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This paper analyzes the herding behavior that characterizes lenders' lending decisions on a microloan platform and explains how rational herding behavior can resolve the information-asymmetry problem, which is a well-known reason for the failure of online microloan platforms. Using a set of panel data on individual lending decisions acquired from Paipaidai.com (PPDai), an online microloan platform, we examine the influence of the lending decisions of prominent, experienced lenders on novice lenders to identify rational herding behavior. Our empirical analysis demonstrates that rational herding behavior can in fact efficiently reduce lender loss from borrower defaults caused by limited information. Although it is typically assumed that herding behavior is irrational, we find that it can be rational in this context and can thus shed light on why PPDai has succeeded while most other microloan platforms have failed. Accordingly, we make three key contributions: 1) we use heterogeneous herding effects to empirically determine whether lenders' herding behavior on PPDai is rational based on observational learning; 2) we investigate the moderating effect of borrower credit and novice-lender experience on herding, and we leverage this heterogeneity in lender experience to better explain loan results; and 3) because PPDai publicly provides potential lenders with a transparent credit score—in contrast to platforms like Prosper.com, which leverage hidden proprietary credit information from Experian—we further analyze the credit composition of prominent lenders to better understand the crucial determinants of rational herding. In fact, our follow-up survival simulations indicate that without rational herding, the total number of successful PPDai loans would have decreased by around 46 percent during the study period—a finding that further underlines the crucial influence of rational herding and the unique contextual factors of PPDai that have fostered it. [ABSTRACT FROM AUTHOR]

This paper explores the role of the COVID-19 pandemic on the herding behaviour across market participants in the Croatian market. The analysis uses daily prices of the Croatian stock index, spanning the period January 2016 to December 2022. The hypothesis of the herding behaviour is tested through the quantile regression approach. The findings document no evidence of herding prior to the pandemic crisis. In contrast, herding is discovered during the COVID-19 period. The paper provides policymakers and investors with valuable information to draw significant measures in their investment portfolio management during crises and pandemics. [ABSTRACT FROM AUTHOR]

In this paper, focusing on individualistic generalist predators and prey living in herds which coexist in a common area, we propose a generalization of a previous model, namely, a two-population system that accounts for the prey response to predator attacks. In particular, we suggest a new prey-predator interaction term with a denominator of the Beddington-DeAngelis form and a function in the numerator that behaves as N for small values of N, and as N α for large values of N, where N denotes the number of prey. We can take the savanna biome as a reference example, concentrating on large herbivores inhabiting it and some predators that feed on them. Only two conditionally stable equilibrium points have emerged from the model analysis: the predator-only equilibrium and the coexistence one. Transcritical bifurcations from the former to the latter type of equilibrium, as well as saddle-node bifurcations of the coexistence equilibrium have been identified numerically by using MATLAB. In addition, the model was found to exhibit bistability. Bistability is studied by using the MATLAB toolbox bSTAB, paying particular attention to the basin stability values. Comparison of coexistence equilibria with other prey-predator models in the literature essentially shows that, in this case, prey thrive in greater numbers and predators in smaller numbers. The population changes due to parameter variations were found to be significantly less pronounced. [ABSTRACT FROM AUTHOR]

Simple Summary: In this paper, you will find recommendations on how to prevent post-weaning diarrhea in pigs kept in indoor pig herds. The recommendations are based on the scientific knowledge that is currently available. The authors first validated that Danish veterinarians working with pigs demanded such recommendations. Then, we collected papers written by other researchers who had summarized the scientific knowledge on different topics related to post-weaning diarrhea. From the papers, we extracted and synthesized 79 specific recommendations that may help veterinarians and pig producers make good decisions for their pig herd. The paper exemplifies a novel approach to summarizing and transferring science into practice that may be of interest to people that are not involved with pigs and post-weaning diarrhea. Aided by their advising veterinarians, pig producers need to make difficult decisions regarding herd health management strategies. For instance, the preventive use of antimicrobials and medicinal zinc oxide must be substituted with more sustainable preventive approaches to porcine post-weaning diarrhea. Veterinarians and pig producers may find assistance in knowledge based on evidence in this regard; however, the overwhelming scientific literature is not always readily available. The overall aim of this paper is to suggest herd health management decision-support tools that can aid veterinary-assisted decision making in the control of porcine post-weaning diarrhea at a tactical level. The first objective was to validate the need for a herd health management concept, including two decision-support tools. The second objective was to develop evidence-based recommendations that can aid veterinary-assisted decision-making for the herd health management of post-weaning diarrhea. The first objective was investigated by a questionnaire-based study among veterinary pig practitioners in Denmark. For the second objective, we conducted a scientific summary based on scientific review papers identified through a systematic search in three databases. From the papers, we synthesized and extracted 79 specific recommendations. In this paper, we report comprehensive evidence-based recommendations for the herd health management of post-weaning diarrhea. [ABSTRACT FROM AUTHOR]

Rice–crayfish coculture systems (RCSs) have been widely promoted in China as an efficient circular agriculture model that can simultaneously improve rice quality, raise the efficiency of utilization of resources, and increase farmers' incomes. However, the herd behavior of farmers in the adoption of the rice–crayfish coculture system warrants more attention, as the rational adoption of this system by farmers is a prerequisite for achieving the above objectives. This paper analyses the formation mechanism of farmers' herd behavior based on information cascade theory. Using micro-survey data from 603 farmers in China and a bivariate probit model, we examine the existence of herding effects in the adoption of RCSs by farmers and the inhibitory effect of information acquisition capability on herd behavior. To address possible endogeneity issues, we also conducted a robustness test using the IV-probit model. Furthermore, we tested for between-group differences in agricultural income between farmers with herding adoption and non-herding adoption. The study reveals that the larger the number of prior adopters, the higher the probability of blind adoption behavior by farmers, indicating the existence of a herd effect. Information acquisition ability could significantly inhibit the herd behavior of farmers in the adoption of RCSs. We also found that farmers' herd behavior in the adoption of these systems was not economically rational. Based on the research findings, we proposed several constructive suggestions for policy perfection. [ABSTRACT FROM AUTHOR]

This paper investigates the role played by the social media platform Reddit in the events around the GameStop (GME) share rally in early 2021. In particular, we analyze the impact of discussions on the r/WallStreetBets subreddit on the price dynamics of the American online retailer GameStop. We customize a sentiment analysis dictionary for Reddit platform users based on the Valence Aware Dictionary and Sentiment Reasoner (VADER) sentiment analysis package and perform textual analysis on 10.8 million comments. The analysis of the relationships between Reddit sentiments and 1‐, 5‐, 10‐, and 30‐min GameStop returns contribute to the growing body of literature on "meme stocks" and the impact of discussions on investment forums on intraday stock price movements. [ABSTRACT FROM AUTHOR]

Social insects are very successful invasive species, and the continued increase of global trade and transportation has exacerbated this problem. The yellow-legged hornet, Vespa velutina nigrithorax (henceforth Asian hornet), is drastically expanding its range in Western Europe. As an apex insect predator, this hornet poses a serious threat to the honey bee industry and endemic pollinators. Current suppression methods have proven too inefficient and expensive to limit its spread. Gene drives might be an effective tool to control this species, but their use has not yet been thoroughly investigated in social insects. Here, we built a model that matches the hornet's life history and modelled the effect of different gene drive scenarios on an established invasive population. To test the broader applicability and sensitivity of the model, we also incorporated the invasive European paper wasp Polistes dominula. We find that, due to the haplodiploidy of social hymenopterans, only a gene drive targeting female fertility is promising for population control. Our results show that although a gene drive can suppress a social wasp population, it can only do so under fairly stringent gene drive-specific conditions. This is due to a combination of two factors: first, the large number of surviving offspring that social wasp colonies produce make it possible that, even with very limited formation of resistance alleles, such alleles can quickly spread and rescue the population. Second, due to social wasp life history, infertile individuals do not compete with fertile ones, allowing fertile individuals to maintain a large population size even when drive alleles are widespread. Nevertheless, continued improvements in gene drive technology may make it a promising method for the control of invasive social insects in the future. [ABSTRACT FROM AUTHOR]

Purpose: Employee Stock Options [ESOs] have been used widely as a component of employees' compensation. To maximise the incentive effect of these options it is very important to understand the exercise decision of the employees. This is an important financial decision that is dependent on both rational and psychological factors. This paper aims to study the mediating role of Herding Bias on Personality Traits and the employees' decision to exercise ESOs. Design/methodology/approach: The data were collected through a self-structured questionnaire from 210 employees of Banks and NBFCs [Non-Banking Financial Companies] who have received and exercised the ESOs. SPSS MACRO version 25 was used to understand the mediational effect of Herding Bias on Personality Traits and Employees' decision to exercise their ESOs. Findings: The results showed that Personality Traits affect the employees' decision to exercise their ESOs. The study also shows a partial negative mediating effect of Herding Bias on Personality Traits and employees' decision to exercise ESOs. Originality/value: Limited study has been conducted on how the employees make their decision to exercise ESOs. Although extant studies have touched upon the importance of including behavioural biases in ascertaining the exercise decision of the employees, the predictors of the behavioural biases have not been studied under this context. To the best of the author's knowledge, this study is the first in itself to study the inter-linkage between Personality Traits, Herding Bias and employees' decision to exercise ESOs. [ABSTRACT FROM AUTHOR]

Financial analysts may have strategic incentives to herd or to anti-herd when issuing forecasts of firms' earnings. This paper develops and implements a new test to examine whether such incentives exist and to identify the form of strategic behaviour. We use the equilibrium property of the finite-player forecasting game of Kim and Shim [2019. "Forecast Dispersion in Finite-Player Forecasting Games." The B.E. Journal of Theoretical Economics 19 (1).] that forecast dispersion decreases (resp. increases) as the number of forecasters increases if and only if there is strategic complementarity (resp. substitutability) in their forecasts. Using the I/B/E/S database, we find strong evidence that supports strategic herding incentive of financial analysts through a plausible natural experiment setting of brokerage house mergers. We show further that this finding is robust to different forecast horizons and is more pronounced for firms with low initial coverage. [ABSTRACT FROM AUTHOR]