scholarly journals The Impact of Herding Behavior on Stock Mispricing: The Case of Listed Companies at the Egyptian Exchange

2021 ◽  
Vol 6 (4) ◽  
pp. 7-10
Author(s):  
Nader Alber ◽  
Ehab Ezzat
Keyword(s):  
Standard Deviation ◽  
Inflation Rate ◽  
Intrinsic Value ◽  
Market Value ◽  
Herd Behavior ◽  
Herding Behavior ◽  
Cross Sectional ◽  
Stock Mispricing ◽  
The Difference ◽  
The Impact

This paper aims at examining the impact of herding behavior on stock mispricing. Herding behavior is measured by Cross Sectional of Standard Deviation (CSSD), while stock mispricing is measured by the difference between the market value and intrinsic value of stock. This has been conducted using a sample of 24 companies are listed at the Egyptian exchange during the period from 2002 to 2018. Results indicate there is a significant effect of herd behavior on stock mispricing in a bivariate context, while the effect remains significant, even after controlling for inflation rate and discount rate. Besides, the discount rates don’t seem to have any significant effects on stock mispricing.

scholarly journals Investigative Study of Investor’s Herding Behavior During Bullish and Bearish Market: A Case of Pakistan Stock Exchange

2021 ◽  
Vol 6 (3) ◽  
pp. 17-25
Author(s):  
Muhammad Tayyab Ul Hassan ◽  
Syed Hassan Jamil
Keyword(s):  
Standard Deviation ◽  
Trading Volume ◽  
Stock Exchange ◽  
Emerging Market ◽  
Market Volatility ◽  
Herd Behavior ◽  
Herding Behavior ◽  
Absolute Deviation ◽  
Cross Sectional ◽  
Asymmetric Effects

This study investigates the influence of herd behavior on the Pakistan stock exchange indexes KSE-100 and KSE-30 during bullish and bearish markets. Using the daily market return from 2007 to 2020. We implement the method of main herding measures, Cross-sectional absolute deviation, and Cross-sectional standard deviation, to explore the influence of herd behavior in the emerging market of Pakistan. The results indicate the presence of market-wide herd behavior: (a) along with the different direction of market positive and negative return, (b) when trading volume high, (c) when stock market highly volatile, and (d) during and the post-financial crisis. Moreover, Investors don’t herd when low trading volume and low volatility. Our study fills the gap in the literature and contributes to academic relevance by exploring the influence of herd behavior among both bull and bear periods in markets of Pakistan, it also examines the possible asymmetric effects of herding related to the market with high-low trading volume and market volatility.

scholarly journals A cross-sectional study on interference control: age affects reactive control but not proactive control

PeerJ ◽  
2020 ◽  
Vol 8 ◽  
pp. e8365 ◽  
Author(s):  
Yanfang Peng ◽  
Qin Zhu ◽  
Biye Wang ◽  
Jie Ren
Keyword(s):  
Middle Ages ◽  
Middle Age ◽  
The Elderly ◽  
Efficiency Score ◽  
Interference Control ◽  
Reactive Control ◽  
Cross Sectional ◽  
Age Related ◽  
The Difference ◽  
The Impact

Background Working memory updating (WMU), a controlled process to continuously adapt to the changing task demand and environment, is crucial for cognitive executive function. Although previous studies have shown that the elderly were more susceptible to cognitive interference than the youngsters, the picture of age-related deterioration of WMU is incomplete due to lack of study on people at their middle ages. Thus, the present study investigated the impact of age on the WMU among adults by a cross-sectional design to verify whether inefficiency interference control accounts for the aging of WMU. Methods In total, 112 healthy adults were recruited for this study; 28 old adults (21 female) ranging from 60 to 78 years of age; 28 middle-age adults (25 female) ranging from 45 to 59 years of age; 28 adults (11 female) ranging from 26 to 44 years of age; and 28 young adults (26 female) ranging from 18 to 25 years of age. Each participant completed a 1-back task. The inverse efficiency score was calculated in various sequences of three trials in a row to quantify the performance of WMU for adults of various ages. Results Inverse efficiency score of both young groups (young adult and adult) were significantly shorter than the old group in both Repeat-Alternate (RA, including □□○ and ○○□) and Alternate-Alternate (AA, including ○□○ and □○□) sequential patterns and they were additionally better than the middle-age group in AA sequential pattern. Conclusion With the increase of difficulty in the task, the difference in reactive interference control between young and middle age was gradually revealed, while the difference between young and old remained to apparent. The degradation of WMU aging may begin from middle-age and presents selective impairment in that only reactive interference control, but not proactive interference control, shows pronounced age-related decline. The preliminary results can inform future studies to further explore the whole lifespan trajectories of cognitive functions.

scholarly journals The Sensitivity of Wellbeing to Inequalities in Local Wellbeing

2021 ◽  
Author(s):  
◽  
Pascarn Ronald Dickinson
Keyword(s):  
New Zealand ◽  
Standard Deviation ◽  
Local Government ◽  
Subjective Wellbeing ◽  
General Social Survey ◽  
Negative Relationship ◽  
Cross Sectional ◽  
Underlying Causes ◽  
Important Addition ◽  
The Difference

<p>Research points to a robust negative relationship between average levels of subjective wellbeing and the distribution of subjective wellbeing. The fact that our wellbeing falls as wellbeing distributions widen suggests we care about inequalities in the lives of others. Central to this relationship is the role of place and human geography. The literature relating wellbeing to inequality in wellbeing is confined almost exclusively to inter-country comparisons. Virtually no attention has been paid to the relationship between wellbeing and inequality within countries - at the level of regions and below. The aim of this thesis is to test the generality of the inter-country evidence in the sub-national context.  I present four hypotheses which I test on three separate cross-sectional surveys: the New Zealand Quality of Life Survey, The New Zealand General Social Survey and the survey of Māori wellbeing, Te Kupenga. I follow the literature in using the standard deviation of wellbeing as a measure of wellbeing inequality. In each case the negative relationship between individual wellbeing and wellbeing inequality is clearly identifiable. The wellbeing effect of living in a place one standard deviation higher than another is roughly equivalent to the difference between the wellbeing of someone who is fully employed and someone who is unemployed and looking for work. Clearly we are highly sensitive to disparities in the subjective wellbeing of those around us.  I conduct several tests of the psychological drivers that lie behind the wellbeing response to local inequality in wellbeing. The first tests fairness perceptions, and finds sensitivity to wellbeing inequality to be higher among those who do not believe society is intrinsically fair. My test of altruism, while not as convincing empirically, suggests altruistic people may also be less affected by local wellbeing inequality. Both conclusions are consistent with the implied causation running from inequality to wellbeing.  While an important addition to the wellbeing literature, the more important implication of my findings is political. As the New Zealand Local Government Act comes up for renewal, the evidence I have assembled strongly supports providing local government with a clear purpose and the necessary funding to address the underlying causes of local inequalities in wellbeing. On empirical grounds alone, reducing wellbeing inequality is likely to make us all much happier.</p>

Kinaesthetic Acuity and Motor Skills of Preschool Children with a Congenital Visual Impairment Preliminary Findings

1997 ◽  
Vol 14 (1) ◽  
pp. 72-79 ◽  
Author(s):  
Shirley R. Wyver ◽  
David J. Livesey
Keyword(s):  
Preschool Children ◽  
Visual Impairment ◽  
Motor Skills ◽  
Motor Development ◽  
Verbal Ability ◽  
Cross Sectional ◽  
Movement Assessment ◽  
The Difference ◽  
The Impact ◽  
Acuity Test

ABSTRACTThis paper presents the preliminary findings of a study examining the impact of congenital visual impairment on the development of motor skills and kinaesthetic acuity. Studies of children with a visual impairment have consistently noted deficits in motor development. It was hypothesised that these deficits may be linked with poor kinaesthetic sensitivity. Six preschool children with a visual impairment (mean age 55.17 months) were compared to nine classmates (mean age 56.67 months) matched for age, gender, and general verbal ability, on modified tasks from the Movement Assessment Battery for Children (M-ABC) and the Kinaesthetic Acuity Test (KAT). Although the difference between groups was significant for one task only (static balance), it was noted that all differences observed were in the hypothesised direction. Further longitudinal or cross-sectional data are required to provide a more comprehensive analysis of the relationship between vision impairment, kinaesthetic development, and motor skills.

scholarly journals The impact of maternal body mass index on maternal and perinatal outcome

2017 ◽  
Vol 6 (7) ◽  
pp. 2862
Author(s):  
Nishu Bhushan ◽  
Surinder Kumar ◽  
Dinesh Kumar ◽  
Reema Khajuria
Keyword(s):  
Birth Weight ◽  
Perinatal Outcome ◽  
Mode Of Delivery ◽  
Maternal Body Mass Index ◽  
Obese Women ◽  
Cross Sectional ◽  
The Difference ◽  
Adverse Pregnancy ◽  
Normal Women ◽  
The Impact

Background: The incidence of obesity has increased to pandemic proportions over the last 20 years. Obesity is a chronic illness which is associated with metabolic disease, nutritional deficiency, musculoskeletal complications and carcinomas. The aim of the study was to evaluate and compare the maternal and perinatal outcome in patients with BMI 20-24.9 kg/m2 (normal), with BMI 25-29.9 kg/m2 (overweight) and with BMI >30 kg/m2 (obese).Methods: This cross-sectional study was conducted on 300 singleton pregnant women with gestational age>37 weeks with cephalic presentation. The selected women were categorized into three groups of 100 each according to their BMI: Category I included normal women (BMI 20-24.9 kg/m2), Category II included overweight women (BMI 25-29.9 kg/m2) and Category III included obese women (BMI >30 kg/m2).Results: There was increased incidence of antepartum complications in obese women. The difference in the occurrence of pre-eclampsia among the three categories was statistically significant (p=0.001). Similarly, more obese women had eclampsia (5%) and gestational diabetes mellitus (6%) as compared to overweight and normal women and the difference was statistically significant in both these complications (p=0.02 for each). The risk of induction of labour was highest in obese women and so was the incidence of caesarean and instrumental deliveries and the difference was statistically significant. The difference in the onset of labour as well as mode of delivery among the three categories was statistically significant (p<0.05). In perinatal outcomes, the difference in mean birth weight of the babies among three categories was statistically significant (p<0.0001). The difference in incidence of low birth weight (<2.5 kg) as well as macrosomia (>4 kg) among babies of three BMI categories was statistically significant (p<0.05). The difference in the incidence of NICU admissions was statistically significant (p=0.02).Conclusions: Obesity is an independent risk factor for adverse pregnancy outcomes and hence preventable steps should be taken for reducing the maternal and perinatal morbidity and mortality.

scholarly journals Quality of Life in Patients with Psoriasis Seen in the Department of Dermatology, Antananarivo, Madagascar

2020 ◽  
Vol 2020 ◽  
pp. 1-5
Author(s):  
Fandresena Arilala Sendrasoa ◽  
Naina Harinjara Razanakoto ◽  
Volatantely Ratovonjanahary ◽  
Onivola Raharolahy ◽  
Irina Mamisoa Ranaivo ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Negative Impact ◽  
Young Patients ◽  
The Body ◽  
University Hospital ◽  
Medical Decision ◽  
Cross Sectional ◽  
The Difference ◽  
The Impact

Background. Psoriasis is a chronic, inflammatory, and multifactorial dermatosis that impairs quality of life (QoL). Health-related QoL has become an important element in medical decision-making along with the effectiveness and the harmlessness of the treatments. Objective. To assess the impact of psoriasis in the QoL of patients with psoriasis by using the DLQI scales. Methods. A cross-sectional study from January to June 2018 was conducted in the Department of Dermatology of the University Hospital Joseph Raseta Befelatanana, Antananarivo, Madagascar, including patients more than 18 years old with mild to severe psoriasis. The severity of psoriasis was assessed using the “Psoriasis Area and Severity Index (PASI)”. QoL of patients with psoriasis was evaluated by using the DLQI scales. Results. 80 patients were included, their mean age was 36.5 years, and the male to female was 1.5 : 1. The mean DLQI score was 13.8. Symptoms, feelings, and psychic were the most altered dimensions. QoL was impaired in young patients, single, having medium level education. Even though patients with disease duration more than 5 years had higher DLQI score than other patients, the difference was not statistically significant (p=0.36). Furthermore, the clinical presentation of psoriasis did not influence the patient’s QoL (p=0.73). Patients with nail involvement had QoL impaired but the difference with another localization was not statistically significant (p=0.2). The quality of life was influenced by body area involved. The higher the body surface area involved, the more QoL is impaired (p=0.002). Furthermore, the higher the PASI, the more QoL is altered (p=0.002). Conclusion. Psoriasis has a negative impact in the quality of life in Malagasy patients with psoriasis, especially in younger and single patients. Worse quality of life is correlated to severity of psoriasis.

Evaluation of Somnoplasty using Snoring Symptom Inventory

2008 ◽  
Vol 139 (2_suppl) ◽  
pp. P82-P82 ◽  
Author(s):  
Venkat R Srinivasan ◽  
Christopher Low ◽  
Paul W A Goodyear ◽  
Steve Derbyshire ◽  
Aneesh Veetil
Keyword(s):  
Quality Of Life ◽  
Cross Sectional Study ◽  
Sleep Apnoea ◽  
Long Term Results ◽  
Cross Sectional ◽  
The Difference ◽  
The Impact ◽  
Radiofrequency Volumetric Tissue Reduction ◽  
Tissue Reduction

Objective To assess whether radiofrequency volumetric tissue reduction of the palate can improve patients’ snoring symptoms and quality of life. Methods A prospective cross-sectional study was undertaken. Over an 18-month period, consecutive habitual snorers without sleep apnoea were asked to complete a validated Snoring Symptoms Inventory (SSI) questionnaire before and 3–6 months after radiofrequency surgical treatment. It contained 25 questions on the impact of snoring symptoms, including social, work, physical and emotional aspects. Most patients underwent 2 operations (Somnoplasty® Somnus device) with a 2-month interval. A scale of 0 (no snoring) to 10(extremely loud snoring) was used to assess partners’ perception of the snoring intensity. Paired T-test was used to compare the mean difference in the SSI before and after surgery. Partners’ scores were analysed with Wilcoxon signed ranks test. Results 26 patients (19 male, 7 female) aged between 33 and 74 (mean=48) were recruited. Preoperative BMI scores ranged from 19 to 35 (mean=28). Pre- and postoperative mean SSI scores were 60.5 (SD 12.3) and 42.8 (SD 17.4). The difference between the 2 means is 17.6 (95% Confidence Interval, 11.0 to 24.2), P<0.0001. The median for pre- and postoperative partners’ scores is 10 and 5 respectively. and the difference is statistically significant (P<0.0001). Conclusions Radiofrequency volumetric tissue reduction can improve habitual snorers’ snoring symptoms, snoring-related quality of life, and partner's perception of their snoring. Long-term results of this procedure need to be ascertained with further studies.

Asymmetric effect of oil prices on herding in commodity markets

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mouna Youssef ◽  
Khaled Mokni
Keyword(s):  
Global Financial Crisis ◽  
Commodity Markets ◽  
Oil Price ◽  
Herd Behavior ◽  
Asymmetric Effect ◽  
Herding Behavior ◽  
Absolute Deviation ◽  
Content Type ◽  
Normal Period ◽  
The Impact

PurposeThis study aims to test the presence of herding behavior in commodity markets, including energy, metals and agriculture. Additionally, the authors investigate the possible asymmetric effect of oil price changes on the herding behavior in these markets.Design/methodology/approachThe authors examine herding based on the cross-sectional absolute deviation (CSAD) model in a static and time-varying perspective.FindingsBy using daily data over the period 2003–2017, the authors’ findings firstly support the dynamic nature of investor behavior in commodity markets, which oscillates between antiherding during the normal period and herding during and after the global financial crisis of 2008. Furthermore, results highlight that the asymmetric impact of oil shocks on herding differs across commodity sectors and periods. Additionally, herding seems to be more pronounced when the oil market declines, which may be due to the pessimistic investors' sentiments.Practical implicationsThis study provides insight into what factors influence herd behavior in commodity markets. The understanding of factors driving herding aids investors to avoid the impact of this behavior and its consequencesOriginality/valueTo the authors’ knowledge, this study is the first to examine whether the level of herding depends on the oil price fluctuations, as well as the asymmetric effect of the oil price on herding behavior in commodity markets.

scholarly journals The Impact of R&D Expenses on Firm Performance: Empirical Witness from the Bist Technology Index

2016 ◽  
Vol 4 (1) ◽  
pp. 51 ◽  
Author(s):  
Zied Bouaziz
Keyword(s):  
Firm Performance ◽  
Positive Relationship ◽  
Market Value ◽  
Company Performance ◽  
Cross Sectional ◽  
Analysis Technique ◽  
Almost All ◽  
Positive Coefficients ◽  
The Impact ◽  
The Relationship

<em>The relationship between investment in R&amp;D and company performance has attracted the interest of several research. Vast amount of research have been carried to figure out whether this relationship exist or not. Some researchers suggest that there is no relationship between R&amp;D expenses and firm performance; others put forward the existence of negative or positive relationship. It can be asserted that possible existence as useful information can be consumed by managers to increase the market value of firms. In that respect, the main aim of this research is to reveal the relationship between R&amp;D and firm performance by taking into account 12 companies that are listed on the BIST Technology Index for 5 years periods (between 2010 and 2014). In order to accomplish this purpose, we employed pooled regression model and cross sectional time series analysis technique. In general, although negative and positive coefficients are found, almost, all of them is not statistically significant. In other words, according to outcomes, it can be claimed that there is no relationship between R&amp;D and firm performance which is line with previous studies. </em>

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