect of herding behavior in markets to assess the validity of rational asset pricing models and diversification opportunities. This paper, the validity of herding has been researched at Borsa Istanbul by considering two different models developed by Christie and Huang (1995) and Chang, Cheng, and Khorana (2000). Research data consists of daily logarithmic stock returns for the period of 1998 – 2016. Study has been diversified by dividing the period into two sub-periods, 1998-2005 and 2006-2016. According to obtained results, the direction that herding behavior effect has been felt intensively at the first sub-period in rising market conditions. The effect has fallen at the second sub-period.

This paper examines the relationship between herding behaviour and firm size in Indian stock market using a sample of listed companies on National Stock Exchange of India during the 2003 – 2017. The study applied the methodology proposed by the Chang, Cheng and Khorana (2000), to examine the herding behaviour at asymmetric nature, i.e., rising and declining movements for daily and weekly data for different firm size i.e., small cap, mid cap and large-cap stocks. To capture the global financial crisis effect on herding behaviour the study time frequency divided into three phases, i.e., pre financial crisis during the financial crisis and post financial crisis and then examined the herding behaviour in Indian stock market. Also, the study applied the ADF statistics to check the unit root for the observations.

Financial Reynolds number works as a proxy for volatility in stock markets. This piece of work helps to identify the predictability and herd behaviour embedded in the financial Reynolds number (time series) series for both CNX Nifty Regular and CNX Nifty High-Frequency Trading domains. Hurst exponent and fractal dimension have been used to carry out this work. Results confirm conclusive evidence of predictability and
herd behaviour for both the indices. However, it has been observed that CNX Nifty High-Frequency Trading domain (represented by its corresponding financial Reynolds number) is more predictable and has traces of significant herd behaviour. The pattern of the predictability has been found to follow a quadratic equation.

Makro ekonomik faktörlerdeki iyileşmenin bir sonucu olarak bankaların faiz oranlarını düşürmesi ile birlikte son 10 yıllık süreç içinde tüketici kredisi kullanımında artış yaşanmıştır. Tüketici kredisi kullanım alanlarına bakıldığında özellikle konut kredilerinin 2003 yılından itibaren artışa geçtiği görülmektedir. Konut kredisi kullanımındaki söz konusu artışın sebebi olarak bankaların konut kredisi faiz oranlarını düşürmesinin etkisi kadar bireyin çevresiyle etkileşimi de görülmektedir. Çevresindeki kişilerin konut sahibi olması ile bireyin kararı rasyonellikten uzaklaşabilecektir. Bu sayede birey konut sahibi olma hususunda çoğunluğun yaptığı davranışı yapma eğilimde olacaktır. Bu çalışmanın amacı bireyin vermiş olduğu konut edinme kararı üzerinde “Sürü Davranışı” etkisinin varlığı incelenerek bireyin verdiği yatırım kararının rasyonelliği yatay kesit mutlak sapma formülüne göre panel veri yöntemi ile araştırılmıştır.

Alfred Espinas, follower of Spencer, is one among those who enabled Nietzsche at the turn of 1880 to link psychology, sociology and biology, and to shape his physiology of morality. Espinas’ book on the animal societies, which Nietzsche bought in its German translation in 1882, exerted a continuing influence on his philosophy, especially in regard to the concept of herd and its relations to in- dividual beings. Owing many analyses to Espinas, such as the hierarchical dom- ination-subordination polarity in all organic and social organisms, Nietzsche nevertheless inverted the chronological and axiological order that built the argu- mentation of the French author. Whereas Espinas asserted that individuals coop- erate in the society (understood as a higher type of individuality), Nietzsche claimed on the contrary that they must try to constitute themselves against the group from which they stem; this raises the question of their mutual relation- ships on a new basis.

Im Jahr 2015 fuhr ein Expeditionsteam des Mauritianums in den Hohen Altai, um hier zu Flora und Fauna des Altais zu sammeln. Dabei begleitete ich die Gruppe als Ethnologe und führte in den Camps und anliegenden Dörfern Explorationen durch. Ich verschaffte mir so einen Überblick über die Situation der Bewohner des Hohen Altajs, ihre ökonomischen Strategien und ihren Alltag in den Dörfern und auf den Weiden. Im folgenden zitiere ich aus meinem Tagebuch,  Literaturhinweise zum Weiterlesen sind in Fußnoten bzw. am Ende des Artikels eingearbeitet worden.

Herding behavior in financial market as a theoretical concept get going to be popular since 1990s. There are many articles that discuss and investigate herding behavior in capital market, but our understanding about antecedents and outcomes of herding behavior is still very limited. The majority of empirical research are investigated whether herding behavior really occur in capital market or not. In this paper, we conduct a bibliometric analysis to map the development of research on herding behavior in the capital market. We analyze quantitatively the distribution patterns of publications, dimensions related to herding behavior and the most influential research. Based on 279 articles which were taken from Scopus database, we mapped the level of co-occurrence and network of researchers through keywords analysis. This bibliometric analysis provides insight into the research profile and opportunities that can be carried out regarding herding behavior in the capital market.

This paper analyses herding behaviour in the Pakistan stock exchange (PSX, formerly known as Karachi stock exchange, KSE) for a sample of 663 firms over a period of 13 years, from 2004 to 2017. For detecting herding behaviour, two dependent variables are used, i.e., cross-sectional standard deviation (CSSD) of Christie and Huang (1995) and cross-sectional absolute deviation (CSAD) of Chang et al. (2000). The results show no herding behaviour on the basis of both methods at different levels of market movements. The absence of the herding behaviour may be because these firms belong to different sectors which may follow their respective industry portfolios but not the overall market; for example, Shah et al. (2017) documented that firms in several industries herd toward their industry portfolios for Pakistani data. Future research can be done using a primary data collection method from investors about their opinion on herding behaviour.

Financial Reynolds number works as a proxy for volatility in stock markets. This piece of work helps to identify the predictability and herd behavior embedded in the financial Reynolds number (time series) series for both CNX Nifty Regular and CNX Nifty High Frequency Trading domains. Hurst exponent and fractal dimension have been used to carry out this work. Results confirm conclusive evidence of predictability and herd behavior for both the indices. However, it has been observed that CNX Nifty High Frequency Trading domain (represented by its corresponding financial Reynolds number) is more predictable and has traces of significant herd behavior. The pattern of the predictability has been found to follow a quadratic equation.

Understanding Festivals as cultural events immersed within a social and cultural network, leads to understand these economic events beyond what can be reasoned from the crossing of the curves of supply and demand. An approach to cultural events such as festivals from a social heuristics perspective has been made based on fieldwork in the Algarroba Folk Festival in Galeras (Sucre, Colombia) undertaken by the EAN University consultants in partnership with the Ministry of Culture, grounded in an ethnographic methodology under which are designed research tools such as surveys of people participating in the festival. Gathered data is analyzed under two constituent elements of social heuristics in consumer behavior: “herd behavior”; and “collective knowledge”. As a result, it is concluded that some elements of social heuristics and its characteristics can be found in social and cultural events as Festivals, which can derive in economic dealings of significant importance. This article cont...

he recent economic crisis has highlighted the role of emotion and behavior '' investor '' in crisis formation in times of strong economic shakiness.
In this article I will try to study the existence or not of Herd Behavior in Container industry the  period(2002-2009).