Using the unique scheduled disclosure system for annual reports in China’s stock market, we examine within-industry herding behavior report timing. The results reveal waiting and following strategies used reporting process within industry. Firms that originally schedule an early (late) date their industry are more likely to reschedule a later (earlier) date. Informational pressure is dominant m...

Individual choices are either based on personal experience or on information provided by peers. The latter case, causes individuals to conform to the majority in their neighborhood. Such herding behavior may be very efficient in aggregating disperse private information, thereby revealing the optimal choice. However if the majority relies on herding, this mechanism may dramatically fail to aggre...

We study how organizational complexity affects managerial behavior, breaking it down into vertical hierarchy and degree of specialization. We exploit a novel dataset on the organizational structure of the US asset management industry. We show that more hierarchical structures reduce the incentive to collect soft information by investing less in closely-located firms. This reduces portfolio conc...

Multi-agent schema-based reactive robotic systems are complemented with the addition of a new behavior controlled by a teleoperator. This enables the whole society to be aaected as a group rather than forcing the operator to control each agent individually. The operator is viewed by the reactive control system as another behavior exerting his/her innuence on the society as a whole. Simulation r...

We present a relatively detailed analysis of the persistence probability distributions in financial dynamics. Compared with the auto-correlation function , the persistence probability distributions describe dynamic correlations non-local in time. Universal and non-universal behaviors of the German DAX and Shanghai Index are analyzed, and numerical simulations of some microscopic models are also...

BACKGROUND Indigenous people often have a pattern of mortality that is disadvantageous in comparison with the general population. The knowledge on causes of death among the Sami, the natives of northern Scandinavia, is limited. The aim of the present study was to compare gender and cause specific mortality patterns for reindeer herding Sami, non-herding Sami, and non-Sami between 1961 and 2000....

The 1990s have been a decade of upheaval in international financial markets. Much of the responsibility for financial instability has been placed on speculators, particularly hedge funds. Speculative capital has been characterized as “hot money,” with capital flows driven by “herding” and “contagion” among players in foreign-exchange, stock, bond, and commodity markets. Policies to deal with fi...

This study aims to examine the effect of collectivism, herding behavior and accounting understanding on intention implementation SAK EMKM. type research is classified as survey with a quantitative approach. The population in this were SMEs manager Dumai City, Indonesia. sample was determined by purposive sampling method. amount samples 80 respondents. statistic testing result showed that collec...

The purpose of this study was to identify the relationship between herding behavior, risk aversion on investment decisions with financial attitude as a moderating variable. To obtain data, researcher used questionnaire that utilized purposive sampling method in obtaining respondents who were appropriate and line research. Total found 110 respondents. This research finds behavior has negative ef...