• The Journal of Asian Finance, Economics and Business
• /
• 제7권9호
• /
• pp.39-49
• /
• 2020

This study empirically examines herd behavior for fast moving consumer goods (FMCG) sector stocks under varied market return conditions and the period during the global financial crisis and its aftermath. We examine the sample of stocks trading on the Nifty FMCG Index of the Indian equity market from January 2008 up to December 2018 using the dispersion measure of cross sectional absolute deviation and examine its relationship with the market return to explore herd phenomenon. Quantile regression estimate is used and the results of the study validate rational asset pricing models as the sector does not display herding. In contrast, anti-herd behavior at lower and median quantile values is observed. A possible reason can be the non-cyclical nature of the industry where investors rely more on the fundamentals rather than crowd chasing. We also findthe absence of herd phenomenon during the market asymmetries of bull and bear phases, extreme movements, the period of the global financial crisis, and afterward. We further examine herding under the impact of the information technology (IT) industry and conclude that significant return movements in IT sector impact dispersions in the FMCG industry. Also, there is a co-varying risk between the two sectors confirming the spillover in an integrated market.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권10호
• /
• pp.207-218
• /
• 2021

The present research intends to examine the herding aspect during the COVID-19 outbreak. The study is conducted to achieve specific objectives, so the underlying sampling technique is purposive sampling. The considered data source is the Pakistan Stock Exchange (PSX). Daily stock prices of 528 listed companies in PSX have been taken from the official website of PSX from 1998 to 2021. The current study envisions investigating the herding aspects for pre-pandemic and the time covering the pandemic period. The study has also targeted ten sectors of PSX. The present study's motive is to investigate investors' herding prospects before and during the pandemic in the Pakistan Stock Exchange (PSX) and its selected sectors. Daily closing stock prices of listed companies have been collected from the official website of PSX to calculate the stock returns. The Cross-Sectional Absolute Deviation (CSAD) has been used as a herding measure. Findings revealed that herding has not been observed in PSX during both time spans and even not during the bullish and bearish trends. However, robust sectoral evidence has been observed during the pandemic. It implies that investors in PSX tend to follow the crowd irrespective of making their own decisions to avoid further losses.

• 한국가스학회지
• /
• 제24권6호
• /
• pp.34-46
• /
• 2020

미래의 안정적인 천연가스 수급을 위해서는 사전에 정확한 수요행태를 파악하고 이를 바탕으로 공급 물량을 확보하는 것이 필요하다. 본 논문은 향후 국내 천연가스 수요 증가의 핵심인 산업용 도시가스의 수요함수 추정 방법론을 제안하여 보다 정확하게 국내 천연가스 수요 특성을 파악하고 안정적인 공급계획 수립에 도움이 되고자 하였다. 국내 304개 산업체의 횡단면 자료를 활용하여 산업용 도시가스 수요함수를 추정하였고, 도시가스 가격, 산업체 매출 이외에 자본투자, 제조원가 등 산업체의 운영 특수성이 수요에 미치는 영향을 도출하였다. 최종적으로 특이치에 강건하고, 오차항의 동분산 및 정규성을 가정하지 않는 최소절대편차추정법을 선택하여 결과 값을 도출하였다. 추가로 산업용 도시가스의 가격탄력성 값을 활용하여 산업용 도시가스의 경제적 가치를 추정하였다. 분석 결과, 산업체에 도시가스를 확대 공급하는 것이 국가 차원에서 이득이 되는 것으로 나타났으며, 따라서 정부는 산업용 도시가스 지원 정책을 통해 보급 확대를 추진할 필요가 있다.

• Journal of Contemporary Eastern Asia
• /
• 제19권1호
• /
• pp.97-122
• /
• 2020

This paper examines the existence of herd behaviour in fifteen (15) global stock markets, which consist of Developed Markets (Canada, Hong Kong, Japan, Singapore and the United Kingdom), Advanced Emerging Markets (Brazil, Malaysia, Mexico, Poland and South Africa) and Secondary Emerging Markets (Chile, China, Indonesia, the Philippines and Russia) by using Cross Sectional Absolute Deviation (CSAD) method of Chiang and Zheng (2010). It also seeks to explore the impact of social factors such as prosperity, education, ageing society, industry orientation and gender on the existence of market-wide herding. The findings of this paper indicate that herd behaviour exists in Singapore (Developed Market), Mexico, Poland and South Africa (Advanced Emerging Markets) and China and the Philippines (Secondary Emerging Markets). No evidence of herding is observed for Canada, Hong Kong, Japan, United Kingdom, Brazil, Malaysia, Chile, Indonesia and Russia. Ageing society is also found to have significant impact on the existence of herd behaviour. Nonetheless, prosperity, education, industry orientation and gender are found to be insignificant to herding. This study sheds some light on whether social factors determine herding behaviour in the 15 selected stock markets.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권9호
• /
• pp.105-114
• /
• 2022

Financial markets have long been known to be prone to behavioral biases. One such behavioural bias that is consequential yet pervasive in financial markets is the herd effect. The objective of this study is to determine whether or not there exist herd behaviour in the new and bourgeoning Decentralized Finance (DeFi) Tokens market. This is accomplished by using daily returns of 22 DeFi tokens from January 29, 2017 to August 19, 2021, and the Cross-sectional Absolute Deviation (CSAD) of market returns to capture herd behavior. The results fail to provide any evidence of herding in the DeFi token market on bullish days, that is days for which the average market returns is positive. For bearish days however, that is days for which the market returns is negative, our empirical findings point to the presence of adverse herding in the DeFi token market. This phenomenon can be explained to some extent by the investor composition of the DeFi market. The DeFi token space is a growth market dominated by experts and/or enthusiasts who are insulated against the temptation and panic of negative market swings by the level of market and technical information they possess on the assets they invest.

• 헤리티지:역사와 과학
• /
• 제50권3호
• /
• pp.30-43
• /
• 2017

이 연구는 레이저스캐닝 중심의 문화유산 기록화 분야에서 포토그래메트리의 유용성 제고에 목적을 두고 있다. 두 계측기술(레이저스캐닝, 포토그래메트리)은 홍성 신경리 마애여래입상을 중심으로 정확성과 사실성 측면에서 비교되었다. 정확성 측면에서는 형상정보별 주요 지점과 두 형상정보 사이의 거리가 비교되었다. 마애불의 형상정보별 주요 지점의 거리 측정에서는 약 1mm 내외의 편차만이 확인되었다. 특히 정합을 통해 확인된 두 형상정보 사이의 평균거리는 약 0.01mm에 불과했다. 또한 약 2mm 이내의 절대편차가 전체의 70%를 차지하였으며, 약 3.5mm 이내의 절대편차가 전체의 95.4%로 확인되었다. 이러한 수치들은 레이저스캐닝 대비 포토그래메트리의 매우 높은 일치도를 보여주었다. 사실성 측면에서는 조각 깊이, 질감, 문양이 비교되었다. 4개의 단면 형상을 비교한 결과 두 계측기술별 형상정보는 미세한 차이만을 보였고, 전반적으로 유사한 형상이 확인되었다. 두 형상정보의 전체적인 질감도 유사하였다. 하지만 데시메이션이 적용된 포토그래메트리 기반의 세부 형상은 실물과 레이저스캐닝에 비해 매끄러운 질감으로 구현되었다. 특히 포토그래메트리는 레이저스캐닝과 동일하게 마애불에 조각된 다양한 문양도 사실적으로 구현하였으며, 얕은 깊이의 문양도 비교적 세밀하게 나타났다.

• Safety and Health at Work
• /
• 제4권1호
• /
• pp.27-36
• /
• 2013

Objectives: Mental health has been shown to be linked with certain underlying physiological mechanisms. The objective of this cross sectional study was to investigate the relationship between depressive symptoms and brachial artery reactivity (BAR) in an understudied population: police officers. Methods: Participants were 351 police officers who were clinically examined in the Buffalo Cardio-Metabolic Police Stress (BCOPS) study. BAR was performed using standard B-Mode ultrasound procedures. Depressive symptoms were measured using the Center for Epidemiological Studies Depression (CES-D) scale. Mean values of the difference between the baseline and maximum diameters of the brachial artery were determined across three categories of CES-D score using the analysis of variance and the analysis of covariance. p-values for linear trends were obtained from linear regression models. Results: The mean age (${\pm}$ standard deviation) of all officers was $40.9{\pm}7.2$ years. Women had a slightly higher mean CES-D score than men ($8.9{\pm}8.9$ vs. $7.4{\pm}6.4$) and a slightly higher percentage increase of BAR than men (6.90 vs. 5.26%). Smoking status significantly modified the associations between depressive symptoms and BAR. Among current smokers, mean absolute values of BAR significantly decreased as depressive symptoms increased after adjustment for age, gender, race/ethnicity, hypertension, and diabetes; the multivariate-adjusted p-values were 0.033 (absolute) and 0.040 (%). Associations between depressive symptoms and BAR were not statistically significant among former smokers or never smokers. Conclusion: Depressive symptoms were inversely associated with BAR among police officers who were current smokers and together may be considered a risk factor for cardiovascular disease among police officers. Further prospective research is warranted.

• 부동산연구
• /
• 제28권1호
• /
• pp.91-104
• /
• 2018

본 연구는 시장참여자의 행태 중 하나인 군집행동의 발생 여부와 정도를 주택시장을 중심으로 분석하였다. 분석방법으로 최근 군집행동 분석에 가장 많이 활용되는 CSAD모형에 실거래가격을 적용하였다. 분석내용은 권역별, 경과년수별, 규모별, 시장조건별로 세분하여 지역성, 내부요인, 외부 요인에 대한 분석을 하고자 하였다. 분석결과 첫째, 서울시 전체에서는 군집행동이 발생하지 않았다. 권역별로는 도심권, 동남권, 서북권에서 군집행동이 발생하여 선행연구(Ngene et al., 2017)와 동일한 결과를 보였다. 둘째, 경과년수별 분석에서는 노후주택에서 군집행동이 포착되었으며, 규모별로는 $60m^2$이하의 소규모와 $85m^2$이상 $102m^2$미만의 국민주택규모에서 군집행동이 발생하는 것으로 나타났다. 셋째, 글로벌 금융위기하에서는 모든 권역에서 군집행동이 발생하지 않았으며, 시장 상황이 호황기일 경우 서북권에서 군집행동이 발생하는 것으로 분석되었다. 이는 손실공포 확대에 따라 불황기에서 군집행동이 집중적으로 발생하는 주식시장과 차이를 보이는 결과이다. 본 연구는 시장참여자의 행태를 행동경제학적 측면에서 분석하여 주택시장 이상현상에 대한 이해도를 높이고 시장분석에 시장참여자의 행동이라는 심리요인을 제시하였다는 점에서 의미가 있을 것이다.