scholarly journals An Evolution Model of Trading Behavior Based on Peer Effect in Networks

2012 ◽  
Vol 2012 ◽  
pp. 1-15 ◽  
Author(s):  
Yue-Tang Bian ◽  
Lu Xu ◽  
Jin-Sheng Li ◽  
Jian-Min He ◽  
Ya-Ming Zhuang
Keyword(s):  
Stock Market ◽  
Mean Field ◽  
Field Analysis ◽  
Trading Behavior ◽  
Peer Effect ◽  
Behavior Dynamics ◽  
The Stability ◽  
Different Characteristics ◽  
The Relationship ◽  
Function Connectivity

This work concerns the modeling of evolvement of trading behavior in stock markets which can cause significant impact on the movements of prices and volatilities. Based on the assumption of the investors' limited rationality, the evolution mechanism of trading behavior is modeled according to peer effect in network, that investors are prone to imitate their neighbors' activity through comprehensive analysis on the neighboring preferred degree, self-psychological preference, and the network topology of the relationship among them. We investigate by mean-field analysis and extensive simulations the evolution of investors' trading behavior in various typical networks under different characteristics of peer effect. Our results indicate that the evolution of investors' behavior is affected by the network structure of stock market and the effect of neighboring preferred degree; the stability of equilibrium states of investors' behavior dynamics is directly related with the concavity and convexity of the peer effect function; connectivity and heterogeneity of the network play an important role in the evolution of the investment behavior in stock market.

Does investor personality moderate the relationship between information sources and trading behavior? Evidence from Chinese stock market

2017 ◽  
Vol 43 (5) ◽  
pp. 545-566 ◽  
Author(s):  
Muhammad Zubair Tauni ◽  
Zia-ur-Rehman Rao ◽  
Hong-Xing Fang ◽  
Minghao Gao
Keyword(s):  
Stock Market ◽  
Personality Traits ◽  
Chinese Stock Market ◽  
Sources Of Information ◽  
Trading Behavior ◽  
Content Type ◽  
Trading Frequency ◽  
Word Of Mouth Communication ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to investigate the impact of the key sources of information, namely, financial advice, word-of-mouth communication and specialized press, on trading behavior of Chinese stock investors. The study also analyzed if the association between the key sources of information and trading behavior is influenced by investor personality. Design/methodology/approach The authors adopted the Big Five personality framework and examined the survey results of individual stock investors (n=541) in China. Personality traits of investors were measured by the NEO-Five Factor Inventory (Costa and McCrae, 1989). The authors performed probit regression analysis to evaluate the moderating influence of investor personality traits on the association between sources of information and stock trading behavior. Findings The results of the study confirm the previous findings that the key sources of information used by investors as a foundation of their financial choices have a significant influence on their trading behavior. The study also provides empirical evidence that investor personality traits moderate the relationship between the key sources of information and trading behavior. Financial advisors tend to increase the frequency of trading in investors with openness, extraversion, neuroticism and agreeableness personality traits, and tend to decrease the intensity of trading in investors with conscientiousness trait. On the other hand, financial information acquired from word-of-mouth communication is more likely to enhance trading frequency in extraverted and agreeable investors, and is more likely to reduce trading frequency in investors with openness, conscientiousness and neuroticism traits. Finally, the use of specialized press leads to more adjustment in portfolios of the investors with openness and conscientiousness traits than those with other personality traits. An alternative mediated model was not supported. Originality/value This research contributes to information search literature and behavioral finance literature and provides empirical evidence that the psychological characteristics of investors are significant predictors of the variations in information-trading link. The study offers new theoretical insights of investors’ behavior due to the characteristics of Chinese stock market which are unique from other stock markets in the world. To the authors’ best knowledge, no previous study has been conducted so far in Chinese stock market to explore variations with regards to the impact of the key sources of information on trading behavior by the Big Five investor personality and this paper seeks to fill this gap.

scholarly journals Structure Characteristics of the International Stock Market Complex Network in the Perspective of Whole and Part

2017 ◽  
Vol 2017 ◽  
pp. 1-11 ◽  
Author(s):  
Guangxi Cao ◽  
Yingying Shi ◽  
Qingchen Li
Keyword(s):  
Stock Market ◽  
Complex Network ◽  
Stock Price ◽  
Large Degree ◽  
Chinese Stock Market ◽  
Window Method ◽  
Sliding Window Method ◽  
The Stability ◽  
Intentional Attack ◽  
The Relationship

International stock market forms an abstract complex network through the fluctuation correlation of stock price index. Past studies of complex network almost focus on single country’s stock market. Here we investigate the whole and partial characteristics of international stock market network (ISMN) (hereinafter referred to as ISMN). For the analysis on the whole network, we firstly determine the reasonable threshold as the basic of the following study. Robustness is applied to analyze the stability of the network and the result shows that ISMN has robustness against random attack but intentional attack breaks the connection integrity of ISMN rapidly. In the partial network, the sliding window method is used to analyze the dynamic evolution of the relationship between the Chinese (Shanghai) stock market and the international stock market. The connection between the Chinese stock market and foreign stock markets becomes increasingly closer, and the links between them show a significant enhancement especially after China joined the WTO. In general, we suggest that transnational investors pay more attention to some significant event of the stock market with large degree for better risk-circumvention.

scholarly journals Mean-field analysis of the stability of a K-Rb Fermi-Bose mixture

2003 ◽  
Vol 68 (4) ◽  
Author(s):  
M. Modugno ◽  
F. Ferlaino ◽  
F. Riboli ◽  
G. Roati ◽  
G. Modugno ◽  
...  
Keyword(s):  
Mean Field ◽  
Field Analysis ◽  
The Stability

An Experimental Investigation on Thermal Conductivity and Viscosity of Graphene doped CNTs /TiO2 Nanofluid

2020 ◽  
Vol 17 (3) ◽  
Author(s):  
A.M. Zetty Akhtar ◽  
M.M. Rahman ◽  
K. Kadirgama ◽  
M.A. Maleque
Keyword(s):  
Thermal Conductivity ◽  
Zeta Potential ◽  
Base Fluid ◽  
Minimum Quantity Lubrication ◽  
Cutting Fluid ◽  
Cutting Zone ◽  
Observation Method ◽  
The Stability ◽  
The Relationship ◽  
Zeta Potential Analysis

This paper presents the findings of the stability, thermal conductivity and viscosity of CNTs (doped with 10 wt% graphene)- TiO2 hybrid nanofluids under various concentrations. While the usage of cutting fluid in machining operation is necessary for removing the heat generated at the cutting zone, the excessive use of it could lead to environmental and health issue to the operators. Therefore, the minimum quantity lubrication (MQL) to replace the conventional flooding was introduced. The MQL method minimises the usage of cutting fluid as a step to achieve a cleaner environment and sustainable machining. However, the low thermal conductivity of the base fluid in the MQL system caused the insufficient removal of heat generated in the cutting zone. Addition of nanoparticles to the base fluid was then introduced to enhance the performance of cutting fluids. The ethylene glycol used as the base fluid, titanium dioxide (TiO2) and carbon nanotubes (CNTs) nanoparticle mixed to produce nanofluids with concentrations of 0.02 to 0.1 wt.% with an interval of 0.02 wt%. The mixing ratio of TiO2: CNTs was 90:10 and ratio of SDBS (surfactant): CNTs was 10:1. The stability of nanofluid checked using observation method and zeta potential analysis. The thermal conductivity and viscosity of suspension were measured at a temperature range between 30˚C to 70˚C (with increment of 10˚C) to determine the relationship between concentration and temperature on nanofluid’s thermal physical properties. Based on the results obtained, zeta potential value for nanofluid range from -50 to -70 mV indicates a good stability of the suspension. Thermal conductivity of nanofluid increases as an increase of temperature and enhancement ratio is within the range of 1.51 to 4.53 compared to the base fluid. Meanwhile, the viscosity of nanofluid shows decrements with an increase of the temperature remarks significant advantage in pumping power. The developed nanofluid in this study found to be stable with enhanced thermal conductivity and decrease in viscosity, which at once make it possible to be use as nanolubricant in machining operation.

A FORECAST OF PRODUCTIVE LONGEVITY OF HOLSTEIN COWS BY INDIRECT SIGNS

2020 ◽  
Author(s):  
З.С. САНОВА
Keyword(s):  
Correlation Coefficient ◽  
Aging Process ◽  
Direct Relationship ◽  
Stability Index ◽  
Age At First Calving ◽  
Group I ◽  
Predicted Values ◽  
The Stability ◽  
Relationship Of ◽  
The Relationship

В статье представлены материалы о взаимосвязи продолжительности продуктивного использования коров с характеристикой устойчивости к деградации, с возрастом отела и удоем. В исследованной, разнородной по происхождению, группе животных для прогноза продуктивного периода коров, обусловленного устойчивостью к деградации и возрастом первого отела, пригодно уравнение регрессии, аргументами в котором являются индекс устойчивости, возраст первого отела в первой и второй степенях. Коэффициент корреляции межу предсказанными значениями продуктивного периода и его фактическими величинами в I группе составляет 0,502, во II - 0,604. При этом крайние варианты прогнозируются со статистическими ошибками 5 мес при оценке индекса устойчивости по 2 лактациям и 4,1 мес по 3, а средние варианты, соответственно, 1,6 и 1,51 мес. Индекс устойчивости к процессу старения является важной характеристикой биологических особенностей коров, определяющий их продуктивное долголетие. Его оценка по первым 2 и 3 лактациям имеет прямолинейную связь с продуктивным периодом (r=0,4109 и r=0,5270), соответственно. Зависимость продуктивного периода от возраста первого отела криволинейная — с увеличением возраста первого отела сокращается срок продуктивного использования, при возрасте первого отела более 1400 дней срок продуктивного использования колеблется от 1,33 до 1,41 лактации. Коэффициент корреляции между этими характеристиками коров составляет - 0,2164 в I и - 0,2620 во II группах. The article presents materials about the relationship of the duration of productive use of cows with the characteristic of resistance to degradation, with the age of calving and milk yield. In the studied group of animals, which is heterogeneous in origin, the regression equation is suitable for predicting the productive period of cows due to resistance to degradation and the age of the first calving, the arguments of which are the stability index, the age of the first calving in the first and second degrees. The correlation coefficient between the predicted values of the productive period and its actual values in group I is 0.502, in group II - 0.604. At the same time, the extreme variants are predicted with statistical errors of 5 months when evaluating the stability index for 2 lactations and 4.1 months for 3, and the average variants, respectively, are 1.6 and 1.51 months. The index of resistance to the aging process is an important characteristic of the biological characteristics of cows, which determines their productive longevity. Its estimate for the first 2 and 3 lactations has a direct relationship with the productive period (r=0.4109 and r=0.5270), respectively. The dependence of the productive period age at first calving curvilinear with increasing age at first calving reduces the time to productive use, while age at first calving of more than 1400 days, the period of productive use ranges from 1.33 to 1.41 lactation. The correlation coefficient between these characteristics of cows is-0.2164 in I and-0.2620 in II groups.

Substantiation the machine with a basket for the application of mineral fertilizers and other bulk materials with the upper arrangement of the feeding device

2019 ◽  
pp. 37-43
Author(s):  
Fesenko, H.
Keyword(s):  
Fat Body ◽  
Mineral Fertilizer ◽  
The Body ◽  
Mineral Fertilizers ◽  
Analytical Mechanics ◽  
Bulk Materials ◽  
The Stability ◽  
Working Bodies ◽  
The Relationship ◽  
Stable Flow

Purpose. Increasing the uniformity of distribution of mineral fertilizers and other bulk materials due to the stability of their feed from the body to the spreading working bodies using the top feeder. Methods. The following methods are used to achieve this aim: the method of comparing the differences between individual groups of fertilizers, the method of analyzing the properties of a new technical system, the method of functional inventiveness, and the methods of theoretical and analytical mechanics. Results. The traction body of the conveyor of the upper feed of the body fat body machine for mineral fertilizers and other bulk materials was substantiated and the relationship between the height of its scrapers and the distance between them was established, as well as the nature of the mineral fertilizer pressure on the curvilinear wall of the body. In addition, the design of the advanced body fertilizer spreader is justified, which ensures a stable flow of fertilizers from the body due to the improvement of the top feeder. Conclusions. Because of the conducted researches, the advantages of machines equipped with top feeder are found. They create the conditions for the forced feeding mineral fertilizers and other loose materials from the container to the distribution bodies, which is a prerequisite for their evenness on the surface. With this, the imperfection of known machines with the top feeder constrains their introduction into agricultural production. On this account, a more thoroughly constructed solution of the body feeder of the top feed is substantiated, in which the conveyor provides a stable supply of fertilizers from the body with reduced energy consumption during operation. Keywords: analysis, feed, upper device, conveyor, stability, fertilizers, flow ability, body.

FINANCIAL CRISES AND THE PUBLICATION OF THE FINANCIAL STATEMENTS OF BANKS IN SPAIN, 1844–1868

2004 ◽  
Vol 31 (2) ◽  
pp. 1-26 ◽  
Author(s):  
Mercedes Bernal Lloréns
Keyword(s):  
19Th Century ◽  
Financial Reporting ◽  
Economic Performance ◽  
Financial Crises ◽  
Limited Liability ◽  
Financial Statements ◽  
Early Response ◽  
Banking Regulations ◽  
The Stability ◽  
The Relationship

Financial crises have had a decisive influence on banking regulations in Spain. During the mid-19th century the publication of the financial statements of banks was considered key to the stability of the financial system. All new joint stock banking companies were to publish their statements in the Madrid Gazette in return for the privilege of limited liability. Similar obligations were placed on issuing banks. The copious publication of financial statements coincided with a period of financial prosperity. However, the crises that followed from 1864 to 1868 led to a reduction in the official publication of statements. This paper is concerned with an early response to crises in financial reporting. The study focuses on the relationship between the publication of accounting statements by banks and the GDP in Spain during the mid-19th century. The results suggest that the frequency of publication of financial statements may be an indicator of economic performance.

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