In this paper we develop a simple theoretical model to analyze the impact of institutional herding on asset prices. In our model, career-concerned money managers interact with pro…t-motivated proprietary traders and security dealers endowed with market power. The interaction between these three classes of traders generates rich implications. First, we show that the reputational concerns of fund...

In the empirical analysis we identify herding by documenting sequential correlation of lending decisions after controlling for listing heterogeneity and payoff externalities. We then distinguish rational herding from irrational herding based on the premise that publicly observable listing attributes should moderate the herding momentum if lenders are rational observational learners. In this sec...

Reconstructing stock herding strategies and land use is key to comprehending past human social organization and economy. We present laser-ablation strontium and carbon isotope data from 25 cattle (Bos taurus) to reconstruct mobility and infer herding management at the Swiss lakeside settlement of Arbon Bleiche 3, occupied for only 15 years (3384-3370 BC). Our results reveal three distinct isoto...

Herding behavior can arise as the collective action by individual agents that base their movement only on information about their neighbors; global properties can arise from strictly local interactions. Simulation models are used to explore the influence of individual decisions on group pattern, and to investigate the mechanisms underlying such patterns.

We experimentally study behavior in an endogenous-timing herding game. We find that subjects respond to their type and to observed investment activity in a sensible way, but there are also substantial departures from Nash Equilibrium. Some departures can be viewed as mere noise in decision making while other departures represent systematic biases reflecting subjects’ failure to appreciate subtl...

In this paper, real-time implementation of multirobot convoying behavior utilizing neuro-fuzzy control is presented. With only nine rules, the follower convoys the leader closely and smoothly by varying its speed and changing its direction. When the leader stops, the follower stops very close to the specified safe distance (within an inch). The follower backs up quickly when the leader moves ba...

Abstract Subject and purpose of work: This paper explores whether herding behavior is formed according to the type investor, how long transmission occurs, identifies big reaction flow connects between investors. Materials methods: The population in this study are companies whose shares listed LQ45 index list for period January 2015 December 2017 on Indonesia Stock Exchange. To find out further ...