• Asia pacific journal of information systems
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• v.18 no.4
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• pp.105-130
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• 2008

Consumers of e-learning market differ from those of other markets in that they are replaced in a specific time scale. For example, e-learning contents aimed at highschool senior students cannot be consumed by a specific consumer over the designated period of time. Hence e-learning service providers need to attract new groups of students every year. Due to lack of information on products designed for continuously emerging consumers, the consumers face difficulties in making rational decisions in a short time period. Increased uncertainty of product purchase leads customers to herding behaviors to obtain information of the product from others and imitate them. Taking into consideration of these features of e-learning market, this study will focus on the online herding behavior in purchasing e-learning contents. There is no definite concept for e-learning. However, it is being discussed in a wide range of perspectives from educational engineering to management to e-business etc. Based upon the existing studies, we identify two main view-points regarding e-learning. The first defines e-learning as a concept that includes existing terminologies, such as CBT (Computer Based Training), WBT (Web Based Training), and IBT (Internet Based Training). In this view, e-learning utilizes IT in order to support professors and a part of or entire education systems. In the second perspective, e-learning is defined as the usage of Internet technology to deliver diverse intelligence and achievement enhancing solutions. In other words, only the educations that are done through the Internet and network can be classified as e-learning. We take the second definition of e-learning for our working definition. The main goal of this study is to investigate what factors affect consumer intention to purchase e-learning contents and to identify the differential impact of the factors between consumers with purchase experience and those without the experience. To accomplish the goal of this study, it focuses on herding behavior and perceived usefulness as antecedents to behavioral intention. The proposed research model in the study extends the Technology Acceptance Model by adding herding behavior and usability to take into account the unique characteristics of e-learning content market and e-learning systems use, respectively. The current study also includes consumer experience with e-learning content purchase because the previous experience is believed to affect purchasing intention when consumers buy experience goods or services. Previous studies on e-learning did not consider the characteristics of e-learning contents market and the differential impact of consumer experience on the relationship between the antecedents and behavioral intention, which is the target of this study. This study employs a survey method to empirically test the proposed research model. A survey questionnaire was developed and distributed to 629 informants. 528 responses were collected, which consist of potential customer group (n = 133) and experienced customer group (n = 395). The data were analyzed using PLS method, a structural equation modeling method. Overall, both herding behavior and perceived usefulness influence consumer intention to purchase e-learning contents. In detail, in the case of potential customer group, herding behavior has stronger effect on purchase intention than does perceived usefulness. However, in the case of shopping-experienced customer group, perceived usefulness has stronger effect than does herding behavior. In sum, the results of the analysis show that with regard to purchasing experience, perceived usefulness and herding behavior had differential effects upon the purchase of e-learning contents. As a follow-up analysis, the interaction effects of the number of purchase transaction and herding behavior/perceived usefulness on purchase intention were investigated. The results show that there are no interaction effects. This study contributes to the literature in a couple of ways. From a theoretical perspective, this study examined and showed evidence that the characteristics of e-learning market such as continuous renewal of consumers and thus high uncertainty and individual experiences are important factors to be considered when the purchase intention of e-learning content is studied. This study can be used as a basis for future studies on e-learning success. From a practical perspective, this study provides several important implications on what types of marketing strategies e-learning companies need to build. The bottom lines of these strategies include target group attraction, word-of-mouth management, enhancement of web site usability quality, etc. The limitations of this study are also discussed for future studies.

• Asia Marketing Journal
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• v.11 no.4
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• pp.21-48
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• 2010

This article analyzes film performances in the Korean movie market utilizing three-stage models that incorporate available information in three different stages of the movie life cycle, i.e., at the time of its release, at the end of the first week, and at the end of its life cycle. Based on the premise that the performance of a movie is affected principally by factors of scale, evaluation, and competition, we attempted to ascertain the effects on these factors on performances, and how they differ in different stages. Also, by analyzing domestic and foreign movies released in Korea separately, we were able to compare the different effects of the three factors on the performances of the two categories of movies. Additionally, our movie performance models incorporated herding behavior among the customers. Our results demonstrate that herding is prominently observed after the first week only for domestic movies. In general, the scale factor has been shown to be most important for movie performances in all stages. For foreign films, it is particularly critical for the first week and total performances. Whereas the evaluation factor influences domestic film performance more strongly at the screen choice stage, it affects the performance of foreign films more strongly in the later stages of the life cycle. As compared to foreign films, domestic film performance appears to be more sensitive to the competition factor. We also discuss the effects of covariates such as genre and symbolicity on movie performance.

• 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.

• Human Ecology Research
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• v.58 no.4
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• pp.497-515
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• 2020

The use of mobile payment services has recently increased in South Korea. Mobile payments allow consumers to purchase items digitally, using a mobile card in an app affiliated with a payment service. This study explores the predictors of intention to adopt mobile payment services. The study employed an A(affective)-B(behavioral)-C(cognitive) model with two antecedent variables: cognitive (perceived usefulness, perceived risk, perceived ease of use, and perceived herding behavior) and affective (satisfaction with the status quo, innovation resistance) responses. An online survey of 405 non-users of mobile payment services aged 20 to 49 years was conducted. The study used SPSS 23.0 for descriptive analysis and Amos 23.0 for confirmatory factor analysis and structural equation modelling. The results are as follows. First, perceived usefulness, perceived risk, and perceived herding behavior significantly influenced innovation resistance. Second, perceived herding behavior significantly influenced subjective norms. Third, innovation resistance and subjective norms significantly influenced the intention to adopt mobile payment services. The findings suggest that the A-B-C model can be useful in understanding consumers' adoption and resistance behaviors and that cognitive and affective responses are important antecedent variables affecting the decision to adopt mobile payment services.

• 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.

• Economic Analysis
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• v.17 no.2
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• pp.27-55
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• 2011

Although many theoretical studies have tried to explain the volatility in financial markets using models of herd behavior, there have been few empirical studies on dynamic herding due to the technical difficulty of detecting herd behavior with time-series data. Thus, this paper theoretically extends a continuous beliefs system belonging to an agent based economic model by introducing a term representing agents'mutual dependence into each agent's utility function and derives a SV(stochastic volatility)-type econometric model. From this model the time-varying herding parameters are efficiently estimated by a Markov chain Monte Carlo method. Using monthly data of KOSPI and DOW, this paper provides some empirical evidences for stronger herding in the Korean stock market than in the U.S. stock market, and further stronger herding after the global financial crisis than before it. More interesting finding is that time-varying herd behavior has weak autocorrelation and the global financial crisis may increase its volatility significantly.

• Sim-seong Yeon-gu
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• v.25 no.1
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• pp.1-26
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• 2010

The Ten Ox Herding Pictures by Kuo-an, a Zen Master of China in the Middle Ages are interpreted from the view point of the analytical psychology of C.G. Jung. Basically, I agree with the previous Jungian comments on it by M. J..Spiegelman, M.Miyuki, and H.Kawai at the Ox Herding Pictures are symbolic manifestations of the individuation process in terms of C.G.Jung. In connection with the process of Jungian analysis, I went through, not only the pictures but also the eulogies and critical comments of Zen masters in order to elucidate the symbolical meanings of each stage of spiritual development in Zen meditation. I noticed that the Ox Herding Pictures suggest the preference of suppression and conscious control of shadow in Jung's terms rather than its assimilation through making conscious the unconscious inferior personality. Also, the feminine psyche seems to be not particularly taken into consideration. In another words, different psychic aspects are represented in one single image : Ox. Due to the simplicity of pictorial expressions, the Ox Herding Pictures provide us possibilities to pour abundant imaginations into the pictures. The images comprise multiple irrational meanings; therefore it is warranted to render multiple interpretations of the Pictures as shown in the eulogies and comments by other Zen masters. The sequences of the Pictures need not coincide with a linear process but rather with a circular process of enlightenment, as Miyuki has suggested. Kuo-an's Pictures clearly suggest the danger of ego inflation and the fact that the final goal of Zen meditation should be the capability of the enlightened to serve the people.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2000.10a
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• pp.77-80
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• 2000

Feedback herding strategy in stock market means considering other investor's strategy as a basis of market forecasting of next term. Generally, individual investors use that strategy which mimics the strategy of institutional investors. When it is used in stock market, both kind of investors, preceders and followers, can take the higher average of rate of return to normal market in which no feedback herding strategy is not use, the more investors take part in. And variance of return, the risk of investment, are same to both group.

• 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.

• Fisheries and Aquatic Sciences
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• v.9 no.4
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• pp.167-174
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• 2006

Two typical responses have been documented for flatfish when they encounter the ground gear of bottom trawls: herding response and falling back response. These two responses were analyzed from video recordings of fish and were characterized by time sequences for four parameters: swimming speed, angular velocity, acceleration, and distance between the fish and the ground gear. When flatfish displayed the falling-back response, absolute values of the three swimming parameters and their deviations were significantly higher than those during the herding response. However, the swimming parameters were not dependent on the distance between the flatfish and the ground gear, regardless of which response occurred. The dominant periods for most of the movement parameters ranged from 2.0 to 3.7 s, except that no periodicity was observed for swimming speed or angular velocity during the falling-back response. However, variations in the four parameters during the falling -back response revealed greater irregularity in periodicity and higher amplitudes. This complex behavior is best described as a chaos phenomenon' and is discussed as the building block for a model predicting the responses of flatfish to ground gear as part of the general understanding of the fish capture process.