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HERD BEHAVIOR IN INTERNATIONAL MARKET

100%
Balcerzak M.
Metody Ilościowe w Badaniach Ekonomicznych
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2014
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vol. 15
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issue 2
17-26
EN
According to literature, herding can be observed not only within single stock market, but also on international level. Poland has entrance to Euro Zone in perspective, so especially interesting is answer to the question whether herding is present on the stock markets of candidate countries to Euro Zone? Moreover, whether this tendency will be more noticeable in periods of higher volatility than during the periods of relative market stability, as suggested by psychological theories. To find the measure of herd tendency we can refer both to neoclassical and behavioral theories. Basing on models grounded in rationality assumption, there is a need to assume informative efficiency of markets. Thus, it can be expected that aggregated changes in stock markets should be reflected in the process of prices formation. Behavioral literature pointed that if tendency of herding is present on international level, it can be assumed that markets ‘in average’ will behave in the similar way. Following this idea the size of deviation of the given series from the ‘average’ can be taken as the measure of herding activity in aggregated market. Methodology created by Christie, Huang and Chang, Cheng, Khoran will be used as a starting point for the consideration of this problem. To propose more perfect measure of herding, in the paper this approach will be developed by using alternative methodology for average and measure of deviations construction. Those improvements will cause that, theoretical models will come closer to reality and will take into account both sociological and behavioral tendencies present in investors activity.
2
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Does volatility mediate the impact of analyst recommendations on herding in Malaysian stock market?

88%
Loang O. K., Ahmad Z.
Economics and Business Review
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2021
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vol. 7
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issue 4
54-71
EN
This study examines the mediating role of volatility on the relationship between analyst recommendations and herding in the Malaysian stock market by using data from 2010 to 2020. Volatility is measured by realized volatility and the Parkinson estimator. The empirical evidence suggests that herding exists and realized volatility intervenes in the direct relationship between analyst recommendations and herding. The release of analyst recommendations causes realized volatility to fluctuate and investors are triggered by the volatility, which in turn follow the crowd to herd. Nonetheless, the Parkinson estimator is found to be insignificant, which infers that investors have anchor bias and rely on previous day stock prices to trade and herd. This paper provides an alternative explanation to the direct relationship and enhances the study of informationbased herding. It contributes to academicians, practitioners, investors and policymakers to understand the herding of investors in responding to the arrival of new information.
3
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Praktyki apotropeiczne dotyczące owiec w pasterstwie huculskim Tradycja i współczesność

63%
Zacharek N.
Studia Etnologiczne i Antropologiczne
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2018
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vol. 18
67-81
EN
Until the beginning of the 20th century, animal husbandry in the pastoral community in the vicinity of Werchowyna was one of the main axes of the organization of the year of farm work. Nowadays, the role of animals in this region is still important, and animal farming is one of the main factors of the local economy. Basing on the source materials collected by Polish and Ukrainian researchers, the article presents the most important practices for the old Hutsul community, which were often of magical character and aimed at protecting animals, and socio-economicmotives that were the inspiration in the old sheep farming during summer grazing. All these have constituted the historical background for compiling information that enable determining the contemporary image of sheep in the community of Hutsulshepherds
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