Search results for "Herd"
showing 10 items of 80 documents
Why is equity order flow so persistent?
2015
Abstract Order flow in equity markets is remarkably persistent in the sense that order signs (to buy or sell) are positively autocorrelated out to time lags of tens of thousands of orders, corresponding to many days. Two possible explanations are herding, corresponding to positive correlation in the behavior of different investors, or order splitting, corresponding to positive autocorrelation in the behavior of single investors. We investigate this using order flow data from the London Stock Exchange for which we have membership identifiers. By formulating models for herding and order splitting, as well as models for brokerage choice, we are able to overcome the distortion introduced by bro…
Extreme interdependence and extreme contagion between emerging markets
2007
Abstract This paper uses seemingly unrelated probit techniques to separate the transmission of a crisis due to broadly defined macroeconomic interdependence from contagion due to herding, avoiding some of the caveats of the more traditional cross-correlation approach. We find that pure contagion occurred in a limited number of country pairs generally belonging to the same region. A reduction in speculative pressure can also be identified between countries in different regional blocks. This seems to suggest that after an initial crisis episode, investors tend to discriminate on the basis of location and common macroeconomic weakness or perceived similarity.
Climate change and reindeer management in Finland: Co-analysis of practitioner knowledge and meteorological data for better adaptation.
2020
Abstract We studied interannual variability and changes over time in selected climate indices in the reindeer management area (RMA) in northern Finland. We present together the knowledge possessed by reindeer herders with information from meteorological measurements over three decades. The practitioner knowledge was gathered via a survey questionnaire addressing herder observations of long-term changes (approximately during the past 30 years) in climatic conditions and their impacts on herding during the four seasons. A set of temperature-, precipitation- and snow-related indices relevant for herding within the RMA was derived from spatially interpolated daily meteorological data (1981–2010…
Synchronization protocols in Spanish Merino sheep Reduction in time to estrus by the addition of eCG to a progesterone-based estrus synchronization p…
2015
Abstract An appropriate management of reproduction allows ewes to breed at a more intensive rhythm, more compatible with economic efficiency of farms. Hence, the objectives of the present work were to evaluate a traditional estrus synchronization protocol (based on medroxyprogesterone acetate-impregnated intravaginal sponges combined or not with equine chorionic gonadotropin) on a Merino sheep herd during the breeding season, in order to determine the best working protocol for this breed. A total of 277 sheep, blocked by age (200 ewes and 77 ewe lambs) were randomly allocated to four groups, two of ewes (E and Ee) and two of ewe lambs (L and Le). All females received 60 mg MAP (medroxyproge…
To Calculate or To Follow Others : How Do Information Security Managers Make Investment Decisions?
2019
Economic models of information security investment suggest estimating cost and benefit to make an information security investment decision. However, the intangible nature of information security investment prevents managers from applying costbenefit analysis in practice. Instead, information security managers may follow experts’ recommendations or the practices of other organizations. The present paper examines factors that influence information security managers’ investment decisions from the reputational herding perspective. The study was conducted using survey questionnaire data collected from 106 organizations in Finland. The findings of the study reveal that the ability and reputation …
Why Is Equity Order Flow so Persistent?
2014
Order flow in equity markets is remarkably persistent in the sense that order signs (to buy or sell) are positively autocorrelated out to time lags of tens of thousands of orders, corresponding to many days. Two possible explanations are herding, corresponding to positive correlation in the behavior of different investors, or order splitting, corresponding to positive autocorrelation in the behavior of single investors. We investigate this using order flow data from the London Stock Exchange for which we have membership identifiers. By formulating models for herding and order splitting, as well as models for brokerage choice, we are able to overcome the distortion introduced by brokerage. O…
Shall we follow? Impact of reputation concern on information security managers’ investment decisions
2020
Information security (infosec) is important for organizations. While budgeting for infosec is a crucial resource allocation decision, infosec managers may choose to follow other fellow experts’ recommendations or baseline practices. The present paper uses reputational herding theory to explain the decision made by infosec managers to use a “let's follow others” strategy in this context. Based on a sample of 106 organizations in Finland, we find that infosec managers’ ability to accurately predict the benefit of infosec investment, as well as their reputations, have significant effects on motivating them to discount their own information. Infosec managers’ discounting of their own informatio…
Genetically 'pure' Fasciola gigantica discovered in Algeria: DNA multimarker characterization, trans-Saharan introduction from a Sahel origin and spr…
2020
Fascioliasis is a freshwater snail-borne zoonotic helminth disease caused by two species of trematodes: Fasciola hepatica of almost worldwide distribution and the more pathogenic F. gigantica restricted to parts of Asia and most of Africa. Of high pathological impact in ruminants, it underlies large livestock husbandry losses. Fascioliasis is moreover of high public health importance and accordingly included within the main neglected tropical diseases by WHO. Additionally, this is an emerging disease due to influences of climate and global changes. In Africa, F. gigantica is distributed throughout almost the whole continent except in the north-western Maghreb countries of Morocco, Algeria a…
El concepto de "cultura" en el joven Herder
2002
Sin entrar en el debate en torno al papel que juegan Vico y Kant en la gestación del moderno concepto de «cultura», que es claramente objetual, cuestión ya abordada entre nosotros por el profesor G. Bueno, en este artículo nos ceñimos a documentar, analizar y comentar un momento de la producción herderiana, demasiado olvidada por nuestros especialistas, la aparición del concepto de "cultura" en sus obras de juventud.
Survival after pathogen exposure in group-living insects: don't forget the stress of social isolation!
2016
A major cost of group-living is its inherent risk of pathogen infection. To limit this risk, many group-living animals have developed the capability to prophylactically boost their immune system in the presence of group members and/or to mount collective defences against pathogens. These two phenomena, called density-dependent prophylaxis and social immunity, respectively, are often used to explain why, in group-living species, individuals survive better in groups than in isolation. However, this survival difference may also reflect an alternative and often overlooked process: a cost of social isolation on individuals' capability to fight against infections. Here, we disentangled the effect…