• 한국임상수의학회지
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• 제25권2호
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• pp.136-138
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• 2008

한 유우목장의 착유우군내에서 인터서킹의 행동장애를 지속적으로 보이는 홀스타인 경산우가 있었다. 이것은 대부분 이유 시 잘못된 급여관리로 인해 발생하는 행동 장애 중 하나로 생각되어져왔다. 이러한 행동 장애는 다른 착유우의 유두에 물리적인 손상을 주어 우유 생산을 떨어뜨릴 수가 있다. 혀 복면의 절개된 부분을 봉합해 배면을 둥글게 해주는 혀수술을 통해 외과적으로 교정하였고 이후 수술로 인한 합병증없이 착유우군내에서 인터서킹의 행동장애를 보이지 않았다.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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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.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.147-158
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• 2020

We apply Return Dispersion Model by calculating CSAD (Cross-sectional standard deviation of return) and State Space Model to identify herding behavior in the period of pandemic (H1N1 and COVID-19). Employing data from TEJ and Data Stream, this paper examines whether the herding behavior is existing in Vietnam and Taiwan stock market, especially during pandemic influenza. We compare the differences in herding behavior between frontier and emerging markets by examining different industries across Vietnam and Taiwan stock market approaches. The results indicate solid evidence for investor herd configuration in the various industries of Vietnam and Taiwan. The herding impact in the industries will be greater than with the aggregate market. The different industries respond differently to influenza pandemic panics through uptrend and downtrend demonstrations. Up to 12 industries were found to have herding in Vietnam, while Taiwan had only 5 of 17 industries classified. Taiwan market, an emerging and herding-level market, has changed due to the impact of changing conditions such as epidemics, but not as strongly as in Vietnam. From there, we see that the disease is a factor that, not only creates anxiety from a health perspective, but also causes psychological instability for investors when investing in the market.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.27-34
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• 2020

The study investigates herding behavior in cryptocurrencies in different situations. This study employs daily returns of major cryptocurrencies listed in CCI30 index and sub-major cryptocurrencies and major stock returns listed in Dow-Jones Industrial Average Index, from 2015 to 2018. Quantile regression method is employed to test the herding effect in market asymmetries, inter-dependency and intra-dependency cases. Findings confirm the presence of herding in cryptocurrency in upper quantiles in bullish and high volatility periods because of overexcitement among investors, which lead to high volume trading. Major cryptocurrencies cause herding in sub-major cryptocurrencies, but it is a unidirectional relation. However, no intra-dependency effect among cryptocurrencies and equity market is observed. Results indicate that in the CKK model herding exists at upper quantile in market that may be due when the market is moving fast, continuously trading, and bullish trend are prevailing. Further analysis confirms this narrative as, at upper quantile, the beta of bullish regime is negative and significant, meaning the main source of market herding is a bullish trend in investment, which increases market turbulence and gives investors opportunity to herd. Also, we found that herding in cryptocurrencies exits in high volatility periods, but this herding mostly depends on market activity, not market movement.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.9-24
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• 2022

With a view to attracting foreign investment and growing the economy, the Vietnamese government has hastened financial reforms, including the lifting of limitations on foreign investment, which has resulted in rapidly rising foreign ownership in recent years. To study the relationship between transactions of foreign investors and transactions of domestic investors on two stock exchanges in Vietnam Ho Chi Minh City Stock Exchange (HSX) and Hanoi Stock Exchange (HNX). This study applies a secondary dataset comprising daily market trading information of 912 stocks from 18 industries listed on 2 Vietnam stock exchanges, including HSX and HNX, which includes executed price, executed volume, daily Buy Orders, and Sell Orders categorized into domestic investors' orders and foreign investors orders from 01.04.2010 to 10.04.2018. The regression results show a significantly positive relationship between foreign investors' trading and domestic investors' transaction in all trading activities in both up and down markets. Therefore, these results indicate that domestic investors in Vietnam are concerned with foreign investors' trading as an important sign, and domestic investors tend to follow their counterparties without appropriate fundamental information. From there, there are signs of herding behavior of domestic investors following foreign investors in transactions on the stock market in Vietnam.

• Journal of Information Technology Applications and Management
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• 제14권1호
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• pp.21-36
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• 2007

We face with numerous situation of decision making. In this situation, we would make decision through individual's own information, or others' decision making with ignoring private information, Also we would make decision through compromise of private information and others' information. like this, we call situation to imitate information of previous decision maker, with disregarding private own information,'information cascades' Also, anchoring effects are results of insufficient adjustment from an arbitrary value. In this paper, we examined how information cascades effects and anchoring effects would be generated in the people who use IT technique as instant poll of website. And this paper presents alternatives to decrease information cascades effects and anchoring effects. This exercise provides facts anchoring effects occur when voters can see poll result. And this paper shows that more degree of output difference is deepened, and more anchoring effects occur. Also this paper shows that when website gives positive payoff, more anchoring effects occur.

• 한국가금학회지
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• 제23권3호
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• pp.153-160
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• 1996

Though pheasants (Korean ring-necked pheasant) have been raised for several decades, their behavior and wild nature are far from domestication. The pheasant is a seasonal breeding species and lays a limited number of eggs in a breeding season. The growth rate and feed efficiency of pheasants are very low as compaired with those of chicken for meat purpose. In addition, the breeder's access to one's herd for care is not easy. From these reasons, pheasants seem to be unsuitable for meat production in a large flock at present. However, pheasant raising is expected to increase slowly in accordance with rising demand for special poultry meat. Therefore, it is necessary to improve techniques about raising, feeding and rnanagement, so that the consumer price of pheasant meat can be lowered down reasonably.

• 경영과학
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• 제32권2호
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• pp.125-143
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• 2015

When studying the film industry, researchers have seldom addressed the dynamic interaction between marketing information and word of mouth in the motion picture industry mainly because of the limitation of traditional research methodologies. This study explores integration and competition among important variables influencing on audience's choice on movie selection, particularly by using a new method of agent-based modeling including competitive environment. Decision process of moviegoer composed of transition probability based on multinomial logit model, considering marketing and box-office information, critique, and word of mouth from other moviegoers. After validating the fitness of market share among released movies, this study conducted a set of simulation experiments considering several variables such as market size, change of weight between variables, and movie performance under competition. Propositions are derived from the simulation results is also suggested for future research.

• Asian-Australasian Journal of Animal Sciences
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• 제14권6호
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• pp.803-810
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• 2001

This study examined the behavior of dairy heifers and the factors affecting the performance of them on pasture. Behavior of 10 Holstein heifers in a herd of 25 animals that rotationally grazed five 8-ha pastures was observed and recorded every 5 minutes during 24 hours; body weights were measured once a month from June to October. Blood and rumen fluid samples were collected from 5 of them bimonthly. Chemical composition was analyzed for the forage samples collected each month. CP content (DM basis) of herbage ranged from 12.2 (June) to 17.2% (October) and ADF from 31.1 (October) to 39.1% (July). Standing (posture) time was different significantly among months (p<0.001) ranging from 48.3 to 61.3% of 24 hours and was longer in July and August (61.3% and 58.3%, respectively) when ADF content of herbage was higher than in the other months. Grazing time which significantly differed among months (p<0.001) ranged from 29.1 to 41.6% of 24 hours and was shorter in June and September (29.1% and 33.0%, respectively) when ADF content was lower than in the other months. Average DG through the experiment period was 0.74 kg/day. August was the lowest in DG (0.41 kg/day) and the longest in rumination time and standing-rumination time among months. Animals of higher DG had a shorter standing time (r=-0.36, p<0.01) and a longer lying-rumination time (r=0.55, p<0.001) throughout the experiment. Total protein concentration in blood ranged from 9.04 to 9.64 g/dl and was negatively correlated with DG (r=-0.65, p<0.05). Phospholipid concentration of blood ranged from 119.66 to 156.40 mg/dl and was negatively correlated with DG (r=-0.57, p<0.05). VFA in rumen fluid, acetic acid proportion (ranging from 69.35 to 74.76%) and butyric acid proportion (ranging from 7.18 to 12.05%) showed significant differences among months (p<0.05, p<0.001, respectively). Butyric acid proportion was significantly related with DG (r=0.60, p<0.05).

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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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.