{"paper":{"title":"Herd Behaviors in Financial Markets","license":"","headline":"","cross_cats":["q-fin.ST"],"primary_cat":"cond-mat.stat-mech","authors_text":"Hideki Takayasu, J. S. Choi, Kyungsik Kim, Seong-Min Yoon","submitted_at":"2004-05-09T00:38:55Z","abstract_excerpt":"We investigate the herd behavior of returns for the yen-dollar exchange rate in the Japanese financial market. It is obtained that the probability distribution $P(R)$ of returns $R$ satisfies the power-law behavior $P(R) \\simeq R^{-\\beta}$ with the exponents $ \\beta=3.11$(the time interval $\\tau=$ one minute) and 3.36($\\tau=$ one day). The informational cascade regime appears in the herding parameter $H\\ge 2.33$ at $\\tau=$ one minute, while it occurs no herding at $\\tau=$ one day. Especially, we find that the distribution of normalized returns shows a crossover to a Gaussian distribution at on"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"cond-mat/0405172","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}