This paper examines herding behavior in global markets. By applying daily data for 18 countries from May 25, 1988, through April 24, 2009, we find evidence of herding in advanced stock markets (except the US) and in Asian markets. No evidence of herding is found in Latin American markets....

This paper examines the effectiveness, cause and impact of price limits by comparing cross-listed Chinese stocks in China (A shares), Hong Kong (H shares) and New York (N shares). Price limit is found to have some effectiveness in preventing price continuation, but is ineffective in that the...

This paper presents a novel thermodynamic analysis tool, the energy-flow framework diagram (EFD), and proposes a new method called the EFD graphic analysis method. It is a visual method of energy analysis and integration and is fairly convenient to analyze variety of complicated information,...

Using the first and second laws of thermodynamics, we describe an effective analysis of exergy loss for energy conversion in chemical or power-generation systems and explain the energy-utilization diagrams which are generated by a graphic simulator. Two types of advanced LNG powerplants, the...

A loop of chemical reactions is introduced to reduce the exergy loss caused by the conversion of fuel energy to thermal energy in conventional LNG powerplants. By applying this chemical loop and the graphic simulator which generates energy-utilization diagrams, a new gasturbine power-generation...

This paper examines the hypothesis that both stock returns and volatility are asymmetric functions of past information derived from domestic and U.S. stock-market news. The results show the presence of negative autocorrelation, which is consistent with the dominance of positive-feedback trading...

We apply the Kalman filter method to estimate nine Asian markets and find evidence that stock return dispersions decline as markets experience stress conditions, supporting the existence of herding. This paper finds that herding behavior is time-varying and comoving across markets. Both linear...