Together Everyone Achieves More? Herding Behavior in the Finnish Stock Market

This thesis examines whether or not Finnish stock markets has herding behavior. Sample data is from 2004 to 2013. Including total of 2516 market days. Market wide herding, up and down market herding, extreme price movement herding and turnover volume herding are measured in this thesis. Methods used in this thesis are cross-sectional absolute dispersion and cross-sectional standard deviation. This thesis found no signs of herding in the Finnish stock market.

Real estate mutual funds: herding, momentum-trading and performance

This study jointly examines herding, momentum trading and performance in real estate mutual funds (REMFs). We do this using trading and performance data for 159 REMFs across the period 1998–2008. In support of the view that Real Estate Investment Trust (REIT) stocks are relatively more transparent, we find that stock herding by REMFs is lower in REIT stocks than other stock. Herding behavior in our data reveals a tendency for managers to sell winners, reflective of the “disposition effect.” We find low overall levels of REMF momentum trading, but further evidence of the disposition effect when momentum trading is segregated into buy–sell dimensions. We test the robustness of our analysis using style analysis, and by reference to the level of fund dividend distribution. Our results for this are consistent with our conjecture about the role of transparency in herding, but they provide no new insights in relation to the momentum-trading dimensions of our analysis. Summarizing what are complex interrelationships, we find that neither herding nor momentum trading are demonstrably superior investment strategies for REMFs.

House price dynamics and bank herding: European empirical evidence

This paper investigates the behavior of residential property and examines the linkages between house price dynamics and bank herding behavior. The analysis presents evidence that irrational behaviour may have played a significant role in several countries, including; United Kingdom, Spain, Denmark, Sweden and Ireland. In addition, we also provide evidence indicative of herding behaviour in the European residential mortgage loan market. Granger Causality tests indicate that non-fundamentally justified prices dynamics contributed to herding by lenders and that this behaviour was a response by the banks as a group to common information on residential property assets. In contrast, in Germany, Portugal and Austria, residential property prices were largely explained by fundamentals. Furthermore, these countries show no evidence of either irrational price bubbles or herd behaviour in the mortgage market. Granger Causality tests indicate that both variables are independent.

Diet and herding strategies in a changing environment: stable isotope analysis of Bronze Age and Late Antique skeletal remains from Ya'amūn, Jordan

Carbon and nitrogen stable isotope ratios of 45 human and 23 faunal bone collagen samples were measured to study human diet and the management of domestic herbivores in past Jordan, contrasting skeletal remains from the Middle and Late Bronze Age and the Late Roman and Byzantine periods from the site of Ya'amūn near Irbid. The isotope data demonstrate that the management of the sheep and goats changed over time, with the earlier animals consuming more plants from semi-arid habitats, possibly because of transhumant herding strategies. The isotope data for fish presented here are the first from archaeological contexts from the Southern Levant. Although fish of diverse provenance was available at the site, human diet was predominately based on terrestrial resources and there was little dietary variability within each time-period. Isotopic variation between humans from different time-periods can mostly be explained by ‘baseline shifts’ in the available food sources; however, it is suggested that legumes may have played a more significant role in Middle and Late Bronze Age diet than later on.

MRI features of gastrocnemius musculotendinopathy in herding dogs

Pelvic limb lameness that was localized clinically to the lateral gastrocnemius head was observed in dogs without history of trauma. The aim of this retrospective study was to describe magnetic resonance imaging (MRI) findings of this condition. Nine dogs were identified, eight Border Collies and one Australian Shepherd. They all had chronic pelvic limb lameness; no signs of joint effusion or instability were present. In MR images there was high signal intensity in the lateral head of the gastrocnemius muscle around the sesamoid bone in T2-weighted, T2*-weighted, and STIR images and an iso- to mildly hyperintense signal in T1-weighted images with marked contrast enhancement. The abnormal signal intensity most likely represents a myotendinous strain. The breed affiliation to Border Collies is striking, and a relation to biomechanical forces or motion pattern may be possible. Except for the dog with the most extensive lesion all dogs had an excellent outcome.

A survey on intestinal parasites of livestock guardian dogs and herding dogs in Switzerland

The present study describes the occurrence of intestinal parasite infections in livestock guardian dogs and herding dogs. A total of 71 guardian dogs (more than half of the total number of guardian dogs in Switzerland) and 21 herding dogs were coprologically examined, using a combined sedimentation-flotation method. In 21 (23 %) of the dogs intestinal parasites were detected, and 8 (8.7 %) of these dogs shed either sporocysts of Sarcocystis sp. (n = 6) or taeniid eggs (n = 2). The evaluation of questionnaires providing data on age, origin and deworming schemes of the dogs completed the study.

Applying a synthetic approach to the resilience of Finnish reindeer herding as a changing livelihood

Reindeer herding is an emblematic livelihood for Northern Finland, culturally important for local people and valuable in tourism marketing. We examine the livelihood resilience of Finnish reindeer herding by narrowing the focus of general resilience on social-ecological systems (SESs) to a specific livelihood while also acknowledging wider contexts in which reindeer herding is embedded. The questions for specified resilience can be combined with the applied DPSIR approach (Drivers; Pressures: resilience to what; State: resilience of what; Impacts: resilience for whom; Responses: resilience by whom and how). This paper is based on a synthesis of the authors’ extensive anthropological fieldwork on reindeer herding and other land uses in Northern Finland. Our objective is to synthesize various opportunities and challenges that underpin the resilience of reindeer herding as a viable livelihood. The DPSIR approach, applied here as a three step procedure, helps focus the analysis on different components of SES and their dynamic interactions. First, various land use-related DPSIR factors and their relations (synergies and trade-offs) to reindeer herding are mapped. Second, detailed DPSIR factors underpinning the resilience of reindeer herding are identified. Third, examples of interrelations between DPSIR factors are explored, revealing the key dynamics between Pressures, State, Impacts, and Responses related to the livelihood resilience of reindeer herding. In the Discussion section, we recommend that future applications of the DPSIR approach in examining livelihood resilience should (1) address cumulative pressures, (2) consider the state dimension as more tuned toward the social side of SES, (3) assess both the negative and positive impacts of environmental change on the examined livelihood by a combination of science led top-down and participatory bottom-up approaches, and (4) examine and propose governance solutions as well as local adaptations by reindeer herders as equally relevant responses to enhance livelihood resilience.

Distribution and abundance of dugongs in Moreton Bay, Queensland, Australia

Dugong abundances in Moreton Bay (south-east Queensland) were estimated during six bi- monthly aerial surveys throughout 1995. Sampling intensity ranged between 20 and 80% for different sampling zones within the Bay, with a mean intensity of 40.5%. Population estimates for dugongs were corrected for perception bias ( the proportion of animals visible in the transect that were missed by observers), and standardised for availability bias ( the proportion of animals that were invisible due to water turbidity) with survey and species-specific correction factors. Population estimates for dugongs in Moreton Bay ranged from 503 +/- 64 (s.e.) in July to 1019 +/- 166 in January. The highest uncorrected count was 857 dugongs in December. This is greater than previous population estimates, suggesting that either previous surveys have underestimated abundance and/or that this population may have increased through recruitment, immigration, or a combination of both. The high degree of variation in population estimates between surveys may be due to temporal differences in distribution and herding behaviour. In winter, dugongs were found in smaller herds and were dispersed over a wider area than in summer. The Eastern Banks region of the bay supported 80 - 98% of the dugong population at any one time. Within this region, there were several dugong 'hot spots' that were visited repeatedly by large herds. These 'hot spots' contained seagrass communities that were dominated by species that dugongs prefer to eat. The waters of Rous Channel, South Passage and nearby oceanic waters are also frequently inhabited by dugongs in the winter months. Dugongs in other parts of Moreton Bay were at much lower densities than on the Eastern Banks.

Infecção por Enterobius vermicularis em populações agro-pastoris pré-colombianas de San Pedro de Atacama, Chile

Enterobius vermicularis eggs were found in human coprolites collected from the archaeological site of San Pedro de Atacama, North of Chile, in occupational layers dated from 1,000 BC. Agricultures and herding were begining at this period of time in this region of South America. The paleoparasitological data amplifies the knowledge about the distribution of human oxyuriasis in Pre-Columbian America.

Media, investors and bubbles

We analysed the specific case of how information in the financial press influences economic bubbles. We found considerable flaws in the information market due to several factors: demand, the predominance of what are termed “irrational investors” (herding), and supply, which has the problem that the sources of information are biasedand feeds. A financial bubble is a deviation between real value of a financial asset and its persistent market price in time, which also has a speculative origin fed back by the illusion of the owners of these financial values, who will take benefits because of the future prices, which must be higher than the previous ones. The economical information in the media is submitting three problems. First of all, it is information generated by companies. In second place, the information circuit is fed back. A problem of informative independence becomes created, particularly serious in the case of the banks, which are very were as creditors. And in a third place, some informative biases are manifested for the companies of regulated sectors which are starring the economical information in the media.

Bombolles financeres i confusió informativa. Relació entre la informació econòmica als mitjans de comunicació i la presa de decisions d’inversió

La Teoria Econòmica està construïda sobre la hipòtesis de racionalitat dels agents econòmics. La racionalitat de l’homo economicus consisteix en què maximitza la seva utilitat tractant d’obtenir els majors beneficis amb el menor esforç, si bé l’aplicació d’aquesta hipòtesi a l’ésser humà no és plena ja que la seva motivació no sempreés biològica i de vegades actua empès per aspectes culturals difícils d’associar a un benefici1. Tanmateix, la hipòtesi de racionalitat s’ha considerat una bona representació dels aspectes essencials del comportamenteconòmic de l’ésser humà. El problema es presenta quan la Teoria Econòmica no és capaç d’explicar ni resoldre satisfactòriament problemes tan rellevants com les bombolles especulatives i la causa d’aquesta mancança s’atribueix a una construcció inadequada d’aquesta Teoria...

Cultural Diffusion Was the Main Driving Mechanism of the Neolithic Transition in Southern Africa

It is well known that the Neolithic transition spread across Europe at a speed of about 1 km/yr. This result has been previously interpreted as a range expansion of the Neolithic driven mainly by demic diffusion (whereas cultural diffusion played a secondary role). However, a long-standing problem is whether this value (1 km/yr) and its interpretation (mainly demic diffusion) are characteristic only of Europe or universal (i.e. intrinsic features of Neolithic transitions all over the world). So far Neolithic spread rates outside Europe have been barely measured, and Neolithic spread rates substantially faster than 1 km/yr have not been previously reported. Here we show that the transition from hunting and gathering into herding in southern Africa spread at a rate of about 2.4 km/yr, i.e. about twice faster than the European Neolithic transition. Thus the value 1 km/yr is not a universal feature of Neolithic transitions in the world. Resorting to a recent demic-cultural wave-of-advance model, we also find that the main mechanism at work in the southern African Neolithic spread was cultural diffusion (whereas demic diffusion played a secondary role). This is in sharp contrast to the European Neolithic. Our results further suggest that Neolithic spread rates could be mainly driven by cultural diffusion in cases where the final state of this transition is herding/pastoralism (such as in southern Africa) rather than farming and stockbreeding (as in Europe)

Subjectivity in the valuation : Case study on the Finnish biotechnology industry

The thesis combines valuation and behavioral economics literature, which is not common among the Finnish management accounting research. Furthermore, the valuation is studied in biotechnology context and those type of studies are rather rare as well. The thesis studies the valuation in the Finnish biotechnology industry. The concepts of behavioral finance are employed in the empirical part of the study to explore decision-makers’ behavior in valuation processes. The main interest of this study is to explore how subjectivity of a decision-maker affects the valuation in the biotechnology industry. The valuation is studied from two perspectives. First, what is the best valuation model for biotechnology companies suggested by the valuation literature? Second, how the valuation in biotechnology industry is done in practice and how the decision-makers subjectivity affects the valuation? The literature review aims at seeking the best valuation model. The real options were found to be the most suitable valuation model for biotechnology companies, especially in the early stages of product development. The real option’s ability to take the value of the inherent options into account results in theoretically most correct valuations. The only disadvantage is the model’s complexity when compared to other models, such as discounted cash flow models. The empirical part of the study consists of a case study, which examines the valuation practices of the Finnish biotechnology companies. When it comes to the valuation models used in practice, it was found that the companies were using rather simple valuation models, which was due to two reasons. First, the interviewees did not believe in the valuation models and second, they were familiar neither with the most sophisticated models nor with all the theoretical aspects of the models they were using. The material for the study was collected with theme interviews. Four CEO’s of highly successful Finnish biotechnology companies. Strong signs of the decision-makers’ subjectivity in valuation were observed. Most obvious were the signs of framing. Furthermore, herding, excessive optimism, and overconfidence were present. All the behavioral concepts observed most likely have a severe effect on the valuation. As a result, the valuation can easily become overly optimistic, which leads to overvalued investments and to continuation of already unprofitable projects. Framing had the strongest evidence. If the product being valued is framed successfully, the risk of overvaluation is high, thus a strong belief can justify almost any value.

Thermal-Aware Networked Many-Core Systems

Advancements in IC processing technology has led to the innovation and growth happening in the consumer electronics sector and the evolution of the IT infrastructure supporting this exponential growth. One of the most difficult obstacles to this growth is the removal of large amount of heatgenerated by the processing and communicating nodes on the system. The scaling down of technology and the increase in power density is posing a direct and consequential effect on the rise in temperature. This has resulted in the increase in cooling budgets, and affects both the life-time reliability and performance of the system. Hence, reducing on-chip temperatures has become a major design concern for modern microprocessors. This dissertation addresses the thermal challenges at different levels for both 2D planer and 3D stacked systems. It proposes a self-timed thermal monitoring strategy based on the liberal use of on-chip thermal sensors. This makes use of noise variation tolerant and leakage current based thermal sensing for monitoring purposes. In order to study thermal management issues from early design stages, accurate thermal modeling and analysis at design time is essential. In this regard, spatial temperature profile of the global Cu nanowire for on-chip interconnects has been analyzed. It presents a 3D thermal model of a multicore system in order to investigate the effects of hotspots and the placement of silicon die layers, on the thermal performance of a modern ip-chip package. For a 3D stacked system, the primary design goal is to maximise the performance within the given power and thermal envelopes. Hence, a thermally efficient routing strategy for 3D NoC-Bus hybrid architectures has been proposed to mitigate on-chip temperatures by herding most of the switching activity to the die which is closer to heat sink. Finally, an exploration of various thermal-aware placement approaches for both the 2D and 3D stacked systems has been presented. Various thermal models have been developed and thermal control metrics have been extracted. An efficient thermal-aware application mapping algorithm for a 2D NoC has been presented. It has been shown that the proposed mapping algorithm reduces the effective area reeling under high temperatures when compared to the state of the art.