Suchergebnisse

Herd theory may be useful for understanding the activities of interest groups in the American states. If interest groups are as powerful as most of the literature claims, it should become increasingly easy to statistically explain certain public policy outcomes. The analysis shows this is not the case, and therefore a reexamination of interest group behaviors may be in order. To a large extent, the hiring of lobbyists by interest groups does not seem to result in a greater level of explained variance. If the number of interest groups in a category pressures administrators, such a reaction may be misplaced.

This paper examines the herding phenomenon in the context of a frontier stock market, the Colombo Stock Exchange of Sri Lanka, employing the cross - sectional absolute deviation methodology to daily frequencies of data for the period from April, 2000 to September, 2016. The results show significant changes in magnitude and pattern of herding over different episodes of the market. The herd behavior is strongly presence irrespective of the direction of the market movement in the 2000 - 2008 period, during which investments in the stock market is affected by the country's political instability resulting from the civil war. The evidence also shows herd behavior during the period of market bubble whereas negative herding in the market crash period. However, it becomes less likely to occur during the period after the market crash. The lower tendency to herd during the post- market crash period supports the Adaptive Market Hypothesis, implying that investors are likely to realize the irrationality of herding and learn to be more rational as a consequence of significant losses experienced during the period of the market crash. Accordingly, these findings suggest that period- specific characteristics of the market and the associated psychological effects to investors such as overconfidence and panics would cause changes to their beliefs and behavior, the experiences of which would subsequently produce learning effect to minimize their irrationality in decision making.

The paper aims to examine the presence of herding behavior in the Tunisian stock market on two periods before and during the political and social crisis that took place in 2011. Examination of the presence of herding on market is based on the Cross Sectional Absolute Deviation of returns (CSAD) and consequently on the Chang, Cheng and Khorana (2000) model and its modified version introduced by Chiang and Zheng (2010) taking into consideration the effect of market conditions (when market is down or up) on herding. The study uses the relationship between the stock price and trading volume to detect herding. The empirical results indicate the presence of herd behavior during crisis period regardless to prices and trading volume movements. However, during the pre-crisis period herding is detected only when market is up. DOI:10.5901/mjss.2016.v7n4p113

Twice a year FOMC members submit forecasts for growth, unemplyoment and in ation to be published in the Humphrey-Hawkins Report to Congress. In this paper we use individual FOMC forecasts to assess whether these forecasts exhibit herding behavior, a pattern often found in private sector forecasts. While growth and unemployment forecast do not show herding behavior, the in ation forecasts show strong evidence of anti-herding, i.e. FOMC members intentionally scatter their forecasts around the consensus. Interestingly, anti-herding is more important for nonvoting members than for voters.

1. Introduction: Understanding Russian Strategic Behavior 2. Russian Strategic Culture: Conceptualization and Evolution3. The ⁰́₈Inner Logic⁰́₉ of Tsarist Imperial History4. Soviet Legacies: Stalin, Brezhnev and Putin5. ⁰́₈Putinism⁰́₉ and Russia⁰́₉s Hybrid State: Policies, Practice and Performance6. Putin⁰́₉s Operational Code: Inferences and Implications for Regime Stability7. Russia⁰́₉s Global Reach: Reality and Rhetoric 8. Putin, the Collective Putin and Alternative Power Transition Scenarios9. Conclusions: Putin⁰́₉s Paradoxes, Strategic Sub-Cultures and World Order

This paper addresses the question: Why and where do immigrants cluster? We examine the relative importance and interaction of two alternative explanations of immigrant clustering: (1) network externalities and (2) herd behavior. We advance the theory by presenting a framework encompassing both network and herd effects, and by delineating various types of network and herd effects in our empirical work. In order to distinguish between herd and network externalities, we use the Mexican Migration Project data. Our empirical results show that both network externalities and herds have significant effects on the migrant?s decision of where to migrate. Moreover, the significance and size of the effects vary according to the legal status of the migrant and whether the migrant is a ?new? or a ?repeat? migrant. The network-externality effect has an inverse U shape, not simply a linear positive effect as often presented in the literature. Neglecting herds and/or networks, or the inverse U shape of network effects leads to faulty conclusions about migrant behavior. -- herd effects ; networks ; immigration ; location choice