• 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.

• 부동산연구
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• 제28권1호
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• pp.91-104
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• 2018

본 연구는 시장참여자의 행태 중 하나인 군집행동의 발생 여부와 정도를 주택시장을 중심으로 분석하였다. 분석방법으로 최근 군집행동 분석에 가장 많이 활용되는 CSAD모형에 실거래가격을 적용하였다. 분석내용은 권역별, 경과년수별, 규모별, 시장조건별로 세분하여 지역성, 내부요인, 외부 요인에 대한 분석을 하고자 하였다. 분석결과 첫째, 서울시 전체에서는 군집행동이 발생하지 않았다. 권역별로는 도심권, 동남권, 서북권에서 군집행동이 발생하여 선행연구(Ngene et al., 2017)와 동일한 결과를 보였다. 둘째, 경과년수별 분석에서는 노후주택에서 군집행동이 포착되었으며, 규모별로는 $60m^2$이하의 소규모와 $85m^2$이상 $102m^2$미만의 국민주택규모에서 군집행동이 발생하는 것으로 나타났다. 셋째, 글로벌 금융위기하에서는 모든 권역에서 군집행동이 발생하지 않았으며, 시장 상황이 호황기일 경우 서북권에서 군집행동이 발생하는 것으로 분석되었다. 이는 손실공포 확대에 따라 불황기에서 군집행동이 집중적으로 발생하는 주식시장과 차이를 보이는 결과이다. 본 연구는 시장참여자의 행태를 행동경제학적 측면에서 분석하여 주택시장 이상현상에 대한 이해도를 높이고 시장분석에 시장참여자의 행동이라는 심리요인을 제시하였다는 점에서 의미가 있을 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.53-59
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• 2021

This research aims to examine the model of investor herding behavior in making investment decisions in the Indonesian capital market, which is influenced by social and information impacting on the value of the Book Value Per Share (BVPS). The latest stock market conditions show that most investors make the same error pattern in making investment decisions that result in losses. The experiment involves two independent variables, namely, information about BVPS and social influence. This study used a 2×2 factorial design laboratory experimental method. Data collection was carried out through treatment of a sample of 100 individual investors listed on the Indonesia Stock Exchange. Univariate Two-Way Analysis of Variance (ANOVA) statistical tool was used to test the independent variable on the dependent variable. Research results showed that the social influence originating from expert investors is more influential than the Book Value Per Share (BVPS) information on the behavior of herding investors in making investment decisions. These findings suggest that investors know their psychological factors, thereby increasing self-control and investment analysis skills. Further research can use psychological bias and other indicators of accounting relevant information such as Earning Per Share (EPS) to test herding behavior in investment decision making in the capital market.

• 경영과정보연구
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• 제32권3호
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• pp.83-105
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• 2013

기관투자자들의 군집행동에 대해서는 다양한 연구들이 이루어져 왔으나 기관투자자를 구성하는 여러 투자자들 간의 거래행태의 관계에 대하여는 그 연구가 부족한 상태이다. 따라서 본 연구에서는 2009년 한국거래소의 일중거래자료를 바탕으로 기관투자자를 구성하는 은행, 보험, 증권, 연기금 등과 같은 세부 투자자 유형의 거래행태에 있어서 어떠한 관계가 있는지 살펴보았다. 그 결과 외국인, 개인, 그리고 증권 투자자의 경우 대체로 연기금을 비롯한 나머지 투자자 유형과는 주로 반대거래를 하고 있는 것으로 나타났으며 연기금, 보험, 자산운용, 사모펀드, 기타법인 및 국가, 은행 등은 서로간 교차추종을 하고 있어 군집행동의 증거가 관찰되었다. 특히 연기금과 보험은 오랜 기간 서로 교차추종거래를 하고 있는 것으로 조사되었다. 따라서 2009년의 경우 증권을 제외한 기관투자자들은 짧은 추종시차에서 군집행동을, 보험과 자산운용, 연기금 및 기타법인의 경우 군집행동과 자기추종의 가능성이 추종시차에 관계없이 높게 나타났으며, 외국인에 대한 추종 및 군집행동의 증거는 확인할 수 없었다.

• Asia pacific journal of information systems
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• 제18권4호
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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.

• Human Ecology Research
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• 제58권4호
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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.

• 경제분석
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• 제17권2호
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• pp.27-55
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• 2011

최근 금융시장의 변동성이 현저하게 증폭되면서 이에 대한 원인으로 금융시장의 군집 행동에 대한 이론적 연구가 활발하게 진행되고 있지만 군집행동의 시계열적 특성을 파악할 수 있는 실증적 연구는 거의 없었다. 따라서 본 연구는 연속신념시스템(continuous beliefs system)의 이론적 확장을 통해 군집행동을 시계열적으로 측정할 수 있는 군집행동 파라미터를 도출하였으며 이를 추정하기 위한 계량모형을 제안하였다. 또한 이 모형의 효율적 추정을 위해 MCMC 추정법을 적용하였다. KOSPI와 DOW 지수월별자료를 이용한 실증분석 결과에 의하면 미국보다 우리나라 주식시장의 군집행동이, 그리고 글로벌 금융위기 전보다 글로벌 금융위기 이후에 군집행동이 강하게 나타났다. 또한 글로벌 금융위기로 인해 군집행동의 변동성(표준편차)이 증가하였으며 군집행동은 수익률 변동성과는 달리 지속적인 자기상관을 유지하지 않았다. 이런 결과는 군집행동이 금융시장을 불안하게 만드는 한 원인이 될 수 있음을 나타낸다.

• Asia Marketing Journal
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• 제11권4호
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• pp.21-48
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• 2010

본 연구에서는 영화 수명 주기 상의 세 단계(개봉 당시 스크린 수, 첫 주 관객수, 전체 관객 수) 모형을 바탕으로 한국시장에서 영화의 흥행성과를 비교 분석하였다. 제작비 같은 규모(scale) 요인, 관객 평가, 전문가 비평 같은 평가(evaluation) 요인, 상영 당시의 경쟁(competition) 요인, 그리고 군집행동(herding behavior)이 각 단계에서 어떻게 다른 영향을 미치는 지 알아보았다. 또한 한국 시장에서 상영된 한국영화와 외국영화를 따로 분석함으로써 이러한 영향들이 이 두 그룹의 영화의 흥행에 어떤 차이를 보이는지를 분석하였다. 본 연구에서 군집행동(herding behavior) 현상은 국내 영화의 전체 관객 수 결정 단계에서만 유의한 것으로 나타났다. 이는 평가가 좋고 첫 주 흥행성적이 좋은 국내 영화의 경우 개봉 일주일 이후에 관객들이 현저히 늘어나는 경향이 있음을 의미한다. 각 단계에서 국내 영화와 외국 영화 간 영향요인들의 영향력 차이를 분석한 결과 규모요인은 모든 단계 모든 영화의 성과에 중요한 역할을 하지만 특히 외국영화의 첫 주 성과와 전체 성과에 결정적인 영향을 주는 것으로 나타났다. 마찬가지로 한국영화의 첫 주 성과에는 규모요인이 결정적 역할을 하였다. 경쟁요인은 모든 단계에서 외국영화보다는 국내영화에 더 중요한 영향을 미치는 것으로 나타났다. 평가요인도 한국영화의 경우 모든 단계에서 영향력이 유의했지만 특히 스크린 결정에 중요한 영향을 미치는 것으로 나타났다. 외국영화의 경우, 스크린 결정에는 평가요인의 영향이 유의하지 않았으나 전체 성과를 예측하는 데에는 중요한 역할을 하는 것으로 나타났다. 이 외에 스토리 배경 (속편여부/원작유무), 장르, 제작사 등 다른 변수들의 영향력 또한 분석되었다.

• 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.