scholarly journals Applying transfer entropy approach to investigate the information flow among ASEAN stock markets

2020 ◽  
Vol 4 (1) ◽  
pp. First
Author(s):  
Tran Thi Tuan Anh
Keyword(s):  
Information Flow ◽  
Stock Markets ◽  
Investment Strategy ◽  
The Philippines ◽  
Transfer Entropy ◽  
The Other ◽  
Information Flows ◽  
Research Results ◽  
Region Data ◽  
Asean Countries

This paper uses transfer entropy to measure and identify the information flows between stock markets in the ASEAN region. Data on daily closing stock indices, including Vietnam, the Philippines, Malaysia, Indonesia, Thailand, and Singapore, are collected for the period from March 2012 to October 2019 to calculate these transfer entropies. The research results of this article can be considered in two aspects: one is, how information flow originating from one market will be accepted by other markets and secondly, information flow that markets receive. From the perspective of incoming transfer entropy, Vietnam is the country most affected by information from the other ASEAN markets while Indonesia and Malaysia are the least affected. In terms of outgoing entropy, Thailand is the largest source of information flow to the ASEAN markets. Malaysia and the Philippines are the two countries that receive minor information impact from other countries. The research also reveals that the Singapore stock market is rather separate from the other ASEAN countries. The research results also imply that, for investors and policymakers, defining the information flows among ASEAN stock markets can help to predict market movements, thereby developing a suitable investment strategy or establishing appropriate management policies.

scholarly journals The Philippines’ and Singapore’s Journeys towards Liberalised Electricity Supply Industries—Takeaways for Malaysia

Energies ◽  
2020 ◽  
Vol 13 (14) ◽  
pp. 3514
Author(s):  
Hazleen Aris ◽  
Iskandar Shah Mohd Zawawi ◽  
Bo Nørregaard Jørgensen
Keyword(s):  
Best Practices ◽  
The Philippines ◽  
The Other ◽  
Electricity Supply ◽  
Good Practices ◽  
Electricity Supply Industry ◽  
The Third ◽  
Legislative Framework ◽  
Supply Industry ◽  
Asean Countries

Malaysia is in the process of liberalising its electricity supply industry (ESI) further, with the second reform series announced in September 2018. If everything goes as planned, Malaysia would be the third country in the Association of Southeast Asia Nations (ASEAN) to have a fully liberalised ESI after the Philippines and Singapore. A number of initiatives have been in the pipeline to be executed and a lot more will be planned. At this juncture, it is important for Malaysia to look for the best practices and lessons that can be learnt from the experience of other countries that have successfully liberalised their ESIs. Being in the same region, it is believed that there is a lot that Malaysia can learn from the Philippines and Singapore. This paper therefore presents and deliberates on the chronological development of the countries’ progressive journeys in liberalising their ESIs. The aim is to discern the good practices, the challenges as well as the lessons learnt from these transformations. Analysis is being made and discussed from the following four perspectives; legislative framework, implementation phases, market components and impact on renewable energy penetration. Findings from this study would provide useful insight for Malaysia in determining the course of actions to be taken to reform its ESI. Beyond Malaysia, the findings can also serve as the reference for the other ASEAN countries in moving towards liberalising their ESIs.

scholarly journals INFORMATION FLOWS IN CAUSAL NETWORKS

2008 ◽  
Vol 11 (01) ◽  
pp. 17-41 ◽  
Author(s):  
NIHAT AY ◽  
DANIEL POLANI
Keyword(s):  
Information Flow ◽  
Causal Effect ◽  
Fundamental Concept ◽  
Transfer Entropy ◽  
Information Flows ◽  
Causal Independence ◽  
Causal Networks

We use a notion of causal independence based on intervention, which is a fundamental concept of the theory of causal networks, to define a measure for the strength of a causal effect. We call this measure "information flow" and compare it with known information flow measures such as transfer entropy.

scholarly journals Competition among China and ASEAN-5 in the US Market: A New Extension to Shift-Share Analysis

2019 ◽  
Vol 3 (4) ◽  
pp. 129-137
Author(s):  
He Shuquan
Keyword(s):  
United States ◽  
The United States ◽  
The Philippines ◽  
Export Growth ◽  
The Other ◽  
The Us ◽  
Static Approach ◽  
Asean Countries ◽  
Negative Impacts ◽  
Export Destination

The United States has a robust trade and investment relationship with China and the Association of Southeast Asian Nations (ASEAN). ASEAN is collectively the fourth-largest trading partner, and China is one of the largest trade partners of the United States, the largest export destination for China. Thus, China and ASEAN countries are competing in the US market intensively. The purpose of this paper is to calculate the net gains or losses for the ASEAN-5 Members and China during 1993 and 2007 in the US market. There are two main contributions of this paper: one is to dynamically estimate the net shifts of the economies as compared to the traditional comparative static approach; the other is to extend the shift‐share analysis to attribute the net gains or losses to competing exporters. This study adopts the widely used shift-share analysis technique to exam the net gains or losses for the ASEAN-5 and China during 1993-2007 in the Unites Sates market. The paper provides a new extension to the shift‐share analysis to attribute the net shift to competing economies with a dynamic approach. The paper applies the methodology to the competition among China and ASEAN-5 in the US import market with the data drawn from World Integrated Trade Solution (WITS), a data consultation and extraction software developed by the World Bank. The discussion focuses on three periods: 1993-1997, 1998-2002 and 2003-2007. In general, China performs the best among the competing economies. Among the ASEAN-5 Indonesia, Malaysia and Thailand perform better than the other two members. During the first period, all economies have positive export growth as the actual export growth shows. However, in terms of net shift, only China and the Philippines are the winners with positive value of net shifts. During the second period, China stands out while the ASEAN economies show negative net shifts values. Similar is the case for the third period. In terms of the industries, China focuses on different industries during the thee periods, and the ASEAN economies depend heavily on a few industries. China’s gains in these industries are much bigger than the ASEAN economies’ gains in value. The ASEAN economies gain in small numbers of industries with small values. When attributed the gains or losses to competing economies, China only loses to the Philippines during 1993-1997, and gains from all competing economies during all periods. Though net losers, the ASEAN-5 also gain from other competing economies. For example, Indonesia gains from Singapore and Thailand during 1993-1997, from the Philippines and Singapore during 1998-2002, from Malaysia, the Philippines and Singapore during 2003-2007. The trade war between the United States and China provides opportunity for the ASEAN countries in the Unites Sates market, however, there are negative impacts on the ASEAN countries as well. The ASEAN countries are more vulnerable. Keywords: shift-share analysis, export competitiveness, Asia, ASEAN, China.

Capital Market Integration of Selected ASEAN Countries and its Investment Implications

2017 ◽  
pp. 5-33
Author(s):  
Hung Quang Do ◽  
László Kónya ◽  
Bhatti M. Ishaq
Keyword(s):  
Capital Market ◽  
Stock Markets ◽  
Market Integration ◽  
The Philippines ◽  
Dependence Structure ◽  
Global Finance ◽  
Capital Market Integration ◽  
International Stock Markets ◽  
The Us ◽  
Asean Countries

This paper investigates the dynamic integration of ASEAN6 stock markets (Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam) with international stock markets (the US, the ASEAN bloc, and Asia) in an ARMA-EGARCH-M and a vector autoregression models (VAR) using weekly price returns from January 2000 to October 2015. The interaction channels between these markets provide valuable information to investors about possible investment gateways into these ASEAN6 countries. The dependence structure of unexpected returns between the US and ASEAN6 countries, and contagion of the Global Finance Crisis (GFC) are explored in the paper. The results indicate that investors from the US and Asia could gain diversification benefits by investing in the stock markets of Indonesia, Malaysia, the Philippines, Singapore and Thailand. At the same time, ASEAN investors might wish to invest in Vietnam for their investment diversification. However, the Vietnamese market is found to be highly dependent on the US and Asian markets.

scholarly journals Effective transfer entropy approach to information flow between exchange rates and stock markets

2014 ◽  
Vol 68 ◽  
pp. 180-185 ◽  
Author(s):  
Ahmet Sensoy ◽  
Cihat Sobaci ◽  
Sadri Sensoy ◽  
Fatih Alali
Keyword(s):  
Exchange Rates ◽  
Information Flow ◽  
Stock Markets ◽  
Transfer Entropy ◽  
Effective Transfer

scholarly journals Comparative performance of mutual information and transfer entropy for analyzing the balance of information flow and energy consumption at synapses

2020 ◽  
Author(s):  
Mireille Conrad ◽  
Renaud B Jolivet
Keyword(s):  
Information Theory ◽  
Mutual Information ◽  
Information Flow ◽  
Experimental Finding ◽  
Brain Regions ◽  
Transfer Entropy ◽  
Information Flows ◽  
Experimental Conditions ◽  
Information Theoretic ◽  
Thalamic Relay

AbstractInformation theory has become an essential tool of modern neuroscience. It can however be difficult to apply in experimental contexts when acquisition of very large datasets is prohibitive. Here, we compare the relative performance of two information theoretic measures, mutual information and transfer entropy, for the analysis of information flow and energetic consumption at synapses. We show that transfer entropy outperforms mutual information in terms of reliability of estimates for small datasets. However, we also show that a detailed understanding of the underlying neuronal biophysics is essential for properly interpreting the results obtained with transfer entropy. We conclude that when time and experimental conditions permit, mutual information might provide an easier to interpret alternative. Finally, we apply both measures to the study of energetic optimality of information flow at thalamic relay synapses in the visual pathway. We show that both measures recapitulate the experimental finding that these synapses are tuned to optimally balance information flowing through them with the energetic consumption associated with that synaptic and neuronal activity. Our results highlight the importance of conducting systematic computational studies prior to applying information theoretic tools to experimental data.Author summaryInformation theory has become an essential tool of modern neuroscience. It is being routinely used to evaluate how much information flows from external stimuli to various brain regions or individual neurons. It is also used to evaluate how information flows between brain regions, between neurons, across synapses, or in neural networks. Information theory offers multiple measures to do that. Two of the most popular are mutual information and transfer entropy. While these measures are related to each other, they differ in one important aspect: transfer entropy reports a directional flow of information, as mutual information does not. Here, we proceed to a systematic evaluation of their respective performances and trade-offs from the perspective of an experimentalist looking to apply these measures to binarized spike trains. We show that transfer entropy might be a better choice than mutual information when time for experimental data collection is limited, as it appears less affected by systematic biases induced by a relative lack of data. Transmission delays and integration properties of the output neuron can however complicate this picture, and we provide an example of the effect this has on both measures. We conclude that when time and experimental conditions permit, mutual information – especially when estimated using a method referred to as the ‘direct’ method – might provide an easier to interpret alternative. Finally, we apply both measures in the biophysical context of evaluating the energetic optimality of information flow at thalamic relay synapses in the visual pathway. We show that both measures capture the original experimental finding that those synapses are tuned to optimally balance information flowing through them with the concomitant energetic consumption associated with that synaptic and neuronal activity.

The Structure of Wiggins' Interpersonal Circumplex: Cross-Cultural Studies

1999 ◽  
Vol 15 (3) ◽  
pp. 196-205 ◽  
Author(s):  
Rosario Martínez-Arias ◽  
Fernando Silva ◽  
Ma Teresa Díaz-Hidalgo ◽  
Generós Ortet ◽  
Micaela Moro
Keyword(s):  
Cultural Studies ◽  
Cross Cultural ◽  
The Other ◽  
Spanish Version ◽  
Interpersonal Circumplex ◽  
Research Groups ◽  
Independent Research ◽  
Research Results ◽  
Cross Cultural Studies

Summary: This paper presents the results obtained in Spain with The Interpersonal Adjective Scales of J.S. Wiggins (1995) concerning the variables' structure. There are two Spanish versions of IAS, developed by two independent research groups who were not aware of each other's work. One of these versions was published as an assessment test in 1996. Results from the other group have remained unpublished to date. The set of results presented here compares three sources of data: the original American manual (from Wiggins and collaborators), the Spanish manual (already published), and the new IAS (our own research). Results can be considered satisfactory since, broadly speaking, the inner structure of the original instrument is well replicated in the Spanish version.

ANALISIS VARIABEL YANG BERPENGARUH TERHADAP KINERJA PERUSAHAAN DI BURSA EFEK INDONESIA

2019 ◽  
Author(s):  
SUSENO - SUSENO
Keyword(s):  
Linear Regression ◽  
Multiple Linear Regression ◽  
Stock Exchange ◽  
T Test ◽  
The Other ◽  
Financial Leverage ◽  
F Test ◽  
Research Results ◽  
Independent Variables ◽  
Influential Variable

ANALISIS VARIABEL YANG BERPENGARUH TERHADAP KINERJA PERUSAHAAN DI BURSA EFEK INDONESIAOleh : Suseno STIE SATRIA Purwokerto ABSTRACT The aims of the research are (1) to analyze influence of age, scale, financial leverage, and profitability to performance of firms at The Indonesian Stock Exchange. (2) to determine the most influential variable on the performance of the firms. Hypotheses proposed in this research were: (1) Age, Scales, Financial Leverage, Profitability influences the performance of firms, (2) Age influences the performance of firms, (3) Scales influences the performance of firms, (4) Financial Leverage influences the performance of firms, (5) Profitability influences the performance of firms. Instrument of analysis employed in the research was multiple linear regression with t test and F test.The results of analyses of t test showed that profitability did not influence the performance of the firms. It was indicated by the value of computed t which was smaller than the value of t table. Meanwhile, the t test of age, scale and financial leverage indicated that the value of computed t > t table. It means that these variables (scale and financial leverage) influenced the performance of the firms. The F test showed that the independent variables of age, scale, financial leverage and profitability as a whole significantly influenced the performance of the firms. It was indicated by the calculated F > the value of F table, the value the age computed t which was smaller than the value of -t table..Based on the research results that age and profitability do not influence the performance of the firms, it is suggested that investors should not pay any attention to those variables. On the other hand, they should pay attention to the variables of scale and financial leverage. It is recommended that for further research should include longer periode of the sample.

The Proximity of Other Skins

2019 ◽  
Author(s):  
Celine Parreñas Shimizu
Keyword(s):  
United States ◽  
South Korea ◽  
The United States ◽  
The Philippines ◽  
The Other ◽  
The West ◽  
Pain And Suffering ◽  
The Spectator ◽  
Existing Frames ◽  
The Voice

Transnational films representing intimacy and inequality disrupt and disgust Western spectators. When wounded bodies within poverty entangle with healthy wealthy bodies in sex, romance and care, fear and hatred combine with desire and fetishism. Works from the Philippines, South Korea, and independents from the United States and France may not be made for the West and may not make use of Hollywood traditions. Rather, they demand recognition for the knowledge they produce beyond our existing frames. They challenge us to go beyond passive consumption, or introspection of ourselves as spectators, for they represent new ways of world-making we cannot unsee, unhear, or unfeel. The spectator is redirected to go beyond the rapture of consuming the other to the rupture that arises from witnessing pain and suffering. Self-displacement is what proximity to intimate inequality in cinema ultimately compels and demands so as to establish an ethical way of relating to others. In undoing the spectator, the voice of the transnational filmmaker emerges. Not only do we need to listen to filmmakers from outside Hollywood who unflinchingly engage the inexpressibility of difference, we need to make room for critics and theorists who prioritize the subjectivities of others. When the demographics of filmmakers and film scholars are not as diverse as its spectators, films narrow our worldviews. To recognize our culpability in the denigration of others unleashes the power of cinema. The unbearability of stories we don’t want to watch and don’t want to feel must be borne.

Lexical Arguments and Information Types in Malay Oral Narratives

2015 ◽  
Vol 7 (1) ◽  
pp. 80-97
Author(s):  
Siaw-Fong Chung
Keyword(s):  
Information Flow ◽  
The Other ◽  
Discourse Structure ◽  
Oral Narratives ◽  
Clear Cut ◽  
The Core ◽  
New Information ◽  
Intonation Units ◽  
Locative Expressions ◽  
Transitive Verbs

The analysis in this paper was based on five Malay narratives of the “frog story”. In these narratives, the types of lexical arguments and their relations with information flow and topic continuity were analyzed. It was found that most narrators used one lexical argument in telling the frog story (e.g., sarang itu jatuh “the nest fell”). About 60% of the verbs in the narratives contained one lexical argument only. Some transitive verbs that usually require the presence of both lexical arguments were used with one lexical argument only when produced in speech (e.g., dia mencari ø di merata tempat “he searched (for) ø everywhere”). Objects were sometimes omitted, as their meanings could be predicted from previous context. Despite the omission of objects, transitive constructions still prevailed in the stories. The most frequently occurring lexical arguments were objects (O) (37%), followed by intransitive subjects (S) (29%) and transitive subjects (A) (27%). In addition, our results showed that new information in Malay was usually allocated to the core argument of the object and to locative expressions, indicating that most of the new information appeared at the end of a clause. On the other hand, topic continuity was held between the subjects in two continuous intonation units. This clear-cut division of discourse functions in the heads and tails of constructions was consistently found in the five pieces of narration. This observation not only showed how ideas could be continued in Malay oral narratives, but also contributes to the study of discourse structure in Malay.

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