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Dissertations / Theses on the topic 'Herding'

Author: Grafiati

Published: 4 June 2021

Last updated: 25 July 2025

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1

Samadi, Samira. "Near-optimal Herding." Thesis, University of British Columbia, 2014. http://hdl.handle.net/2429/50167.

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Herding is an algorithm of recent interest in the machine learning community, motivated by inference in Markov random fields. It solves the following Sampling Problem: given a set Χ \subset R^d with mean μ, construct an infinite sequence of points from Χ such that, for every t ≥ 1, the mean of the first t points in that sequence lies within Euclidean distance O(1/t) of μ. The error of a solution to Sampling Problem is defined to be the distance between the empirical mean of the first t samples and the original mean μ. The O(1/t) error bound suppresses the dependence on d and Χ. In this thesis

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2

Hudson, Yawen. "Investor sentiment and herding : an empirical study of UK investor sentiment and herding behaviour." Thesis, Loughborough University, 2015. https://dspace.lboro.ac.uk/2134/17797.

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The objectives of this thesis are: first, to investigate the impact of investor sentiment in UK financial markets in different investment intervals through the construction of separate sentiment measures for UK investors and UK institutional investors; second, to examine institutional herding behaviour by studying UK mutual fund data; third, to explore the causal relation between institutional herding and investor sentiment. The study uses US, German and UK financial market data and investor sentiment survey data from 1st January 1996 to 30th June 2011. The impact of investor sentiment on UK e

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3

Arnott, Elizabeth. "Wastage in Livestock Herding Dogs." Thesis, The University of Sydney, 2018. http://hdl.handle.net/2123/18095.

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Working dogs contribute to many human endeavours. However, minimal research exists into Australia’s largest group of working dogs – the livestock herding dog. This knowledge gap exposes the sector to the risks of sub-optimal efficiency, compromised productivity and unacceptable animal welfare outcomes. This thesis aims to address this void by characterising the problem of livestock herding dog wastage and contributing to the incremental process of improving management, selection and breeding practices. Data from a questionnaire completed by 812 livestock herding dog owners on 4,027 dogs revea

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4

Boortz, Christopher [Verfasser]. "Herding in Financial Markets / Christopher Boortz." Berlin : Freie Universität Berlin, 2016. http://d-nb.info/1105472345/34.

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5

Iannino, Maria Chiara. "Essays on stock splits and herding." Thesis, Queen Mary, University of London, 2011. http://qmro.qmul.ac.uk/xmlui/handle/123456789/1265.

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This thesis consists in an analysis of stock splits, and their relationship with dispersion of beliefs and herding. Chapter 1 introduces the topics that I tackle throughout the thesis. In particular, I motivate the interest in herding and stock splits presenting the unifying interpretation line among each chapter. Chapter 2 proposes a literature review on stock splits, focusing on the explanations that the theoretical literature suggests and the empirical evidence of the market reaction. Chapter 3 reports the results of an empirical analysis around the time of a stock split on the relation bet

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6

Sonaer, Gokhan. "Two Essays on Mutual Fund Herding." Diss., Virginia Tech, 2011. http://hdl.handle.net/10919/27663.

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This dissertation consists of two chapters. First chapter examines whether herding by actively managed equity funds affects their performance. For this purpose, first the effect of herding on stock returns is reexamined and evidence is found that, during the herding quarter, stocks bought intensely by herds outperform stocks sold intensely by herds. Controlling for subsequent quarter herding, this performance difference reverses, an indication that herding drives prices away from their fundamental values. It is also shown that herding funds benefit from this activity during the quarter in whic

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Frosteby, Martin, and Silviu Iliesiu. "Does herding among Swedish institutional investors stabilize or destabilize stock prices?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298134.

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Empirical findings on herding behavior among institutional investors suggest that those market participants speed up the price adjustment to new information and as such stabilize stock prices. Other findings indicate the opposite, that institutional herds drive stock prices away from fundamental values, and thus destabilize stock prices. This study examines the effect that Swedish institutional investors have on the stock prices on the Stockholm Stock Exchange. More precisely, we analyze the relationship of institutional herding with future excess stock returns. Major findings from this paper

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8

Lu, Zhenyu. "Cooperative optimal path planning for herding problems." [College Station, Tex. : Texas A&M University, 2006. http://hdl.handle.net/1969.1/ETD-TAMU-1028.

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9

Melissas, Nicolas. "Essays on herding, strategic waiting and cheaptalk." Doctoral thesis, Universite Libre de Bruxelles, 2000. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211821.

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10

Zhao, Jing, and 趙靜. "Cognitive limitation, herding behavior, and investment performance." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/207201.

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This dissertation consists of two empirical essays about the cognitive limitation, herding behavior, and their association with investment performance. The essays utilize the detailed quotes and trades data in the Taiwan Futures Exchange with investor account identity, to study the cognitive limitation and herding behavior of the investors, and the association between the cognitive limitation, herding behavior, and the investment performance. In the first essay, I hypothesize that cognitive limitation maybe manifested in a disproportionately large volume of limit orders submitted at round-n

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11

Kallinterakis, Vasileios. "Herding and feedback trading : an empirical investigation." Thesis, Durham University, 2006. http://etheses.dur.ac.uk/1296/.

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12

Carolino, Filipa Charneco da Costa Mora. "Herding behaviour in the portuguese stock market." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16400.

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Mestrado em Finanças<br>O comportamento de manada é o instinto dos animais para seguir o rebanho. Está presente nos humanos desde a pré-história e converge na modelação de comportamentos e crenças de um grande grupo dentro do qual se sentem seguros. Os seres humanos tendem a seguir as decisões dos outros, a fim de ficarem confortáveis, tendo em conta que se falharem vão estar em grupo e não sozinhos. Nesta dissertação, estudou-se a presença de comportamentos de manada no mercado de valores português. Inicialmente, esta dissertação foi construída sobre o trabalho de Chiang e Zheng (2010), que

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13

Sharma, Vivek. "Two Essays on Herding in Financial Markets." Diss., Virginia Tech, 2004. http://hdl.handle.net/10919/11161.

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The dissertation consists of two essays. In the first essay, we measure herding by institutional investors in the new economy (internet) stocks during 1998-2001 by examining the changes in the quarterly institutional holdings of internet stocks relative to an average stock. More than 95% of the stocks that are examined are listed on NASDAQ. The second essay attempts to detect intra-day herding using two new measures in an average NYSE stock during 1998-2001. In the second essay, rather than asking whether institutional investors herd in a specific segment of the market, we endeavor to ask if h

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14

Wu, Bochen. "Intangible Assets and Financial Analysts Herding Behaviour." Thesis, The University of Sydney, 2017. http://hdl.handle.net/2123/17637.

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The question of whether financial analysts provide unbiased forecasts based on the information available to them has been widely discussed in the finance and accounting literature. Financial analysts play a vital role in disseminating information, and their forecasts are important inputs to financial markets. Hence, there is a pressing need to comprehensively understand their forecasting behaviour. Prior studies suggest that financial analysts tend to “herd”, i.e., produce forecasts that imitate each other’s, to avoid the risks to their future careers and reputations inherent in producing bad

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Rudhult, Maria. "Herding cats: Understanding the difficulties of European integration." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-256334.

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The study is set out to contribute to an increased understanding of the structural problems that cause difficulties for the European Union to achieve common action, and contests the assumption that a permanent presidency of the European Council will solve these issues. This study describes the European Union as a meta-organisation and through organisational theory to understand the issue. It also reviews the original purpose of the European Coal and Steel Community to provide a historical understanding of the European Union as a meta-organisation. This study finds that the issues causing diffi

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Sanches, Milton Valejo. "Comportamento de manada em direção ao índice de mercado: evidências no mercado brasileiro de ações." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-14112013-170840/.

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Em finanças o comportamento de manada (herd behavior) é comumente associado a um importante elemento do comportamento dos investidores nos mercados financeiros, em especial durante períodos de crises financeiras. Muitas pesquisas nesta área procuraram compreender os motivadores teóricos desta anomalia de mercado e um grande número de experimentos procurou identificar e quantificar a presença do herding em mercados desenvolvidos e emergentes. No entanto, por se tratar de uma variável não observável diretamente, a dificuldade na sua mensuração é grande desafio das pesquisas nesta área. Neste est

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17

Gardner, Peter Alan Banking &amp Finance Australian School of Business UNSW. "Investment manager trading behaviour and fund performance." Publisher:University of New South Wales. Banking & Finance, 2008. http://handle.unsw.edu.au/1959.4/43109.

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This dissertation investigates three types of investment manager trading behaviour to ascertain whether behavioural biases are present in the Australian investment management industry. In particular, this thesis examines whether these biases are detrimental to fund performance and market efficiency, and whether there is a need for regulatory review given the behaviour of institutions in their trading on the Australian Securities Exchange (ASX). The three empirical issues examined in this thesis are: leader and follower patterns in institutional trading; quarter-end gaming behaviour; and shor

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18

Montoya, Villalta Jharold. "¿Existe herding en el sistema privado de pensiones peruano?" Master's thesis, Universidad del Pacífico, 2017. http://hdl.handle.net/11354/2143.

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El presente trabajo de investigación busca identificar herding entre las AFP en el Perú utilizando la metodología propuesta por Sias (2004). El análisis se aplica a un panel de datos comprendido por más de 900 activos en los que han invertido las AFP en el periodo enero 2014 - julio 2016 (31 meses). La información por activo incluye precio y número de cuotas (cantidades) en cada periodo de tiempo por tipo de fondo y por AFP. El análisis se centra en el número de cuotas, dado que estas son las variables de control de las AFP. El trabajo cuantifica el nivel de correlación de la demanda de un act

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19

White, Todd Palmer. "Analyst Herding, Shareholder Investment Horizon, and Management Earnings Guidance." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/37618.

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This dissertation examines the characterization of transient investors by financial analysts. Transient investors have been portrayed in the literature as either 1) informed investors or 2) poor monitors. No research to date, however, has examined how financial analysts, who are important information intermediaries, characterize transient investors. A view of transient investors through the lens of a financial analyst is obtained through examining how the presence of transient owners in a firm affects financial analystsâ decision making. Specifically, this study examines how transient own

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20

liu, Chen-ming, and 劉鎮銘. "Herding and Anti-Herding：A Case of Perfect Bayesian Equilibrium." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/19002902273289764439.

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碩士<br>國立雲林科技大學<br>財務金融系碩士班<br>92<br>Herding behavior is an interesting phenomenon in financial markets. We build a two-period model based on the consideration of reputation and compensation to analyze herding behavior. In our model there are two players with two prior types, including smart and dump. In the beginning of the first period, each player has private information and then players will adopt their behavior strategies to maximize their second period compensations. Our study findings include: (1) there doesn’t exist the equilibrium in which both player tell the truth; (2) no matter

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21

Huang, Chih-Chiang, and 黃志強. "The Analysis of Analysts’Sequential Action, Herding, and Anti-herding Behavior." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/ffs3k6.

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碩士<br>國立中興大學<br>高階經理人碩士在職專班<br>99<br>In this paper, we modify the settings in the reputation-oriented model in Effinger and Polborn (2001), and propose a comprehensive model for analysts’ behavior. We find that analysts would announce their forecasting first only when the risk is limited in a certain range and the market offers substantially higher wage to the sole winner. Under the assumption in reputation-oriented model, the most important factor determining analysts’ strategies is the future wage that market offers to the sole winner, regardless of market’s belief on analysts’ behavior. The

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22

Lin, Po-Ju, and 林伯儒. "Reexamination of Institutional Herding." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/7eeq8d.

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碩士<br>國立中興大學<br>財務金融系所<br>101<br>This paper examines the herding behavior on Sias measurement. We analyze the herding behavior of institutional investors in top three exchanges for all NYSE, AMEX, and NASDAQ stocks. Institutional ownership data are quarterly from March 1999 through September 2012. The cross-sectional correlation can be directly decomposed into the portion that result from following their own trades and the portion that result from following other institutional investor''s trades. Second, we examines the relationship between momentum strategy and herding behavior of i

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23

Koch, Andrew Wallace. "On mutual fund herding." Thesis, 2011. http://hdl.handle.net/2152/ETD-UT-2011-08-3774.

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This study examines several issues related to mutual fund herd behavior. First, a unifying and consistent framework for measuring herd behavior is developed. This framework generates portfolio-level measures for each fund manager over each quarter, and relates herd behavior to other aspects of portfolio dynamics. Simulations indicate significant and persistent non-random herd behavior. Second, mechanisms that potentially underly herd behavior are tested. Empirical results indicate that herding funds tend to i) change their holdings towards levels similar to peers, ii) have less experienced m

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Ko, Ching-Chun, and 柯靜君. "Institutional Investors'' Herding Behavior." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/66506292320259949024.

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Chang, Yung-Ming, and 張永銘. "Mutual Fund Herding Behaviors." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/86954379659130648630.

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碩士<br>大葉大學<br>國際企業管理學系碩士班<br>97<br>Using monthly trading data from 06/1993 to 06/2002, this paper examines the herding behavior of mutual funds in the Taiwan stock market. We adopt the approach of Sias (2004) to investigating the existence of fund’s herding behavior, and explore the relationship between fund herding, the performance of the market index and different stock characteristics. First, the results show that fund herding exists. Second, although mutual funds are momentum traders, the fund herding are not driven by past returns. Third, there are pronounced herding behavior among funds

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Aghamolla, Cyrus. "Essay on Analyst Herding." Thesis, 2016. https://doi.org/10.7916/D8862GJ9.

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This study investigates a dynamic model of analyst forecasting where the ordering of forecasts and analysts' information endowments are endogenously determined. Analysts are probabilistically informed, potentially biased, and can increase their informedness through information acquisition. I characterize the unique equilibrium which holds for general distributions. The results show that analysts with less bias, greater precision, or a greater likelihood of being informed forecast earlier. Moreover, the main results show (perhaps surprisingly) that analysts always choose to be imperfectly infor

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蔡宗穎. "Herding in bond market." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/65910742347068545008.

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碩士<br>國立政治大學<br>國際經營與貿易研究所<br>98<br>The objective of this study is to examine the bond market, the phenomenon of herd behavior, and to further explore the possible reasons for the phenomenon of conformity. First, try to combine competitive advantage of Keynes’s concept of beauty contests and the real bond price which satisfies martingale process Bond market in general there are two kinds of traders, one has both public information and private information, the other has only public information. Under conditions of asymmetric information, two kinds of traders’ trading strategies are the use of r

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Hong, Yong-Zhang, and 洪永章. "Herding Behavior in Taiwan." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/78529948916734060809.

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碩士<br>國立交通大學<br>財務金融研究所<br>103<br>We study the herding behavior in Taiwan. This study uses the herding measure introduced by Lakonishok et al.(1992) and modified by Zhou and Lai (2009),and investigate the herding behavior in Taiwan during the period from 2011 to 2012.The study finds evidence of herding by both investors but stronger herding tendency among institutional than individual investors and also find all investors herd more on firms with large capitalizations. All of individual investors’ buy-herding,domestic mutual fund investors’ sell-herding and other institutional investors’ buy-he

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Pinto, André Santos. "Herding through the tails?" Master's thesis, 2012. http://hdl.handle.net/10400.14/10113.

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This paper investigates institutional herding for extreme event-days in the US stock market between 2000 and 2010. We show that, for more extreme return’ stocks, abnormal returns and abnormal turnover are strongly linked to institutional ownership. Six month post-event performance show evidence of overreaction and underreaction by institutions on the event-days, consistent to findings related to informational cascades and the uncertain information hypothesis.

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Ukpong, Idibekeabasi. "Determinants of industry herding." Thesis, 2019. https://arro.anglia.ac.uk/id/eprint/705288/1/Ukpong_2019.pdf.

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This thesis provides empirical evidence on the determinants of herding in US and China using both market and industry level data. Herding is examined based on market returns, volatility, trading volume and different market conditions, using the CSAD measure on daily data from 1990 to 2016. The findings for the US market demonstrate that herding does not exist. However, some herding becomes visible at the industry level. The results also demonstrate that there is limited evidence of herding during rising and declining markets days, which is more significant on days with low trading volatility

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Cheng, Nai-Wei, and 鄭乃維. "Dynamic Relations among Herding, Anti-Herding and Log-Periodic Price Pattern before Crash." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/8me6yv.

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碩士<br>國立中山大學<br>財務管理學系研究所<br>104<br>This paper applies Log-Periodic Power Law (LPPL) model to Taiwan stock market to predict the regime-switching time of the 2008 bubble and crash. Moreover, this paper is dedicated to explaining the log-periodic price pattern with investor herding behaviors and granting the model a more intuitive financial interpretation. In contrast to the original methodology proposed by Johansen, Ledoit, and Sornette (2000), rather than the estimated range of critical time, we focused on the log-periodic price pattern (specifically, the log-periodic oscillation parameter),

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Yeh, Chih-cheng, and 葉智丞. "Investor Psychological and Behavioral Bias:The Relationship among Sentiment, Herding, Non-herding and Momentum." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/66926557373099531374.

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博士<br>雲林科技大學<br>管理研究所博士班<br>99<br>This paper aims to discuss and understand the relationship between investor psychology and behavioral biases to reduce emotions and mental errors. The article is divided into two sections. Previous literature pays more attention on price momentum instead on sentiment momentum. In this study, we examined Taiwan stock market to reinvestigate price momentum, sentiment momentum, and the relationship between the price and sentiment momentums are examined. It is found that not only the price momentum but also the sentiment momentum exist in Taiwan stock market. Ma

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Chen, Yen-Sing, and 陳彥興. "Mutal Fund Herding in Taiwan." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/65567150608354441737.

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碩士<br>大葉大學<br>企業管理學系碩士班<br>98<br>This paper investigates how mutual fund managers in Taiwan trade in the securities market in Taiwan. The evidence shows that mutual fund managers herd in Taiwan secu-rities market. As we divide the full sample into five sub-groups based on the objectives of the mutual funds, herding behavior exists in the general as well as China-Concept mutual funds. Mutual fund managers of High-tech buy the losers, demonstrating be-havior of contrians. We further test the herding behavior of mutual fund managers in two business cy-cles. Each business cycle include bull market

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Shih-Hwa, Lin, and 林世華. "Security Dealers Herding in Taiwan." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/93055892300194304645.

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碩士<br>大葉大學<br>企業管理學系碩士班<br>98<br>This paper investigates how securities dealers trade in Taiwan Securities Market. We find that the securities dealers herd in Taiwan securities markets when choosing the securities to hold. The past returns of stocks explain why securities dealers herd. Securi-ties dealers respond differently as the financial crisis occurs. During the financial crisis period, the securities dealers demonstrate positive herding behavior. However, during the post-crisis period, the dealers show negative herding behavior. Furthermore, secu-rities dealers are momentum traders dur

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Chuang, Ching-Hsiang, and 莊晉祥. "Decision behavior under herding effect." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/23659703306698619020.

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碩士<br>淡江大學<br>管理科學研究所碩士班<br>94<br>The thesis discussed decision maker’s behavior under herding of incomplete information. We consider two-stage signaling games to analyze the differences of decisions between the one signaling game and two signaling game. Two signals include both cost signaling and costless signaling, the former is signaling with cost and the latter is the cheap talk. The cheap talk comes from public who just talk straight about their perceptions, impressions and experiences. The quantities and the perception dimensions of that kind of information will affect receivers’ payoff

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Cruz, João Luís Saleiro da. "Herding em Fundos de Investimento." Master's thesis, 2017. http://hdl.handle.net/1822/49713.

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Dissertação de mestrado em Finanças<br>O comportamento herding assume uma importância cada vez maior dado o seu impacto nos mercados financeiros, nomeadamente na capacidade que tem de explicar a variabilidade das rendibilidades. Este comportamento pode ser definido como a tendência dos investidores para seguirem as decisões de outros investidores, ignorando as suas opiniões. O objetivo desta dissertação consiste em analisar o comportamento de herding no mercado Americano de fundos de investimento entre o período de 2005 e 2015. São também objetivos de estudo analisar os diferentes nívei

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HSU, CHIH-MING, and 徐芝敏. "Target Price and Herding behavior." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/21864213109819366363.

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碩士<br>國立中正大學<br>財務金融系研究所<br>104<br>The purpose of this paper is to find out whether the analysts have herding behavior when they are forecasting the target prices. We also discuss whether the investors who get the report will have herding behavior when they are investing. There are three main results. First, most of the target prices have optimistic bias. The accuracy of negative recommendation target price is better than the positive recommendation target price. Second, when analysts forecast stock optimistically, they will move away from the consensus forecast as they become more confident.

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Chu, Ya-wei, and 朱雅薇. "Institutional Herding: Assessment of Methodology." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/27031790000208762352.

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碩士<br>國立中央大學<br>財務金融學系<br>101<br>This articleexamines the herding behaviors of institutional investors using Sias (2004) approach. Moreover, I find that Sias (2004) may ignore the impact of company events on the herding measures and I bring up a more appropriate method to solve this problem. In this article, I use my method as well as Sias’ method to see if the herding results will be the same using the quarterly data during the 1983-1997 period and 1998-2010 period. The findings indicate that institutional herding exists in both methods. However, to test whether institutional investors’ trade

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Chien, Hsu-min, and 簡旭敏. "The Study of the Disposition Effect vis-à-vis Herding and Non-herding Fund Investors." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/20845675822177793371.

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碩士<br>義守大學<br>財務金融學系碩士班<br>95<br>We study the disposition effect vis-à-vis herding and non-herding fund investors. To our knowledge, this is the first case to combine herding behavior and disposition effect, and use quantile regression to estimate the herding and non-herding investors have the disposition effect or not on different level of fund performance. We find two type of disposition effect: the first, at the normal redemption times, fund investors prefer to sell the best fund; and hold the bad and worse funds, therefore, investors with the disposition effect--hold losers too long, and t

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Mekwa, Itumeleng Eskia. "Sectorial Herding: Evidence from the JSE." Thesis, 2017. https://hdl.handle.net/10539/26265.

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A research project submitted in partial fulfilment of the requirements for the degree of Master of Management in Finance and Investment at Wits Business School, University of the Witwatersrand<br>This study investigates the existence of herd behaviour within the Johannesburg Stock Exchange (JSE) and three sectorial indices using monthly closing prices for all shares listed on the JSE for the period 31 January 2003 to 31 May 2016. No evidence of herding was found on either the JSE or in any of its sectors during the sample period. Furthermore, no evidence of herding was found during bull and be

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Tzeng, Li, and 曾笠. "The Herding Behavior in Futures Market." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/25kkg3.

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碩士<br>國立高雄第一科技大學<br>財務管理所<br>96<br>The impact on asset’s price of human behavior receives lots of attention. In making investment decisions, the consideration of mental factors is significant. One of these important mental factors considered in this study is “Herding behavior”. The aim of this study is to examine the motivation behind herding behavior exhibited by future floor traders. The data we use is intraday and from the records of Taiwan Futures Exchange (TFE). The finding of our empirical analysis shows that floor traders exhibit herding behavior in daily trading period, however, suc

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Huang, Chen, and 黃塵. "Herding Behavior in the Wine Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/4kbtc3.

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碩士<br>國立中興大學<br>應用經濟學系所<br>101<br>The purpose of this study is to examine herding behavior in the wine market, in order to see, how it affects that market. Monthly data for four different price indices was obtained from LIV-EX and for nine different price indices was obtained from WinePrices.com. The data period covers January, 2005 to January, 2010. We used Cross-Sectional Absolute Deviation (CSAD) and Cross-Sectional Standard Deviation (CSSD) models to examine herding behavior in the wine market.For a comparative purpose, the markets were devided into large, medium, and small size marke

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Chen, Chien-Chih, and 陳建志. "Taiwanese of individual investors herding behavior." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/81672907159316280378.

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碩士<br>輔仁大學<br>管理學研究所<br>93<br>The analyses of herding evidenced in literature were conducted in annually, quarterly, at best, monthly basis. None of them were daily based. It is improper to argue a herd when trades taking places with lag of a couple of months. In this study we obtained a dataset provided by a renowned brokerage house covering daily trading records of individual investors in January 1998 through September 2001, which allows us to investigate individual herding on a daily basis and connect herding to individual characteristics and stock attributes. Our empirical results are summ

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Gau, Anbang, and 高安邦. "Herding Behavior in Taiwan Futures Market." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/93519295835192571055.

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碩士<br>國立暨南國際大學<br>國際企業學系<br>99<br>This thesis aims to investigate herding behavior by type of traders in the Taiwan Futures Exchange (TAIFEX). By applying the method proposed by Lakonishok, Shleifer and Vishny (1992) (the LSV model) and Wermers (1999), we measure the degree of herding among foreign institutional traders, domestic institutional traders, futures proprietary firms and individual traders, based on the unique trading data of each account. We find that there is a significantly negative correlation between the basis and the degree of herdi

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Wu, Ching-hsin, and 吳靜欣. "Mutual Fund Flows and Herding Behavior." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/41128638037935352539.

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碩士<br>國立雲林科技大學<br>財務金融系碩士班<br>97<br>The main purpose of this study is to exam the relationship between mutual fund flows and stock market herd behavior. First of all, we use the CSSD herding measure developed by Christie and Huang (1995) and Chang, CSAD herding measure develop by Cheng and Khorana (2000); then use Warther (1995), Remolona, Kleiman and Gruenstein (1997 ) and Edwards and Zhang (1998) and other scholars of the argument, the definition of a net flow of funds to purchase the amount of funds - the amount of fund redemption. And consider the fund flow may change over time of a rising

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Li, De-Jia, and 李得嘉. "Research on Security Analysts’ Herding Behavior." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/22667169415974322555.

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碩士<br>元智大學<br>會計學系<br>97<br>This research investigates analysts’ herding behavior. We adopt Rhodes-Kropf, Robinason, and Viswanathan’s (2005) model to measure firms’ mispricing and we explore whether the capital market’s mispricing toward firms has effects on analysts’ herding. Namely, this research examines the relation among forecast boldness, forecast accuracy and mispricing. We also examine whether analysts issue bold forecasts lead to higher abnormal return than analysts herding. Our sample consists of American companies from 1993 through 2006. The financial data are from Compustat, CRSP

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陳宜棻. "Herding Behavior in Online Product Choices." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/61670362997801472002.

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博士<br>國立交通大學<br>管理科學系所<br>93<br>Previous research has shown that people are influenced by others when making decisions. While people use others’ product evaluations as an indicator of product quality on the Internet, the online herding behavior occurs. This work presents five studies examining herding behavior of online book purchasing. The first three studies addressed how three cues frequently found on the Internet, i.e., sales volume, star number of average customer review, and customer reviews, influence consumer online product choices. The last two studies examined the relative effectiven

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Chou, Shin Ju, and 周時如. "Herding Behavior of Corporate Financing Decisions." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/66678040430812456267.

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碩士<br>世新大學<br>財務金融學系<br>92<br>Abstract This study examines the herding behavior of corporate financing decisions. Most studies discussing the business’s capital structure usually employ the traditional financial theory, which use static trade off theory and pecking order theory to explain the company’s capital structure. However, financing decision-makers generally have herding or similar behaviors, that has not been carefully examined till now. Therefore this study uses the herding behavior theory in behavioral finance to investigate the company’s various financing decisions.

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Yu, Chen Ben, and 陳炳宇. "Reputation, Information Ambiguity, and Herding Behavior." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/76377022375395052481.

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碩士<br>國立雲林科技大學<br>財務金融系<br>90<br>The issue of the relationships between information ambiguity and herding behavior is overlooked and doesn''t has been analyzed and verified in the related herding literature. For exam this intriguing issue, we mold the concept of information ambiguity into the model based on the consideration on reputation and compensation. We find, no matter how the private information is different among the decision-makers, there exists a perfect Bayesian herding equilibrium when the compensation offer to the only one success is not high enough. However, the herding behavior

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Huang, Hsieh-Chun, and 黃謝鈞. "Industry Herding in Taiwan Stock Market." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/46101727655927591938.

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碩士<br>國立交通大學<br>財務金融研究所<br>103<br>This paper examines whether investors in Taiwan stock market follow each other into and out of the same industry. The study tracks the buy herding and the sell herding industry portfolios’ performance, and investigates whether industry herding behavior of a particular type of investors can be triggered by the trading of other type of investors. The empirical results show that the herding in Taiwan stock market has an industry component. The cross-sectional correlation of the industry demand between quarters averages 48.74% in the sample period. However, the st

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