Search results for "Herding"
showing 10 items of 26 documents
Why is equity order flow so persistent?
2015
Abstract Order flow in equity markets is remarkably persistent in the sense that order signs (to buy or sell) are positively autocorrelated out to time lags of tens of thousands of orders, corresponding to many days. Two possible explanations are herding, corresponding to positive correlation in the behavior of different investors, or order splitting, corresponding to positive autocorrelation in the behavior of single investors. We investigate this using order flow data from the London Stock Exchange for which we have membership identifiers. By formulating models for herding and order splitting, as well as models for brokerage choice, we are able to overcome the distortion introduced by bro…
Extreme interdependence and extreme contagion between emerging markets
2007
Abstract This paper uses seemingly unrelated probit techniques to separate the transmission of a crisis due to broadly defined macroeconomic interdependence from contagion due to herding, avoiding some of the caveats of the more traditional cross-correlation approach. We find that pure contagion occurred in a limited number of country pairs generally belonging to the same region. A reduction in speculative pressure can also be identified between countries in different regional blocks. This seems to suggest that after an initial crisis episode, investors tend to discriminate on the basis of location and common macroeconomic weakness or perceived similarity.
Climate change and reindeer management in Finland: Co-analysis of practitioner knowledge and meteorological data for better adaptation.
2020
Abstract We studied interannual variability and changes over time in selected climate indices in the reindeer management area (RMA) in northern Finland. We present together the knowledge possessed by reindeer herders with information from meteorological measurements over three decades. The practitioner knowledge was gathered via a survey questionnaire addressing herder observations of long-term changes (approximately during the past 30 years) in climatic conditions and their impacts on herding during the four seasons. A set of temperature-, precipitation- and snow-related indices relevant for herding within the RMA was derived from spatially interpolated daily meteorological data (1981–2010…
To Calculate or To Follow Others : How Do Information Security Managers Make Investment Decisions?
2019
Economic models of information security investment suggest estimating cost and benefit to make an information security investment decision. However, the intangible nature of information security investment prevents managers from applying costbenefit analysis in practice. Instead, information security managers may follow experts’ recommendations or the practices of other organizations. The present paper examines factors that influence information security managers’ investment decisions from the reputational herding perspective. The study was conducted using survey questionnaire data collected from 106 organizations in Finland. The findings of the study reveal that the ability and reputation …
Why Is Equity Order Flow so Persistent?
2014
Order flow in equity markets is remarkably persistent in the sense that order signs (to buy or sell) are positively autocorrelated out to time lags of tens of thousands of orders, corresponding to many days. Two possible explanations are herding, corresponding to positive correlation in the behavior of different investors, or order splitting, corresponding to positive autocorrelation in the behavior of single investors. We investigate this using order flow data from the London Stock Exchange for which we have membership identifiers. By formulating models for herding and order splitting, as well as models for brokerage choice, we are able to overcome the distortion introduced by brokerage. O…
Shall we follow? Impact of reputation concern on information security managers’ investment decisions
2020
Information security (infosec) is important for organizations. While budgeting for infosec is a crucial resource allocation decision, infosec managers may choose to follow other fellow experts’ recommendations or baseline practices. The present paper uses reputational herding theory to explain the decision made by infosec managers to use a “let's follow others” strategy in this context. Based on a sample of 106 organizations in Finland, we find that infosec managers’ ability to accurately predict the benefit of infosec investment, as well as their reputations, have significant effects on motivating them to discount their own information. Infosec managers’ discounting of their own informatio…
Earliest Evidence for Social Endogamy in the 9,000-Year-Old-Population of Basta, Jordan
2013
The transition from mobile to sedentary life was one of the greatest social challenges of the human past. Yet little is known about the impact of this fundamental change on social interactions amongst early Neolithic communities, which are best recorded in the Near East. The importance of social processes associated with these economic and ecological changes has long been underestimated. However, ethnographic observations demonstrate that generalized reciprocity – such as open access to resources and land – had to be reduced to a circumscribed group before regular farming and herding could be successfully established. Our aim was thus to investigate the role of familial relationships as one…
Why retail investors traded equity during the pandemic? An application of artificial neural networks to examine behavioral biases
2021
Behavioral biases are known to influence the investment decisions of retail investors. Indeed, extant research has revealed interesting findings in this regard. However, the literature on the impact of these biases on millennials' trading activity, particularly during a health crisis like the COVID-19 pandemic, as well as the equity recommendation intentions of such investors, is limited. The present study addressed these gaps by investigating the influence of eight behavioral biases: overconfidence and self-attribution, over-optimism, hindsight, representativeness, anchoring, loss aversion, mental accounting, and herding on the trading activity and recommendation intentions of millennials …
Pots, plants and animals: Broad-spectrum subsistence strategies in the Early Neolithic of the Moroccan Rif region
2019
Abstract The transition from hunter-gathering to food-producing societies in the Mediterranean zone of north Africa was complex and variable, likely influenced by local ecological conditions as well as the socio-economic origins of the population. The adoption of domestic plants and animals was piecemeal, with hunting and gathering continuing as an important part of local subsistence strategies. Here, we investigate the timing and extent of the adoption of agricultural practices, namely herding and cultivation, in three diverse coastal and inland Early Neolithic sites in the Mediterranean Maghreb region, namely Ifri Oudadane, Ifri n’Etsedda and Hassi Ouenzga. Results from absorbed lipid res…
Combined Elephant Herding Optimization Algorithm with K-means for Data Clustering
2018
Clustering is an important task in machine learning and data mining. Due to various applications that use clustering, numerous clustering methods were proposed. One well-known, simple, and widely used clustering algorithm is k-means. The main problem of this algorithm is its tendency of getting trapped into local minimum because it does not have any kind of global search. Clustering is a hard optimization problem, and swarm intelligence stochastic optimization algorithms are proved to be successful for such tasks. In this paper, we propose recent swarm intelligence elephant herding optimization algorithm for data clustering. Local search of the elephant herding optimization algorithm was im…