In recent weeks a package of the 2006 NTL Mens, Womens and Mixed Open was shown on Fox TV. This was a great step forward for Touch as we have been off the main-stream television screens for quite a number of years.TFA would like to thank all of the state offices, who contributed financially to assist TFA in producing the package and having it shown. To date, the feedback has been extremely positive, with Touch fans Australia-wide complimenting the footage that was shown, as well as the clips introducing the sport and basic elements of the game. The success of the package was a credit to all of the staff, team management and players, who worked hard to ensure the sport was shown in a professional light. There was certainly no shortage of highlights for the package, with the Sydney Mets Mixed side putting on a touchdown show, the Womens Open final between the Mets and Sharks proving a very tight affair and the Mens Open final giving us one of the best NTL finals to date.(The Garry Sonda through-the-legs special was definitely one for the highlights reel!)With FOX Sports being available in around 1.75 million homes and over 6,000 commercial venues, the potential of the showing to increase awareness and knowledge of the sport is huge.Following on from the success of the showing in Australia, the package was also picked up by ABC Asia Pacific, who will be showing the package in up to 50-60 Asia Pacific nations in coming weeks. The package has already been shown in Hong Kong and here is a list of countries that may view the NTL Touch Football package in the future:Cook IslandsFijiFrench PolynesiaGuamSamoaKiribatiSolomon IslandsNauruNew CaledoniaNiueMarianasPalauPapua New GuineaTahitiTokelauTongaTuvaluVanuatuWallis and FutunaAfghanistanArmeniaAzerbaijanBangladeshBhutanBruneiCambodiaPeoples Republic of ChinaEast TimorFederated States of MicronesiaHong KongIndia IndonesiaKazakhstanLaosNepalSri-LankaTibetTurkmenistanUzbekistanJapanMacauMalaysiaMongoliaMyanmar (Burma) North KoreaPakistanPhilippinesSingaporeSouth KoreaRepublic of China (Taiwan)ThailandVietnam.TFA will be selling copies of the 2006 NTL package on DVD in the coming weeks, so if you missed out on seeing the package or want to see it again, keep an eye on the TFA website for when they’re available and for how to place your order.
Nigel Hayes is a smart young man. Following Wisconsin’s Elite Eight victory against Arizona, the Badgers’ sophomore forward was asked about Kentucky, his team’s potential opponent in the Final Four. Hayes, who scored eight points in the West Region final, refused to say anything about the undefeated Wildcats. He cited what happened to West Virginia and victory-guaranteeing Daxter Miles as the reason for his decision to keep quiet. Does Nigel Hayes want Kentucky? “I’m not going to go down that road. A young man tried that a couple days ago, and it didn’t work too well.”— Adam Kilgore (@AdamKilgoreWP) March 29, 2015Hayes knows not to poke the bear. The bear is currently in a dogfight against Notre Dame, though. The Wildcats and the Fighting Irish are tied at halftime, 31-31. The game is being televised on TBS.
Will FulerNo. 9 Notre Dame used some luck of the Irish to pull out a 34-27 victory over Virginia on the road. With starting quarterback Malik Zaire out of the game with what appeared to be a serious ankle injury, and his team trailing 27-26, back-up QB DeShone Kizer took the team downfield in the final minutes, tossing the game winning touchdown to wide receiver Will Fuller with 12 seconds remaining. Fuller’s game-winning score stunned the upset-minded Cavalier faithful. pic.twitter.com/o92NxfHftl— Luke Zimmermann (@lukezim) September 12, 2015Wow. What a gut-wrenching loss for Mike London and the Cavs, and what an escape for Brian Kelly and the Fighting Irish.
Cincinnati Bengals wide receiver A.J. Green, right, is stopped after catching a pass for a short gain by Cleveland Browns defensive back Joe Haden at FirstEnergy Stadium Sunday, Sept. 29. The Browns won, 17-6.Credit: Courtesy of MCTThe Cincinnati Bengals return home to face the undefeated New England Patriots this Sunday in a game that has great implications.If the Bengals pull out the win, last week’s loss to the Cleveland Browns will be viewed as an anomaly. But with a loss and perhaps another weak outing by quarterback Andy Dalton, the Bengals may find themselves searching for ways to salvage their season.At home, the Bengals (2-2) are undefeated and performed much better against the pass than they have on the road. They have held Super Bowl-winning quarterbacks in check, forcing Green Bay Packers quarterback Aaron Rodgers into a two interception performance and limiting Ben Roethlisberger and the Steelers to 278 yards of total offense.Meanwhile on the road, Jay Cutler of the Chicago Bears and Brian Hoyer of the Browns were able to find the holes in Cincinnati’s secondary to help their respective teams win. Bengals fans can only hope that this pattern continues in week five when they face three-time Super Bowl winner Tom Brady.However, the Patriots, though undefeated, have question marks of their own. Brady began the season with a significantly inexperienced group of receivers who have struggled to stay on the same page as their quarterback. But the wide receivers have shown recent signs of improvement as both Kenbrell Thompkins (127 yards receiving) and Julian Edelman (118 yards receiving) had strong games last week against the Atlanta Falcons.On defense, New England must deal with the loss of defensive tackle Vince Wilfork who sustained a season-ending injury (achilles) against Atlanta. Wilfork is key to the Patriots’ ability to stop the run. Over the last five seasons, New England is ranked ninth against the rush with Wilfork on the field and dead last without him.But the Bengals cannot concern themselves with their opponents’ strengths and weaknesses at this point. They have the talent to beat almost any team in the league, as evidenced by their comeback victory over the Packers. But when they fail to execute on offense, they are capable of losing to any opponent, including a team depleted of its starting quarterback, just like the Browns.While Hoyer gave an inspired performance, Cincinnati’s lack of offense was the biggest factor in the loss. The Bengals converted only four of 14 third down attempts against Cleveland and gained only 16 first downs. Meanwhile, the Falcons lost to the Patriots in week four despite picking up 26 first downs. If offensive coordinator Jay Gruden cannot make the proper adjustments and Dalton continues to miss open receivers, the promise that surrounded the Bengals before the season will quickly vanish.
Jupp Heynckes is likely to quit Bayern Munich at the end of the ongoing season and the club has to look for a possible replacement – and Ottmar Hitzfeld believes that Niko Kovac or Lucie Favre would be the right choices.Niko Kovac used to play for Bayern Munich and he is current coach of Eintracht Frankfurt – to be added, he also coached Croatia national team in the World Cup 2014 in Brazil. Lucien Favre managed to lead Nice successfully to the European cups the previous season from the Ligue 1.The former Bayern Munich coach spoke about possible replacements of Heynckes, according to Sports Keeda:“The expectations with Croatia were huge. Kovac showed great games with the team at the  World Cup,” Hitzfeld told Sport Bild.Report: Bayern are held by Leipzig George Patchias – September 14, 2019 Bayern Munich was held to another draw, this time by RB Leipzig.Bayern Munich finds themselves in the unfamiliar position of sitting third in the…“Frankfurt are now playing beyond their means, next year [possibly even in] Europe. He was also a Bayern player, he knows how the club works. And he is a strong personality who has a clear mindset and open and honest communication.“Every player is equally important to him. He can motivate and excite the team.“Lucien Favre has already done a good job at German clubs and can play good, offensive football. He is also one who can carry a team, a meticulous coach. Basically, he could work for both [Dortmund and Bayern].”
Liverpool have officially announced Anfield will be hosting the pre-World Cup warm-up between Brazil and Croatia on June 3. This will be the first time Coutinho is going to play at Anfield since he left for Barca.The Brazilian was acquired by the Catalans during the January transfer window for the massive fee of 146 million pounds. Despite his departure, Jurgen Klopp and co. did not lose any momentum – they are now to be facing Roma in the semi-final stage in the Champions League and are currently third in the Premier League.Neymar can win the Ballon d’Or, says Ander Herrera Andrew Smyth – September 13, 2019 An “excited” Ander Herrera believes new Paris Saint-Germain team-mate Neymar is a contender for the Ballon d’Or alongside Kylian Mbappe.“We are especially looking forward to enjoying the atmosphere at Anfield, where Croatia has never played before – it’s a historic venue and I am convinced that our players will enjoy this match, along with our fans and all spectators,” said Davor Suker, president of the Croatian Football Federation.“A match between two great sides such as Brazil and Croatia is surely worthy of such an iconic stadium,” he went on to add.
Juventus and AC Milan will face off on January 16 in the Saudi city of Jeddah, but Amnesty International has condemned the decision.For the 10th time in history, the Italian Supercoppa will be played outside Italy.On January 16th, Juventus and AC Milan will face off in the Saudi Arabian city of Jeddah.But the decision by the Italian Lega Serie A has been met with opposition, especially from Amnesty International, after the killing of journalist Jamal Khashoggi, and the treatment of women.Lukaku backed to beat Ronaldo in Serie A scoring charts Andrew Smyth – September 14, 2019 Former Inter Milan star Andy van der Meyde is confident Romelu Lukaku will outscore Cristiano Ronaldo in this season’s Serie A.“Until last year, women were not allowed to attend any sporting event whatsoever,” Serie A president Gaetano Micciche told ESPN.“A few months on they have access to many sections within a stadium.”“We are working to ensure that the next time we host a tournament there, women will be able to sit wherever they like,” he added.“Women will be allowed to enter the stadium alone and without a chaperone, as had been erroneously reported by those who want to exploit the topic.”
The Soldotna City Council at their meeting on Wednesday, March 28, agreed to postpone any further discussion on annexation until their council meeting on May 9. Olson: “Last week they finally pulled the trigger on it and said they are going to annex 7 of the 9 areas. The city has a constitutional right to pursue annexation, but the borough residents also have some rights here. We elected you folks, you represent us, the folks that sit on the city council in Soldotna we don’t get to vote for them. Our only request was that they would choose the local option that would allow the people in the affected areas to vote. Instead, they decided to go with the legislative review process, that means there won’t be any voting by the folks in the affected areas.” City Manager Stephanie Queen spoke at the work session, prior to the meeting, stating that this resolution, if approved, would begin the official annexation process. The postponement allows the council to further address the seven areas of annexation, including removing, or editing the boundaries of some of the areas. The City Council stated the resolution introduced proposes to use the legislative review process when they submit their petition for annexation to the Local Boundary Commission. That means that the overall decision on annexation will not be going to the voters. Brian Olson, the President of Borough Residents Against Annexation testified at the Kenai Peninsula Borough Assembly on Tuesday, April 3, to try and garner support from the assembly. Facebook0TwitterEmailPrintFriendly分享The City of Soldotna has considered narrowing down the proposed areas of annexation from seven to nine at their council meeting on March 28. The city plans to focus more studying into the commercial areas, like along K-Beach road, and avoiding more residential areas.
Facebook0TwitterEmailPrintFriendly分享This year the BP Teachers of Excellence program recognized 21 Alaska teachers, among those are three Kenai Peninsula Borough School District teachers. Pegge Erkeneff, Communications Liaison for the Kenai Peninsula Borough School District: “The BP Teacher of Excellence program has been going on for many years in our state, and on the Kenai Peninsula we have so many amazing educators. BP likes to highlight the teachers and show what’s happening in our classrooms.” BP Alaska President Janet Weiss: “These teachers represent the best of Alaska education, and it’s an honor to recognize them with this award. At BP, we’re proud to play a part in supporting their continued success and showing our ongoing commitment to the state and to creating the leaders of tomorrow.” Winning teachers receive a $500 gift card and a $500 matching grant to their school. Teachers also receive a trip to Prudhoe Bay to learn about BP’s operations and paid admission for the Alaska Resource Education’s teacher course. Julie Doepken, William H. Seward Elementary SchoolJennifer Hornung, Nikiski Middle/High SchoolWendy Todd, Paul Banks Elementary School All teachers and educational allies will be honored at an award ceremony in late April, where the statewide BP Teacher of the Year will be announced.
WILMINGTON, MA — Here are highlights of the Wilmington Police Log for Friday, May 24, 2019:Police served a zoning bylaw violation notice to a Dublin Avenue homeowner for parking commercial vehicles on the street. (6:16am)A car struck a pole on Andover Street. A 35-year-old female complained of arm pain and had a panic attack. Fire Department transported woman to Winchester Hospital. Vehicle towed. RMLD and Verizon notified. (8:37am)A caller reported a very large turtle in roadway at Glen Road and Faulkner Avenue. (12:55pm)A walk-in party reported their friend hasn’t been heard from in a week. Police put a BOLO out. Tewksbury Police called Wilmington Police and indicating their friend may be locked up. Station officer confirmed. (5:54pm)A caller stated an individual got in his face and started yelling at him in a Lowell Street parking lot after he backed into him. Individual is now sitting in his car. Caller is afraid to leave his car unattended and requested an officer. (7:49pm)(DISCLAIMER: This information is public information. An arrest does not constitute a conviction. Any arrested person is innocent until proven guilty.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email email@example.com.Share this:TwitterFacebookLike this:Like Loading… RelatedPOLICE LOG for July 27: OUI Arrest; Woman Brings Caged Bird To Town BeachIn “Police Log”POLICE LOG for August 20: Wilmington Man Arrested; Car vs. Tree; Concession Stand VandalizedIn “Police Log”POLICE LOG for July 9: Police Issue 2 Summonses To Drivers; Windows Kicked In At BusinessIn “Police Log”
Post a comment 0 Tags Share your voice China’s media regulators have stopped accepting applications for new games. Getty Images China is again pushing pause on video games as it works through a backlog of applications caused by an earlier halt to new game licenses. The country’s media regulators have stopped accepting new applications for commercial video game licenses, according to a Financial Times’ report published on Wednesday. Central regulators reportedly haven’t accepted applications since September. This comes after China in August halted the approval of new game licenses due to a “restructuring of power” in government agencies. While China’s media regulating agency, the State Administration of Press and Publications, reportedly resumed approving commercial game licenses in December, developers will have to wait for the current backlog to get approved in order for the license application process to move forward, according to Financial Times. The agency has reportedly approved over 500 games since December, including Tencent’s Perfect World Mobile, but new games will have to wait to debut. Tencent, one of the biggest game developers in China, reportedly lost over $160 billion in market value in the first half of 2018, and smaller companies were struggling to survive, according to Bloomberg. China’s State Administration of Press and Publications didn’t immediately respond to a request for comment. Gaming Politics
Tata Consultancy Services (TCS) shares fell marginally following news that the company has paid $26 million to Orange County, California to settle a lawsuit. The settlement ended a three-year litigation over the failure of TCS’ US affiliate to deliver a new property tax management system to the county in 2010, the deadline decided between the parties to deliver the software.The county’s litigation alleged that TCS “presented false claims in the form of invoices and reports, provided false and unachievable milestone completion dates, and intentionally understaffed the project to maximize profit.” The county said the company tried to extend what was originally a two-year, $6.4 million contract into a six-year, $17 million project.The settlement amount, according to Orange County, is four times the actual amount of the contract and five times the cost it actually paid to TCS America.As per the initial contract, TCS America was to have delivered the property tax system by July 2010 for $6.4 million. In June 2010, the delivery date was extended for a year and sanctioned $1.2 million. When TCS failed to deliver the software in 2011, the supervisors of the project approved another $2.7 million while deferring the deadline to July 2012. This brought the total cost of the contract to $10.3 million until 2012.In 2013, TCS sought a third extension for two more years while claiming that the company needed an additional $7 million, taking the total cost to $17 million, following which the county sued the company in the same year. When the county terminated its contract, it had paid the IT vendor $4.9 million in total grand for the project.The county claimed that the Indian IT services exporter violated the California False Claim Act and filed a litigation on account of “fraudulent concealment, intentional misrepresentation and breach of contract” among other charges. TCS had filed a cross-complaint asking the US District Court to dismiss claims of fraudulence. In an order dated April 1, 2016, the court turned down Tata’s plea.The county’s statement said if the litigation was not settled, it would have led to a trial on Aug. 2, 2016. It also stated that the county had spent approximately $10 million on legal and expert fees in preparation for the trial.
Dr Shirin Sharmin ChaudhurySpeaker Shirin Sharmin Chaudhury said the Rohingya crisis should be solved as soon as possible. She urged the international community to come up with a permanent solution in this regard.She said this in her inaugural speech at a two-day conference on promoting equality, justice and human dignity on the occasion of International Human Rights Day at the Bangabandhu International Conference Centre in Dhaka.The Speaker said the constitution of Bangladesh ensured human rights while the government had several human rights programmes. She stressed the need for equality and poverty alleviation to attain the SDGs (Sustainable Development Goals). She also said that development programmes related to employment, skills, gender, women and youth must be ensured.International affairs adviser to the prime minister Gowher Rizvi also sought the international community’s involvement over the Rohingya issue. He said, human rights organisations were publishing lists of missing people, but not checking carefully. People went missing for different reasons and they returned too, but the lists were not updated accordingly. He said law enforcing agencies had the right to arrest anyone, but had to abide by the law in doing or.Kazi Reazul Hoque, chairman to the National Human Rights Commission of Bangladesh, presided over the conference. Regarding the issue of Rohingya crisis, he said Bangladesh had improved in several sectors of human rights. Still abuse of women and children, oppression in safe custody and abduction were taking place. He expressed his concerns over these and urged the government to solve the problems.Persons involved in human rights from India, Indonesia, Malaysia and the Philippines were , working on human rights are participating in the conference.
US House Foreign Affairs Committee passes a legislation holding senior Myanmar military officials accountable for mass atrocities against the Rohingya. Photo: foreignaffairs.house.govUS House Foreign Affairs Committee passed a legislation holding senior Myanmar military officials accountable for mass atrocities against the Rohingya.The BURMA Act (HR 5819) also urged the Myanmar government to cooperate with the United Nations fact-finding mission, provide access to humanitarian aid groups, facilitate the return of the Rohingya, and release Reuters journalists Wa Lone and Kyaw Soe Oo, reports UNB.“We commend the House Foreign Affairs Committee, especially the lead co-sponsors, Representative Engel and Representative Chabot, for overcoming this key hurdle,” Francisco Bencosme, advocacy manager for Asia Pacific at Amnesty International USA, said in a statement on Thursday.It reads: “Congress needs to send a signal to the Myanmar military that it cannot act with impunity. This legislation is a crucial step towards addressing the systematic and widespread human rights abuses and crimes against humanity against the Rohingya that have been well documented by Amnesty International.”This legislation also speaks to the urgent need to protect freedom of expression in Myanmar by releasing journalists like Wa Lone and Kyaw Soe Oo, according to Amnesty International.Francisco said people should be able to report on atrocities without being put behind bars. “We urge the entire House of Representatives to pass this bill and the Senate to follow suit.”On World Press Freedom Day, Amnesty International USA launched a campaign calling for the release of Reuters journalists Wa Lone and Kyaw Soe Oo.Last February, over 300 Amnesty members and supporters from nearly 40 states met with members of Congress to ask them to pass the Burma Human Rights and Freedom Act of 2018 and the BURMA Act of 2017.
Mainul Hosein. File PhotoFormer caretaker government adviser Mainul Hosein was released from jail on bail on Sunday night, 97 days after his arrest for making ‘offensive comment’ against journalist Masuda Bhatti, reports UNB.He was freed from the Bangabandhu Sheikh Mujib Medical University (BSMMU) prison cell around 9:00pm after his release order reached the jail authorities, said jailer Mahbubul Islam of Dhaka Central Jail at Keraniganj.On 13 January, the High Court granted bail to Mainul Hosein in 14 defamation cases for six months.On Thursday, the Appellate Division upheld the High Court order granting bail to him, paving the way for his release.A team of Detective Branch (DB) of police arrested Mainul from in front of Jatiya Samajtantrik Dal (JSD) president ASM Abdur Rob’s Uttara residence on 22 October last in a defamation case filed in Rangpur.Later, 22 cases—one under the Digital Security Act and 21 for defamation—were filed against Mainul for defaming journalist Masuda Bhatti in a television talk-show.Mainul who was connected to a talk-show ‘Ekattor Journal’ through videoconferencing aired on Ekattor TV hosted by Mithila Farzana made an ‘offensive comment’ against Masuda Bhatti on 16 October.During the talk-show, Masuda Bhatti asked Mainul, “You say that you’re in the Jatiya Oikya Front as a citizen of the country but in social networking sites, many people are saying that you’re there as a representative of Jamaat.”Angered with the comment, Mainul said, “I’m thanking you for your audacity and I want to believe you as ‘characterless’. There’s no question about Jamaat link’s with me and what question you have asked is an embarrassment for me.”
Share Houston Public MediaJudge Ed Emmett talks with reporters at Houston TranStar in 2015.Harris County Judge Ed Emmett had a stroke a few days before Hurricane Harvey hit Houston, according to KHOU 11 News. On Aug. 15, during a work trip to Victoria, the longtime judge suffered a minor microvascular ischemia, a clot in a blood vessel in his brain. It blew out his fourth cranial nerve, causing a stroke.“I felt fine. I just couldn’t see. I was seeing double images at all kind of angles,” Emmett describes. “I was helicoptered back to Memorial Hermann and I was in their stroke unit all day. Of course, I was told to take it easy for a while.”
×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15 Podcast company Cadence13 has launched a partnership with Paul Rieckhoff, the veterans advocate, author of “Chasing Ghosts,” founder of Iraq & Afghanistan Veterans of America (IAVA), and president and founder of Righteous Media.Rieckhoff, an Iraq War veteran and a political independent, is hosting the weekly podcast “Angry Americans” in partnership with Cadence13. The show, debuting this month, will explore topical issues with a wide range of guests. Willie Geist (“Sunday Today” and “Morning Joe”) is the inaugural guest. “If you’re not angry, you’re not paying attention,” said Rieckhoff. “’Angry Americans’ will be a place where listeners from all political and social backgrounds can come together to be informed and inspired. They will also find community — and ways to channel anger, frustration and patriotism into positive change. I’m thrilled to partner with Cadence13 on this project to elevate some of the most important issues, people and causes in America. Popular on Variety “Angry Americans” will be a place for real talk, with top leaders. It will be a wake-up call that engages and empowers listeners. Cadence13 is a leader, and the Righteous Media team and I look forward to making an impact with them.”Chris Corcoran, chief content officer, Cadence13, added, “Paul Rieckhoff is a force of nature who brings passion, patriotism and purpose to everything he does. We are excited to add Paul and his passionate, independent, important voice to the podcast audience.”Rieckhoff is a frequent contributor to “The Rachel Maddow Show,” “Morning Joe,” “CNN New Day,” CNN.com, and Defense One.
(Left) Clusters of investors detected in a statistically validated network. Each investor is represented by a node whose color indicates the investor’s category. The most common investor category is households (cyan). (Right) The same clusters with reduced node sizes to emphasize the links, whose colors indicate the type of co-occurrence. For example, magenta links indicate the buy-buy co-occurrence. Image credit: Michele Tumminello, et al. ©2012 IOP Publishing Ltd and Deutsche Physikalische Gesellschaft More information: Michele Tumminello, et al. “Identification of clusters of investors from their real trading activity in a financial market.” New Journal of Physics 14 (2012) 013041. DOI: 10.1088/1367-2630/14/1/013041 Copyright 2012 PhysOrg.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed in whole or part without the express written permission of PhysOrg.com. Citation: Stock market network reveals investor clustering (2012, January 27) retrieved 18 August 2019 from https://phys.org/news/2012-01-stock-network-reveals-investor-clustering.html Explore further Now in a new study, with access to a database of thousands of investors’ trading activity of Finnish stocks, researchers have developed a network that allows them to identify investor clustering, or groups of investors that trade in a similar way. Clustering, which can also be thought of as herding, may eventually lead to the identification of trading patterns and strategies that collectively determine stock price.The team of researchers, Michele Tumminello, Fabrizio Lillo, Jyrki Piilo, and Rosario N. Mantegna, working at Palermo University in Palermo, Italy; Carnegie Mellon in Pittsburgh, Pennsylvania; Scuola Normale Superiore di Pisa in Pisa, Italy; the Santa Fe Institute in Santa Fe, New Mexico; and the University of Turku in Turun yliopisto, Finland, have published their study on identifying investor clustering in a recent issue of the New Journal of Physics.Statistically significant similaritiesThe researchers gathered their data from a database that records the daily trading activity for almost all major publicly traded Finnish companies. Under a special agreement with Euroclear Finland, which maintains the database, the researchers were able to access data from 1995 to 2008. The researchers focused on the trading activity of just one stock, Nokia, for a five-year period between 1998 and 2003 in all financial markets where the company is listed. During this time, 164,000 investors made more than 18 million transactions of Nokia. However, the researchers considered only those investors who traded Nokia stock on at least 20 days during the time period, reducing the number of investors to 11,000. These investors were responsible for 99.83% of the exchanged volume. Comparison of two statistically validated networks, with the same nodes but different links between them. The network on the left produced more links, and sometimes different link types, than the network on the right due to different levels of specificity. Image credit: Michele Tumminello, et al. ©2012 IOP Publishing Ltd and Deutsche Physikalische Gesellschaft This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. Individual trading positively related to future returns Journal information: New Journal of Physics Using this data, the researchers then created a statistically validated bipartite network, a relatively new type of network. They began by building a bipartite system, which has two types of nodes: investors and trading days. The two node types can be connected by one of three link types: buy, sell, or both. For example, if investor 1 buys stock on day 1, then a buy link would connect those two nodes. Often there is no link between an investor and a trading day because the investor did not trade that day.In order to identify clusters of investors in this bipartite system, the researchers had to expand the system into a network of investors. Here, nodes only represent investors, and two investors can be connected by as many as nine different link types, since there are nine different combinations of two investors who each have three possible states. For example, one link type is when both investors buy on the same day, another is when both sell on the same day, another is when one buys and one sells, etc. Each link is weighted according to the number of days the two investors were described by the state characterizing that link. For example, when two investors are connected by a strongly weighted buy-buy link, it signifies that they both bought stock on the same days for many days.In order for the researchers to determine the similarity between two investors’ trading activities, they had to figure out just how strongly weighted a link has to be to indicate significant similarity. To do this, the researchers had to statistically validate each link against a suitable “null hypothesis,” which represents a default position, or statistical threshold where some similarity is expected. So when two investors’ trading activity is similar for more days than expected by the null hypothesis, the similarity rejects the null hypothesis and is statistically valid. There can be nine different types of these statistically valid similarities, or “co-occurrences,” as described above.Interpreting clustersWhen the researchers finished constructing this network (using two different statistical validation methods), the results showed that trading activity often occurs in clusters characterized by different types of co-occurrences. Both methods produced more than 300 clusters ranging in size from 2 investors to 500 investors in one method and 3,000 in the other. Within these clusters, investors traded in similar ways, with some clusters buying on the same days (buy-buy co-occurrence), some selling on the same days (sell-sell co-occurrence), and some doing both (combination buy-buy and sell-sell co-occurrence), etc. Interestingly, some clusters were dominated by investors belonging to specific categories. For example, household (individual) investors were over-expressed in a cluster characterized by buying on the same day, while financial and insurance corporations were over-expressed in a cluster characterized by selling on the same day.“I believe that the most interesting result is that in some clusters of investors we detect an over-representation of some types of investors – household, financial institution, etc. – belonging to it,” Mantegna told PhysOrg.com.The researchers also demonstrated that the statistically validated networks are not dependent on the length of the time period, and can be applied to shorter segments within the five-year period. They split this period into two segments: the bull period of 1998 to mid-2000 and the bear period of mid-2000 to 2003. Counterintuitively, both statistical methods identified a sell-sell co-occurrence in the bull period and a combination sell-sell and buy-buy co-occurrence in the bear period. This finding defies the intuitive expectation that the sell-sell co-occurrence should dominate the bear period more than the bull period.Applied to even shorter time periods, the more stringent of the two methods detected that trading activity changes in response to certain events. For example, trading activity increases after a stock splits and immediately after quarterly announcements. These observations can likely be attributed to the sensitivity of these statistically validated networks.“There are at least three main differences between our network and previous financial networks,” Mantegna said. “First of all, our network is the first one that has been proposed to describe the investment activity of single investors, including households, trading in a financial market. Second, our method is able to properly account for the heterogeneity of investors’ activity. In fact, differently from other approaches using correlation estimates among the inventory variation of single investors, our method works for single investors being active traders in a number of days ranging from 20 to 1,300, in other words a degree of heterogeneity of about two orders of magnitude in trading frequency. Finally our method is capable of detecting not only either correlation or anti-correlation between investors’ activity, but also mixed relationships between investors’ strategies, like for example a significant correlation of selling activity and, at the same time, a correlation of a day trading like buying and selling activity for the same pair of investors.”Overall, the results show that investors who are diverse in many ways still exhibit synchronized trading activity. In the future, the researchers plan to investigate the underlying causes of this synchronization, such as the use of similar strategies, influence from analysts, or communication among the investors themselves. The discoveries from such studies could lead to a better understanding of the dynamics of complex financial systems.“From our perspective, a key scientific question is whether an essential heterogeneity, or in other words an ecology of traders, is needed or not to observe an efficient price discovery process in financial markets,” Mantegna said. “In current economic theory, heterogeneity is summed up into a representative agent, but there is growing evidence that not all the heterogeneity can be reflected into the global action of a single rational agent.”Besides understanding markets on a large scale, this network could also have applications for investigating activity such as high-frequency trading with the potential to detect fraudulent patterns.“We have adapted this method to work at the level of a trade network of market members and/or single institutions trading at high frequency,” Mantegna said. “When high-frequency data are available, the method can identify regularities and patterns (not necessarily fraudulent behavior) in the high-frequency trading activity of market members and single investors. The method per se does not detect fraudulent trading activity but rather detects co-occurrences of trading activities in a robust statistical way. If there is a pattern of trading considered fraudulent by other means it might detect all the investors that have followed that pattern of trading irrespectively of their trading frequency (provided that it is not too low).” (PhysOrg.com) — The stock price of a company continuously changes, going up or down depending on the collective activity of a large number of investors. Although this process seems fairly straightforward, no one fully understands how this collective trading activity finds the “correct” price of a stock. Some theoretical models have been proposed to describe how different investment strategies affect price dynamics, but challenges such as investor confidentiality and complicated data mining make it difficult to gather empirical support for these models. Overall, the investors were extremely diverse in terms of their investment size, trading capabilities, etc. The researchers classified investors into six categories: households (individuals), non-financial corporations, financial and insurance corporations, governmental organizations, non-profits, and foreign organizations. The researchers also described each investor’s type of daily trading activity as one of three states: buying, selling, or both.
Russian broadcast infrastructure provider RTRS has started test broadcasting digital-terrestrial TV services in the Irkutsk region in Siberia.According to RTRS, digital broadcasting currently covers 43.8% of the population of the region, with full transition to digital planned for 2013.