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• Emerging markets adjacent to the conflict and oil producers show wartime herding. • The only developed market with wartime herding is Italy (importer of Russian gas). • High geopolitical risks may cause herding behavior in stock markets. This paper investigates the influence of the Russia-Ukraine conflict on herding behavior in global stock markets. Examining MSCI World and MSCI Emerging indexes alongside Russia, the study explores imitation tendencies before the invasion, immediately after commencement of war, and during an extended war period. Findings reveal that emerging markets facing heightened geopolitical risk, either due to their proximity to the conflict or to commercial interests in energy markets, exhibit herding during the initial war phase. This analysis sheds light on the impact of geopolitical events on financial market dynamics, particularly in emerging economies. [ABSTRACT FROM AUTHOR]

In this study, we investigate whether replacing conventional seabed-contacting otter boards with semi-pelagic self-adjusting otter (SAO) boards, which have the ability to maintain a given height above the seabed, affects the catch efficiency of a demersal fish trawl. Experimental fishing trials, using the alternate haul method, were conducted in the Kattegat and Skagerrak with three otter board configurations using conventional seabed-contacting otter boards; the SAO set to maintain a target height over the seabed of 1 m; and the SAO set to maintain a target height of 5 m. Replacing conventional otter boards with SAO resulted in a loss of catch efficiency for haddock (Melanogrammus aeglefinus), whiting (Merlangius merlangus), and plaice (Hippoglossoides platessoides), while no significant difference was found for cod (Gadus morhua), common dab (Limanda limanda), and lemon sole (Microstomus kitt). When comparing the SAO-1 m and SAO-5 m, it was observed that SAO-5 m resulted in a loss of catch efficiency for haddock and plaice, a minimal reduction for cod, and no significant difference for whiting, common dab, and lemon sole. [ABSTRACT FROM AUTHOR]

The study aims to examine the impact of various behavioral biases such are overconfidence, representativeness, availability, anchoring and herding, and their effects on individual investment decisions in the case-developed country context of China. To achieve this, data was meticulously gathered from 362 participants active in the Shanghai stock market. Employing advanced analytical tools, particularly the Smart PLS 3.3.2 software and structural equation modelling (SEM), this study rigorously scrutinized the intricate relationships between behavioral biases and investment decisions. The findings of this study notably reveal that all examined behavioral biases exert a significant positive impact on investment decisions within the Anxin, Haitong, Shanxi, and China Galaxy stock markets. Remarkably, no substantial disparities in the effects of these biases on stock market trading were observed among these markets. Importantly, these findings bear exceptional significance within the context of a developed country like China. The implications extend to a wide spectrum of stakeholders, including government entities, regulatory bodies, practitioners, the academic community, industry professionals, and researchers. Regulatory authorities can leverage these insights to refine their strategies, practitioners can fine-tune their investment advisory approaches, and academia and researchers can build upon these findings to deepen the understanding of behavioral finance in the realm of stock market investments. [ABSTRACT FROM AUTHOR]

The current study focuses on herding behaviour that occurred in the "Indian Stock Market (ISM)" between 2011 and during the time of the Covid-19 pandemic. The study examines the closing price of the NSE benchmark Nifty and 33 companies from three sectoral indices selected out of fifteen available on a daily basis. The sectors are the Auto sector, Nifty Bank, and IT sector, from 1 January 2011 to 31 December 2020. Christie and Huang (1995) suggested the CSSD and Chang, et al. (2000) suggested the CSAD models to study the existence of herding behavior during the Covid-19 period. Findings based on the daily closing price reveal that for the ten-year data, no significant herding is present in the market, whereas Covid-19 had caused herding during the rising (up) and falling (down) market. The calculated herding period during the Covid-19 timeframe is from 11 March 2020 to 31 December 2020. The study found no herding between 1st January 2011 to 31 December 2019 in the ISM. The herding was evident during the Covid-19 time frame, possibly due to emotional biases, fear, and uncertainty of the pandemic. The study will be helpful to investors, decision-makers, and market regulators in decision- making in the capital market. It will also facilitate brokers and market participants to prepare different trading strategies to be successful in regular times and times of adversity. [ABSTRACT FROM AUTHOR]

This study examines a novel relationship between volatility and dynamic herding behavior during COVID-19 by examining the relationship of oil market volatility, Global volatility and Infectious disease equity market volatility with time-varying herding behavior in energy stock of Developed markets. Using country level data, this study observes that market switch between anti-herding to herding state during pandemic and all three volatility measures have significant impact on dynamic herding state under high dispersion regime. However, in low dispersion regime only global volatility has significant impact on time-varying herding behavior. This study suggests that the level of speculation in energy sector affect investor behavior; therefore, policy makers should monitor and model possible signals related to health crisis that can be transformed in to financial market crisis. [ABSTRACT FROM AUTHOR]

The peer economy, such as crowdfunding, democratizes access to tasks available only to professionals. Although the peer economy has gained great popularity in practice, how crowds infer information from their peers, especially from experts, is still under minimal study in academia. Using data from a debt-based crowdfunding platform in China, this study investigates the impact of seasoned predecessors' bids on subsequent investors' decisions and how seasoned and unseasoned investors respond differently to herding signals. We discover that the cumulative lending amount from seasoned predecessors is positively associated with the lending amount of a successor, and such an association is greater if the successor is seasoned. In the repayment process, we find that the lending amount from seasoned investors is positively associated with loan performance, while the lending amount from unseasoned investors is not. Our results contribute to the literature on crowds of wisdom, implying that in a context that requires sophisticated knowledge, extracting hidden talents from experts rather than from crowds is more appropriate. [ABSTRACT FROM AUTHOR]

In recent years, more and more wealth management platforms have adopted Internet wealth management (IWM) services to attract users. Due to the intensive competition and low switching costs, it is essential for platforms to enhance users' willingness to continue using IWM services. Comprehensively considering the role of network externalities and herding, this study identified the factors affecting users' continuous intention of IWM service. The research model was tested using survey data collected from 637 respondents concerning their perceptions of IWM services. The results indicate that network externalities (network size, perceived complementarity, network strength) have significant impact on herding and perceived value, thus affecting continuance intention. Furthermore, herding and perceived value have a greater impact on continuance intention of users with low financial literacy than that of users with high financial literacy. This study could benefit wealth management platforms and researchers seeking to improve the retention rates of IWM users. [ABSTRACT FROM AUTHOR]

The paper reviews the growing literature on peer effects in finance from theoretical and empirical viewpoints. In particular, we assess the importance of peer behavior on firms' financial policies, analyze the channels through which they operate, and gauge their magnitude. We particularly review empirical works on herding and peer effects in two subfields of finance: corporate finance and the financial markets. We also discuss the results of many relevant peer-reviewed academic studies and provide research and policy implications. The main conclusion is that peer effects are important in shaping investor and firm decisions. The most critical problem in the peer effect literature is employing an identification strategy to ensure that results are not driven by endogeneity. The paper also discusses ways to address this identification issue and provides a future research agenda. • The first comprehensive review of the literature on peer effects in finance. • A review of the theories associated with the peer effect in general and financial economics in particular. • An extensive discussion of the identification of the issues involved in analyzing peer effects in finance. • An analysis of the channels through which peer behavior affects firms' financial policies. [ABSTRACT FROM AUTHOR]

This paper examines the determinants of herding at both stock and individual investor levels and studies the portfolio performance of herd vs. non-herd portfolios using machine learning algorithms. The disposition effect and the attention effect seem to explain herding behavior at the stock level. At the individual investor level, the cumulative number of buys and portfolio values reduce the prediction of herding behavior, while high values of portfolio return lead to a small increase in herding. Individuals who herd do not outperform either market or non-herd portfolios, suggesting that herding is a behavioral bias. Thus, such behavior seems to destabilize stock markets, creating temporary discrepancies in stock prices followed by reversals back to fundamentals. The most predictive factor in the performance tests of individual portfolios is the market risk premium and using equally-weighted factors rather than value-weighted factors seem to provide more consistent results in the portfolio performance analyses. [Display omitted] • This paper examines the herding behavior using ML algorithms. • The disposition and the attention effects explain herding at stock level. • Herding at investor level decreases with financial wealth and trade experience. • Herd portfolios do not outperform either market or non-herd portfolios. • Using equally-weighted Carhart (1997) 4 factors provide more robust results than using value-weighted factors. [ABSTRACT FROM AUTHOR]

Evolutionary game theory predicts that new survival strategies arise from random mutations. Over time, mutants genetically encoded with the superior survival strategy will have more offspring and nonmutants will be driven from the population. This paper argues that the introduction of a mutant technology with strong positive feedback and cascade effects into the market for a network good may result in something like an evolutionarily stable equilibrium that increases social welfare. [ABSTRACT FROM AUTHOR]

In this paper, I provide empirical evidence that an analyst working in Germany is more likely to publish a high (low) price target regarding a DAX30 stock when other Germany based analysts are also optimistic (pessimistic) about the same stock. This effect of geographical proximity is not biased by the fact that DAX30 companies are headquartered in Germany. Shedding light on how influence takes place, I show that influence through communication and the exchange of opinion within small groups of analysts plays a vital role. This mainly applies during a bullish market environment. When markets are bearish, analysts' incentives induce them not to deviate too much from the overall average, such that then observational learning has a greater impact. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of three behavioral factors (Heuristics, Prospects, and Herding) on investment performance of individual investors. It uses a sample of 477 individual investors from Pakistani stock market to collect data by structured questionnaire. By employing regression analysis, it found weak but statistically significant relationship between these factors and performance. Heuristics and Herding are found to be positively related to investment performance, but Prospect is negatively related. This paper demonstrates the impact of irrational behaviors of agents on investment performance. This paper contributes broadly to the field of behavioral finance which explains irrational behavior as the product of certain cognitive and/or emotional biases in our thinking. This paper informs managers and shall help them understand and manage the issue of behavioral biases in financial decision making. Further research should target other ways of data collection, large array of biases and new analysis techniques to contribute to the literature on behavioral finance. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to examine semi-strong market efficiency by observing the behavioral finance implications of Jim Cramer’s recommendations in bull vs bear markets. The authors extend the literature by analyzing investor reaction through the lenses of prospect theory, overreaction, and herding. Design/methodology/approach – The authors test for abnormal returns in response to Mad Money buy and sell recommendations. The authors use a sample of buy and sell recommendations from MadMoneyRecap.com from July 28, 2005 through February 9, 2009. The 3.5-year time period is the most recent and comprehensive set of Mad Money recommendations that has been tested to date. Findings – The results indicate market inefficiency at the semi-strong level. Furthermore, the findings highlight the loss aversion tendencies of investors in regards to prospect theory of Kahneman and Tversky (1979) as well as the disposition effect of Shefrin and Statman (1985). Evidence also exists consistent with the herding and overreaction hypotheses. Practical implications – The evidence suggests contrarian behavior in which investors respond positively to good news in bad times – perhaps, in effort to stay the course and at least break even. This behavior may suggest that losers tend to hold on to losses in hopes of recouping them. Thus, positive information in bad times could further persuade market participants to hang on to or buy more of losers, while also persuading non-shareholders to buy in as well. Originality/value – Though other studies including Kenny and Johnson (2010) have estimated abnormal returns in response to analyst recommendations, to the knowledge, none has examined behavioral implications of investor reaction to buy and sell recommendations in both bull and bear markets. Furthermore, the study captures a longer bull and bear market and covers two definitions of such markets. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the technology adoption problem of firms when relevant information about a new technology is dispersed among them. Developing a continuous time model in which imperfectly and differently informed multiple firms determine strategically when to adopt a new technology, we show that the phenomena of an economically inefficient initial delay of adoption, a staggered adoption, and an inefficiently early mass adoption can arise in equilibrium, particularly in the form of strategic delay, informational learning, and herding behavior, respectively. We also address the incentive scheme that helps to achieve efficient collective adoption of the new technology under dispersed information and show under what conditions, if any, such an incentive scheme can work well. [ABSTRACT FROM AUTHOR]

This paper presents the development of Sámi reindeer domestication and pastoralism in northwestern Sápmi, the homeland of the indigenous Sámi people, based on recent surveys in the Gilbbesjávri region, Finland. We have documented about 99 percent of known sites in the study area and present the first radiocarbon dates from herding sites in this part of Finnish Sápmi. Since Sápmi is transnational, archaeological data from the adjoining countries are included in the analyses. The features connected to the early use of domesticated reindeer appear by the 9th century A.D. in a mixed hunter-herder economy and suggest a tethered residential but dynamic logistical mobility. Major changes in site locations and features link with the initiation of nomadic pastoralism by the 15th century A.D., with a high residential mobility. The expansion of both early herding and mobile pastoralism appear to have been conscious, indigenous Sámi responses to wider socio-economic and environmental developments. "The Sámi have always lived in these parts, here in the Sámi homeland." Sámi author and reindeer herder Johan Turi (2011 [1910], 10) [ABSTRACT FROM AUTHOR]

This paper proposes a dynamic Bayesian rolling window estimation procedure applied to the three-factor model of Fama and French to analyse herding behaviour in the style exposures of mutual funds. This procedure allows a user to dynamically select the length of the estimation window by means of weighted likelihood functions that discount the loss of information because of time. This method is very flexible and allows us to consider different approaches of detecting herding behaviour by taking into account the uncertainty associated in the estimation of the style coefficients. In particular, the paper first determines the convergence behaviour following the traditional LSV herding measure and then refines this method by removing the influence exerted by market conditions, such as market volatility and returns, on this convergence. This process is empirically illustrated by an application to Spanish equity mutual funds. [ABSTRACT FROM AUTHOR]

Copyright of African Archaeological Review is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper investigates one of the main issues of the archaeology of pastoralism in the southern Alps: the decrease of upland archaeological evidence in the late Iron Age (IA) and the Roman period. A novel interpretation is proposed using ethnoarchaeological, ethnographic and ethnohistoric data collected in different areas of the French and Italian Alps. These data document the existence of two pastoral strategies: Alpine pastoralism (focused on dairying activity) and transhumance (mainly focused on the exploitation of wool and primary products of livestock). The sites related to the first strategy are usually permanent and complex, while those related to the second are simple and ephemeral. On the basis of this information, the decrease of upland archaeological evidence during the late IA and the Roman period has been interpreted as a consequence of the decrease of dairy activity and increase of transhumance. These inferences allow us to rethink the evolution of human exploitation of high mountain environments, as well as to tackle the bias of archaeological invisibility in specific pastoral contexts. Furthermore, they also confirm the important role of ethnoarchaeology as a method of improving archaeological interpretation. [ABSTRACT FROM AUTHOR]

Copyright of Rangifer is the property of Nordic Council for Reindeer Husbandry Research and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper the authors investigate the statistical properties of some cryptocurrencies by using three layers of analysis: alpha-stable distributions, Metcalfe’s law and the bubble behaviour through the LPPL modelling. The results show, in the medium to long-run, the validity of Metcalfe's law (the value of a network is proportional to the square of the number of connected users of the system) for the evaluation of cryptocurrencies; however, in the short-run, the validity of Metcalfe’s law for Bitcoin is questionable. According to the bidirectional causality between the price and the network size, the expected price increase is a driver for more investors to join the Bitcoin network, which may lead in the end to a super-exponential price growth, possibly due to a herding behaviour of investors. The authors then used LPPL models to capture the behaviour of cryptocurrencies exchange rates during an endogenous bubble and to predict the most probable time of the regime switching. The main conclusion of this paper is that Metcalfe’s law may be valid in the long-run, however in the short-run, on various data regimes, its validity is highly debatable.

Purpose: This study aims to determine the causality of herding which was traced down to social and normative influences from first-home buyers represented by undergraduate students. Design/methodology/approach: The Perception Alignment Hypothesis was used in this experimental research, and was conducted on a sample of 125 undergraduates studying finance representing first-home buyers. The experiment provides the subjects property brochures in Surabaya to appraise a value that they see fit for purchase. The subjects were given both social- and normative-induced treatments separately using information cascade, and their valuation shifts were recorded. Their valuations were then divided into three sections under the treatment groups, consisting of initial, "social' and "normative' valuations. Findings: In contrast to previous findings, the results showed that first-home buyers succumbed to both social and normative influences, causing them to herd. Further analysis of the credibility of information was conducted and it showed that the undergraduates were only prone to social influence, whereas other aspects regarding normative influences must be further researched. Practical implications: The decline of homeownership on a global scale is concerning, especially when 60% of the market represents young adults under the age of 35. This implies that both the government and property developers may need to enact strict measures to regulate property purchases. Originality/value: This is the first experimental study on herding of Surabaya, Indonesia, mainly focusing on human behavior and information cascade. Thus, this study could be a viable reflection to future policies in Indonesia being made to answer actual demands in the residential market. [ABSTRACT FROM AUTHOR]

When will a large group provide an accurate answer to a question involving quantity estimation? We empirically examine this question on a crowd-based corporate earnings forecast platform (Estimize.com). By tracking user activities, we monitor the amount of public information a user views before making an earnings forecast. We find that the more public information users view, the less weight they put on their own private information. Although this improves the accuracy of individual forecasts, it reduces the accuracy of the group consensus forecast because useful private information is prevented from entering the consensus. To address endogeneity concerns related to a user's information acquisition choice, we collaborate with Estimize.com to run experiments that restrict the information available to randomly selected stocks and users. The experiments confirm that "independent" forecasts result in a more accurate consensus. Estimize.com was convinced to switch to a "blind" platform from November 2015 on. The findings suggest that the wisdom of crowds can be better harnessed by encouraging independent voices from among group members and that more public information disclosure may not always improve group decision making. This paper was accepted by Renee Adams, finance. [ABSTRACT FROM AUTHOR]

This paper focuses on the change and transformation of herding over the last seven decades to the Nhāson Valley of Manang based on an ethnographic study in 2018. The findings reveal that herding as a traditional source of living for the mountain dwellers, has gradually been transformed due to the linkage to wider political and economic processes, namely, the changes in open-border policy between China and Nepal, the intervention of state programs and its policies toward the people, the expansion of trade and business with tourism, commercialization of Himalayan herbs, climate change, and intervention of agroforestry in the community forest and plantation of high-value cash crops in private lands, youth opportunities to work in aboard. Hence, looking at herding by placing it in a particular place or in isolation by ignoring the wider political and economic processes is misleading, one-sided, and superficial. Moreover, the market economy and the state intervention have brought some new livelihood opportunities to the Himalayan dwellers, although the questions always remain in its sustainability. [ABSTRACT FROM AUTHOR]

This paper investigates whether investors in international Real Estate Investment Trusts (REITs) markets engage in herding behaviour due to the economic uncertainty induced by the COVID-19 pandemic in 2020. Using a comprehensive sample of 27 countries encompassing both developed and emerging markets, the results show consistent evidence of herding formation in international REITs markets based on both static and time-varying estimates. International herding is mainly driven by herding in developed market REITs. Further analysis provides a direct evidence showing that herding in REITs markets during the pandemic resulted from the economic uncertainty brought on by the global health crisis. A quantile-on-quantile regression reveals that higher uncertainty associated with COVID-19 pandemic intensifies herding. • Tests the role of COVID-induced uncertainty in herding in international REITs markets. • Used quantile-on-quantile regression on sample of 27 developed and emerging markets. • Static and time-varying herd formation in international REITs markets. • Herding in international REITs markets mainly driven by herding in developed market REITs. • Higher uncertainty associated with COVID-19 pandemic intensified herding. [ABSTRACT FROM AUTHOR]

Introduction: Much has been written about herding, pastoralism and the ethos of the commons that persists in Soule and the valley republics of the western Pyrenees. However, more has been written about the idealized norms of the practice than the social dynamics of alliance formation on which cooperation in herding on the high mountain commons in Soule has depended for centuries. We use empirical evidence from the parish-commune of Larrau to analyze the emergence, social alliance, and landscape placement of Cayolar, a syndicate of herders associated with a named inholding within the high mountain commons, to inform our understanding of the process of settling down in the western Pyrenees. Methods: We abstract the institutional features of herding in the Soule Valley then proceed with a (1) Bayesian analysis of calibrated radiocarbon dates from herding sites across the commons, (2) a Bayesian social network analysis of herders and other alliance-relevant information, and (3) a landscape analysis of the placement of Cayolar inholdings. Results: A syndicate of herders organized as a Cayolar succeed by following mutually agreed upon rules, making credible commitments to each other, and monitoring members’ conformance to the rules. The organizational performance of a Cayolar depends on the articulation of herders to the members of the Soule community of interest through nested levels of institutional decision-making. Archaeological, historical and ethnographic results provide direct evidence for use of Cayolar structures and inholdings by c. 1000 CE and the institutional and organizational aspects of decision-making by c. 1100 CE. Discussion: The Cayolar is an enduring place-based organization with an average use-span of c. 850 years. Members have a regulatory interest in enforcing the collaboration of others in collective herding and little incentive to defect since unlike Hardin’s herders, Cayolar members share a past and expect to share a future as members of the Soule community of interest. Íñigo Arista established the Basque kingdom of Navarra in 824 CE, and his donations contributed to the founding of the Benedictine monastery of Leyre that established a pastoral enterprise at Betzula within the Soule Valley. Other monastic orders soon turned their attention to the western Pyrenees responding to attempts by the Catholic Church to counter civil unrest in southern France. The real turning point for collective herding on the high mountain commons was the introduction of primordial fueros on the Iberian side of the Pyrenees. These direct royal agreements with freemen encouraged resettlement and repopulation of the western Pyrenees and provided the means for local communities of interest to coalesce and develop institutions to organize the collective eort of individuals for the benefit of a group. [ABSTRACT FROM AUTHOR]

We here analyze the factor loadings given by the CAPM, the Fama–French three (FF3), and the five-factor model (FF5), and test the performance and the validity of adding two more factors (volatility and dispersion of returns) to the FF5 factor model of European index-based ESG leaders' portfolios. Our ESG leaders' portfolios generated significant negative alphas during 2012–2022, corroborating the literature's negative argument. The negative abnormal returns of ESG leaders' portfolios are homogeneous across the three ESG pillars. We conclude that European ESG leaders' portfolios are biased toward large cap and value stocks with robust operating profitability and against aggressive investments. As robustness tests, we examine Global ESG leaders' index-based portfolios, producing the same results but with reduced importance in some loading factors like profitability and investment strategy. Furthermore, we deduced that European and Global ESG leaders' portfolios tilt towards volatility and herding bias. [ABSTRACT FROM AUTHOR]

Purpose: The priority of this study is to contribute to the literature by examining herding behavior at different periods of the COVID-19 pandemic. Furthermore, this study aims to investigate the herding behavior conditioned on market liquidity and information demand. Design/methodology/approach: This study investigates herding behavior in Vietnam's stock exchanges (Ha Noi Stock Exchange and Ho Chi Minh Stock Exchange) on a sample of daily stock closing prices of 425 firms from 2018 to the first half of 2022. Findings: The research confirms the existence of herding behavior not only for the whole but also during and post-COVID periods. These results are robust in both bull and bear markets, further confirming the influence of COVID-19 on herding in Vietnamese background. Moreover, when the authors condition exogenous factors for each period, the herding tendency is more evident at the medium market liquidity level than at high and low levels. Besides, the pandemic causes herding behavior of investors with low and medium information demand. Research limitations/implications: These findings imply some recommendations that facilitate investors, policymakers and researchers in the context of the COVID-19 crisis. Originality/value: The study contributes to the herding literature by examining herd behavior during the post-COVID period, suggesting the long-term impact of the health crisis. Furthermore, the research provides new evidence of herding behavior conditioned on market liquidity and information demand during different COVID sub-periods. [ABSTRACT FROM AUTHOR]

Purpose: This study explores the economic impact of the COVID-19 crisis on herding behaviour in the Australian equity market by considering liquidity, government interventions and sentiment contagion. Design/methodology/approach: This study utilizes a daily dataset of the top 500 stocks in the Australian market from January 2009 to December 2021. Both predictive regression and portfolio approaches are employed to consider the impact of COVID-19 on herding intention. Findings: This study confirms that herding propensity is more pronounced at the beginning of the crisis and becomes less significant towards later phases when reverse herding is more visible. Investors herd more toward sectors with less available information on financial support from the government during the financial meltdown. Conditioning the stock liquidity, herding is only detectable during highly liquid periods and high-liquid stocks, which is more observable during the initial phases of the crisis. Further, the mood contagion from the United States (US) market to Australian market and asymmetric herding intention are evident during the pandemic. Originality/value: This is the first study to shed further light on the impact of a health crisis on the trading behaviour of Australian investors, which is driven by liquidity, public information and sentiment. Notwithstanding the theoretical contributions to the prior literature, several practical implications are proposed for businesses, policymakers and investors during uncertainty periods. [ABSTRACT FROM AUTHOR]

This study proposes two novel tests for security analyst herding based on binomial correlation and forecast error volatility scaling, and applies it to investigate herding patterns in analyst target prices in 2008–2020 in the UK. Analysts robustly herd in their valuations, with results consistent across years, sectors, in terms of panel fixed effect, quantile, instrumental variable regressions, and when controlled for optimism and conservatism. Herding becomes prominent for stocks followed by at least five analysts and towards the long sides of Fama-French sorts, reinforcing its non-spurious and behavioral nature. [ABSTRACT FROM AUTHOR]

Animal domestication is a profound change for human societies, economies, and worldviews. The shifting definitions of animal domestication reflect its varying and process-like nature. Reindeer is one of the species whose domestication is not easily pinned down using standard definitions and research methodologies of animal domestication. In recent years, advances in archaeological methodology and the conceptual understanding of animal domestication have opened new avenues for research on this topic. This review summarizes recent research on the archaeology of reindeer domestication among the Indigenous Sámi of northern Fennoscandia. It compiles a chronological framework of reindeer domestication with an emphasis on the development of reindeer-herding practices and human–reindeer relationships. I argue that while a major transition to reindeer herding occurred among the Sámi from the 15th century onward, small-scale reindeer herding characterized by interspecies sociality, cooperation, and care developed earlier during the Late Iron Age, with regional variations in the timing and details of the events. By focusing on reindeer-herding practices and the human–reindeer relationships embedded in them, I also argue that reindeer domestication, and animal domestication in general, is a relationship constructed and constantly renegotiated in everyday interactions with the animals. [ABSTRACT FROM AUTHOR]

This study aims to detect indications of herding behavior that occurred in the ASEAN capital market throughout the COVID-19 pandemic. The research spanned from December 31, 2019, to June 30, 2021, encompassing the duration of the COVID-19 pandemic. This research used panel regression and rolling window regression methods on the dependent variable of Cross-Sectional Absolute Deviation (CSAD) to detect indications of herding behavior. This research also employed daily stock return data for all companies on several stock exchanges in five ASEAN countries. The panel regression model was then utilized in the analysis. The panel regression results demonstrated the absence of herding behavior on the stock exchanges in ASEAN. This was evident as the Rm2 coefficient consistently revealed a significant positive sign throughout the entire observation period. However, upon rechecking through rolling window regression, it was uncovered that, at some times, herding did occur on the ASEAN stock exchange during the COVID-19 pandemic. Furthermore, the government's policy response by limiting short selling could reduce herding on the stock market. Simultaneously, the government's policy response to the COVID-19 epidemic, proxied by the Stringency Index, apparently heightened investor anxiety and promoted herding behavior. Lastly, the heightened levels of anxiety and volatility experienced during the pandemic (variable IVI) led to a rise in herd behavior among the stock markets of ASEAN countries. [ABSTRACT FROM AUTHOR]

In this paper, I analyze reciprocal social influence on investment decisions in an international group of roughly 2,000 mutual fund managers who invested in companies in the DAX30. Using a robust estimation procedure, I provide empirical evidence that the average fund manager puts 0.69 % more portfolio weight on a particular stock if his or her peers, on average, assign a weight to the corresponding position that is 1 % higher compared to other stocks in the portfolio. The dynamics of this influence on choice of portfolio weights suggest that fund managers adjust their behavior based on the prevailing market situation and are more strongly influenced by others in times of an economic downturn. Analyzing the working locations of the fund managers, I conclude that more than 90 % of the magnitude of influence stems from social learning. Although this form of influence varies a great deal over time, the magnitude of influence resulting from the exchange of opinions is more or less constant. [ABSTRACT FROM AUTHOR]

Copyright of Azania: Archaeological Research in Africa is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose – The main thrust of the present study is to look into the trading patterns of behavior and investment performance exhibited by individual and institutional investor categories in the Qatar Exchange (QE). The paper aims to discuss these issues. Design/methodology/approach – The present study uses daily aggregated investment flows made separately by each investor group, as well as daily closing price observations of the QE stock composite index. The trading patterns of investor categories are examined by estimating a bivariate vector autoregressive process of order p, VAR (p). To determine whether each category performs well or poorly over the entire sample period, each investor category's cumulative returns are estimated and analyzed. Findings – The empirical results reveal that institutional investors pursue positive feedback trading strategies, whereas individual investors tend to be negative feedback traders. Both investor categories appear to be engaged in herding behavior. Additionally, institutional investors perform well over almost the entire sample period. In contrast, individual investors' negative market timing ability dominates their overall poor performance. Practical implications – The investment performance gap found between institutional investors and individual investors in the Qatari capital market may reflect a large information asymmetry in favour of the former category. Indeed, the poor performance of individual investors implies that their trading activities are generally driven by factors and considerations that are irrelevant to fundamentals. Moreover, their irrational trading decisions may play some role in the formation of asset price bubbles. Originality/value – The present study makes the first attempt to provide empirical evidence on the investment patterns and performance of individual and institutional investors trading on the Qatari capital market. [ABSTRACT FROM AUTHOR]

This paper analyzes increasingly individualized herding behavior after the implementation of a grazing ban policy in northern China based on empirical research in 12 pastoralist villages. The findings reveal that de-collectivization of pastureland has not necessarily led to direct changes in individual land use strategies. Instead, a wider institutional context influenced by the implementation of a grazing ban has led to more individualized herding and increased short-term considerations of profit maximization in the study area, both of which are seen to undermine the sustainable use of pastureland. Based on our observations of herder responses to privatization, the grazing ban and a short experiment with lifting the grazing ban, we propose that the special characteristics of grassland and pastoralism call for institutions that facilitate locally originated pasture land use practice (e.g., co-operative herding, self-organized management) instead of exclusive reliance on a rigidly defined private property regime focused on fixed property boundaries. [ABSTRACT FROM AUTHOR]

This paper discusses the contradictory effects of technological progress and the transition to market relations of traditional sectors of the economy of indigenous peoples of Russia's Far North (the Saami, Nenets, Dolgan, Ents, Chukchi, etc.) in the context of employment and ethnic development. It is noted that the net result of the changes is a reduction in the traditional scope of employment and in the share of the employed population. The decrease in the proportion of the population of these nations and in the level of use of their national language is also associated with this process. In the current situation, the awareness of one's own ethnicity is increasingly not based on mutual activities in the traditional field or communication in a native language but rather on a psychological basis. Accordingly, ethnic policy, including its economic component, should take into account this factor with a greater emphasis on the level of education and the functioning of cultural autonomy and associations. [ABSTRACT FROM AUTHOR]

This paper employs a new and comprehensive data set to investigate short-term herding behaviour of institutional investors. Using data of all transactions made by financial institutions in the German stock market, we show that herding behaviour occurs on a daily basis. However, in contrast to longer-term herding measures obtained from quarterly data, results based on daily data do not indicate that short-term herding tends to be more pronounced in small capitalised stocks or in times of market stress. Moreover, we find that herding measures based on anonymous transactions can lead to misleading results about the behaviour of institutional investors during the recent financial crisis. [ABSTRACT FROM AUTHOR]

In this paper we reconstruct the palaeodietary setting of LBK Vaihingen an der Enz, south-west Germany (later sixth millennium cal. bc) using δ13C and δ15N values of human and faunal bone collagen and of charred plant remains from cereal crops (e.g. emmer and einkorn wheat) and pulses (lentil and pea). Our examination of this Neolithic dietary 'food web' incorporates crop δ15N values within a linear-mixing model to examine the estimated proportions of animal and plant protein in the human diet. We interpret the stable isotope dietary model outcomes together with accompanying archaeobotanical and zooarchaeological evidence to shed light on the role of crops in land use strategies and human diet, and conclude that (manured) crops probably formed the dominant protein source. [ABSTRACT FROM AUTHOR]

The paper studies the impact of informational ambiguity on behalf of informed traders on history-dependent price behaviour in a model of sequential trading in financial markets. Following Chateauneuf et al. (J Econ Theory 137:538-567, ), we use neo-additive capacities to model ambiguity. Such ambiguity and attitudes to it can engender herd and contrarian behaviour, and also cause the market to break down. The latter, herd and contrarian behaviour, can be reduced by the existence of a bid-ask spread. [ABSTRACT FROM AUTHOR]