• 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.

• The Journal of Information Systems
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• v.19 no.2
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• pp.23-36
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• 2010

The focus of this study is to analyze between South Korea and China in terms of diversity in Management Information Systems research. As a result, there is herding phenomenon regarding researches in both of the countries compared to other previous studies. There also seemed to be lack of in-depth study of basic theories and connection to related field of study considering the broad topics of management information, unlike other international journals that pursue diversity in control referencing various methodologies, analysis units and many citations. Therefore, both South Korea and China should stabilize theoretical base of MIS through securing independent field of MIS along with founding the fundamentals by searching in diversified fields, methodologies and analysis units with focused topics. The upshot here is that with respect to diversity in MIS from both countries, to alleviate herding phenomenon, enforcing accuracy of data collection and reducing convenience pursuit should be implemented. Also as criteria to select a topic, different kinds of consulting concepts and taking social issues into consideration that helps tool development and analysis power should be done. Through varied methodologies, tool development and analysis power should be assisted and analysis unit should be shifted to organization unit for Korea and team or individual for China only to augment the accessibility. As a limitation for the paper is that the data used in this analysis is secondary data. In addition, although time period used in both countries were the same, object of analysis had homogeneity in Korean case while Chinese one having heterogeneity from 19 different journals. For the future studies, multicultural comparison or time series analysis and their comparison in deeper approach with regard to object of analysis and methodologies can contribute to further MIS diversity.

• Proceedings of the Korean Institute of Intelligent Systems Conference
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• 1998.06a
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• pp.170-175
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• 1998

Transporting a large table using multiple robotic agents requires at least two group behaviors of homing and herding which are to bo coordinated in a proper sequence. Existing GP methods for multi-agent learning are not practical enough to find an optimal solution in this domain. To evolve this kind of complex cooperative behavior we use a novel method called fitness switching. This method maintains a pool of basis fitness functions each of which corresponds to a primitive group behavior. The basis functions are then progressively combined into more complex fitness functions to co-evolve more complex behavior. The performance of the presented method is compared with that of two conventional methods. Experimental results show that coevolutionary fitness switching provides an effective mechanism for evolving complex emergent behavior which may not be solved by simple genetic programming.

• 한국경영정보학회:학술대회논문집
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• 2007.06a
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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.

• Journal of Powder Materials
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• v.14 no.1 s.60
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• pp.44-49
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• 2007

In the fabrication of dye-sensitized solar cells (DSSCs), carbon counter electrode has been tested for replacing the platinum counter electrode which has two drawbacks: limited surface area and high material cost. Poor mechanical stability of carbon layer due to weak bonding strength to electrically conductive TCO (transparent conducting oxide) glass substrate is a crucial barrier for practical application of carbon counter electrode. In the present study a carbon counter electrode with high conversion efficiency, comparable to Pt counter electrode, could be fabricated by adaption of a bonding layer between particulate carbon material and TCO substrate.

• Coupled systems mechanics
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• v.13 no.3
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• pp.219-229
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• 2024

By introducing optimization algorithms into the machining process, product quality can be improved, time saved, and costs reduced. The cutting speed and feed can be handled by the turning machine. The approach of optimizing is used to manage pyrotechnics, Lawler's, greedy, bacterial colony, elephant herding, ant lion, spiral, auction, and pattern search for these ten odd ways. Ten artificial optimization methodologies were used to investigate the time and cost of a turning machine. It has been discovered how to create the optimal turning machine procedure. The best solution approach for the turning machine process problem is found, and the results are verified using ANSYS.

• Asia Marketing Journal
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• v.26 no.1
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• pp.1-10
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• 2024

This study explores incomplete decision-making dynamics on reward-based crowdfunding platforms, focusing on temporal and social factors influencing backers' decisions. Utilizing the temporal aspect (i.e., pledging campaign phase) and social aspect (i.e., current pledged amount ratio) as stimuli within the stimulus-organism-response framework, our findings reveal that nearly 50.9% of respondents change their initial decisions, highlighting widespread incomplete information processing. Backers are more prone to altering decisions under heightened time pressure and display herding behaviors. Furthermore, backers exhibit an increased likelihood of changing decisions under heightened time pressure, coupled with a greater chance that the pledged goal amount will not be achieved. The study discusses theoretical and practical implications.

• Journal of Korea Port Economic Association
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• v.40 no.1
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• pp.151-163
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• 2024

This study sought to confirm the impact of analytical methods and behavioral economic theory factors on decision-making when making chartering decisions in the dry bulk shipping market. This study on chartering decision-making model was began to verify why shipping companies do not make rational decision-making and behavior based on analytical methods such as freight prediction and process of alternative selection in the same market situation. To understand the chartering decision-making model, it is necessary to study the impact of behavioral economic theory such as heuristics, loss aversion, and herding behavior on chartering decision-making. Through AHP analysis, the importance of the method factors relied upon in chartering decision-making. The dependence of the top factors in chartering decision-making was in the following order: market factors, heuristics, internal factors, herding behavior, and loss aversion. Market factors, heuristics, and internal factors. As for detailed factors, spot freight index and empirical intuition were confirmed as the most important factors relied on when making decisions. It was confirmed that empirical intuition is more important than internal analysis, which is an analytical method. This study can be said to be meaningful in that it academically researched and proved the bounded rationality of humans, which cannot be fully rational, and sometimes relies on experience or psychological tendencies, by applying it to the chartering decision-making model in the dry bulk shipping market. It also suggests that in the dry bulk shipping market, which is uncertain and has a high risk of loss due to decision-making, the experience and insight of decision makers have a very important impact on the performance and business profits of the operation part of shipping companies. Even though chartering are a decision-making field that requires judgment and intuition based on heuristics, decision-makers need to be aware of this decision-making model in order to reduce repeated mistakes of deciding contrary to market situation. It also suggests that there is a need to internally research analytical methods and procedures that can complement heuristics such as empirical intuition.

• International Area Studies Review
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• v.22 no.1
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• pp.123-140
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• 2018

This paper analyzes herd behavior observed in the loan market from 2001 to 2014 using a panel data on commercial banks including state-owned banks, domestic private banks, foreign banks, and Islamic banks. The paper finds evidence that herd behaviors of domestic private and foreign banks have been pronounced and long-lasting around the 2008 global financial crisis when state-owned banks did not show such a behavior. This result shows that since private banks tend to be keen on maximizing profits and avoid financial risks exposed by lending during a financial crisis, their lending decisions are not independent but dependent on whether other banks increase loans or not. On the other hand, Islamic banks do not show herd behavior during the financial crisis. This finding is consistent with earlier studies that Islamic banks have different characteristics, such as profit and operation mechanisms, from other private banks. Another interesting finding is that when it comes to rural loans, all the banks' herd behavior is short-lived and the herding indexes are quite volatile. This finding is attributable to distinct features of rural loans. Usually maturities of rural loans are shorter than city loans and related to the cycle of farming. Agricultural production is heavily dependent on unpredicted factors, such as floods and droughts, not previous year's production. Lastly, the paper finds a herding across bank type that state-owned, foreign, and Islamic banks follow domestic private banks'lending decisions.

• Journal of the Korean Society of Costume
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• v.64 no.2
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• pp.84-97
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• 2014

This research aimed to explore strategies to develop the cashmere industry in Mongolia. Questionnaire consisted of questions regarding the necessity of development in different sectors in the cashmere industry, and areas of necessary competition for the development of Mongolian cashmere industry. In addition, characteristics of respondents and their companies were questioned. Surveys were distributed to people working in cashmere manufacturing companies in Ulaanbaator, Mongolia between July 25th, 2012 to September 3rd, 2012, and a total of 79 questionnaires were included in the final analysis using descriptive analysis, t-test, one-way ANOVA, and Duncan test. Results showed that respondents perceived design as the sector that needed the most improvement, and product related strategies such as product quality, product differentiation, and design were more important than distribution or promotion related strategies. The perceptions on the development strategies differed according to company size and their target markets (domestic vs. export). Overall, respondents working in smaller companies showed greater concern for most sectors, and also felt technology, product quality and design were more important than those in working in larger companies. Companies that targeted the domestic market showed greater concern for herding and scouring sector than companies that exported, while the latter evaluated government policy, network, distribution/export channels more importantly than the former in developing the Mongolian cashmere industry.