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1

Ramli, Ishak, Sukrisno Agoes, and Ignatius Roni Setyawan. "Information Asymmetry And The Role Of Foreign Investors In Daily Transactions During The Crisis; A Study Of Herding In The Indonesian Stock Exchange." Journal of Applied Business Research (JABR) 32, no. 1 (2016): 269–88. http://dx.doi.org/10.19030/jabr.v32i1.10178.

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The purpose of this study is to prove that there was herding behavior by domestic investors following that of foreign investors in the Indonesian Capital Market (IDX) and that the herding was influenced by information asymmetry. It began when global investors undertook international diversification to the IDX because the returns on their portfolios were not on the efficient frontier during the crisis and because of the low correlation between Indonesia’s economy and the American and European economies. Utilizing the IDX daily transaction data during the years 2009-2011, the herding behavior of
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Ramli, Ishak, Sukrisno Agoes, and Ignatius Roni Setyawan. "Information Asymmetry And The Role Of Foreign Investors In Daily Transactions During The Crisis; A Study Of Herding In The Indonesian Stock Exchange." Journal of Applied Business Research (JABR) 32, no. 1 (2015): 269. http://dx.doi.org/10.19030/jabr.v32i1.9537.

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<p>The purpose of this study is to prove that there was herding behavior by domestic investors following that of foreign investors in the Indonesian Capital Market (IDX) and that the herding was influenced by information asymmetry. It began when global investors undertook international diversification to the IDX because the returns on their portfolios were not on the efficient frontier during the crisis and because of the low correlation between Indonesia’s economy and the American and European economies. Utilizing the IDX daily transaction data during the years 2009-2011, the herding be
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Ristianawati, Yuyun, Prihasantyo Siswo Nugroho, and Kiswoyo. "Pengembangan Kawasan Wisata pada Rest Area Boja dalam Mendukung Peningkatan Pedapatan Desa Melalui Perilaku Herding (Studi Kasus di Kawasan Wisata Rest Area Desa Boja, Kecamatan Boja, Kabupaten Kendal)." Jurnal Ekonomi dan Statistik Indonesia 1, no. 3 (2021): 268–75. http://dx.doi.org/10.11594/10.11594/jesi.01.03.12.

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The aims of this research is to study the mindset of Herding's behavior on the income level of tourism objects through the results of tourism development in the Rest Area of Boja Kendal Village. In this study, 95 people/MSMEs. In this study, the authors used a purposive random sampling technique.
 The results of this study are herding behavior has a positive and significant effect on the income level of MSMEs in the Boja rest area tourist attraction. Herding behavior has no effect on tourism development decisions. The development of tourism objects has no effect on increasing income. Herd
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Ristianawati, Yuyun, Prihasantyo Siswo Nugroho, and Kiswoyo. "Pengembangan Kawasan Wisata pada Rest Area Boja dalam Mendukung Peningkatan Pedapatan Desa Melalui Perilaku Herding (Studi Kasus di Kawasan Wisata Rest Area Desa Boja, Kecamatan Boja, Kabupaten Kendal)." Jurnal Ekonomi dan Statistik Indonesia 1, no. 3 (2021): 268–75. http://dx.doi.org/10.11594/jesi.01.03.12.

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The aims of this research is to study the mindset of Herding's behavior on the income level of tourism objects through the results of tourism development in the Rest Area of Boja Kendal Village. In this study, 95 people/MSMEs. In this study, the authors used a purposive random sampling technique.
 The results of this study are herding behavior has a positive and significant effect on the income level of MSMEs in the Boja rest area tourist attraction. Herding behavior has no effect on tourism development decisions. The development of tourism objects has no effect on increasing income. Herd
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5

Carbone, Enrica. "Ownership herding and informational herding." Applied Economics Letters 17, no. 12 (2010): 1201–4. http://dx.doi.org/10.1080/00036840902845392.

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Nicol, Danny. "Progressive Eras, Periods of Reaction, and Constitutional Change." German Law Journal 15, no. 3 (2014): 437–59. http://dx.doi.org/10.1017/s2071832200018988.

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This article argues that “political herding” plays a crucial role in driving and shaping constitutional change. It links the prevalence of political herding to a psychological phenomenon, “social influence.” It goes on to argue that constitutional change is often driven by the desire for certain substantive policies, which in turn are determined by whether, in a particular epoch, the political community is herding in a progressive or reactionary direction. Contending that the general phenomenon whereby political communities go through recurrent swings to the left or to the right has been negle
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ALI, MAZHAR, HUMA AMIR, and AAMIR SHAMSI. "Consumer Herding Behavior in Online Buying: A Literature Review." International Review of Management and Business Research 10, no. 1 (2021): 345–60. http://dx.doi.org/10.30543/10-1(2021)-30.

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The purpose of this review paper is to present the application of herding behavior in online buying. The simplest description of herding behavior is the imitation of others in making decisions. Online buying platforms have facilitated observing others' buying behavior, thereby increasing possibilities of social influence on our information search, evaluation, and buying. The concept of herding is multi-disciplinary; however, the literature review on herding behavior is mainly grounded in economics and finance. There is little understanding of herding behavior in marketing literature. Therefore
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Ahmed, Kamran, Khuram Shafi, and Samina Nawab. "DYNAMICS OF HERDING BEHAVIOUR DURING EXTREME MARKET MOVEMENTS IN CHINA AND PAKISTAN." Pakistan Journal of Social Research 04, no. 04 (2022): 664–82. http://dx.doi.org/10.52567/pjsr.v4i04.881.

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This paper investigates herding behaviour in China and Pakistan by using dynamic herding approaches and herding during extreme market movements. We use daily returns of the Shanghai stock exchange (SSE) and Pakistan stock exchange (PSX) from 2006 to 2021. Several models are used to study herding, such as least squares model, generalized linear model, and Bai and Perron's structural change model. Overall, results through the linear model show that China has significant herding, but no herding is found in Pakistan. According to Bai and Perron's model, herding is evident in two different regimes
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Economou, Fotini. "Herding in frontier markets: evidence from the Balkan region." Review of Behavioral Finance 12, no. 2 (2019): 119–35. http://dx.doi.org/10.1108/rbf-08-2018-0090.

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Purpose The purpose of this paper is to examine herding in four frontier markets in the Balkan region, namely, Bulgaria, Croatia, Romania and Slovenia, from October 2000 to December 2016. Design/methodology/approach The author employs Chang et al.’s (2000) cross-sectional dispersion approach to capture herding, while also testing for the global financial crisis’ effects and the European Union (EU)/Euro zone accession effects over herding. Potential asymmetric herding effects conditional on market performance, domestic volatility, German and US investor sentiment are also examined. Finally, the
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10

Lu, Yang-Cheng, Hao Fang, and Yen-Hsien Lee. "The informational and non-informational compositions of UK fund managers’ dynamic herding in the stock market." Panoeconomicus 64, no. 5 (2017): 571–92. http://dx.doi.org/10.2298/pan150212016l.

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This paper examines whether UK fund managers engage in herding behaviour in the stock market using the dynamic herding measure, whether their herding behaviour is different during bullish and bearish periods, whether most of their herding is informational, which types of informational reasons act as the main drivers of their herding and whether there are non-informational drivers of their herding. Our results reveal that UK fund managers engage in significant herding behaviour and that this behaviour does not differ significantly from bullish to bearish stock markets. Moreover, we confirm that
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Messis, Petros, and Achilleas Zapranis. "Herding behaviour and volatility in the Athens Stock Exchange." Journal of Risk Finance 15, no. 5 (2014): 572–90. http://dx.doi.org/10.1108/jrf-04-2014-0054.

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Purpose – This study aims to investigate the existence of herding in the Athens Stock Exchange over the 1995-2010 period and examine its effects on market volatility. Design/methodology/approach – Herding is examined over portfolios formed on beta and size of the selected stocks. The detection of herding has been done using the state space model of Hwang and Salmon (2004). Four volatility measures are employed. Findings – The findings depict the presence of herding over two different periods of time. Large differences are observed among the portfolios regarding the herding periods. The results
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12

Liu, Yujia, and Liang Wu. "The Asymmetric Effect of Mutual Fund Herding on Price Deviation: Evidence from the Chinese Stock Market." International Journal of Economic Behavior and Organization 12, no. 3 (2024): 123–35. http://dx.doi.org/10.11648/j.ijebo.20241203.12.

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Mutual funds, as significant participants in financial markets, play a crucial role in the formation of asset pricing. The relationship between herding behavior of mutual funds and mispricing has been a subject of intense debate among scholars. In this paper, we investigate the asymmetric impact of mutual fund herding on price deviation and explore the underlying mechanism. In terms of research design, this study selects relevant data on mutual fund holdings and stock trading in the Chinese A-share market from 2010 to 2023, we examine whether herding behavior leads to mispricing, specifically
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13

Zhang, Hang, and Evangelos Giouvris. "Measures of Volatility, Crises, Sentiment and the Role of U.S. ‘Fear’ Index (VIX) on Herding in BRICS (2007–2021)." Journal of Risk and Financial Management 15, no. 3 (2022): 134. http://dx.doi.org/10.3390/jrfm15030134.

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We look into determinants (volatility, crises, sentiment and the U.S. ‘fear’ index) of herding using BRICS as our sample. Investors herd selectively to crises and herding is a short-lived phenomenon. Herding was highest during the global financial crisis (only China was affected). There was no herding during the European debt crisis and COVID. With regard to the relationship between volatility and CSAD (cross sectional absolute deviation)/herding, a lower CSAD (movement in a specific direction) brings about less volatility. However, a high volatility amplifies herding (reduces CSAD), especiall
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Sharma, Susan Sunila, Paresh Narayan, and Kannan Thuraisamy. "Time-Varying Herding Behavior, Global Financial Crisis, and the Chinese Stock Market." Review of Pacific Basin Financial Markets and Policies 18, no. 02 (2015): 1550009. http://dx.doi.org/10.1142/s0219091515500095.

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In this paper, we examine the evidence of herding behavior on the Chinese stock market. Our main findings are as follows. First, we find strong evidence of herding behavior on both the Shanghai and Shenzhen stock exchanges. Second, we document evidence of asymmetric herding behavior with greater magnitude of herding behavior on up markets than on down markets. Third, our findings suggest that herding behavior is sector-specific and predominant in the industrial and properties sectors. Finally, we unravel strong evidence suggesting that herding behavior is time-varying and in some sectors time-
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Ridgway, Marcella. "Herding Dogs." Veterinary Clinics of North America: Small Animal Practice 51, no. 4 (2021): 975–84. http://dx.doi.org/10.1016/j.cvsm.2021.04.013.

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Dick, Dennis. "Herding Apples." CFA Institute Magazine 23, no. 3 (2012): 40–41. http://dx.doi.org/10.2469/cfm.v23.n3.23.

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Bartosiewicz, László. "Herding Cats." Current Swedish Archaeology 29, no. 1 (2021): 56–71. http://dx.doi.org/10.37718/csa.2021.07.

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McKinnon, Ann Marie. "Herding Community." Humanimalia 12, no. 1 (2020): 95–117. http://dx.doi.org/10.52537/humanimalia.9425.

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The Icelandic horse in the film Of Horses and Men is an individual understood on the basis of what it does, a biosocial becoming in a specific geography, society, and historical moment. The horse is a film actor and an agent and, seen through the visual repetition of the gaze of the horse in the film, offers a clear example of entangled agencies -- a herd of human and non-human animals -- that co-create their Icelandic home. This creaturely gaze emphasizes the relations between human and animal, undoes the conventional anthropocentric bias of the gaze in cinema, and informs an ethics that reli
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Tyner, James. "Herding elephants." Dialogues in Human Geography 6, no. 2 (2016): 190–97. http://dx.doi.org/10.1177/2043820616655030.

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Smith, John R. "Herding Cats." IEEE MultiMedia 20, no. 4 (2013): 2–3. http://dx.doi.org/10.1109/mmul.2013.56.

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Alglave, Jade, Luc Maranget, and Michael Tautschnig. "Herding Cats." ACM Transactions on Programming Languages and Systems 36, no. 2 (2014): 1–74. http://dx.doi.org/10.1145/2627752.

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Petsko, G. A. "Herding CATS." Science Translational Medicine 3, no. 97 (2011): 97cm24. http://dx.doi.org/10.1126/scitranslmed.3002837.

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van Dellen, James R. "“Herding Cats”." World Neurosurgery 116 (August 2018): 451–53. http://dx.doi.org/10.1016/j.wneu.2018.05.250.

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Forrest, ARW. "Herding cats." Science & Justice 42, no. 1 (2002): 1–2. http://dx.doi.org/10.1016/s1355-0306(02)71787-5.

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Sias, Richard W. "Institutional Herding." Review of Financial Studies 17, no. 1 (2003): 165–206. http://dx.doi.org/10.1093/rfs/hhg035.

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Waugh, Katharine A. "Herding Cats." Internet Reference Services Quarterly 1, no. 4 (1997): 7. http://dx.doi.org/10.1300/j136v01n04_03.

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Vellucci, Sherry L. "Herding Cats." Internet Reference Services Quarterly 1, no. 4 (1997): 9–30. http://dx.doi.org/10.1300/j136v01n04_04.

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Krevit, Leah, and Linda Crays. "Herding cats." OCLC Systems & Services: International digital library perspectives 23, no. 2 (2007): 116–24. http://dx.doi.org/10.1108/1065075071074844.

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Alglave, Jade, Luc Maranget, and Michael Tautschnig. "Herding cats." ACM SIGPLAN Notices 49, no. 6 (2014): 40. http://dx.doi.org/10.1145/2666356.2594347.

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Blaivas, Jerry G. "Herding cats." Neurourology and Urodynamics 20, no. 1 (2000): 1. http://dx.doi.org/10.1002/1520-6777(2001)20:1<1::aid-nau1>3.0.co;2-3.

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Choi, Ki-Hong, and Seong-Min Yoon. "Investor Sentiment and Herding Behavior in the Korean Stock Market." International Journal of Financial Studies 8, no. 2 (2020): 34. http://dx.doi.org/10.3390/ijfs8020034.

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This paper investigates herding behavior and the connection between herding behavior and investor sentiment. We apply a Cross-Sectional Absolute Deviation (CSAD) approach and the quantile regression method to capture herding behavior in the KOSPI and KOSDAQ stock markets. The analysis results are outlined as follows. First, we find that herding behavior is exhibited during down-market periods in the KOSPI and KOSDAQ stock markets. However, we show that adverse herding behavior occurs in low-trading volume and low-volatility periods. Second, according to the results of the quantile regression,
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Wong, Tze Sun. "Stock Characteristics and Individual Herding." International Journal of Applied Behavioral Economics 9, no. 4 (2020): 58–73. http://dx.doi.org/10.4018/ijabe.2020100104.

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Individuals who invest stocks in a market with excess volatility generally end up selling or holding the stocks at losses. The purpose of this study was to examine individual herding as it related to three comprehensible stock characteristics, market capitalization, price-to-book ratio, and industry affiliation. The target population was the individual investors who traded in Taiwan Stock Exchange in 2016. Data were collected through subscription. Based on Lakonishok, Shleifer, and Vishny's measure, individual herding was significant. The three stock characteristics were separately and as a wh
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R., Ganesh, Naresh Gopal, and Thiyagarajan S. "Bulk and block holders herding behaviour." South Asian Journal of Business Studies 7, no. 2 (2018): 150–71. http://dx.doi.org/10.1108/sajbs-12-2017-0139.

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Purpose The purpose of this paper is to examine industry herding among the institutional investors and to find whether their herding behaviour is intentional or unintentional. Design/methodology/approach The study uses Lakonishok et al. (1992) model to examine the presence of industry herding behaviour among institutional investors. To determine whether the herding observed is intentional or unintentional, herding measure is regressed with volatility, volume, beta and return. The period of the study is from 1 April 2005-31 March 2015. Findings The findings of the study showed that though insti
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R., Ganesh, Naresh G., and Thiyagarajan S. "Mimicking behaviour in bulk and block trading of institutional investors in the stock market." Benchmarking: An International Journal 25, no. 7 (2018): 2414–26. http://dx.doi.org/10.1108/bij-04-2017-0063.

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PurposeThe purpose of this paper is to examine the mimicking behaviour of institutional investors in the stock market.Design/methodology/approachThe study focusses on examining the herding behaviour among institutional investors in the stock market by considering the bulk and block trade on the constituent NIFTY 50 index during the period 2005–2015 using Lakonishok–Schleifer–Vishny (1992) model. The study also aims to find out whether their herding behaviour is intentional or unintentional in nature.FindingsThe findings of the study showed no sign of herding behaviour in the market; out of 50
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Gusni, Gusni, Nugraha Nugraha, Disman Disman, and Tomas Chochole. "Analysis of Aggregate Herding Behavior in the Capital Market: Evidence from Indonesia and Singapore." Media Ekonomi dan Manajemen 38, no. 2 (2023): 362. http://dx.doi.org/10.56444/mem.v38i2.3934.

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&lt;p&gt;The high uncertainty in the capital market due to some crises that hit the world over the last few decades has the potential to cause herding behavior in the aggregate capital market, both in developed and emerging capital markets. The main objective of this study is to detect the existence of herding behavior, including asymmetric herding and global factor drives (oil prices and fed fund rates) on aggregate herding behavior in the Indonesian and Singapore capital markets during the period Jan 2015 to December 2020. This study employs a cross-sectional dispersion approach to achieve s
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Mertzanis, Charilaos, and Noha Allam. "Political Instability and Herding Behaviour: Evidence from Egypt’s Stock Market." Journal of Emerging Market Finance 17, no. 1 (2018): 29–59. http://dx.doi.org/10.1177/0972652717748087.

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This article examines the existence of herding behaviour in the Egyptian stock market during the 2011 revolution period. Using daily and monthly data, we test for the existence of herding for the whole period, as well as for the pre- and post-revolution phases. For the whole period, our results fail to provide evidence of herding behaviour in the Egyptian stock market, but do provide evidence of adverse herding behaviour that exhibits non-linearity. The results also fail to provide evidence of herding behaviour during bull and bear markets, and show that herding behaviour is a short-lived phen
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Hidayati, Lina Nur, Muniya Alteza, and Winarno Winarno. "Herding Behavior: Intensification and Flow in the Indonesian Stock Market." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 15, no. 3 (2022): 351–67. http://dx.doi.org/10.2478/ers-2022-0024.

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Abstract Subject and purpose of work: This paper explores whether herding behavior is formed according to the type of investor, how long the transmission of herding behavior occurs, and identifies how big the reaction of herding behavior is and how the flow of herding behavior connects between investors. Materials and methods: The population in this study are companies whose shares are listed in the LQ45 index list for the period January 2015 to December 2017 on the Indonesia Stock Exchange. To find out further about herding behavior, a VAR test will be conducted in this study. Results: The re
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Ryu, Hoyoung, and Sang Hoon Kang. "A study on the characteristics and dynamics of herding behavior in the Korean financial market." Korean Data Analysis Society 25, no. 4 (2023): 1403–20. http://dx.doi.org/10.37727/jkdas.2023.25.4.1403.

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This study analyzed the characteristics of herding behavior existing in the Korean financial market and examined the dynamics of herding behavior. First, we analyzed the herding behavior of the Korean financial market using the methodology of Chiang, Zheng (2010). According to the results, herding behavior existed in both the KOSPI market and the KOSDAQ market, and the smaller the company size, the stronger the herding behavior. In addition, the herding behavior appears stronger during the declining market than during the rising market. Next, we analyzed the dynamics between herding behavior a
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Joona, Juha. "Reindeer Herding Right and Mining in Finland." Journal of Northern Studies 17, no. 1 (2025): 77–90. https://doi.org/10.36368/jns.v17i1.1235.

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The article examines reindeer herding as a land use right and its status, particularly in relation to mining activities, which, due to the so-called green transition, have become a significant competing form of land use in Finland. The article begins by exploring the historical development of reindeer herding legislation and the formation of the current reindeer herding area. Additionally, it briefly compares thereindeer herding legislation of Finland and Sweden, including who is entitled to practice reindeer herding. Finland’s reindeer herding area is divided into three distinct regions, with
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Windijarto, Windijarto, and Puput Tri Komalasari. "Does Uncertainty Drive Herding Behavior in Indonesia Stock Exchange." Prosiding Seminar Nasional Forum Manajemen Indonesia - e-ISSN 3026-4499 2 (August 31, 2024): 526–37. http://dx.doi.org/10.47747/snfmi.v2i1.2047.

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Herding behavior increases along with market risk, corporate uncertainty aggregate uncertainty. This research aims to investigate herding behavior in the Indonesian capital market by considering conditions of uncertainty. There are two uncertainty indicators used in this research, namely stock market volatility and COVID-19. By using daily data from companies listed on the LQ45 index, the research found that herding behavior was not detected when using the basic herding model, but when entering transaction volume variables and lagged dependent variables, we found that there was herding behavio
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Windijarto, Windijarto, and Puput Tri Komalasari. "Does Uncertainty Drive Herding Behavior in Indonesia Stock Exchange." Proceedings of Forum Manajemen Indonesia's International Conferences, no. 1 (August 31, 2024): 526–37. https://doi.org/10.47747/fmiic.v1i1.2170.

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Herding behavior increases along with market risk, corporate uncertainty aggregate uncertainty. This research aims to investigate herding behavior in the Indonesian capital market by considering conditions of uncertainty. There are two uncertainty indicators used in this research, namely stock market volatility and COVID-19. By using daily data from companies listed on the LQ45 index, the research found that herding behavior was not detected when using the basic herding model, but when entering transaction volume variables and lagged dependent variables, we found that there was herding behavio
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Chen, Yi-Chang, Hung-Che Wu, Yuanyuan Zhang, and Shih-Ming Kuo. "A Transmission of Beta Herding during Subprime Crisis in Taiwan’s Market: DCC-MIDAS Approach." International Journal of Financial Studies 9, no. 4 (2021): 70. http://dx.doi.org/10.3390/ijfs9040070.

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The aim of this study is to investigate the herding of beta transmission between return and volatility. We have used the dynamic conditional correlation model with the mixed-data sampling (DCC-MIDAS) model for the analysis. The evidence demonstrates that herding is a key transmitter in Taiwan’s stock market. The significant estimation of DCC-MIDAS explains that the herding phenomenon is highly dynamic and time-varying in herding behavior. By means of time-varying beta of herding based on our rolling forecasting method and robustness check of the Markov-switching regression approach using four
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Xu, Rui. "How Herding Behavior Affects Our lives." Journal of Finance Research 1, no. 1 (2017): 19. http://dx.doi.org/10.26549/jfr.v1i1.382.

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Herding behavior is an important part of behavioral finance study. In this paper, I focus on the literature reviews of herding behavior along the timeline and explore how it affects our lives. Herding is a double-edged sword with various impacts. I conclude three possible explanations for herding actions based on regret aversion bias, group mind theory and Emergent Norms Theory. The historical evidence on social and economic impact including asset price bubbles, subprime crisis is presented. Although these negative impacts are serious, herding can improve decision-making for people who are les
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BenMabrouk, Houda. "Cross-herding behavior between the stock market and the crude oil market during financial distress." Managerial Finance 44, no. 4 (2018): 439–58. http://dx.doi.org/10.1108/mf-09-2017-0363.

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Purpose The purpose of this paper is to investigate herding behavior around the crude oil market and the stock market and the possible cross-herding behavior between the two markets. The analysis examines also the herding behavior during financial turmoil and includes the investor sentiment and market volatility. Design/methodology/approach The authors use a modified version of the cross-sectional standard deviation and the cross-sectional absolute deviation to include investor sentiment, financial crisis and market volatility. Findings The authors find that the volatility of the stock market
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LIN, YU-EN, HSIANG-HSUAN CHIH, TAI-HSUN HUANG, and CHIA-HSIEN TANG. "THE DISPOSITION EFFECT, ESCALATION OF COMMITMENT AND HERDING BEHAVIOR OF MUTUAL FUND MANAGERS." Annals of Financial Economics 10, no. 01 (2015): 1550003. http://dx.doi.org/10.1142/s2010495215500037.

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This paper investigates the relationship between deposition effect and escalation of commitment and herding behavior. First, this paper ranks the mutual fund into five groups by herding style, and we examine deposition spread (DISP) and escalation of commitment dispread (ESCA) zero investment portfolios in each herding style portfolio. Then, we investigate whether the paper gain ratio or paper loss ratio impacts on herding behavior after controlling other characteristics. Our results can be summarized as follow: First, deposition effect and escalation of commitment has negative impact on mutua
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Patwarani, Riza, and Zaafri Husodo. "Examining Herding Behaviour and Its Impact on Stock Market Volatility: Insights from Asian Economies." Jurnal Manajemen Teori dan Terapan| Journal of Theory and Applied Management 16, no. 3 (2023): 596–611. http://dx.doi.org/10.20473/jmtt.v16i3.51757.

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Objective: This study empirically investigates herding bias in six key Asian countries—Indonesia, Singapore, Taiwan, China, Hong Kong, and India—across different periods (pre-, during, and post-COVID-19). It analyzes herding behaviour during COVID and non-COVID periods, exploring its impact on volatility and examining asymmetry during bearish and bullish market conditions. Design/Methods/Approach: The investigation employs the Cross-Sectional Absolute Deviation (CSAD) model with a polynomial regression to scrutinize herding behaviour. A GARCH (1,1) volatility model is also established to asses
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Salamouris, Ioannis S., and Yaz Gulnur Muradoglu. "Estimating analyst's forecast accuracy using behavioural measures (Herding) in the United Kingdom." Managerial Finance 36, no. 3 (2010): 234–56. http://dx.doi.org/10.1108/03074351011019564.

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PurposeThe purpose of this paper is to identify herding behaviour on financial markets and measure the herding behaviour impact on the accuracy of analysts' earnings forecasts.Design/methodology/approachTwo alternative measures of herding behaviour, on analysts' earnings forecasts are proposed. The first measure identifies herding as the tendency of analysts to forecast near the consensus. The second measure identifies herding as the tendency of analysts to follow the most accurate forecaster. This paper employs the method of The Generalised Method of Moments in order to relax any possible bia
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Wong, Yoke-Chen, and Kim-Lian Kok. "HERDING MEASURES IN EQUITY MARKETS: A CASE STUDY OF BURSA MALAYSIA." Labuan Bulletin of International Business and Finance (LBIBF) 7 (December 31, 2009): 13–32. http://dx.doi.org/10.51200/lbibf.v7i.2586.

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This study examines the issue of herding in the Malaysian equity market over the period 1993 – 2004. Using the method proposed by Christie and Huang (1995), we did not detect any evidence of herding for the whole market, the large firms or the small firms during the pre-crisis, crisis and the post-crisis periods. The modified method of Christie and Huang (1995) produced similar findings. However, using the method proposed by Chang et al. (2000), herding was found in the overall market in the whole period. In the pre-crisis period, herding in the market during the market decline could be attrib
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Stavroyiannis, Stavros, and Vassilios Babalos. "Time-varying herding behavior within the Eurozone stock markets during crisis periods." Review of Behavioral Finance 12, no. 2 (2019): 83–96. http://dx.doi.org/10.1108/rbf-07-2018-0069.

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Purpose Motivated by the ongoing debate on the existence and magnitude of herding in financial markets, the purpose of this paper is to examine Eurozone stock markets for herding behavior. In the context of the present study, the authors seek for herding behavior of stock markets as a whole as opposed to previous studies that examine herding on stock level. Design/methodology/approach To this end, the authors employ data on benchmark stock market indices for a long sample starting from 2000 through 2016. The testing procedure entails the standard Capital Asset Pricing Model-based procedure alo
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Suyadi, Nurtantyo Pratomo, and Zaäfri Ananto Husodo. "Worldwide Recessions and Herding Behaviour: A Comparative Analysis of Three Countries." Eduvest - Journal of Universal Studies 4, no. 10 (2024): 8604–13. http://dx.doi.org/10.59188/eduvest.v4i10.40134.

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The general suggestion that behavioral science plays a part in creating abnormalities within the financial sector has been studied and proposed many times in the past. This study aims to prove the existence of behavioral sciences, specifically herding behavior, in three countries with different market conditions: Indonesia (Emerging), Vietnam (Frontier), and the United States (Developed). We developed our methodology using quantile regression to study the existence of herding behavior, and our findings were as follows: (1) As expected, the US didn’t have any indication of a statistically signi
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