Time-Series and Dynamic Cross-Correlations Analysis on Unexpected Information: Evidence from Media News and Online Postings

2019 ◽  
Vol 19 (02) ◽  
pp. 2050011
Author(s):  
Yan Li ◽  
Xiangyu Kong ◽  
Xiao Li ◽  
Zuochao Zhang
Keyword(s):  
Mass Media ◽  
New Media ◽  
Trading Volume ◽  
Cross Correlation ◽  
Short Term ◽  
Cross Correlations ◽  
The Cross ◽  
The One ◽  
The Relationship

In this paper, we investigate the relationship between unexpected information from postings and news, and the unexpected information is measured by the residual of regressions of trading volume on numbers of news or postings. We mainly find that (i) There are significant positive contemporaneous correlations between the unexpected information coming from postings and different kinds of news; the correlation between the unexpected information coming from postings and new media news is stronger than that between the unexpected information coming from postings and mass media news; (ii) The unexpected information coming from postings could cause the unexpected information coming from news, but only the unexpected information coming from the mass media news could cause that coming from postings; (iii) There are persistent power-law cross-correlations between the unexpected information coming from postings and that coming from mass media news and new media news. The cross-correlation between the unexpected information coming from postings and new media news is more persistent than the one between the unexpected information coming from postings and mass media news. The cross-correlations are all more stable in long term than in short term. We attribute our findings above to the dissemination speed of the information on the Internet.

Dynamic Cross-Correlations between Investors’ Attention and CSI300 Index Futures

2019 ◽  
Vol 18 (04) ◽  
pp. 1950022
Author(s):  
Xiong Xiong ◽  
Kewei Xu ◽  
Dehua Shen
Keyword(s):  
Cross Correlation ◽  
Futures Market ◽  
Relative Activity ◽  
Short Term ◽  
Index Futures ◽  
Search Volume ◽  
Cross Correlation Analysis ◽  
Cross Correlations ◽  
The Cross

Using search volume on Baidu Index as the proxy for investors’ attention, we investigate the dynamic nonlinear relationship between investors’ attention and CSI300 index futures market. Multifractal detrend cross-correlation analysis (MF-DCCA) is employed to explore the multifractal features of the cross-correlations between investors’ attention and the return and relative activity of index futures market. We find that the power-law cross-correlations between investors’ attention and CSI300 index futures market are stronger in the short term than in the long term, and the cross-correlations are significantly multifractal. Precisely, the cross-correlation between abnormal search volume (ASV) and the relative activity is persistent, and the cross-correlation between ASV and return of IF is persistent in the short term but weakly anti-persistent in the long term. Besides, we also find that, with the restriction on index futures market, the cross-correlations between investors’ attention and CSI300 index futures market become less stable.

scholarly journals Cross-Correlations between Energy and Emissions Markets: New Evidence from Fractal and Multifractal Analysis

2014 ◽  
Vol 2014 ◽  
pp. 1-13 ◽  
Author(s):  
Gang-Jin Wang ◽  
Chi Xie ◽  
Shou Chen ◽  
Feng Han
Keyword(s):  
Multifractal Analysis ◽  
Cross Correlation ◽  
Market Dynamics ◽  
Gas Oil ◽  
Short Term ◽  
Cross Correlation Analysis ◽  
Cross Correlations ◽  
Rolling Windows ◽  
Oil Gas

We supply a new perspective to describe and understand the behavior of cross-correlations between energy and emissions markets. Namely, we investigate cross-correlations between oil and gas (Oil-Gas), oil and CO2(Oil-CO2), and gas andCO2(Gas-CO2) based on fractal and multifractal analysis. We focus our study on returns of the oil, gas, andCO2during the period of April 22, 2005–April 30, 2013. In the empirical analysis, by using the detrended cross-correlation analysis (DCCA) method, we find that cross-correlations for Oil-Gas, Oil-CO2, and Gas-CO2obey a power-law and are weakly persistent. Then, we adopt the method of DCCA cross-correlation coefficient to quantify cross-correlations between energy and emissions markets. The results show that their cross-correlations are diverse at different time scales. Next, based on the multifractal DCCA method, we find that cross-correlated markets have the nonlinear and multifractal nature and that the multifractality strength for three cross-correlated markets is arranged in the order of Gas-CO2 > Oil-Gas > Oil-CO2. Finally, by employing the rolling windows method, which can be used to investigate time-varying cross-correlation scaling exponents, we analyze short-term and long-term market dynamics and find that the recent global financial crisis has a notable influence on short-term and long-term market dynamics.

scholarly journals The Dynamic Cross-Correlations between Mass Media News, New Media News, and Stock Returns

Complexity ◽  
2018 ◽  
Vol 2018 ◽  
pp. 1-11 ◽  
Author(s):  
Zuochao Zhang ◽  
Yongjie Zhang ◽  
Dehua Shen ◽  
Wei Zhang
Keyword(s):  
Mass Media ◽  
New Media ◽  
Stock Returns ◽  
Power Law ◽  
Chinese Stock Market ◽  
Rolling Window ◽  
Increasing Trend ◽  
Cross Correlations ◽  
The Cross ◽  
Over Time

We investigate the dynamic cross-correlations between mass media news, new media news, and stock returns for the SSE 50 Index in Chinese stock market by employing the MF-DCCA method. The empirical results show that (1) there exist power-law cross-correlations between two types of news as well as between news and its corresponding SSE 50 Index return; (2) the cross-correlations between mass media news and SSE 50 Index returns show larger multifractality and more complicated structures; (3) mass media news and new media news have both complementary and competitive relationships; (4) with the rolling window analysis, we further find that there is a general increasing trend for the cross-correlations between the two types of news as well as the cross-correlations between news and returns and this trend becomes more persistent over time.

scholarly journals Multifractal Detrended Cross-Correlation Analysis of the Return-Volume Relationship of Bitcoin Market

Complexity ◽  
2018 ◽  
Vol 2018 ◽  
pp. 1-20 ◽  
Author(s):  
Wei Zhang ◽  
Pengfei Wang ◽  
Xiao Li ◽  
Dehua Shen
Keyword(s):  
Correlation Analysis ◽  
Trading Volume ◽  
Cross Correlation ◽  
Window Method ◽  
Market Shares ◽  
Cross Correlation Analysis ◽  
Volume Relationship ◽  
Cross Correlations ◽  
The Cross ◽  
Relationship Of

We investigate the cross-correlations of return-volume relationship of the Bitcoin market. In particular, we select eight exchange rates whose trading volume accounts for more than 98% market shares to synthesize Bitcoin indexes. The empirical results based on multifractal detrended cross-correlation analysis (MF-DCCA) reveal that (1) the nonlinear dependencies and power-law cross-correlations in return-volume relationship are found; (2) all cross-correlations are multifractal, and there are antipersistent behaviors of cross-correlation for q=2; (3) the price of small fluctuations is more persistent than that of the volume, while the volume of larger fluctuations is more antipersistent; and (4) the rolling window method shows that the cross-correlations of return-volume are antipersistent in the entire sample period.

scholarly journals Masculinities, Media and the Rugby Mind: An Analysis of Stakeholder Views on the Relationship Between Rugby Union, the Media, Masculine-Influenced Views on Injury, and Concussion

2021 ◽  
pp. 216747952110272
Author(s):  
Keith Parry ◽  
Adam J. White ◽  
Jamie Cleland ◽  
Jack Hardwicke ◽  
John Batten ◽  
...  
Keyword(s):  
Mass Media ◽  
Cultural Change ◽  
Rugby Union ◽  
Central Component ◽  
Short Term ◽  
Contact Sports ◽  
Media Portrayal ◽  
The Media ◽  
The Relationship

Rugby union, alongside other collision and contact sports, faces ever mounting pressure from increased recognition of concussive injuries and the risks they present to athletes, both in the short-term and long-term. Here, the media is a central component of increasing pressure for cultural change. This research analysed data from 524 self-selected survey respondents to examine rugby union fans’ and stakeholders’ perceptions of media portrayal of concussion and how it might influence their own perceptions. We found evidence of a complex and heterogenous relationship between perceptions of masculinity, views and attitudes toward mass media, and degree of involvement in rugby union. Specifically, partisans of the sport generally saw mass media as hostile, with coverage biased against rugby, allowing them to manufacture doubt regarding risk information, as well as maintaining involvement in the sport. We conclude that critical commentaries from the media have the ability to challenge masculinities around concussion.

Hidden “holes” in the capital of banks and the supply of credit to the real sector of economy

2018 ◽  
pp. 49-68 ◽  
Author(s):  
M. E. Mamonov
Keyword(s):  
Credit Risk ◽  
The Other ◽  
Real Sector ◽  
Capital Management ◽  
Loan Loss ◽  
Short Term ◽  
The Real ◽  
Ex Post ◽  
The One

Our analysis documents that the existence of hidden “holes” in the capital of not yet failed banks - while creating intertemporal pressure on the actual level of capital - leads to changing of maturity of loans supplied rather than to contracting of their volume. Long-term loans decrease, whereas short-term loans rise - and, what is most remarkably, by approximately the same amounts. Standardly, the higher the maturity of loans the higher the credit risk and, thus, the more loan loss reserves (LLP) banks are forced to create, increasing the pressure on capital. Banks that already hide “holes” in the capital, but have not yet faced with license withdrawal, must possess strong incentives to shorten the maturity of supplied loans. On the one hand, it raises the turnovers of LLP and facilitates the flexibility of capital management; on the other hand, it allows increasing the speed of shifting of attracted deposits to loans to related parties in domestic or foreign jurisdictions. This enlarges the potential size of ex post revealed “hole” in the capital and, therefore, allows us to assume that not every loan might be viewed as a good for the economy: excessive short-term and insufficient long-term loans can produce the source for future losses.

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.

Molecular biology of enzyme adaptations in higher eukaryotes

Genome ◽  
1989 ◽  
Vol 31 (1) ◽  
pp. 272-283 ◽  
Author(s):  
Donal A. Hickey ◽  
Bernhard F. Benkel ◽  
Charalambos Magoulas
Keyword(s):  
Molecular Biology ◽  
Tissue Specificity ◽  
Enzyme System ◽  
Direct Interaction ◽  
Evolutionary Genetics ◽  
Short Term ◽  
Eukaryotic Genes ◽  
Higher Eukaryotes ◽  
The Relationship

Multicellular eukaryotes have evolved complex homeostatic mechanisms that buffer the majority of their cells from direct interaction with the external environment. Thus, in these organisms long-term adaptations are generally achieved by modulating the developmental profile and tissue specificity of gene expression. Nevertheless, a subset of eukaryotic genes are still involved in direct responses to environmental fluctuations. It is the adaptative responses in the expression of these genes that buffers many other genes from direct environmental effects. Both microevolutionary and macroevolutionary patterns of change in the structure and regulation of such genes are illustrated by the sequences encoding α-amylases. The molecular biology and evolution of α-amylases in Drosophila and other higher eukaryotes are presented. The amylase system illustrates the effects of both long-term and short-term natural selection, acting on both the structural and regulatory components of a gene–enzyme system. This system offers an opportunity for linking evolutionary genetics to molecular biology, and it allows us to explore the relationship between short-term microevolutionary changes and long-term adaptations.Key words: gene regulation, molecular evolution, eukaryotes, Drosophila, amylase.

scholarly journals Detection and Localization for Multiple Stationary Human Targets Based on Cross-Correlation of Dual-Station SFCW Radars

2019 ◽  
Vol 11 (12) ◽  
pp. 1428 ◽  
Author(s):  
Yong Jia ◽  
Yong Guo ◽  
Chao Yan ◽  
Haoxuan Sheng ◽  
Guolong Cui ◽  
...  
Keyword(s):  
Cross Correlation ◽  
Continuous Wave ◽  
Coefficient Matrix ◽  
Constant False Alarm Rate ◽  
Localization Algorithm ◽  
Cfar Detection ◽  
Stepped Frequency ◽  
The Cross ◽  
The One ◽  
Detection And Localization

This paper demonstrates the feasibility of detection and localization of multiple stationary human targets based on cross-correlation of the dual-station stepped-frequency continuous-wave (SFCW) radars. Firstly, a cross-correlation operation is performed on the preprocessed pulse signals of two SFCW radars at different locations to obtain the correlation coefficient matrix. Then, the constant false alarm rate (CFAR) detection is applied to extract the ranges between each target and the two radars, respectively, from the correlation matrix. Finally, the locations of human targets is calculated with the triangulation localization algorithm. This cross-correlation operation mainly brings about two advantages. On the one hand, the cross-correlation explores the correlation feature of target respiratory signals, which can effectively detect all targets with different signal intensities, avoiding the missed detection of weak targets. On the other hand, the pairing of two ranges between each target and two radars is implemented simultaneously with the cross-correlation. Experimental results verify the effectiveness of this algorithm.

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