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...

In southern elephant seals (Mirounga leonina), fasting- and foraging-related fluctuations in body composition are reflected by buoyancy changes. Such buoyancy changes can be monitored by measuring changes in the rate at which a seal drifts passively through the water column, i.e. when all active swimming motion ceases. Here, we present an improved knowledge-based method for detecting buoyancy c...

many real world problems can be modelled as an optimization problem. evolutionary algorithms are used to solve these problems. ant colony algorithm is a class of evolutionary algorithms that have been inspired of some specific ants looking for food in the nature. these ants leave trail pheromone on the ground to mark good ways that can be followed by other members of the group. ant colony optim...

the multiple traveling salesman problem (mtsp) is a generalization of the famous traveling salesman problem (tsp), where more than one salesman is used in the solution. although the mtsp is a typical kind of computationally complex combinatorial optimization problem, it can be extended to a wide variety of routing problems. this paper presents an efficient and evolutionary optimization algorith...

an evolutionary structural optimization (eso) method is used for plastic design of frames. based on safe theorems some criteria are derived and made an effort to satisfy them during the optimization process. in this regard, equilibrium is checked and yield condition is gradually satisfied during the optimization process. in this method, the amount of used material and the stiffness for each ele...

the present study is concerned with the simultaneous optimization of the size of components and the arrangement of connections for performance-based seismic design of low-rise spsws. design variables include the size of beams and columns, the thickness of the infill panels, the type of each beam-to-column connection and the type of each infill-to-boundary frame connection. the objective functio...

This study proposes a new measure and test of herding which is based on the crosssectional dispersion of factor sensitivity of assets within a given market. This new measure enables us to evaluate the directions towards which the market may be herding and separate these from movements in fundamentals. We apply the test to an analysis of the US, UK, and South Korean stock markets and somewhat su...

This study examines the relationships between the herding of various investor groups and trading noise in the Taiwan stock market to determine whether any of the investor groups tend to herd rationally. The study uses a unique and comprehensive data set on intraday transactions and limit order books of the Taiwan Stock Exchange (TWSE). We calculate the high-frequency herding measures and tradin...