Cross-Regional Differences in News Tone and Local Stock Ownership

2020 ◽  
Author(s):  
Taylan Mavruk
Keyword(s):  
Regional Differences ◽  
Stock Ownership ◽  
Individual Investors ◽  
Trading Behavior ◽  
Attention Effect ◽  
Trading Activities ◽  
The Difference ◽  
News Event ◽  
Media Data ◽  
Local Stock

This study examines cross-regional differences in news tone for the same news event and relates it to local stock ownership of individual investors using a combination of detailed investor and media data. The results show that news tone amplifies the overall attention effect and decreases the difference between the trading activities of local and nonlocal investors when locally sourced news is republished across regions. In general, trading activity decreases for given republished news, but it still exists because the same news event garners attention as it diffuses to other regional outlets in a different news tone. Overall, individual investors seem to realize that the news is stale but expect subsequent price reversals following the republished news, thus showing news-contrarian trading behavior. Furthermore, they distinguish good firms from bad firms, indicating that adverse selection is partially responsible for the observed news-contrarian trading behaviors. This paper was accepted by David Simchi-Levi, finance.

scholarly journals Regional differences in mortality rates during the COVID-19 epidemic in Italy

2020 ◽  
pp. 1-22
Author(s):  
Danila Azzolina ◽  
Giulia Lorenzoni ◽  
Luciano Silvestri ◽  
Ilaria Prosepe ◽  
Paola Berchialla ◽  
...  
Keyword(s):  
Regional Differences ◽  
Southern Italy ◽  
Meta Analysis ◽  
Analysis Data ◽  
Mortality Rates ◽  
Northern Italy ◽  
Admission Rates ◽  
Considerable Impact ◽  
The Difference ◽  
Disease Diffusion

Abstract Objective The COVID-19 outbreak started in Italy on February 20th, 2020, and has resulted in many deaths and intensive care unit (ICU) admissions. This study aimed to illustrate the epidemic COVID-19 growth pattern in Italy by considering the regional differences in disease diffusion during the first three months of the epidemic. Study design and methods Official COVID-19 data were obtained from the Italian Civil Protection Department of the Council of Ministers Presidency. The mortality and ICU admission rates per 100 000 inhabitants were calculated at the regional level and summarized via a Bayesian multilevel meta-analysis. Data were retrieved until April 21st, 2020. Results The highest cumulative mortality rates per 100 000 inhabitants were observed in northern Italy, particularly in Lombardia (85.3, 95% credibility intervals [CI] 75.7–94.7). The difference in the mortality rates between northern and southern Italy increased over time, reaching a difference of 67.72 (95% CI = 66–67) cases on April 2nd. Conclusions Northern Italy showed higher and increasing mortality rates during the first three months of the epidemic. The uncontrolled virus circulation preceding the infection spreading in southern Italy had a considerable impact on system burnout. This experience demonstrates that preparedness against the pandemic is of crucial importance to contain its disruptive effects.

DISCOVERING STOCK TRADING PREFERENCES BY SELF-ORGANIZING MAPS AND DECISION TREES

2009 ◽  
Vol 18 (04) ◽  
pp. 603-611 ◽  
Author(s):  
CHIH-FONG TSAI ◽  
YUAH-CHIAO LIN ◽  
YI-TING WANG
Keyword(s):  
Individual Investors ◽  
Self Organizing Map ◽  
Tree Model ◽  
Stock Trading ◽  
Self Organizing Maps ◽  
Two Factors ◽  
Group A ◽  
Trading Activities ◽  
High Level ◽  
Self Organizing

Stock trading activities are always very popular in many countries. Generally, investors with various backgrounds have different preferences over the stocks they trade. In literature, a number of studies examine the institutions' holding preferences for certain stock characteristics when choosing the security portfolio. However, very few studies investigate the stock trading preferences of individual investors. In this paper, we focus on two factors which affect the portfolio choices of investors, which are stock characteristics and investor features. In particular, a self-organizing map (SOM) is used to group a certain number of clusters based on a chosen dataset. Then, the decision tree model is used to extract useful rules from the clusters which contain the most trading records in the sample. We find that if the investors are females, less wealthy, and make stock trades with lower frequencies, they will be more careful and conservative. On the other hand, if the investors are males, having a high level of wealth, and make stock trades very often, they tend to choose stocks with high EPS, high market-to-book, and high prices.

A Sentiment Analysis and Role of Twitter for Health Communications

2022 ◽  
pp. 188-205
Author(s):  
Erkan Çiçek ◽  
Uğur Gündüz
Keyword(s):  
Social Media ◽  
Crisis Management ◽  
Semantic Analysis ◽  
Social Media Data ◽  
Global Pandemic ◽  
The Difference ◽  
Textual Content ◽  
The Impact ◽  
Media Data

Social media has been in our lives so much lately that it is an undeniable fact that global pandemics, which constitute an important part of our lives, are also affected by these networks and that they exist in these networks and share the users. The purpose of making this hashtag analysis is to reveal the difference in discourse and language while analyzing Twitter data and to evaluate the effects of a global pandemic crisis on language, message, and crisis management with social media data. This form of analysis is typically completed through amassing textual content data then investigating the “sentiment” conveyed. Within the scope of the study, 11,300 Twitter messages posted with the #stayhome hashtag between 30 May 2020 and 6 June 2020 were examined. The impact and reliability of social media in disaster management could be questioned by carrying out a content analysis based totally on the semantic analysis of the messages given on the Twitter posts with the phrases and frequencies used.

scholarly journals Research on the Spatial Distribution Difference of Compulsory Education between China and Australia

2020 ◽  
Vol 15 (04) ◽  
pp. 129
Author(s):  
Saidong Lv ◽  
Yujun Pan
Keyword(s):  
Spatial Distribution ◽  
Regional Differences ◽  
Analytical Approach ◽  
Compulsory Education ◽  
Regional Data ◽  
Inductive Approach ◽  
Similarities And Differences ◽  
The Difference ◽  
Regional Imbalance ◽  
Analyze Data

This study collected regional data from 31 provinces in China and 8 states and territories in Australia in 2016. The study used the descriptive and analytical approach to analyze the results. Also, it used the inductive approach, the descriptive statics analysis and the SPSS to analyze data. it found that the distribution of compulsory education bears both similarities and differences in the two countries. In terms of similarities,there are certain regional differences in the teachers’ faculty of compulsory education in the two countries, and an unbalanced distribution of teachers has emerged. The difference is that although China's compulsory education has rqpidly, the teachers and funds of compulsory education lag far behind Australia, and the Regional imbalance is more serious in China than that in Australia.In other words, if there is a rapidly increasing population somewhere, and the nuers of teachers aren’t keeping up with this in China.

Regional differences in pleural lymphatic albumin concentration in sheep

1987 ◽  
Vol 252 (1) ◽  
pp. H64-H70 ◽  
Author(s):  
K. H. Albertine ◽  
E. L. Schultz ◽  
J. P. Wiener-Kronish ◽  
N. C. Staub
Keyword(s):  
Hydrostatic Pressure ◽  
Regional Differences ◽  
Left Lung ◽  
Vertical Gradient ◽  
Dark Field ◽  
Vertical Position ◽  
Albumin Concentration ◽  
The Difference ◽  
Field Reflectance ◽  
Vertical Height

We used quantitative reflectance autoradiography to compare the concentration of albumin in visceral pleural lymphatics at the cranial and caudal ends of the sheep's lung in the vertical (60 degrees head-up) and horizontal (supine) positions. Twelve to fourteen hours after injecting 125I-albumin intravenously we placed four anesthetized sheep in the vertical position to establish a microvascular hydrostatic pressure gradient along the vertical height of the lung. We placed two anesthetized sheep in the horizontal position. Four hours later, we fixed the left lung and removed visceral pleural tissue blocks from the cranial and caudal ends, separated by a 15-cm distance, along the costovertebral margin. We measured the silver grain density in the pleural lymphatic autoradiograms by dark-field reflectance microspectrophotometry. In the vertical position, the lymph albumin concentration at the cranial end (top) of the lung averaged 2.5 +/- 0.4 g/dl compared with the caudal end (bottom), which averaged 1.8 +/- 0.3 g/dl. The difference (42% greater at the top than the bottom) is significant (P less than 0.05). The computed gradient in perimicrovascular interstitial albumin osmotic pressure was 0.26 +/- 0.13 cmH2O/cm lung height. There were no differences between the cranial and caudal lymphatic groups in the two horizontal sheep. We conclude that in the sheep lung there is a gradient in perimicrovascular albumin concentration due to the vertical gradient in microvascular hydrostatic pressure.

The effect of share ownership structure on ex-dividend day stock price behavior

2019 ◽  
Vol 45 (6) ◽  
pp. 744-759
Author(s):  
Dong H. Kim
Keyword(s):  
Ownership Structure ◽  
Stock Price ◽  
Individual Investors ◽  
Price Behavior ◽  
Content Type ◽  
Share Ownership ◽  
Investor Heterogeneity ◽  
Closing Price ◽  
The Difference ◽  
Share Ownership Structure

Purpose The purpose of this paper is to explore whether share ownership structure plays a role in determining the ex-day pricing of dividends. If share ownership structure, specifically the proportion of the firm’s stock held by individuals vs institutions, has an effect on the ex-dividend day stock price behavior, the ex-day premium is expected to be different for firms with different ownership structures. Design/methodology/approach To investigate whether the ex-day pricing of dividends is affected by the proportion of the firm’s stock held by individuals vs institutions, the author look into the ex-day premium. The ex-day premium is calculated by dividing the difference between the closing price on the cum-dividend day and the closing price on the ex-dividend day by the amount of the dividend. Findings Consistent with both the tax-based theory and the dynamic trading clientele theory, the author find that the ex-day premium decreases with the level of individual ownership. Consistent with the short-term trading theory, the author also find that the ex-day premium increases with the degree of investor heterogeneity, defined as the product of the proportion of the firm’s stock held by individual investors and the proportion held by institutional investors. Originality/value The author believe that this study contributes to the literature by providing useful evidence that share ownership structure affects the ex-day pricing of dividends, and thus this study will be of interest to the readers of managerial finance.

Research on Regional Differences and Convergence of Energy Efficiency in China

2011 ◽  
Vol 347-353 ◽  
pp. 3952-3955 ◽  
Author(s):  
Jian Sheng Zhang
Keyword(s):  
Energy Efficiency ◽  
Convergence Analysis ◽  
Regional Differences ◽  
Western Region ◽  
Input Output ◽  
The West ◽  
Regional Energy ◽  
The Difference ◽  
Convergence Trend ◽  
Output Indicators

Basing on the input-output indicators, this paper analysed the regional energy efficiency of China by DEA model. The results showed: the energy efficiency in each region of China continues to be improved, but the rising speed was slow; the difference of energy efficiency in each region was great, specifically speaking, the east was the best and the middle was better and the west was the worst; from the convergence analysis on energy efficiency, it indicated that there was a convergence trend on energy efficiency in each region of China, and the eastern and middle regions were convergence, but it was divergent in the western region.

Managers’ and Investors’ Responses to Media Exposure of Board Ineffectiveness

2009 ◽  
Vol 44 (3) ◽  
pp. 579-605 ◽  
Author(s):  
Jennifer R. Joe ◽  
Henock Louis ◽  
Dahlia Robinson
Keyword(s):  
Media Exposure ◽  
Shareholder Wealth ◽  
Economic Consequences ◽  
Individual Investors ◽  
Corporate Boards ◽  
Trading Behavior ◽  
Economic Agents ◽  
Noisy Information ◽  
Corrective Actions ◽  
The Impact

AbstractWe analyze the impact of the press on the behavior of various economic agents by examining how media exposure of board ineffectiveness affects corporate governance, investor trading behavior, and security prices. Our focus on board quality is motivated by the strong media criticism to which corporate boards and corporate America, in general, have been recently subjected. The results indicate that media releases of (noisy) information have significant economic consequences. In particular, media exposure of board ineffectiveness forces the targeted agents to take corrective actions and enhances shareholder wealth. Individual investors appear to react negatively to the media exposure, whereas investment firms act as if they anticipate the targeted firms’ corrective actions.

Return Autocorrelations on Individual Stocks and Corresponding Futures: Evidence from Australian, Hong Kong, and United Kingdom Markets

2004 ◽  
Vol 07 (03) ◽  
pp. 397-422 ◽  
Author(s):  
Donald Lien ◽  
Li Yang
Keyword(s):  
Hong Kong ◽  
United Kingdom ◽  
Stock Returns ◽  
Trading Volume ◽  
Futures Contracts ◽  
Futures Trading ◽  
Stock Trading ◽  
Futures Contract ◽  
Trading Activities ◽  
The Difference

In this study, we investigate the daily relationships between returns on individual stocks and their corresponding futures contracts in Australian, Hong Kong, and United Kingdom markets. We find that, at the beginning of the life of a futures market, autocorrelation of futures returns is similar to that of individual stock returns. As the market becomes mature, the autocorrelation of futures returns behaves differently from the autocorrelation of stock returns. Through the linkage between return autocorrelations and trading volume, we find that a larger trading volume depresses the return autocorrelation and shrinks the differences of return autocorrelation between stock and its futures. In addition, futures trading volume has more significant impact on the patterns of return autocorrelations than the stock trading volume. The effect is non-linear in the sense that it is much more prominent during high futures trading periods. Summary of these findings suggests that the difference of return autocorrelations between an individual stock and its futures contract is due to low trading activities of futures.

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