scholarly journals Trading Imbalance in Chinese Stock Market—A High-Frequency View

Entropy ◽  
2020 ◽  
Vol 22 (8) ◽  
pp. 897
Author(s):  
Shan Lu ◽  
Jichang Zhao ◽  
Huiwen Wang
Keyword(s):  
High Frequency ◽  
Chinese Stock Market ◽  
Trading Behavior ◽  
Stock Level ◽  
Market Sentiment ◽  
Entropy Measures ◽  
Market Trends ◽  
The One ◽  
Current Polarity ◽  
The Relationship

Although an imbalance of buying and selling profoundly affects the formation of market trends, a fine-granularity investigation of this perplexity of trading behavior is still missing. Instead of using existing entropy measures, this paper proposed a new indicator based on transaction dataset that enables us to inspect both the direction and the magnitude of this imbalance at high frequency, which we call “polarity”. The polarity aims to measure the unevenness of the very essence trading desire based on the most micro decision making units. We investigate the relationship between the polarity and the return at both market-level and stock-level and find that the autocorrelated polarities cause a positive relation between lagged polarities and returns, while the current polarity is the opposite. It is also revealed that these associations shift according to the market conditions. In fact, when aggregating the one-minute polarities into daily signals, we find not only significant correlations disclosed by the market polarity and market emotion, but also the reliability of these signals in terms of reflecting the transitions of market-level behavior. These results imply that our presented polarity can reflect the market sentiment and condition in real time. Indeed, the trading polarity provides a new indicator from a high-frequency perspective to understand and foresee the market’s behavior in a data-driven manner.

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 THE AGRO-PASTORAL CONFLICTS AND FORAGE SPECIES PRIZED BY CATTLE: CASE OF THE NORTHERN PERIPHERY OF THE MBAM AND DJEREM NATIONAL PARK (ADAMAOUA-CAMEROON)

2021 ◽  
Vol 9 (02) ◽  
pp. 965-985
Author(s):  
Marie Mvu Njoya ◽  
◽  
Ambahe Duplex Rufin ◽  
Keyword(s):  
High Frequency ◽  
National Park ◽  
Low Frequency ◽  
Partial Solution ◽  
The Other ◽  
Survey Method ◽  
Other Hand ◽  
Forage Species ◽  
The One ◽  
The Relationship

In the outskirts of the northern periphery of Mbam and Djerem National Park, agro-pastoral conflicts have become very frequent in recent years. The resulting damage is so surprising that it leaves no one indifferent. Unfortunately, many writings analyze the causes of these agro-pastoral conflicts without, however, dwelling on the fodder resources which constitute not only the staple food of cattle but also one of the primary factors of these antagonisms. To overcome this knowledge gap, the authors adopted the survey method in order to identify, on the one hand, the attributes of agro-pastoral conflicts and the plant species consumed in all seasons by cattle on the northern periphery of the PNMD and, on the other hand, the relationship between these forage species with the frequency of agro-pastoral conflicts according to the protagonists and the seasons. Thus, from field observations and a questionnaire sent to 44 breeders and 103 farmers in four control villages, it results, after processing the data, that the high frequency of conflicts experienced by the farmers in the dry season (35.9 %) and especially by the breeders (70.5%) is due to the location of the forage species prized in this season at the bottom of the valleys where the herds are concentrated and compete. On the other hand, the low frequency of conflicts experienced during the rainy season especially by breeders, except in Mbitom, is more justified by the extension of fodder registers to woody leaves from the start of this season. Finally, the fodder fields of Brachiaria constitute a partial solution to the shortage of pastures even if it sometimes gives rise to new conflicts between herders.

The Relationship between Premature Death and Affective Disorders

1969 ◽  
Vol 115 (528) ◽  
pp. 1277-1282 ◽  
Author(s):  
T. A. Kerr ◽  
Kurt Schapira ◽  
Martin Roth
Keyword(s):  
High Frequency ◽  
Affective Disorders ◽  
Mental Hospital ◽  
Premature Death ◽  
Practice Survey ◽  
Manic Depressive ◽  
Involutional Melancholia ◽  
The Subject ◽  
The One ◽  
The Relationship

The relationship between mental illness and physical disease in elderly patients has been the subject of a number of studies, notably those by Kay and Roth (1955) and Roth and Kay (1956). Stenstedt (1952, 1959) reported a high mortality rate among patients with manic-depressive psychosis and involutional melancholia, which he attributed to ‘the high frequency of suicide and to the fact that several patients had died in a mental hospital’. In a survey of elderly people living in the community, Kay and Bergmann (1966) demonstrated a relationship between physical illness and diminished life expectancy on the one hand and functional psychiatric disorders on the other. Shepherd et al. (1964), in a general practice survey in London, found a 'strongly marked association between psychiatric disorder and chronic organic illness'.

Relationship between Herd Behavior and Chinese Stock Market Fluctuations during a Bullish Period Based on Complex Networks

2021 ◽  
pp. 1-17
Author(s):  
Yong Shi ◽  
Yuanchun Zheng ◽  
Kun Guo ◽  
Xinyue Ren
Keyword(s):  
Stock Market ◽  
Composite Index ◽  
Big Data Analysis ◽  
Mobile Internet ◽  
Investor Behavior ◽  
Herd Behavior ◽  
Chinese Stock Market ◽  
Pairwise Correlation ◽  
Market Sentiment ◽  
The Relationship

Herding has a great impact on stock market fluctuations, and it is possible for researchers to analyze the herding effect due to the recent popularity of mobile Internet and the development of big data analysis technology. In this paper, we propose both investor-based and stock-based sentiment propagation networks of Chinese stock markets based on the simple pairwise correlation of posts’ sentiment indexes. And the relationship between the herding effect and Chinese stock market fluctuations is studied by comparing the network indicators with the Shanghai Securities Composite Index (SSCI) and the Causeway International Value Index (CIVIX). Through the experimental results, we find that the indicators are indeed ahead of the Chinese stock market. This study is the first attempt to model stock market sentiment by using a complex network, and it proves that investor behavior has a great effect on the stock market.

Revisiting binomial order in English: ordering constraints and reversibility

2012 ◽  
Vol 16 (1) ◽  
pp. 81-103 ◽  
Author(s):  
SANDRA MOLLIN
Keyword(s):  
Word Order ◽  
High Frequency ◽  
Freezing Process ◽  
Law And Order ◽  
Ordering Constraints ◽  
Long Time ◽  
The Subject ◽  
The One ◽  
First Time ◽  
The Relationship

The factors governing word order in binomials, i.e. coordinated word pairs of the same word class, have been the subject of discussion for a long time in linguistics. For example, why do we saylaw and orderbut notorder and law? The article tests seventeen different potential ordering constraints that have previously been suggested, from the areas of semantics, phonology and word frequency, by checking over 500 high-frequency binomials extracted from the BNC against them. A clear hierarchy of constraints is suggested following the analysis of their success in predicting binomial order. In addition, however, attention is drawn to the reversibility status of binomials. The vast majority of English binomials is reversible to a smaller or larger degree. Reversibility scores were computed for all binomials in the sample so that the relationship between reversibility on the one hand and the adherence to the ordering constraints on the other could be analysed, finding that a number of semantic and metrical ordering constraints indeed increase their predictive success towards the frozen end of the reversibility cline. Complying with these constraints, then, increases the likelihood of a binomial to be less reversible. Claims for the influence of certain factors on the freezing process are thus substantiated for the first time.

Reliability of the Minimum Masking Level as Outcome Variable in Tinnitus Clinical Research

2020 ◽  
Vol 29 (3) ◽  
pp. 429-435
Author(s):  
Patricia C. Mancini ◽  
Richard S. Tyler ◽  
Hyung Jin Jun ◽  
Tang-Chuan Wang ◽  
Helena Ji ◽  
...  
Keyword(s):  
Standard Deviation ◽  
High Frequency ◽  
Pearson Correlation ◽  
Correlation Coefficients ◽  
Outcome Variable ◽  
Reliable Estimate ◽  
Moderate Correlation ◽  
Trained Subjects ◽  
The Relationship ◽  
Minimum Intensity

Purpose The minimum masking level (MML) is the minimum intensity of a stimulus required to just totally mask the tinnitus. Treatments aimed at reducing the tinnitus itself should attempt to measure the magnitude of the tinnitus. The objective of this study was to evaluate the reliability of the MML. Method Sample consisted of 59 tinnitus patients who reported stable tinnitus. We obtained MML measures on two visits, separated by about 2–3 weeks. We used two noise types: speech-shaped noise and high-frequency emphasis noise. We also investigated the relationship between the MML and tinnitus loudness estimates and the Tinnitus Handicap Questionnaire (THQ). Results There were differences across the different noise types. The within-session standard deviation averaged across subjects varied between 1.3 and 1.8 dB. Across the two sessions, the Pearson correlation coefficients, range was r = .84. There was a weak relationship between the dB SL MML and loudness, and between the MML and the THQ. A moderate correlation ( r = .44) was found between the THQ and loudness estimates. Conclusions We conclude that the dB SL MML can be a reliable estimate of tinnitus magnitude, with expected standard deviations in trained subjects of about 1.5 dB. It appears that the dB SL MML and loudness estimates are not closely related.

Comparison of In-the-Ear and Over-the-Ear Hearing Aid Fittings

1986 ◽  
Vol 51 (4) ◽  
pp. 362-369 ◽  
Author(s):  
Donna M. Risberg ◽  
Robyn M. Cox
Keyword(s):  
Hearing Aids ◽  
High Frequency ◽  
Comparative Evaluation ◽  
Speech Intelligibility ◽  
Hearing Aid ◽  
Hearing Aid Fitting ◽  
The Difference ◽  
Functional Gain ◽  
The Relationship

A custom in-the-ear (ITE) hearing aid fitting was compared to two over-the-ear (OTE) hearing aid fittings for each of 9 subjects with mild to moderately severe hearing losses. Speech intelligibility via the three instruments was compared using the Speech Intelligibility Rating (SIR) test. The relationship between functional gain and coupler gain was compared for the ITE and the higher rated OTE instruments. The difference in input received at the microphone locations of the two types of hearing aids was measured for 10 different subjects and compared to the functional gain data. It was concluded that (a) for persons with mild to moderately severe hearing losses, appropriately adjusted custom ITE fittings typically yield speech intelligibility that is equal to the better OTE fitting identified in a comparative evaluation; and (b) gain prescriptions for ITE hearing aids should be adjusted to account for the high-frequency emphasis associated with in-the-concha microphone placement.

Older workers in the Russian labor market: Trends in employment reallocation

2019 ◽  
pp. 5-34
Author(s):  
Anna L. Lukyanova ◽  
Rostislav I. Kapeliushnikov
Keyword(s):  
Older Workers ◽  
Service Sector ◽  
Age Groups ◽  
The Elderly ◽  
Education And Health ◽  
Job Opportunities ◽  
Intellectual Labor ◽  
Market Trends ◽  
Trade Education ◽  
The One

The paper analyzes changes in job opportunities of older workers in Russia in the period 2005—2017. The study uses the data from the Russian Labor Force Survey conducted by Rosstat. Changes in the occupational and industrial composition of elderly workers follow the trends pursued by other age groups: employment shifts from low- to high-skilled occupations, from physical to intellectual labor, and from material production to the service sector. We find a stronger polarization among older workers as their occupational structure is biased in favor of, on the one hand, the most and, on the other hand, the least qualified types of jobs. Employment of the elderly has fallen sharply in agriculture and manufacturing with a significant increase in trade, education, and health. Although the employment structure of older workers is generally more “traditionalist”, recent decades have witnessed its transformation in “progressive” directions, similarly to other age groups. These findings suggest that the legislated increase in the state retirement age is not likely to give rise to sizeable unemployment among the elderly. Most of them will be able to work in the occupations and industries previously dominated by young and prime-age workers.

Misreading Egypt

2018 ◽  
Author(s):  
Jesse Schotter
Keyword(s):  
New Media ◽  
Narrative Form ◽  
Experimental Film ◽  
Tower Of Babel ◽  
Avant Garde ◽  
Sergei Eisenstein ◽  
History Of ◽  
The One ◽  
The Relationship ◽  
Modern Technologies

The first chapter of Hieroglyphic Modernisms exposes the complex history of Western misconceptions of Egyptian writing from antiquity to the present. Hieroglyphs bridge the gap between modern technologies and the ancient past, looking forward to the rise of new media and backward to the dispersal of languages in the mythical moment of the Tower of Babel. The contradictory ways in which hieroglyphs were interpreted in the West come to shape the differing ways that modernist writers and filmmakers understood the relationship between writing, film, and other new media. On the one hand, poets like Ezra Pound and film theorists like Vachel Lindsay and Sergei Eisenstein use the visual languages of China and of Egypt as a more primal or direct alternative to written words. But Freud, Proust, and the later Eisenstein conversely emphasize the phonetic qualities of Egyptian writing, its similarity to alphabetical scripts. The chapter concludes by arguing that even avant-garde invocations of hieroglyphics depend on narrative form through an examination of Hollis Frampton’s experimental film Zorns Lemma.

Researching (with) Major Food Retailers

2015 ◽  
Vol 15 (3) ◽  
pp. 33-39 ◽  
Author(s):  
David Evans
Keyword(s):  
Food Systems ◽  
Academic Research ◽  
Social Scientists ◽  
Major Food ◽  
Food Retailers ◽  
Food Retailer ◽  
The One ◽  
The Uk ◽  
The Relationship ◽  
Opening Up

This paper considers the relationship between social science and the food industry, and it suggests that collaboration can be intellectually productive and morally rewarding. It explores the middle ground that exists between paid consultancy models of collaboration on the one hand and a principled stance of nonengagement on the other. Drawing on recent experiences of researching with a major food retailer in the UK, I discuss the ways in which collaborating with retailers can open up opportunities for accessing data that might not otherwise be available to social scientists. Additionally, I put forward the argument that researchers with an interest in the sustainability—ecological or otherwise—of food systems, especially those of a critical persuasion, ought to be empirically engaging with food businesses. I suggest that this is important in terms of generating better understandings of the objectionable arrangements that they seek to critique, and in terms of opening up conduits through which to affect positive changes. Cutting across these points is the claim that while resistance to commercial engagement might be misguided, it is nevertheless important to acknowledge the power-geometries of collaboration and to find ways of leveling and/or leveraging them. To conclude, I suggest that universities have an important institutional role to play in defining the terms of engagement as well as maintaining the boundaries between scholarship and consultancy—a line that can otherwise become quite fuzzy when the worlds of commerce and academic research collide.

Sign in / Sign up

Export Citation Format

Share Document