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The purpose of this study is to examine herd behaviour under different market conditions, examine the potential impact of the firm size and stock characteristics on this relationship, and explore how herding affects market prices in the German market.

The authors apply a method that does not rely on theoretical models, thus eliminating the biases inherent in their application. This technique is based on the assumption that macro herding manifests itself in the synchronicity (comovement) of stock returns.

The study’s findings show that herding is more pronounced in down markets and is more pronounced when market returns reach extreme levels. Additionally, the authors have found that there is stronger herding among large companies compared to small companies, and that stock characteristics considered have no effect on the degree of macro herding. Results also suggest that the contemporaneous market-wide information drives macro herding and that macro herding facilitates the incorporation of market-wide information into prices.

The study’s results strongly support the idea of directional asymmetry, which holds that stocks react quickly to negative macroeconomic news while small stocks react slowly to positive macroeconomic news. Additionally, the study’s results suggest that the contemporaneous market-wide information drives macro herding and that macro herding facilitates the rapid incorporation of market-wide information into prices.

To the best of the researchers’ knowledge, this is the first study that examines macro herding for a major financial market using a herding measure based on the co-movement of returns that does not rely on theoretical models.

Since the Jellinekian Foundation of modern alcohol studies 75 years ago, no one has yet systematically studied the role of his ethnographic studies, his university attendance and engagement in psychoanalytic work leading to the birth of his first book (published in 1917), which applied an ethnographic approach. The purpose of this paper is to uncover and show the ethnographic, experimental psychological and psychoanalytic roots in Jellinek’s different models of alcohol problems, from the conventional medical one, though the Alcoholics Anonymous-inspired concept, to the species of alcoholism theory.

Using the data from their research in the archives of Budapest, Berlin, Leipzig and Grenoble, the authors examine Jellinek’s scientific output in alcohol studies. They focus on data related to Jellinek’s activity in statistics, ethnography including field work and the business model of psychoanalysis.

Drawing from various traditions of science, Jellinek acquired considerable sources of knowledge with the help of his friends and teachers during his formative years, which later led him to renew and transform his models of alcohol problems. New data on Jellinek’s personal history, a by-product of the archival research, is also presented.

The Jellinekian heritage, including his cross-fertilisation approach, represents a vast reserve for addiction science.

This paper not only adds to the understanding of the history of addiction, but might also lead to a rearranging of our knowledge about the founder of the field.