• 제목/요약/키워드: Herding

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Herding Behavior: Do Domestic Investors Herd Toward Foreign Investors in Vietnam Stock Market?

  • NGUYEN P., Quynh
    • 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.

Herd behavior and volatility in financial markets

  • Park, Beum-Jo
    • Journal of the Korean Data and Information Science Society
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    • 제22권6호
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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.

Entrepreneurial Ecosystem - What Boosts Herders' Business Most in Mongolia?

  • Delgersaikhan, Amarjargal
    • STI Policy Review
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    • 제8권2호
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    • pp.94-109
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    • 2017
  • Entrepreneurship is a creation of new combinations of goods and services. Today, every aspect of business operations has been changing, which we call development. The conventional business included production and manufacturing of goods and serving things the customer needed. Today, the business has changed form so that the demands of customers are shaped by the good or service which has been created by the businesses. Entrepreneurship in Mongolia is not a new concept but nowadays the number of entrepreneurs in Mongolia has grown sharply. Mongolia was a nomadic culture during its history and is probably the only nomadic culture left in the world today. Mongolian herders are the largest and the most powerful representation of successful entrepreneurs in Mongolia. Another practice of herders in the world are in Australia. Along with a comparison of the policy and government support system of Australia, this study intends to assess how 6 factors of the entrepreneurial ecosystem fit herders in Mongolia. As a result of this assessment, we propose policy to support the entrepreneurial mechanism of herders and identify cultural factors which support the existence of herding.

Every Picture Tells a Story: The New York Unicorn Tapestries and Daesoon Jinrihoe's Simudo Paintings

  • Massimo INTROVIGNE
    • 대순사상과 동아시아종교
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    • 제3권1호
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    • pp.13-32
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    • 2023
  • Both the late 15th-century Unicorn Tapestries now at the Cloisters Museum in New York and Daesoon Jinrihoe's Simudo Paintings present a religious narrative through the symbol of the search for an animal that is then subdued. This is now the prevailing scholarly interpretation of the New York Unicorn Tapestries, with the unicorn representing Jesus Christ, although a concurrent reading alluding to human love cannot be excluded. The article examines the New York Unicorn Tapestries according to their Christological interpretation, rooted in traditions about the unicorn popularized by the German medieval mystic Hildegard of Bingen, although in fact much older. It then discusses the Buddhist iconographic tradition of ox-herding paintings that represents an antecedent for the Simudo Paintings and notes the latter's differences and similarities with the New York Unicorn Tapestries.

고려의 원시영역 유목초지, 그 부르칸(불함)이즘과 한국축산의 비전 (Burqanism from the Origin of the Pastoral Nomadic Koryo Region and the Vision of Korean Livestock Farming)

  • 주채혁
    • 한국초지조사료학회지
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    • 제25권1호
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    • pp.71-82
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    • 2005
  • Khori(高麗) refers to the Chaabog(reindeer) that live on lichens(蘚) on Mt. Soyon(鮮) in which pastures are the cold and dry plateau of North Eurasia. Thus, the origin region of the Khori or Koguryo that are the ancestors of the reindeer-herding pastoral nomads(馴鹿 遊牧民) can be said to be the Steppe-Taiga-Tundra pastoral areas of North Eurasia and North America. When the pastoral nomads moved on to the great mountain(大山) zone of the Jangbaek(長白) to the Baekdu(白頭) Mountains, they could have been in contact with pastoral farmers or agricultural farmers living there and they became the farmers remaining on agricultural farms. They were the Koryo people, the ancestors of Korea. Staying in one place, they gradually forgot the origin of their reindeer-herding pastoral nomadic history in the Northwest area of Mt. Soyon, the small mountain(小山) zone of the Steppe-Taiga-Tundra pastoral areas. In other words, they lost their identity as reindeer-herding pastoral nomads when they entered the agricultural area after leaving the pastoral area. However, since their basic genes had already formed when they lived on the cold and dry plateau of North Eurasia, it is possible to study their pastoral nomadic history focusing on 'the minority living in the broad area(廣域少數)', by utilizing highly advanced biotechnological science and focusing on genes and information technology innovation, and removing various past hindrances in research. Therefore, it is not so difficult to restore the reindeerherding pastoral nomadic history of the Koguryo(高句麗) people and secure their pastoral nomadic identity, of which the first steps have already been taken into their historical stages. The Eurasian continent and the Korean peninsula, especially the cold and dry plateau of North Eurasia and the Korean peninsula have been closely related to each other ecologically and historically. They can never be a separate space at all. The Eurasian continent lies horizontally east to west and thus, the continent forms an isothermal zone. Also, since the time of producing their own foods, it was relatively easy for people with their technology to move to other places owing to the pastoral nomadic characteristic of mobility. Unlike the Chungyen(中原) region, western Asia and the regions covering the Siberia-Manchu-Korean peninsula where food production revolution was first made were connected to the Mongolian lichens route(蘚苔之路: Ni, ukinii jam) and steppe roads. Although the ecological conditions of nature have changed a bit throughout a long history, it was natural for the many tribes in North Asia living on the largest Steppe-Taiga-Tundra area in the world to have believed 'the legends related to animals in relation to their founders and ancestors(獸祖傳說)'. Assuming that Siberian tigers and the tigers living on Mt. Baekdu were connected ecologically and genetically because of the ecological characteristics of the animals, and their migration from plateau to plateau, we would suspect that the Chosun(朝鮮) tribe living on Mt. Baekdu were ethnically and culturally more closely connected to the farther removed Ural-Altai tribes that lived on the cold and dry plateau region than to the Han(i14;) tribe who lived in Chungyen(中原) that was close to Mt. Baekdu. More evidence is the structure of the Korean language which has the form of 'Subject + Object + Verb', which is assumed to have originated from the speedy lifestyle of the reindeer-herding pastoral nomads. The structure is quite different from that of the Han(漢) language, which is based on agricultural life. Also, it is natural for reindeer riding reindeerherding pastoral nomads or horse-riding sheep-herding pastoral nomads(騎馬, 羊遊牧民) to have held military and political power over the region and eventually to have established an ancient pastoral nomadic empire in the process of their conquest of agricultural regions. The stages for founding global empires in the history of mankind maybe largely divided into two, in terms of ecological conditions and occupations. They are the steppes and the oceans. Of course, the steppe-based empires were established based on the skills to deal with horses and the ability to shoot arrows while riding horses, along with the use of iron ware in the 8th century BC. The steppe-based empires became the foundation for an oceanic empire, which could have been established by the use of warships and warship guns since the 15th Century. Based on those facts, we know that Chosun, Puyo(夫餘), and Koguryo are the products of a developmental process of pastoral nomadic empires on the steppes. Maybe we can easily find the pastoral nomadic identity of the Koguryo more than we expected when we trace the origins and history of the Korean tribe living in the pastures located in the northwest area of Mt. Jangbaek by focusing on pastoral nomadic mobility and organization just as we have investigated the historic origins of Anglo-Saxons in America by focusing on the times before the 15th Century. In the process, we should keep in mind that English culture originated from the Industrial Revolution and was directly delivered to the American continent, although America was far from England and was not an intermediate point on long sojourns either. Further, American culture came back to England in a more advanced form later. The most important thing currently to be resolved is to cause Koreans to look back on their own history in a freer way of thinking and with diverse, profound, and sharp insight, taking away the old and existing conventional recognition that is entangled with complicated interests with Korean people and other countries. The meanings of Chosun, Khori, and Solongos have been interpreted arbitrarily without any historic evidence by the scholars who followed conventional tradition of fixed-minded aristocrats in an agricultural society. If the Siberian cultural properties of the stone age, the earthenware age, the bronze age, and the iron age are analyzed in such a way, archaeological discovery will never be able to contribute to the restoration of the Koguryo's pastoral nomadic identity. One should transcend the errors that tend to interpret the cultural properties discovered in the pastoral nomadic regions as not being differentiated from those of agricultural regions and just interpret them altogether from the agricultural point of view. A more careful intention is required in the interpretation of cultural properties of ancient Korean empires that seem to have been formed due to mutual interactions of pastoral nomadic and agricultural cultures. Also, it is required that the conventional recognition chain of 'reverse-genes' be severed, which has placed more weight on agricultural properties than pastoral nomadic ones, since their settlement on agricultural farms was made after the establishment of their ancient pastoral nomadic empires. There is no reason at all to place priority on stoneware, earthenware, bronze ware, and iron ware than on wooden ware(木器) and other ware which were made of animal skins(皮器), bones and horns(骨角器), in analyzing the history in the regions of reindeer or sheep pastures. Reading ancient Korean history from the perspective of pastoral nomadic history, one feels strongly the instinctive emotions to return to the natural 'mother place'. The reindeer-herding pastoral nomadic identity of the Koguryo people that has been accumulated in volumes in their genes and hidden deep inside and have interacted organically could be reborn with Burqanism(Burqan refers to 不咸 in Chinese), which was their religion by birth and symbolized as the red willow(紅柳=不咸). The mother place of the Koguryo's people is the endless vast green pastures of North Eurasia and North America, where we anticipated the development of Korean livestock farming following the inherent properties in the genes of the reindeer-herding pastoral nomads with Korean ancestors. We anticipate that the place would be the core resource that could contribute to the development of life of living creatures following the inherent properties of their genes and biotechnological factors. In other words, biotechnology used for a search for clues on the well-being of humans could be the fruit brought by Burqanism of the Koguryo people and the fruit of the globalization of Korean livestock farming. It is the Chosun farmer in China come from the vast nomadic reindeer pastures of North Eurasia that resolved the food problem of a billion Chinese people with lowland paddy rice seeds (水稻) by transforming Heilongjiang Province(黑龍江省) into an oceanic lowland paddy rice field(水田). Even Mao Tse-tung(毛擇東) could not resolve the food problem by his revolution campaigns for tens of years. Today is the very time that requires the development of special livestock farming following the inherent properties of the ancient Korean reindeer-herding pastoral nomads that respected the dignity of life on the cold and dry plateau of North Eurasia and the America continent. I suggest that research should be started from the pastures of the Dariganga Steppe in East Mongolia that was the homeland of Hanwoo(韓牛) and the central horse-herding steppe place(牧馬場) of Chingis Khan's Mongolia. The Dariganga Steppe is awash with an affluent natural environment for pastoral nomadic living however, the quality of life of the pastoral nomads there is still low. I suggest we Koreans, the descendents of the Koguryo, should take our first steps for our livestock farming business project and develop the Northern nomadic pastures, here at the pastures of the Dariganga Steppe, which is the Mongolian core place of state-of-the-art technology for military weapons.

Cryptocurrency Market: Behavioral Finance Perspective

  • AL-MANSOUR, Bashar Yaser
    • The Journal of Asian Finance, Economics and Business
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    • 제7권12호
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    • pp.159-168
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    • 2020
  • The cryptocurrency market has received immense consideration in media and academia since the beginning of 2013 because of its huge price fluctuation. This study focuses on Arab investors who invest in the cryptocurrency market by investigating the influence of behavioral finance factors on investment decisions in the cryptocurrency market. A quantitative approach was used by employing a snowball sampling method through 112 questionnaires. The results show that herding theory, prospect theory, and heuristic theory have a significant effect on investors' investment decisions in the cryptocurrency market. This emphasizes the significant role of the proposed behavioral factors as determinants of the investors' investment decisions. This study contributes to the existing research by consolidating the results of different researches in this study. It also contributes to the investors' understanding of the dynamics of the cryptocurrency market and it enhances the ability to make informed decisions based on their understanding. The implication of the findings will prepare hit and run investors to be progressively prepared to stay in the cryptocurrency market and develop their abilities on the most proficient method to settle on sound venture choices. Furthermore, the findings of this study will encourage financial specialists to realize that information on the traditional finance theory is not adequate to excel in the cryptocurrency market.

Modeling the Selectivity of the Cod-end of a Trawl Using Chaotic Fish Behavior and Neural Networks

  • Kim, Yong-Hae;Wardle, Clement S.
    • Fisheries and Aquatic Sciences
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    • 제11권1호
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    • pp.61-69
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    • 2008
  • Using empirical data of fish performance and physiological limits as well as physical stimuli and environmental data, a cod-end selectivity model based on a chaotic behavior model using the psycho-hydraulic wheel and neural-network approach was established to predict fish escape or herding responses in trawl and cod-end designs. Fish responses in the cod-end were categorized as escape or herding reactions based on their relative positions and reactions to the net wall. Fish movements were regulated by three factors: escape time, a visual looming effect, and an index of body girth-mesh size. The model was applied to haddock in a North Sea bottom trawl including frequencies of movement components, swimming speed, angular velocity, distance to net wall, and the caught-fish ratio; simulation results were similar to field observations. The ratio of retained fish in the cod-end was limited to 37-95% by optomotor coefficient values of 0.3-1.0 and to 13-67% by looming coefficient values of 0.1-1.0. The selectivity curves generated by this model were sensitive to changes in mesh size, towing speed, mesh type, and mesh shape.

Behavioral Biases on Investment Decision: A Case Study in Indonesia

  • KARTINI, Kartini;NAHDA, Katiya
    • The Journal of Asian Finance, Economics and Business
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    • 제8권3호
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    • pp.1231-1240
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    • 2021
  • A shift in perspective from standard finance to behavioral finance has taken place in the past two decades that explains how cognition and emotions are associated with financial decision making. This study aims to investigate the influence of various psychological factors on investment decision-making. The psychological factors that are investigated are differentiated into two aspects, cognitive and emotional aspects. From the cognitive aspect, we examine the influence of anchoring, representativeness, loss aversion, overconfidence, and optimism biases on investor decisions. Meanwhile, from the emotional aspect, the influence of herding behavior on investment decisions is analyzed. A quantitative approach is used based on a survey method and a snowball sampling that result in 165 questionnaires from individual investors in Yogyakarta. Further, we use the One-Sample t-test in testing all hypotheses. The research findings show that all of the variables, anchoring bias, representativeness bias, loss aversion bias, overconfidence bias, optimism bias, and herding behavior have a significant effect on investment decisions. This result emphasizes the influence of behavioral factors on investor's decisions. It contributes to the existing literature in understanding the dynamics of investor's behaviors and enhance the ability of investors in making more informed decision by reducing all potential biases.

사회적 특성과 개인적 특성이 가상자산 구매 의도에 미치는 영향 - NFT를 중심으로 (An Empirical Validation of Effecting Social Characteristics and Personal Characteristics on Virtual Asset Purchase Intention - Focusing on NFT)

  • 서재석;김상일;김정욱
    • 디지털산업정보학회논문지
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    • 제19권2호
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    • pp.161-175
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    • 2023
  • The purpose of this study is the effects of Social Characteristics and Personal Characteristics on Virtual Asset Purchase Intention. TPB (Theory of Planned Behavior) model is validated as a theoretical background. possessiveness, and innovation tendency, herding, subjective norm, attitude, and Purchase intention were composed of variables. The method of the study collected 474 data of those experienced in NFT through a survey and conducted as a structural equation modeling method using AMOS. The result of this paper shows that 4 hypotheses are accepted statistically significant except 1 hypotheses among 5 hypotheses. Therefore, this study demonstrated the factors that influence the purchase intention of non-fungible tokens. This study concluded that possessiveness, herding, subjective norm, attitude had a statistically significant effect on Purchase intention. NFT research is just getting started, and there are not many empirical studies targeting investors, interested people, and companies. In this respect, this study will be able to provide useful information for NFT research.

Grazing system and floor type effects on blood biochemistry, growth and carcass characteristics of Nguni goats

  • Chikwanda, Allen Tapiwa;Muchenje, Voster
    • Asian-Australasian Journal of Animal Sciences
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    • 제30권9호
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    • pp.1253-1260
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    • 2017
  • Objective: Purpose was to determine the effects of grazing system and floor type on concentrations of blood metabolites, activity of creatine kinase, body weight and carcass characteristics of castrated Nguni goats. Methods: Forty eight, 7 month old goats were randomly allocated to herding and tethering treatments from 0800 to 1300 hours and accommodated on slatted and earth floors daily. Blood samples were collected by jugular venipuncture every fifteenth day for metabolite analysis. Slaughter was done at a commercial abattoir following 5 months of monitoring. Results: Tethered goats had significantly higher concentrations of urea (5.19 mmol/L) (p<0.001), creatinine ($55.87{\mu}mol/L$) (p<0.05), total protein (64.60 g/L) (p<0.01), and globulin (49.79 g/L) (p<0.001), whereas herded goats had higher glucose (3.38 mmol/L) (p<0.001), albumin (15.33 g/L) (p<0.05), albumin/globulin ratio (0.34) (p<0.01), and body weight (24.87 kg) (p<0.001). Slatted floors caused higher (p<0.01) albumin at 15.37 g/L. The interaction of grazing system and floor type affected creatinine, total protein, globulin at (p<0.01) and albumen/globulin ratio at (p<0.01). The least creatinine concentration and albumin/globulin ratio was in herded and tethered goats that were accommodated on earth floors, respectively. The highest total protein and globulin concentrations were in serum of tethered goats that were accommodated on earth floors. The highest (p<0.05) dressing percentage (45.26%) was in herded goats accommodated on slatted floors. Conclusion: Herding of goats lowered globulin concentration, improved estimated feed intake, blood glucose and albumin concentrations, albumin globulin ratio, increased body weights and weight related carcass characteristics. Floor type had very little effects on metabolites where earth floors only reduced albumin concentration. Tethering and housing goats on earth floors resulted in double stress that increased chronic infections.