Queues are not only a nuisance in one’s life. Queues can also attract potential customers to a service or product whose utility is not well known prior to the purchasing decision. In addition, for some goods, it is difficult for the seller to communicate precisely the information that allows determining the utility of the good to its potential customer base2. Think of a dinner at a restaurant, ...

Herding and contrarian behavior are often-cited features of real-world financial markets. Theoretical models of continuous trading that study herding and contrarianism, however, usually do not allow traders to choose when to trade or to trade more than once. We present a large-scale experiment to explore these features within a tightly controlled laboratory environment. Herding and contrarianis...

We study the online market for social stock investing where individuals follow other investors in the community for their investment decisions. Using data from kaChing.com, one of the largest social investing marketplaces, we investigate whether and how various aspects of an individual’s social networks affect her investment performance. Using social network methodologies and theories of inform...

In Shark Bay, Western Australia, male bottlenose dolphins (Tursiops sp.) cooperate in pairs and triplets to sequester and control the movements of females. We refer to this behavior as "herding" and to the male pairs and triplets as alliances. During a 25-month study (1987-1989) on the social relationships of males, we documented herding in 10 alliances. Males preferentially herded nonpregnant ...

We introduce a new measure for capital market efficiency. The measure takes into consideration the correlation structure of the returns (long-term memory), local herding behavior (information dimension) and uncertainty in the process (entropy). The efficiency measure is then taken as a distance from an ideal efficient market situation. Methodology is applied to a portfolio of 41 stock indices. ...

We introduce a new measure for the capital market efficiency. The measure takes into consideration the correlation structure of the returns (long-term and short-term memory) and local herding behavior (fractal dimension). The efficiency measure is taken as a distance from an ideal efficient market situation. Methodology is applied to a portfolio of 41 stock indices. We find that the Japanese NI...

This paper examined the factors that affect investor herd behavior. Herd behavior bias is a well- known phenomenon in financial markets which individuals blindly follow investing decisions of others without understanding fundamental principles investment. While extensive research has explored markets, there remains significant gap herding at level individual investors. Previous studies have pri...

although capital inflows affect positively economies in long-run, it is possible to generate somehow destructive effects if there is no any control on financial markets. this study tries to explore main determinants of large capital inflows episodes to emerging markets. it is also investigated whether the large capital inflows episodes lead to financial crises in forms of sudden stop phenomenon...