• Title/Summary/Keyword: 무리행동

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Study on time-varying herd behavior in individual stocks (개별 주가에 반영된 시변 무리행동 연구)

  • Park, Beum-Jo
    • Journal of the Korean Data and Information Science Society
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    • v.22 no.3
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    • pp.423-436
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    • 2011
  • Many of the theoretical studies have considered herd behavior as a source of the volatility in financial markets, but there have been few empirical studies on the dynamic herding due to the technical difficulty of detecting herd behavior with time-series data. In this context, this paper proposes a new method for measuring time-varying herd behavior based on QR-GARCH model. Using daily data of KOSPI stocks, this paper provides some empirical evidence for strong and volatile herding among traders of stocks of medium firms, and shows that time-varying herd behavior in traders of some stocks has persistent autocorrelation.

국내 증권형 크라우드펀딩 투자자의 손실보전기대가 참여의도 및 무리행동에 미치는 영향: 조절효과분석을 중심으로

  • Hwang, Nak-Jin;Lee, So-Yeong
    • 한국벤처창업학회:학술대회논문집
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    • pp.45-50
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    • 2020
  • 최근 계획된 행동이론을 바탕으로 국내 증권형 크라우드펀딩 투자자의 참여의도와 무리행동에 관한 연구를 수행하였다. 연구 결과 계획된 행동이론의 주요변인 중 태도와 주관적 규범은 증권형 크라우드펀딩 투자자의 참여의도에 정(+)의 영향을 미치는 것으로 확인되었다. 그리고 간접효과 분석 결과 참여의도는 태도, 주관적 규범과 무리행동 사이에서 매개적 역할을 하는 것으로 확인되었다. 그러나 계획된 행동이론에서 행동의도의 주요 변인으로 제시된 지각된 행동통제는 참여의도에 미치는 영향이 통계적으로 비유의적인 것으로 나타났다. 대신 무리행동에는 직접적으로 정(+)의 영향을 미치는 것으로 확인되었다. 한편 국내 증권형 크라우드펀딩 투자자는 실제 투자행동을 할 때 플랫폼에서 제공되는 펀딩 진행정보를 일종의 신호로 보고 다수의 다른 투자자를 모방하여 무리행동을 한다는 것을 실증적으로 확인하였다. 본 연구는 종전 연구의 후속연구로서 국내 증권형 크라우드펀딩 투자자의 손실보전기대가 참여의도 및 무리행동에 조절적 역할을 하는지 여부를 연구해 보고자 한다. 손실보전기대는 증권형 크라우드펀딩 투자로 인해 투자자가 받게 되는 각종 혜택이나 투자조건에 따라 크라우드펀딩 투자로 인한 손실 일부 또는 전부를 보전하거나 손실 발생 가능성을 낮출 수 있다고 믿는 정도를 말한다. 본 연구를 통해 국내 증권형 크라우드펀딩 투자와 관련한 각종 혜택 및 투자조건 등이 투자자의 손실보전기대를 유발하여 투자자의 참여의도와 무리행동에 조절적 영향을 미치는지 여부를 실증적으로 확인함으로써 향후 크라우드펀딩 관계 당사자들의 동 제도 활성화 및 투자자 보호를 위한 각종 정책 및 사업계획 수립 등에 유의미한 결과로 활용될 수 있을 것이다.

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무리행동과 인지적 유용성이 e-learning 컨텐츠 구매에 미치는 영향;구매 경험자와 잠재 구매자 그룹간의 차이 비교

  • Park, Eun-Ho;Yu, Cheol-U;Kim, Yong-Jin;Mun, Jeong-Hun;Choe, Yeong-Chan
    • 한국경영정보학회:학술대회논문집
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    • pp.435-440
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    • 2007
  • 본 연구는 무리행동과 인지적 유용성을 중심으로, e-learning 컨텐츠 구매에 미치는 영향을 e-learning 수강경험자 집단과 경험하지 못한 잠재구매자 집단의 차이점을 경험적인 측면에서 밝히고자 시도하였다. 전체 528명의 표본을 경험자(395명)와 비경험자(133명)로 나누어 PLS(Partial Least Square)를 통하여 분석한 결과 e-learning 구매 경험자는 인지적 유용성이 구매의도에 주는 영향이 무리행동의 영향보다 큰 것으로 나타났고, 잠재 구매자는 무리행동이 구매의도에 주는 영향이 더 큰 것으로 나타났다.

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Determinants of Adolescents' Consumption Disequilibrium: In the Perspective of Herding Behavior Theory (청소년의 쏠림소비 영향요인 연구: 무리행동이론 관점에서)

  • Lee, Jong Man
    • The Journal of the Korea Contents Association
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    • v.19 no.5
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    • pp.363-370
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    • 2019
  • The purpose of this paper is to investigate motivational factors and consequence of the herd behavior of adolescent consumers under the buying decision process in the connected era of internet. For such purpose, this study built a research model and examined how sensitivity to fads, interaction and inaccuracy affect the disequilibrium consumption of adolescents. We also examined the relationship between disequilibrium consumption and consumption happiness. The survey method was used for this paper, and data from a total of 142 students were used for the analysis. And structural equation model was used to analyze the data. The results of this empirical study is summarized as followings. First, sensitivity to fads and interaction have direct effect on the disequilibrium consumption of adolescents. Second, disequilibrium consumption has a positive effect on adolescents' consumption happiness. This implies that the importance of herd behavior in designing rational choice in adolescents' consumption behaviors.

A Study on Participation Intention and Herd Behavior on Domestic Securities Type Crowdfunding Investors: Focusing on the Theory of Planned Behavior (국내 증권형 크라우드펀딩 투자자의 참여의도와 무리행동에 관한 연구: 계획된 행동이론을 중심으로)

  • Hwang, Nakjin;Lee, So-young
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.2
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    • pp.1-18
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    • 2020
  • This study is to identify the influence of major variables that affect the participation intention of securities type crowdfunding investors and how participation intention and perceived behavioral control affect investors' herd behavior including indirect effect analysis based on the theory of planned behavior. The ultimate purpose of this study is to understand the investment behavior of securities type crowdfunding investors and to help the relevant parties to develop various policies and business plans to revitalize the system and protect investors. An online survey was conducted on people who are interested or have experience in securities type crowdfunding to receive a total of 276 responses. Excluding outliers, a total of 261 responses were taken into account for the final analysis. For the data analysis, structural equation model analysis using SPSS 22.0 and Amos 22.0 statistical package was conducted. As a result, two of the major variables of the theory of planned behavior-attitude and subjective norm-have been found to have a positive effect on the participation intention of securities type crowdfunding investors. And after analyzing the indirect effect, the participation intention was found to play a mediating role between attitude, subjective norm and herd behavior. However, the perceived behavioral control presented as a major variable of behavioral intention in the theory of planned behavior showed that the effect on participation intention was statistically insignificant. Instead, it was found to have a direct positive effect on herd behavior. This is significant because it empirically confirmed that even if investors perceive securities type crowdfunding as easy to participate, perceived behavioral control does not seem to have a significant impact on participation intention because securities type crowdfunding is an investment in an early-stage business with a high risk of loss. On the other hand, the study has great significance in that it empirically confirmed that domestic securities type crowdfunding investors perceive the funding progress information provided by the platform as a signal and imitate many other investors, showing herd behavior when they actually make an investment. It is expected that this study will provide meaningful insights for the policy making of crowdfunding supervisory offices and platform operators by empirically identifying major variables that influence the participation intentions and herd behavior of domestic securities type crowdfunding investors.

A Study on the Information Cascades Effects of the Offline WOM and Online Review (오프라인 구전과 온라인 리뷰간의 정보 캐스케이드 영향 분석)

  • Kim, Jin-Hwa;Bae, Jae-Kwon;Jeon, Han-Cheol
    • The Journal of Society for e-Business Studies
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    • v.15 no.1
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    • pp.39-60
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    • 2010
  • It becomes common thing that many customers buy the goods through the online shopping mall as internet grows very fast. The information cascades that happen when a person imitates the other's acts also it occurs in online. Many people buy the goods referring on other people's purchasing experiences and such cases are spreading more and more. Through numerous existing researches, the researches in association with this issue have been studied on the information cascades effect on offline or online separately. The research of comparing the information cascades effects from the offline word of mouth (WOM) and the online review has not studied yet. On that reason this study shows that the online review induces the information cascades. We also compared the effects with information cascades effects from traditional offline word of mouth. In result of this study, the following points have been concluded. Firstly, we examined that information cascades was occurred through both the online review and offline word of mouth. Secondly, the information cascades effect through the online review is greater than through the offline words of mouth. It means the company has to understand the importance of the online review and manage it. Thirdly, the information cascades effects are occurred differently in accordance with the goods brands. Therefore a company has to know whether its products is superior to the competitor's one or not.

Implementation of Fish Schools (물고기 무리짓기 구현)

  • Ryu, Hyeon-Ji;Park, Jong-Ho;Lee, Myoun-Jae
    • Proceedings of the KAIS Fall Conference
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    • pp.1010-1013
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    • 2010
  • 무리짓기 시뮬레이션은 무리를 짓는 NPC의 인공 지능을 구현하는 것으로 게이머들에게 실세계와 같은 몰입에 도움을 준다. 이를 위하여 본 논문은 분석된 실세계에서의 물고기 무리짓기의 행동 패턴을 오우거 엔진을 이용하여 구현[1]하고, 이를 실세계의 물고기 떼의 행동 패턴과 비교하였다.

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The Role of Personal and Social Dimensions in the Determination of the Intention to use Smartphone-based Mobile Banking Services: An Empirical Investigation (스마트폰 기반 모바일 뱅킹 서비스 수용의도의 선행요인으로서 개인적 영향요인과 사회적 영향요인의 역할에 관한 실증적 연구)

  • Choi, Jayong;Hong, Ilyoo B.
    • Informatization Policy
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    • v.21 no.3
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    • pp.102-127
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    • 2014
  • Although mobile banking provides cost-saving opportunities as well as convenient banking experience for customers, today's banks still face challenges when deploying the technology because a good number of customers are reluctant to use mobile banking for personal reasons. This paper is an empirical investigation of the determinants of the intention to use smartphone-based mobile banking services. The determinants are grouped into two categories including personal factors and social influence factors. We conducted an empirical analysis using 751 survey responses collected from present users of mobile banking services. The results of the analysis reveal that all the personal factors have positive relationships with the intention to use mobile banking services. On the other hand, it was found that of the social influence factors, perceived herding behavior has significantly positive relationship with the intention to use smartphone-based services, whereas subjective norm is not significantly related to the intention. We provide practical as well as academic implications of the research findings.

Flocking Implementation for NPC AI (NPC 인공 지능을 위한 무리짓기 구현)

  • Yoo, Hyun-Ji;Lee, Myoun-Jae;Kim, Kyoung-Nam
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.11 no.12
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    • pp.5083-5088
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    • 2010
  • An implementation of NPC AI(artifical intelligence) is similar with real world's flocking can increase fun factor of game. To this end, we design fish flocking patten of analyzed real world, implement using Ogre engine in this paper. To determine the usefulness of implemented fish flocking, we compare fish flocking in real world with implemented fish flocking. Implemented behavioral patterns of fish flocking show similar behavioral patterns of fish flocking in real world.

Swarming Behavior of Multiple Agents by Association (연합방법을 이용한 다개체 에이전트들의 무리짓기 행동제어)

  • Kim, Dong-Hun;Han, Byung-Jo;Kim, Eung-Suk;Kim, Hong-Pil;Yang, Hai-Won
    • Proceedings of the KIEE Conference
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    • pp.1883-1884
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    • 2008
  • This paper presents a framework for decentralized control of self-organizing swarm agents based on the artificial potential functions (APFs). The framework explores the benefits by associating agents based on position information to realize complex swarming behaviors. A key development is the introduction of a set of association rules by APFs that effectively deal with a host of swarming issues such as flexible and agile formation. In particular, this paper presents an association rule for swarming that requires less movements for each agent and compact formation among agents. Extensive simulations are presented to illustrate the viability of the proposed framework.

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