• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.39-49
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• 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
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• v.8 no.10
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• pp.207-218
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• 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.

• Journal of the Korean Institute of Gas
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• v.24 no.6
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• pp.34-46
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• 2020

In order to supply stable natural gas in the future, it is necessary to forecast the demand in advance and secure the quantity of supply. In this paper, we propose a method of estimating the demand function of industrial natural gas, which is the core of the increase of domestic natural gas demand in the future. The cross-sectional data of 304 domestic industries were used to estimate the demand function of the industrial natural gas, and the effect of industry specific characteristics such as capital investment, manufacturing cost. Finally, the least absolute deviation estimation method which is robust to outliers and does not assume the homogeneity of the error term and the normality, And the results were derived. In addition, the economic value of industrial city gas was estimated using the price elasticity of industrial city gas. Therefore, it can be seen that the continuous expansion and supply of city gas to the industrial sector is beneficial at the national level, and the government needs to promote expansion through the industrial city gas support policy.

• Journal of Contemporary Eastern Asia
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• v.19 no.1
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• pp.97-122
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• 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
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• v.9 no.9
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• pp.105-114
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• 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.

• Korean Journal of Heritage: History & Science
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• v.50 no.3
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• pp.30-43
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• 2017

The purpose of this study is to improve the usefulness of photogrammetry in the field of cultural heritage recording concentrated on laser scanning. Two measurement methods(laser scanning, photogrammetry) were compared in terms of accuracy and reality for the Rock-carved Standing Buddha in Singyeong-ri, Hongseong. With regard to accuracy, the distances of major points by both shape information and between the two shape information were compared. Only a deviation of about 1mm was found in the distance measurement of the major points by both shape information. In particular, the average distance between two shape information identified through aligning was only about 0.01mm. Also, the absolute deviation within about 2mm accounted for 70% of the total, and the absolute deviation within about 3.5mm was found to be 95.4% of the total. These values showed very high similarity between laser scanning and photogrammetry-based shape information. In respect of reality, the carved depth, texture, and patterns were compared. As a result of comparing four cross-sectional shapes, only slight differences were found in the shape information of both measurement techniques and similar shapes were identified. The overall texture of both shape information was also similar. However, the detailed shape based on the photogrammetry with decimation is realized with a smoother texture than the original and laser scanning. In particular, Photogrammetry also realistically expressed the various ornaments carved in the Rock-carved Buddha and the patterns with shallow depths were comparatively detailed.

• Safety and Health at Work
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• v.4 no.1
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• pp.27-36
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• 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.

• Korea Real Estate Review
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• v.28 no.1
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• pp.91-104
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• 2018

In this study, the occurrence and degree of herding behavior as a market participant behavior in a housing market were analyzed. For the analysis method, the actual sales price was applied in the CSAD (Cross-sectional Absolute Deviation) model, which has been used the most of late for herding behavior analysis. For the analysis contents, these were subdivided into region, elapsed year, size, and market condition to analyze the regionality and the internal and external factors. For the study results, first, there was no herding behavior in the entire region of Seoul. By region, herding behavior occurred in the downtown, southeast, and northwest regions, which coincided with the results of the precedent study (Ngene et al., 2017). Second, in the market analysis by elapsed year, herding behavior was captured in dilapidated dwellings. By size, herding behavior was observed in small-scale ($60m^2$ or less) apartments and in $85m^2$ or higher and less than $102m^2$ national housing units. Third, during the time of the global financial crisis, herding behavior was not observed in all the regions, whereas when the market situations were in a boom cycle, it was observed in the northwest region. These results suggest that there is a difference from the stock market, where in a period of recession, herding behavior occurs intensively with the expanding fear of incurring losses. This study is significant in that it analyzed the market participant behaviors in the behavioral economic aspects to better understand the abnormal phenomenon in a housing market, and in that it additionally provides a psychological factor - market participant behavior - in market analysis.