New developments in financial economics

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thomas D. Willett
Keyword(s):  
Behavioral Finance ◽  
Financial Economics ◽  
Recent Literature ◽  
Agent Based Modeling ◽  
New Developments ◽  
Content Type ◽  
Agent Based ◽  
New Approaches ◽  
New Methodologies ◽  
Practical Implications

Purpose This study aims to critically review recent contributions to the methodology of financial economics and discuss how they relate to one another and directions for further research. Design/methodology/approach A critical review of recent literature on new methodologies for financial economics. Findings Recent books have made important contributions to the study of financial economics. They suggest new approaches that include an emphasis on radical uncertainty, adaptive markets, agent-based modeling and narrative economics, as well as extensions of behavioral finance to include concepts such as diagnostic expectations. Many of these contributions can be seen more as complements than substitutes and provide fruitful directions for further research. Efficient markets can be seen as holding under particular circumstances. A major them of most of these contributions is that the study of financial crises and other aspects of financial economics requires the use of multiple theories and approaches. No one approach will be sufficient. Research limitations/implications There are great opportunities for further research in financial economics making use of these new approaches. Practical implications These recent contributions can be quite useful for improved analysis by researchers, private participants in the financial sector and macroeconomic and regulatory officials. Originality/value Provides an introduction to these new approaches and highlights fruitful areas for their extensions and applications.

Hybrid fuzzy Monte Carlo agent-based modeling of workforce motivation and performance in construction

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Raoufi ◽  
Aminah Robinson Fayek
Keyword(s):  
Monte Carlo ◽  
Social Interactions ◽  
Parametric Study ◽  
Agent Based Modeling ◽  
Practical Application ◽  
Content Type ◽  
Agent Based ◽  
Original Contribution ◽  
And Performance ◽  
Practical Implications

Purpose This paper aims to cover the development of a methodology for hybrid fuzzy Monte Carlo agent-based simulation (FMCABS) and its implementation on a parametric study of construction crew performance. Design/methodology/approach The developed methodology uses fuzzy logic, Monte Carlo simulation and agent-based modeling to simulate the behavior of construction crews and predict their performance. Both random and subjective uncertainties are considered in model variables. Findings The developed methodology was implemented on a real case involving the parametric study of construction crew performance to assess its applicability and suitability for this context. Research limitations/implications This parametric study demonstrates a practical application for the hybrid FMCABS methodology. Though findings from this study are limited to the context of construction crew motivation and performance, the applicability of the developed methodology extends beyond the construction domain. Practical implications This paper will help construction practitioners to predict and improve crew performance by taking into account both random and subjective uncertainties. Social implications This paper will advance construction modeling by allowing for the assessment of social interactions among crews and their effects on crew performance. Originality/value The developed hybrid FMCABS methodology represents an original contribution, as it allows agent-based models to simultaneously process all types of variables (i.e. deterministic, random and subjective) in the same simulation experiment while accounting for interactions among different agents. In addition, the developed methodology is implemented in a novel and extensive parametric study of construction crew performance.

scholarly journals Agent-Based Modeling Demonstrates How Local Chemotactic Behavior Can Shape Biofilm Architecture

mSphere ◽  
2019 ◽  
Vol 4 (3) ◽  
Author(s):  
Emily G. Sweeney ◽  
Andrew Nishida ◽  
Alexandra Weston ◽  
Maria S. Bañuelos ◽  
Kristin Potter ◽  
...  
Keyword(s):  
Helicobacter Pylori ◽  
Three Dimensional ◽  
Structural Features ◽  
Agent Based Modeling ◽  
Emergent Properties ◽  
Cellular Interactions ◽  
Biofilm Growth ◽  
Content Type ◽  
Agent Based ◽  
H Pylori

ABSTRACTBacteria are often found living in aggregated multicellular communities known as biofilms. Biofilms are three-dimensional structures that confer distinct physical and biological properties to the collective of cells living within them. We used agent-based modeling to explore whether local cellular interactions were sufficient to give rise to global structural features of biofilms. Specifically, we asked whether chemorepulsion from a self-produced quorum-sensing molecule, autoinducer-2 (AI-2), was sufficient to recapitulate biofilm growth and cellular organization observed for biofilms ofHelicobacter pylori, a common bacterial resident of human stomachs. To carry out this modeling, we modified an existing platform, Individual-based Dynamics of Microbial Communities Simulator (iDynoMiCS), to incorporate three-dimensional chemotaxis, planktonic cells that could join or leave the biofilm structure, and cellular production of AI-2. We simulated biofilm growth of previously characterizedH. pyloristrains with various AI-2 production and sensing capacities. Using biologically plausible parameters, we were able to recapitulate both the variation in biofilm mass and cellular distributions observed with these strains. Specifically, the strains that were competent to chemotax away from AI-2 produced smaller and more heterogeneously spaced biofilms, whereas the AI-2 chemotaxis-defective strains produced larger and more homogeneously spaced biofilms. The model also provided new insights into the cellular demographics contributing to the biofilm patterning of each strain. Our analysis supports the idea that cellular interactions at small spatial and temporal scales are sufficient to give rise to larger-scale emergent properties of biofilms.IMPORTANCEMost bacteria exist in aggregated, three-dimensional structures called biofilms. Although biofilms play important ecological roles in natural and engineered settings, they can also pose societal problems, for example, when they grow in plumbing systems or on medical implants. Understanding the processes that promote the growth and disassembly of biofilms could lead to better strategies to manage these structures. We had previously shown thatHelicobacter pyloribacteria are repulsed by high concentrations of a self-produced molecule, AI-2, and thatH. pylorimutants deficient in AI-2 sensing form larger and more homogeneously spaced biofilms. Here, we used computer simulations of biofilm formation to show that localH. pyloribehavior of repulsion from high AI-2 could explain the overall architecture ofH. pyloribiofilms. Our findings demonstrate that it is possible to change global biofilm organization by manipulating local cell behaviors, which suggests that simple strategies targeting cells at local scales could be useful for controlling biofilms in industrial and medical settings.

Intellectual capital disclosure on Twitter – empirical evidence from the world’s largest companies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Łukasz Bryl ◽  
Justyna Fijałkowska ◽  
Dominika Hadro
Keyword(s):  
Social Media ◽  
Intellectual Capital ◽  
Recent Literature ◽  
Future Research ◽  
Corporate Disclosure ◽  
Content Type ◽  
Management Philosophy ◽  
Business Units ◽  
Structural Capital ◽  
Practical Implications

Purpose This study aims to examine intellectual capital disclosure (ICD) on Twitter by 60 of the world’s largest companies and explains the main themes communicated to stakeholders. The second objective is to determine which topics provoke most stakeholders’ reactions. Design/methodology/approach The authors perform content analysis on more than 42,000 tweets to examine ICD practices along with the reactions of stakeholders in the form of retweets and “favorites” toward the information disclosed. Findings Intellectual capital (IC) is an important theme in corporate disclosure practices, as more than one-third of the published tweets refer to IC. The world’s largest companies focus on relational capital information, followed by human and structural capital. The main IC themes disclosed were management philosophy, corporate reputation and business partnering. Tweets related to IC are of greater interest to stakeholders than other tweets and provoke more reactions. There is no complete consistency between the topics most intensively disclosed by companies and those that elicit the most vivid responses from the addressees. Practical implications This study offers an understanding of the world’s largest companies’ practices that refer to ICD via social media and has implications for organizations in the creation and use of communication channels when developing a dialogue with stakeholders on topics regarding IC that may lead to better management of IC performance. Originality/value This paper is a response to the call for studies on ICD via social media, which is strongly highlighted in the recent literature concerning future research on IC and until now was almost absent in the field of business units. This research provides in-depth insights into the use of Twitter to disclose IC elements and indicates which fields and topics of this disclosure provoke stakeholders’ reactions, which is a novelty in ICD studies.

Use of a sonification system for science learning by people who are blind

2016 ◽  
Vol 10 (4) ◽  
pp. 187-198 ◽  
Author(s):  
Orly Lahav ◽  
Nuha Chagab ◽  
Vadim Talis
Keyword(s):  
Complex Systems ◽  
Conceptual Knowledge ◽  
Science Curriculum ◽  
Low Cost ◽  
Agent Based Modeling ◽  
Learning System ◽  
Learning Ability ◽  
Content Type ◽  
Agent Based ◽  
K 12

Purpose The purpose of this paper is to examine a central need of students who are blind: the ability to access science curriculum content. Design/methodology/approach Agent-based modeling is a relatively new computational modeling paradigm that models complex dynamic systems. NetLogo is a widely used agent-based modeling language that enables exploration and construction of models of complex systems by programming and running the rules and behaviors. Sonification of variables and events in an agent-based NetLogo computer model of gas in a container is used to convey phenomena information. This study examined mainly two research topics: the scientific conceptual knowledge and systems reasoning that were learned as a result of interaction with the listen-to-complexity (L2C) environment as appeared in answers to the pre- and post-tests and the learning topics of kinetic molecular theory of gas in chemistry that was learned as a result of interaction with the L2C environment. The case study research focused on A., a woman who is adventitiously blind, for eight sessions. Findings The participant successfully completed all curricular assignments; her scientific conceptual knowledge and systems reasoning became more specific and aligned with scientific knowledge. Practical implications A practical implication of further studies is that they are likely to have an impact on the accessibility of learning materials, especially in science education for students who are blind, as equal access to low-cost learning environments that are equivalent to those used by sighted users would support their inclusion in the K-12 academic curriculum. Originality/value The innovative and low-cost learning system that is used in this research is based on transmittal of visual information of dynamic and complex systems, providing perceptual compensation by harnessing auditory feedback. For the first time the L2C system is based on sound that represents a dynamic rather than a static array. In this study, the authors explore how a combination of several auditory representations may affect cognitive learning ability.

Reinforcing each other: strategies to advance international interlibrary loan

2021 ◽  
Vol 49 (1) ◽  
pp. 36-44
Author(s):  
Hilary H. Thompson ◽  
Kurt Munson ◽  
James B. Harper
Keyword(s):  
Resource Sharing ◽  
Design Methodology ◽  
Recent Literature ◽  
International Federation ◽  
Interlibrary Loan ◽  
Content Type ◽  
Survey Results ◽  
Multiple Translations ◽  
Practical Implications ◽  
Stars Survey

Purpose The purpose of this paper is to share the results of the 2019 international interlending survey conducted by the American Library Association, Reference and User Services Association (RUSA), Sharing and Transforming Access to Resources Section (STARS) International Interlibrary Loan (ILL) Committee, the fourth such survey conducted by this group since 2007. Design/methodology/approach Committee members developed the survey instrument and collected data in Qualtrics. Questions from the 2015 and 2011 instruments were reused to support longitudinal data analysis, and new questions related to improving the sharing of resources across borders were added. The survey was distributed to libraries worldwide via multiple methods, and translations in six of the seven official International Federation of Library Associations and Institutions languages were provided. Findings Results reveal challenges to engaging in global resource sharing in the areas of discovery and request methods, policies and service models, copyright and licensing, delivery and payment. Strategies to overcome these challenges, as informed by both the survey results and recent literature, are shared. Reinforcing each other, these independently and organically developed solutions illustrate ways to further advance ILL. Practical implications The findings can aid ILL practitioners and the organizations to which they belong in improving the sharing of resources across borders. By optimizing this service, libraries can better support researchers in a globalized environment. Originality/value The 2019 RUSA STARS survey is the first survey on the topic of international ILL to offer multiple translations complimenting global distribution. It contributes to the literature by offering a broad and updated perspective on current international ILL practices, challenges impeding the sharing of library materials abroad and possible solutions.

Entrepreneurial orientation in business schools

2015 ◽  
Vol 29 (2) ◽  
pp. 192-212 ◽  
Author(s):  
Sherein H. Abou- Warda
Keyword(s):  
Entrepreneurial Orientation ◽  
Business School ◽  
Design Methodology ◽  
Recent Literature ◽  
Business Schools ◽  
International Programs ◽  
Content Type ◽  
Confirmatory Factor ◽  
Industry Collaboration ◽  
Practical Implications

Purpose – The purpose of this paper is to examine the differences between the four main kinds of business schools in Egypt (private; internationally affiliated; public with local programs; and public with international programs) in terms of perceptions of entrepreneurial orientation (EO). Design/methodology/approach – Data were gathered 212 with a response rate of 55.1 percent from a sample of academics in the four groups of business schools (private; internationally affiliated; public with local programs; and public with international programs) using self-administered questionnaires. Results of exploratory and confirmatory factor analysis were conducted to check EO, construct validity and to identify meaningful factors. MANOVA was performed by using factors identified in the previous step to establish whether any significant differences exist between the four groups. Findings – The results show that differences between the four groups exist in terms of four sub-constructs of EO (research mobilization, unconventionality activities, industry collaboration, and perception of university policies) which successfully predict business school involvement in accreditation and commercialization setting. Practical implications – It is meaningful to conduct a comparative study of EO; the results of this study may be broadly applied to higher education (HE) systems in other countries where strong entrepreneurship has contribute to building a more solid economy. Originality/value – The recent literature has put little effort in understanding the effects of cultural differences among universities and its departments in terms of EO and none in identifying the differences between HE systems on the same topic.

Facilitating organizational learning through agent-based modeling and simulation experimentation

2016 ◽  
Vol 23 (6) ◽  
pp. 429-443 ◽  
Author(s):  
Saša Baškarada ◽  
Arvind Chandran ◽  
Mina Shokr ◽  
Christopher Stewart
Keyword(s):  
Organizational Learning ◽  
Modeling And Simulation ◽  
Agent Based Modeling ◽  
Knowledge Generation ◽  
Generation Process ◽  
Complex Environments ◽  
Content Type ◽  
Agent Based ◽  
Internal Knowledge

Purpose In addition to requiring high absorptive capacity, contemporary organizations operating in highly dynamic and complex environments also require the ability to create knowledge internally, within the organization. While the organizational learning (OL) literature has produced a plethora of theories and frameworks, there has been relatively little empirical research on specific mechanisms for internal knowledge generation. Accordingly, this paper aims to answer calls for more research on mechanisms for internal generation of organizational knowledge. Design/methodology/approach This paper is an in-depth case study in the Australian Defence Organisation (ADO). Findings The paper presents a cyclical eight-stage knowledge generation process and demonstrates how agent-based modeling and simulation (ABMS) may be used to facilitate OL. Originality/value By detailing an in-depth case study of an ABMS mechanism for internal knowledge generation in the ADO, this paper provides a novel and relevant contribution to the OL literature.

Australia-China-Africa investment partnerships

2016 ◽  
Vol 12 (1) ◽  
pp. 61-82 ◽  
Author(s):  
Alice de Jonge
Keyword(s):  
Economic Development ◽  
Direct Investment ◽  
Recent Literature ◽  
Future Research ◽  
Energy Research ◽  
Content Type ◽  
Laws And Policies ◽  
Research And Education ◽  
Fdi Policies ◽  
Practical Implications

Purpose – This paper aims to examine the potential for “triangular cooperation” between investment partners from Australia, China and host African nations to contribute to the economic development in Africa. Design/methodology/approach – The paper discusses a number of complementarities between Australian and Chinese investors in mining, agriculture, energy, research and education and finance – sectors vital to Africa’s future development. These complementarities are examined in light of recent development studies on the benefits of triangular cooperation and recent literature examining links between foreign direct investment (FDI) policy and economic development. Findings – The paper concludes that there is much to be gained by making the most of the existing and potential synergies between Australian, Chinese and local investors in African settings. Research limitations/implications – The implications of this paper are, first, that African nations should keep the benefits of triangular cooperation in mind when designing FDI policies and, second, that Australian and Chinese investors should be more willing to explore potential investment partner synergies when investing in Africa. The paper also suggests an agenda for future research into how good design of FDI policies might best promote healthy economic development in African nations. Practical implications – Australian and Chinese companies should be more willing to explore potential avenues for cooperation when investing in Africa, while African governments should be more mindful of how rules and policies can maximise the local benefits of FDI. Social implications – African governments should be more mindful of the quality, rather than the quantity of FDI when drafting relevant laws and policies. Originality/value – The value of the paper is in applying the concept of “triangular cooperation” to direct investment. The paper also provides an original focus on Australia-China investment synergies in African settings.

How fund managers in Malaysia make decisions

2015 ◽  
Vol 7 (1) ◽  
pp. 72-87 ◽  
Author(s):  
Samsukri Glanville bin Mohamad Glanville bin Mohamad ◽  
Chad Perry
Keyword(s):  
Behavioral Finance ◽  
Design Methodology ◽  
Quantitative Methods ◽  
Western Country ◽  
Content Type ◽  
Fund Managers ◽  
Interview Research ◽  
Different Types ◽  
Investment Process ◽  
Practical Implications

Purpose – The purpose of this paper is to investigate how fund managers in a non-Western country like Malaysia follow investment processes developed in the West and taught in the finance departments of universities. Design/methodology/approach – This convergent interview research investigates how fund managers in Malaysia actually make their decisions, and develops a framework about their investment process. Findings – Understanding the economy was important for the managers but was an ongoing learning process. Their analyses sometimes started bottom-up or top-down, but all followed a four-layer process. The managers did not believe the investment process could be quantified. Research limitations/implications – Convergent interviewing is meant to be a first step in a complete research program. So, future researchers could consider extending the research to different periods, different research settings in other countries like Singapore, India or Indonesia, different types of investors and different methodologies like surveys. Practical implications – Practitioners should build on their experience, and understand principles of behavioral finance. Students in business schools should be taught in an experiential way, and school staff should use qualitative methods like convergent interviewing in their research projects. Originality/value – Contributions centre on the article’s behavioural finance findings that experience and non-quantitative methods are the core of Malaysian investment managers’ decision-making, and on its detailed description of the unusual research methodology in finance of convergent interviewing.

scholarly journals ABM with Behavioral Bias and Applications in Simulating China Stock Market

2015 ◽  
Vol 5 (4) ◽  
pp. 257-270 ◽  
Author(s):  
Guocheng Wang ◽  
Shiguo Zhang
Keyword(s):  
Stock Market ◽  
Behavioral Finance ◽  
Conduction Mechanism ◽  
Agent Based Modeling ◽  
Behavioral Characteristics ◽  
Impulsive Behavior ◽  
Agent Based ◽  
China Stock Market ◽  
Internal Relations ◽  
Real Behavior

Abstract One of the most important advantage of ABM (Agent-Based Modeling) used in social and economic calculation simulation is that the critical behavioral characteristics of the micro agents can be deeply depicted by the approach. Why, what and how real behavior(s) should be incorporated into ABM and is it appropriate and effective to use ABM with HSCA collaboration and micro-macro link features for complex economy/finance analysis? Through deepening behavioral analysis and using computational experimental methods incorporating HS (Human Subject) into CA (Computational Agent), which is extended ABM, based on the theory of behavioral finance and complexity science as well, we constructed a micro-macro integrated model with the key behavioral characteristics of investors as an experimental platform to cognize the conduction mechanism of complex capital market and typical phenomena in this paper, and illustrated briefly applied cases including the internal relations between impulsive behavior and the fluctuation of stock’s, the asymmetric cognitive bias and volatility cluster, deflective peak and fat-tail of China stock market.

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