• Communications for Statistical Applications and Methods
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• v.25 no.2
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• pp.185-197
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• 2018

Measuring market fear is an important way of understanding fundamental economic phenomena related to financial crises. There have been several approaches to measure market fear or panic level in a financial market. Recently, herd behavior has gained its popularity as important economic phenomena explaining the fear in the financial market. In this paper, we investigate herd behavior in global stock markets with a focus on intercontinental comparison. While various risk measures are available for the detection of herd behavior in the market, we use the standardized herd behavior index in Dhaene et al. (Insurance: Mathematics and Economics, 50, 357-370, 2012b) and Lee and Ahn (Dependence Modeling, 5, 316-329, 2017) for the comparison of herd behaviors in global stock markets. A global stock market data from Morgan Stanley Capital International is used to study herd behavior especially during periods of financial crises.

• Journal of the Korean Data and Information Science Society
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• v.22 no.6
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• pp.1199-1215
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• 2011

Relaxing an unrealistic assumption of a representative percolation model, this paper demonstrates that herd behavior leads to a high increase in volatility but not trading volume, in contrast with information flows that give rise to increases in both volatility and trading volume. Although detecting herd behavior has posed a great challenge due to its empirical difficulty, this paper proposes a new methodology for detecting trading days with herding. Furthermore, this paper suggests a herd-behavior-stochastic-volatility model, which accounts for herding in financial markets. Strong evidence in favor of the model specification over the standard stochastic volatility model is based on empirical application with high frequency data in the Korean equity market, strongly supporting the intuition that herd behavior causes excess volatility. In addition, this research indicates that strong persistence in volatility, which is a prevalent feature in financial markets, is likely attributed to herd behavior rather than news.

• Journal of Animal Science and Technology
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• v.46 no.5
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• pp.773-782
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• 2004

The objective of this work was to establish an approaching method for TMR feeding system in the farm situation by testing the effects of herd-mix feeding system on the performance of lactating cows. Fifty six Holstein cows were fed for the experimental period of 16 months. Prior to test the herd-mix feeding system, animals were kept on conventional feeding system for 4 months, separate feeding of forage with concentrate, then provided 3 types of herd-mix rations formulated by mean level of energy concentration requirement of higher 1/2 ranker in each herd for remaining 12 months to compare the effect on milk yield performance of animals with conventional feeding system by using a switch-over method. The herd-mix feeding system influenced substantially upon the improvements of milk yield(P<0.01) and milk fat percentage(P<0.05). In all of lactational ages, milk yield and milk fat were enhanced by the herd-mix feeding system. Especially, actual milk yield(AMY) and milk fat in the 1st lactating cows, and AMY and 4.0% fat corrected milk yield(FCM) in the 2nd lactating cows were increased signiticantly by the herd-mix feeding system(P<0.05). In the early and mid-stage of lactation, the herd-mix feeding system showed higher AMY and FCM compared with the conventional feeding system although the milk fat was not different. AMY, milk fat and FCM in the late-stage of lactation were increased generally by the herd-mix feeding system. Especially, milk fat and FCM obtained by the herd-mix feeding system were significantly higher than those by the conventional feeding system(P<0.01). The herd-mix feeding system showed a good type of milking curve with a higher persistency of FCM(93.24%) than in conventional one(92.69%). The income over feed cost with the herd-mix feeding system was lA-fold higher than that with the conventional feeding method. In conclusion, the results of this work suggest that the herd-mix feeding system based on a correct level of energy concentration of TMR and well-determined feed ingredients increases not only milk yield of dairy herd by enhancing the performance of cows in early to mid stage of lactation with improved milk persistency but also gross income of dairy farm.

• Asian-Australasian Journal of Animal Sciences
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• v.20 no.5
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• pp.661-668
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• 2007

Data on 1,037 Nili-Ravi buffaloes from four institutional herds were used to study lifetime milk yield, herd life, productive life and breeding efficiency. A general linear model was used to study the environmental effects while an animal model having herd, year of birth and age at first calving (as covariate) along with random animal effect was used to estimate breeding values. The lifetime milk yield, herd life, productive life and breeding efficiency averaged $7,723{\pm}164$ kg, $3,990{\pm}41$ days, $1,061{\pm}19$ days and 64 percent, respectively. All the traits were significantly (p<0.01) affected by the year of birth and herd of calving, while the herd life was also affected (p<0.01) by the age at first calving. The heritabilities for lifetime milk yield, herd life, productive life and breeding efficiency were $0.093{\pm}0.056$, $0.001{\pm}0.055$, $0.144{\pm}0.079$ and 0.001, respectively. The definition for productive life, where each lactation gets credit upto 10 months had slightly better heritability and may be preferred over the definition where no limit is placed on lactation length. The genetic correlation between productive life and lifetime milk yield was low but high between productive life and herd life. The selection for productive life will increase herd life while lifetime milk yield will also improve. The overall phenotypic trend during the period under the study was negative for lifetime milk yield (-280 kg/year), herd life (-93 days), productive life (-42 days/year) and breeding efficiency (-0.36 percent/year), whereas the genetic trend was positive for lifetime milk yield (+15 kg/year) and productive life (+4 days/year).

• Asian-Australasian Journal of Animal Sciences
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• v.18 no.2
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• pp.179-184
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• 2005

First lactation records (174) of Jersey${\times}$Sahiwal and Holstein Friesian${\times}$Sahiwal half breds under 9 sires maintained at Chandra Shekher Azad University of Agriculture and Technology, Kanpur, Uttar Pradesh, India from 1975-1983, were used to estimate the genetic parameters and to predict herd life milk yield and average milk yield per day of herd life from first lactation traits. The traits included were: age at first calving, first service period, first lactation period, first calving interval, first lactation milk yield, milk yield per day of first calving interval, herd life milk yield, herd life and average milk yield per day of herd life. Most of the production and reproduction traits were found to have positive and significant correlations between them on genetic as well as phenotypic scales. Total twelve regression equations were fitted. The prediction equation of herd life milk yield in both the genetic groups showed linear relationship with AFC, FSP, FLP, FLMY and MY/DCI and was apparent and significant. Similarly, polynomials for milk yield per day of herd life for J${\times}$S and HF${\times}$S half breds also showed linear trend, which was found highly significant. The highest and lowest $R^2$ values were found for FCI and AFC, respectively.

• Korean Journal of Animal Reproduction
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• v.22 no.4
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• pp.367-373
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• 1998

A survey was carried out to investigate the effect of the herd size on the reproductive traits of Hanwoo(Korean native cows). Data on the reproductive traits of 670 Korean native cows were collected from January, 1996 to December, 1997 and analyzed by the herd size. The results obtained were summarized as follows: 1. The average ages at first breeding were 437.9, 425.5 and 452.9 days in herd size 1 (less than 20 heads), 2 (21∼50 heads) and 3 (more than 51 heads), respectively (the over all average was 443.0 days). However, there was no significant difference between herd sizes (p＞0.05). 2. The average ages at first conception were 452.8, 438.4 and 467.1 days in herd size 1, 2 and 3, respectively (the over all average was 460.0 days). However, there was no significant difference between herd sizes (p＞0.05). 3. The average ages at first calving were 741.2, 730.2 and 755.9 days in herd size 1, 2 and 3, respectively (the over all average was 746.6 days). However, there was no significant difference between herd sizes (p＞0.05). 4. The average days to first estrus after calving was 70.1 days and it was shortest in herd size 3 (64.8 days) and longest in herd size 1(82.1 days). 5. The average numbers of services per conception were 1.54, 1.61 and 1.48 in herd size 1, 2, and 3, respectively (the over all average was 1.53). However, there was no significant difference between herd sizes (p＞0.05). 6. The average days to first conception after calving were 115.6, 99.1 and 80.6 days in herd size 1, 2 and 3, respectively (the over all average was 91.2 days). There was a trend that it was shorter as the herd size increased(p＜0.05). 7. The average length of calving interval was 375.3 days and it was shortest in herd size 3 (367. 4 days) and longest in herd size 1 (389.5 days).

• Korean Journal of Veterinary Research
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• v.46 no.2
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• pp.159-164
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• 2006

A stochastic simulation model incorporated with Reed-Frost approach was derived for evaluating diagnostic performance of a test used for a screening program of an infectious disease. The Reed-Frost model was used to characterize the within-herd spread of the disease using a hypothetical example. Specifically, simulation model was aimed to estimate the number infected animals in an infected herd, in which imperfect serologic tests are performed on samples taken from herds and to illustrate better interpreting survey results at herd-level when uncertainty inevitably exists. From a risk analysis point of view, model output could be appropriate in developing economic impact assessment models requiring probabilistic estimates of herd-level performance in susceptible populations. The authors emphasize the importance of knowing the herd-level diagnostic performance, especially in performing emergency surveys in which immediate control measures should be taken following the survey. In this context this model could be used in evaluating efficacy of a survey program and monitoring infection status in the area concerned.

• Journal of Distribution Science
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• v.20 no.1
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• pp.77-85
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• 2022

Purpose: The Covid-19 pandemic has triggered several herd purchase behaviors, and online shopping has been considered a health-related preventative behavior. Thisstudy aimsto the relative impact of health threat beliefs concerning Covid-19 (perceived susceptibility and perceived severity) and herd mentality on consumers' online shopping post-adoption disconfirmation and continuance intention of online shopping. Research design, data and methodology: An internet survey was conducted with Vietnamese consumers, and upon screening, usable data of 292 responses were analyzed using PLS-SEM. Results showed that while herd mentality positively affects disconfirmation, health threat beliefs including perceived susceptibility and perceived severity of Covid-19 do not. Results: Results also provided further support for the notion that disconfirmation is a crucial determinant of post-adoption continuance intention. Moreover, herd mentality also has a significantly negative influence on online shopping post-adoption continuance intention. Conclusions: The research provides evidence supporting the role of herd mentality and post-adoption disconfirmation in driving consumers' intention to continue online shopping. However, the research shows that neither the perceived susceptibility of Covid-19 nor the perceived severity of Covid-19 has significant impact on post-adoption disconfirmation, adding mixed evidence to the application of health belief theory in technology (such as online shopping) adoption.

• Asian-Australasian Journal of Animal Sciences
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• v.28 no.7
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• pp.1044-1052
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• 2015

The aim of this modelling study was to investigate the effect of large herd size (and land areas) on walking distances and milking interval (MI), and their impact on milk yield and economic penalties when 50% of the total diets were provided from home grown feed either as pasture or grazeable complementary forage rotation (CFR) in an automatic milking system (AMS). Twelve scenarios consisting of 3 AMS herds (400, 600, 800 cows), 2 levels of pasture utilisation (current AMS utilisation of 15.0 t dry matter [DM]/ha, termed as 'moderate'; optimum pasture utilisation of 19.7 t DM/ha, termed as 'high') and 2 rates of incorporation of grazeable complementary forage system (CFS: 0, 30%; CFS = 65% farm is CFR and 35% of farm is pasture) were investigated. Walking distances, energy loss due to walking, MI, reduction in milk yield and income loss were calculated for each treatment based on information available in the literature. With moderate pasture utilisation and 0% CFR, increasing the herd size from 400 to 800 cows resulted in an increase in total walking distances between the parlour and the paddock from 3.5 to 6.3 km. Consequently, MI increased from 15.2 to 16.4 h with increased herd size from 400 to 800 cows. High pasture utilisation (allowing for an increased stocking density) reduced the total walking distances up to 1 km, thus reduced the MI by up to 0.5 h compared to the moderate pasture, 800 cow herd combination. The high pasture utilisation combined with 30% of the farm in CFR in the farm reduced the total walking distances by up to 1.7 km and MI by up to 0.8 h compared to the moderate pasture and 800 cow herd combination. For moderate pasture utilisation, increasing the herd size from 400 to 800 cows resulted in more dramatic milk yield penalty as yield increasing from c.f. 2.6 and 5.1 kg/cow/d respectively, which incurred a loss of up to $AU 1.9/cow/d. Milk yield losses of 0.61 kg and 0.25 kg for every km increase in total walking distance (voluntary return trip from parlour to paddock) and every one hour increase in MI, respectively. The high pasture utilisation combined with 30% of the farm in CFR in the farm increased milk yield by up to 1.5 kg/cow/d, thereby reducing loss by up to $0.5/cow/d (c.f. the moderate pasture and 800 cow herd scenario). Thus, it was concluded that the successful integration of grazeable CFS with pasture has the potential to improve financial performance compared to the pasture only, large herd, AMS.

• Journal of the Korean Data and Information Science Society
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• v.22 no.3
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• pp.423-436
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• 2011

Many of the theoretical studies have considered herd behavior as a source of the volatility in financial markets, but there have been few empirical studies on the dynamic herding due to the technical difficulty of detecting herd behavior with time-series data. In this context, this paper proposes a new method for measuring time-varying herd behavior based on QR-GARCH model. Using daily data of KOSPI stocks, this paper provides some empirical evidence for strong and volatile herding among traders of stocks of medium firms, and shows that time-varying herd behavior in traders of some stocks has persistent autocorrelation.