Rabat- Jordan says it launched 56 airstrikes on the strongholds of the so-called Islamic State (IS) in Syria as part of a three-day offensive. Jordanian pilots have carried out intensified aerial bombardment against IS fighters following the brutal execution of pilot Moaz al-Kasasbeh on Tuesday.Jordan has launched 56 airstrikes against the Islamic State weapons depots, training centers and military barracks after the group released a video earlier this week showing the execution by immolation of a Jordanian pilot.“We achieved what we were looking for: revenge for Moaz,” air force chief, Gen. Mansour al-Jabour was quoted by Associated Press (AP) as saying. “And this is not the end. This is the beginning, he added. Al Jabour said that coalition planes have flown 5,500 sorties since the beginning of the air campaign, including 2,000 reconnaissance flights. He also said that Jordan’s air force participated in 946 sorties.The general said about 7,000 Islamic State group militants have been killed since the beginning of the coalition airstrikes.Jordan, Saudi Arabia, Bahrain, Morocco and the United Arab Emirates are part of the US-led coalition aiming at curbing the advancing of the militants who took over swaths of land in northern Iraq and Syria and declared a “caliphate”.
CALGARY — It turns out that publicly shaming violators of provincial securities laws is an exceptionally poor way of collecting unpaid penalties but some Canadian regulators say they will continue to operate the websites anyway.In the five years since the Ontario Securities Commission launched its “delinquent respondents list,” a website page designed to expose violators of securities law who haven’t paid their fines and other sanctions as ordered, only 16 of 432 names have been removed — 13 because they paid up and three because they’ve started payment plans.Similarly, two years after the Alberta Securities Commission announced it was posting the names of violators of securities laws who don’t pay, a total of eight debts for about $525,000 have been collected.That leaves almost half a billion dollars owed by nearly 600 names since 2005 between the two lists as of June.Not even the commissions agree on whether the sites are effective, fair or worthwhile — only five of the 10 provincial bodies use them.“Fining somebody and banning them from the markets — when they weren’t operating in the markets in the first place legitimately, and fining them when you know they’re never going to pay — doesn’t really do much,” said Marian Passmore, director of policy for the Canadian Foundation for Advancement of Investor Rights.She said her organization would like to see more criminal proceedings in financial crimes such as fraud.“Putting them in jail, there’s a real deterrent.”Canada’s provincial securities commissions concede that many people sanctioned for scams, pyramid schemes, dishonest marketing or simply failing to follow provincial financial procedures won’t pay their penalties.But they say naming them online is worthwhile because it offers vital information to investors and is a low-cost way to encourage at least some violators to pay up.“It’s kind of a name-and-shame that puts miscreants under the spotlight,” said James Sinclair, general counsel for the OSC, Canada’s largest securities regulator.He said the commission is trying to work with police to put more fraudsters in criminal courts where they face possible jail sentences.It has also launched a new program to use an outside legal firm to pressure people to pay. And it has recently forced three companies with outstanding unpaid sanctions into bankruptcy, he said.“There’s no guarantee any of this will work — we have respondents who regularly lie about their assets, hide them offshore, put them in their wives’ or children’s names, making it all the more difficult to go after them,” Sinclair said, conceding that the OSC’s budget to enforce collections is limited.Likewise, securities violators who can escape to another jurisdiction or change names to start a new venture likely don’t care if their names are sullied on securities commission websites.However, those who stick around say the shaming does cause real hardship.Two men named for unpaid sanctions — both small business owners — contacted by The Canadian Press would speak only on the condition of anonymity, explaining their reputations can’t take any more damage by being mentioned in this article.“I’m trying to get my life back together. This is going to follow me to my obituary,” said one, adding his securities violation record pops up whenever a new business contact Googles his name.“It’s a process and I’m stuck in that process,” said the other. “I just want to make myself solvent and good and be able to come out of all of this.”In Ontario, Alberta and Saskatchewan, names on the unpaid orders lists are erased when the debt is paid, but in British Columbia and Nova Scotia, the names remain and the agency adjusts the status from unpaid to partly paid or fully paid when money comes in.“I think it’s important out of fairness that it’s publicly known the respondent has paid the sanction,” said Doug Muir, director of enforcement for the B.C. Securities Commission, who said its list has existed for more than 10 years.The B.C. commission’s roster of unpaid respondents has climbed by 122 names to 328 in the past five years while its paid list has grown by just 59 names to 454. It said it could not provide a dollar value for either category.In Quebec, meanwhile, the Autorite des Marches Financiers is currently evaluating adding a delinquent accounts website page, said spokesman Sylvain Theberge. He said the AMF first wants to ensure such a page will better inform investors — and result in a collections boost.Follow @HealingSlowly on Twitter.
Citing the news report that Sri Lanka is allowing only the Jaffna bishop, army, and navy officials for the ceremony, the Minister said he is trying to ensure that at least a few people from India participate in the event. (Colombo Gazette) After Sri Lanka reportedly told its fishermen that no one, except the bishop of Jaffna, army, navy officials and the person who built the new St Antony’s church at Katchatheevu islet would be allowed to attend the consecration ceremony on December 7, India’s Union Minister of state for road transport, highways and shipping Pon Radhakrishnan, said that he has contacted officials of the Ministry of External Affairs regarding this, the Times of India reported.Many fishermen from Rameswaram wish to attend the ceremony. In his statement, Pon Radhakrishnan pointed that fishermen pilgrims from both countries take part in the annual festival of this church. He added that he is in touch with officials from the Ministry of External Affairs on this issue.
OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in November picked up compared with October.The seasonally adjusted annual rate of housing starts in Canada was 215,941 units in November, up from 206,753 in October.Economists had expected an annual rate of 198,000, according to Thomson Reuters Eikon.The increase in the overall annual rate of housing starts came as the pace of urban starts increased by 2.2 per cent in November to 202,054 units.The annual rate of urban multiple-unit projects such as condominiums, apartments and townhouses grew 3.9 per cent to 151,596 units, while single-detached urban starts fell 2.3 per cent to 50,458.Rural starts were estimated at a seasonally adjusted annual rate of 13,887 units.
The weeks ahead promise to be ones of renewal for the Simcoe BIA.Jim McGimpsey, general manager of the BIA, has tendered his resignation.Meanwhile, long-serving members are prepared to hand over the reins if that is what the BIA membership wants.“I’ve been on this board for over 20 years and that’s enough,” BIA vice president Brendalee Englehardt told Norfolk council Tuesday.“It’s time for the younger people to step up.”Norfolk council has studied the Simcoe BIA with some urgency in recent weeks in response to rising discontent among the membership and increasing calls to disband its board of directors.Questions have been raised in recent months about the BIA’s effectiveness and whether the body has lost touch with its membership.Council approved a number of measures Tuesday it hopes will renew confidence in the BIA and its mission, which is to promote and beautify downtown Simcoe and – in the process – increase consumer traffic in the core.Key to rejuvenating the BIA is establishing a democratic process for selecting its board of directors.In years past, this has been as simple as the BIA general manager and Norfolk council’s representative submitting a list of interested parties for council’s approval.Some members are no longer satisfied with this.Instead, council will throw the floor open to nominations for two weeks. Once the window for nominations closes, business owners or their designates will have two weeks to cast ballots for their preferred candidates.The number of directors sitting on the Simcoe BIA has varied over the years. The most recent list of nominees – which council rejected last week – had nine names in all.Council members have briefly discussed disbanding the Simcoe BIA but quickly agreed this would be short-sighted. Council believes the BIA can be a catalyst for downtown revitalization if reconstituted in a manner that the membership will support.“There have been people who have lost trust,” Mayor Kristal Chopp said. “Our job is to get it back and rebuild that trust.”Englehardt said she felt badly about allegations that the Simcoe BIA had become a closed shop run by a few, select insiders. A former long-serving president of the board, Englehardt said nothing could be further from the truth.“There was no intention on our part to keep anyone away from our table,” Englehardt said. “That was patently untrue. We want to get people involved.”The routine in recent years has been to replace the Simcoe BIA once a new Norfolk council is seated. The process is normally completed in January but May is nearly over and a new Simcoe BIA has not been installed.“BIA” stands for “business improvement area.” There are more than 300 BIAs in Ontario. All are constituted as arm’s-length agencies of the municipality with a mandate to promote and improve their downtown areas.Funding for BIAs is drawn from a special levy imposed on properties in the BIA zone. The Simcoe BIA’s budget in 2018 was $204,000.MSonnenberg@postmedia.com
TORONTO – The Toronto stock market pulled back slightly Thursday as traders appeared to take a negative view of details behind otherwise upbeat earnings reports from most of Canada’s big banks.The S&P/TSX composite index closed down 3.47 points at 15,107.00 despite earnings reports now from five of the country’s six largest banks, all of which have beat analyst expectations. The last of the Big Six, Scotiabank (TSX:BNS), reports Friday.However, analysts have pointed out that most of the earnings have come from the banks’ capital markets business, which many view as less sustainable than those derived from personal and commercial banking.Banks reporting Thursday included CIBC (TSX:CM), which almost tripled its net earnings in the second quarter, and Royal Bank (TSX:RY), which boosted net earnings 14 per cent. Both saw their share prices improve marginally.TD (TSX:TD) said its net profits fell seven per cent but, after stripping out one-time items that included a $337-million restructuring charge, it joined the other two in beating expectations on adjusted profit. Still, its stock fell 61 cents, or 1.09 per cent, to $55.37.Shares of the Bank of Montreal (TSX:BMO) and National Bank (TSX:NA), both of which reported a sharp increase in profits on Wednesday, also declined marginally on Thursday.The loonie was up 0.16 of a U.S. cent at 80.42 cents.In commodities, traders put the brakes on three days of declines in oil prices as the July contract for benchmark West Texas Intermediate crude gained 17 cents to US$57.68 a barrel. However, the important TSX energy sector was still down 0.06 per cent.The metals and mining sector was also a drag, down 0.45 per cent as July copper slipped a fraction of a penny to US$2.77 a pound. The gold sector was the leading advancer as August bullion gained $2.30 to US$1,188.80 an ounce.In New York, the Dow Jones industrial average was down 36.87 points at 18,126.12, while the Nasdaq lost 8.61 points to 5,097.98 after soaring to a record high close Wednesday and the S&P 500 gave back 2.69 points to 2,120.79.Observers said Wall Street traders appeared to be put off by disquieting news from overseas that began with a big sell-off in China that saw the Shanghai Composite plunge 6.5 per cent.Also top of mind was the Greek sovereign debt crisis as traders continued to get mixed messages about a possible deal between Greece and its creditors. Failure to secure such a deal could lead to Athens defaulting on its debts, with knock-on effects for the euro and the world economy.In economic news, Statistics Canada reported the country’s current account deficit widened to $17.5 billion in the first quarter, driven largely by the collapse in oil prices. That was much worse than the revised $13.1-billion deficit in the fourth quarter of 2014, but better than the consensus forecast of an $18.6-billion deficit.— With files from The Associated Press by Brian McKenna, The Canadian Press Posted May 28, 2015 6:44 am MDT Last Updated May 28, 2015 at 6:10 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email The TSX ticker is shown in Toronto on May 10, 2013. The Toronto stock market pulled back in early trading as oil prices weakened and financial stocks found little motivation from Canadian bank earnings. THE CANADIAN PRESS/Frank Gunn TSX lower as upbeat bank earnings fail to impress; Wall Street also retreats
Facebook Twitter: @NeosKosmos Instagram Municipal workers started on Monday sweeping up piles of rubble and broken glass caused by the widespread rioting and looting that broke out during an anti-austerity demonstration that was hijacked by self-styled anarchists. The smell of tear gas hung in the air as city officials sought to assess the damage wreaked on dozens of shops and buildings by arsonists and vandals. The police said 74 people had been arrested, with another 92 briefly detained in spot inspections, and that 104 officers had been injured in the riots. The ambulance service said dozens of people had been injured. Around 45 buildings, nine of which are listed, including two cinemas, banks and cafes, were seriously damaged in arson attacks. About 150 stores were vandalized and looted. The Athens Chamber of Commerce and Industry said the damage to was worth “tens of millions of euros.” “Most will probably never open again,” it said of the affected businesses. Angry Athenians were to hold a candlelight vigil outside the gutted premises of the historic Attikon cinema last night to protest the tactics of a few hundred rioters who ruined a large and peaceful demonstration. Claiming that the riots were part “an organized plan,” Citizens’ Protection Minister Christos Papoutsis called for “self-restraint and calm at a difficult time for the country.” “The sacrifices being made by the people and the measures being taken by the government create the conditions for intense social unrest,” he said. “For this reason we must all be calm, serious and responsible. The situation also requires citizens to participate. No one can achieve anything on their own.” The leader of conservative New Democracy Antonis Samaras was harsher in his assessment. “They wrecked the city. They wrecked businesses. They intentionally chose traditional buildings and burned them,” he said. “These scumbags should be aware that when the time comes, I will pull off their hoods.” Source: Kathimerini
Facebook Twitter: @NeosKosmos Instagram More than 1,000 antique coins and dozens of weapons have been seized during a raid on a residence in Imathia, northern Greece, police this week.During the raid in the village of Alexandria, police found 1,061 copper coins, the majority of which have been identified by experts as dating from the 3rd-1st century BC, the Byzantine period and the Ottoman Empire.The haul also included 30 silver coins from the same periods, 16 copper rings and other Byzantine and post-Byzantine era jewellery, as well as a collection of 16 revolvers and rifles.The owner of the property, a 72-year-old man who has been charged with antiquities smuggling in the past, was arrested.Source: Ekathimerini
Stay on target Voice-Activated Monopoly Game Eliminates Human Banking Error’IT’-Themed ‘Clue’ and ‘Monopoly’ Are Coming for Creepy Game Nights There is nothing inherently sexist about Monopoly: Women and men can, in equal measure, buy properties, pay income taxes, and get thrown in jail.Yet Hasbro (perhaps ashamed of the board game’s old-white-man mascot) has introduced the franchise’s first-ever title celebrating female trailblazers—starting with Ms. Monopoly.The yin to real-estate mogul Rich Uncle Pennybags’ yang, Ms. Monopoly is “an advocate whose mission is to invest in female entrepreneurs.”Hasbro took a page from its own rule book, surprising young female inventors and entrepreneurs with more than $20,000 in real money (none of that colorful one-sided crap).The young innovators come from very different backgrounds, but all share a common goal to help others.Sophia Wang: The 16-year-old from Connecticut invented a device that detects sinkholes before they occurGitanjali Rao: The 13-year-old from Denver designed an inexpensive, portable device that quickly and easily detects lead in drinking waterAva Canney: The 16-year-old from Ireland built a spectrometer to measure the amount of dye in candy and soda“Through the introduction of Ms. Monopoly and the money these young women have received to invest in their future projects, we want to recognize and celebrate the many contributions women have made to our society and continue to make on a daily basis,” Jen Boswinkel, senior director of Hasbro’s global brand strategy and marketing, said in a statement.Hitting shelves this month, the new romp replaces houses with business headquarters and properties with innovations.“From inventions like WiFi to chocolate chip cookies, solar heating and modern shapewear, Ms. Monopoly celebrates everything from scientific advancements to everyday accessories—all created by women,” according to a Hasbro press release.It even affords women fictional advantages typically reserved for men: When ladies pass “Go,” they collect $240; gents are cut off at the usual $200.But as Forbes pointed out, the game maker’s goal should be equality, not asymmetry.“Women don’t need constant reminders of our lot in life or to be told we only won because the rules gave women an unfair advantage,” contributor Kim Elsesser wrote. “We get enough of that at work.”Ironically, Hasbro neglects to mention one very important female inventor: Lizzie Magie, the women who all but invented Monopoly.In the early 1900s, Magie created The Landlord’s Game, aimed at illustrating the negative aspects of concentrating land in private monopolies.Thirty years later, Charles Darrow pinched the rules, distributed the pastime himself, and became the first millionaire game designer in history.Ms. Monopoly is available to pre-order via Walmart, and will be available at most major retailers nationwide for $19.99.More on Geek.com:Voice-Activated Monopoly Game Eliminates Human Banking ErrorGo Ahead, Cheat in Special Edition Monopoly Game‘IT’-Themed Clue and Monopoly Are Coming for Creepy Game Nights
An early-morning fire destroyed a home near Amboy, according to a news bulletin issued by Clark County Fire District 10.The Red Cross is assisting the family, who escaped with only the clothes on their backs, the release said. The cause of the fire that started at about 3:42 a.m. Friday remains undetermined. Damage to the house and its contents was estimated at about $315,000.Volunteer firefighters from fire districts 10 and 13 responded to the home along with an ambulance from North Country EMS. There were no injuries reported. Crews remained on scene until about noon.“The upper floor collapsed as we arrived, making it unsafe to enter the house, and making it very difficult to fully extinguish the fire” Gordon Brooks, a battalion chief with district 10, said in the release. “A long narrow driveway added to the issues, and if it weren’t for our ability to use the water in the homeowner’s pool, we would have run out of water within minutes.”Firefighters saved a parked vehicle and an outbuilding.The house, 40215 N.E. 142nd Ave., is owned by John Janisch, according to Clark County property records.
Prince William and Kate Middleton.Getty imagesPrince William opened up about the expectations of being a Royal and the pressures he had to face growing up as one. Prince William seems to have grown in his role as the second-in-line to the throne, but that wasn’t always the case it seems.It is known that William met Sacha Hashim while they were volunteering together with Raleigh International in Chile. The prince spent several months working on community projects in the South American country during his gap year.During his months volunteering, William reportedly told Ms. Hashim: “I wish I could be normal,” according to The Scotsman. As a Royal, Prince William had to grow up in the limelight, his every move being scrutinised. This confession is even more heartbreaking as it comes from him in his youth. The future Duke of Cambridge also told Ms. Hashim he would love to go clubbing like everyone else, but that his bodyguards made it impossible. Prince William and Prince HarryGetty ImagesBut even as an adult he seems to reflect the same sentiments. Prince William and Kate Middleton are Royal couple goals. But they have managed to give their children a modicum of normalcy it seems, or at least they have tried to. Reportedly Prince William and Kate, the Duchess of Cambridge, released images of their young family at the Chelsea Flower Show. Royal photographer Ian Lloyd has claimed the pair will be “desperate” for press attention in the future. He told Sky News: “I think they have to remember in 20-years time when they are in their late 40’s or early 50’s or whatever it is, they will desperate for the press coverage, because the press coverage will have moved on to other people, that is what happens.Well, we have to say, until then Prince William and Kate Middleton can give their children the privacy they deserve. You can check out the videos here:
Rescure operation being conductedAt least 135 people were killed and many went missing in separate landslides in hilly districts of the southeast Bangladesh.The fire service with local people resumed the operation on Wednesday morning hours after it suspended operation due to bad weather and disrupted communication in the landslides-hit area.Rangamati deputy commissioner Mohammad Manjarul Mannan on Wednesday morning told Prothom Alo that the rescue operation resumed at 8:00am on Wednesday that was suspended on Tuesday night due to adverse weather.The death toll may rise as many people are still missing in the areas, he added.Rescue operation resumes in hilly districts
Senior journalists join a dialogue organised by the commission at its secretariat in the capital on Wednesday, as part of its series of talks with different stakeholders ahead of the next general elections. Photo: Sabina YesminSenior journalists on Wednesday asked the election commission to ensure participation of all political parties in the next 11th parliamentary elections to make it a credible one.Joining a dialogue organised by the commission at its secretariat in the capital, as part of its series of talks with different stakeholders ahead of the next general elections, the journalists also asked the commission to deploy military troops and introduce ‘no-vote’ provision.EC’s acting secretary Helaluddin Ahmad disclosed the topic of discussion in the dialogue with journalists at a press conference after the dialogue.He said some of the journalists, however, opposed army deployment in the elections. Helauddin said the election commission will take a decision after completing its talks with the stakeholders.Out of 37 invitees, 25 media persons, including newspaper editors, journalist leaders and columnists, joined the talks with chief election commissioner KM Nurul Huda in the chair at the EC’s Nirbachan Bhaban conference room.Among the participants, News Today editor Reazuddin Ahmed, New Age editor Nurul Kabir, Kaler Kantho executive Mostafa Kamal, Manabzamin editor Matiur Rahman Chowdhury, Bangladesh Pratidin editor Naem Nizam, Amader Orthoneeti editor Nayeemul Islam Khan, Jugantor acting editor Saiful Alam, Bhorer Kagoj editor Shyamol Dutta, Daily Manobkantha acting editor Anis Alamgir, Jatiya Press Club president Muhammad Shafiqur Rahman and its general secretary Farida Yasmin, president of a faction of Bangladesh Federal Union of Journalists (BFUJ) Monjurul Ahsan Bulbul and its general secretary Omar Faruk, General secretary of another faction of BFUJ Mohammad Abdullah, journalists Mahfuzullah, Anisul Hoque, Kazi Siraj and Amanullah Kabir, columnists Sohrab Hasan, Mahbub Kamal and Bibhurangan Sarkar, Ittefaq managing editor Ashish Saikat, Jaijaidin editor Kazi Rokunuddin Ahmad and Shaptahik editor Golam Mortuza.
Stay on target The third season of AMC’s Better Call Saul has a premier date (April 10) and the cast is at Austin’s South by Southwest festival to start building the hype. If you haven’t been watching, Better Call Saul is a rare spinoff that’s as good as, and might even be better than, its source material. Seriously, catch up as soon as you can because season three promises to bring in even more characters from Breaking Bad.Most notably, the upcoming season will feature the return of Gus Fring and Los Pollos Hermanos. Gus was probably the most dangerous adversary Walter White faced in Breaking Bad, and we can’t wait to see exactly how Jimmy/Future Saul got involved with him in the first place. Until then, we have actor Giancarlo Esposito’s Twitter. Those lucky enough to attend SXSW this year had the opportunity to eat at an actual Los Pollos Hermanos. For once, you could be absolutely sure that the money you spent at a fast food chicken chain would in some way end up in the hands of a methamphetamine cartel. You know, as opposed to merely suspecting.The rest of us who couldn’t make it down to Austin have to live vicariously through Esposito, who posted photos of the pop up to his Twitter feed. And that’s a wrap!! So amazed and appreciative to all the fans who came out to support #PollosHermanos and @BetterCallSaul!! pic.twitter.com/ltVCOzlLMC— Giancarlo Esposito (@quiethandfilms) March 13, 2017Season three of Better Call Saul premieres Monday April 10 on AMC.Relive Season Two digitally now with Amazon Video. Gus and Saul doing business today at the grand opening of #PollosHermanos! #SXSW pic.twitter.com/fWHzkq3LOJ— Giancarlo Esposito (@quiethandfilms) March 12, 2017Esposito closed out the day with an imposing pose in front of his restaurant. Like an actual boss. POLLOS in #Austin! I am open for business. -Gus #SXSW pic.twitter.com/8sSjXCAc7U— Giancarlo Esposito (@quiethandfilms) March 10, 2017Some folks were lucky enough to eat their fried chicken in the same room where Gus and Saul were conducting some “business.” Jimmy’s Fall Is All About Chuck on Better Call SaulWe Knew Things Would Come to This on Better Call Saul
(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.
Related posts:More than 60,000 people flee Nicaragua crisis: UN In San José, Nicaraguans march in memory and call for justice Nicaraguans gather in Costa Rica to celebrate release of political prisoners US sanctions Nicaraguan first lady over abuses About a hundred people gathered outside the Nicaraguan embassy in San José on Saturday to voice their disapproval with the country’s imprisonment of political protesters.More than 700 people have been detained in Nicaragua for participating in anti-government protests, which began last April. After a pause, protests resumed Saturday, and the Nicaraguan government announced it had arrested an additional 107 people, according to AFP.“We are not going to allow any more political prisoners, any more blood, any more repression. We are not going to allow the death of any more people,” said Gerard Lopez, a doctor who says he was fired from his position last year for helping injured people who had been involved in protests.Saturday’s protest in Costa Rica did not have a specific leader for fear of retribution from the Nicaraguan government. Instead, the rally was coordinated by several social organizations, including the Blue and White Movement and the Association of Feminists in Exile.The message of the protest was reflected in the t-shirts worn by its participants.Mayra Centena wore a t-shirt with an image of Medardo Mairena, a human rights activist and national coordinator of the Council for the Defense of the Land, Lake and Sovereignty, who has been detained in prison since July 13.Another wore an image of the Macho Ratón to symbolize the spirit of revolution of the indigenous people in Nicaragua during the Spanish conquest.“We are here to demand the freedom of the political prisoners, and we also want to know where all of the people who have ‘disappeared’ and have been kidnapped are,” said Flor de Loto Maria Jose, a protester who says she has been living in Costa Rica for five months. “We are demanding freedom of expression and freedom of the press.”Protesters chanted the list of political prisoners detained under Nicaraguan president Daniel Ortega’s rule, including Max Jerez, Freddy Blandon and Sofia Montenegro.One such protester was Raquel Medrano, who says she has been living in Costa Rica for eight months. She says she was accused of terrorism, carrying weapons, money laundering and of a variety of other crimes by the Nicaraguan government, forcing her to flee the country.“I am protesting because I am against the repression in the country and all the injustices that the government has committed,” she said. “I am fleeing from the persecution of all those who think differently to Ortega.”This story was made possible thanks to The Tico Times 5% Club. If only 5 percent of our readers donated at least $2 a month, we’d have our operating costs covered and could focus on bringing you more original reporting from around Costa Rica. We work hard to keep our reporting independent and groundbreaking, but we can only do it with your help. Join The Tico Times 5% Club and help make stories like this one possible.Support the Tico Times Facebook Comments
In need of a break from the winter chill? Somewhere you can be sure of sunny weather, delicious food, sensational shopping and friendly locals? Then it’s hard to go past Malaysia. And this July is definitely a great time to plan your trip to one of South East Asia’s favourite holiday destinations. There are some great events and attractions taking place right around the country, sure to appeal to every taste:7TH ANNIVERSARY UNESCO WORLD HERITAGE SITE CELEBRATION Celebrate Malaysia’s rich colonial history in Penang and Melaka state. This July marks the 7th anniversary of the listing of twin-cities, George Town and Melaka City as UNESCO World Heritage Sites. At the start of the July a huge array of memorable events and activities will take place in and around the historic centre of each city including cultural performances, heritage tours – and of course a chance to sample some of the amazing local cuisine for which both are rightly famous.Penang – 4 to 7 July. Visit www.heritagecelebrations.infoMelaka – 7 July. Visit www.mbmb.gov.myNEW MUSEUM IN IPOH:Ipoh’s latest museum pays homage to Malaya’s colonial tin mining history. Han Chin Pet Soo, the Hakka tin miner’s club, was established in 1893 as a recreational club for tin miners to relax after a hard day’s work at the mines, with opium smoking and gambling among the key benefits of membership. Today, this historic building has been restored to its former glory, with many original exhibits dating back 100 years or more. Spend an afternoon here taking many fascinating artifacts from a bygone era and learn about Malaya’s glorious tin mining past.Visit www.ipohworld.org/reservationPENANG BON ODORI FESTIVALOver centuries, Penang has emerged as veritable melting pot of peoples from all over the world. This July the Island state acknowledges the heritage and culture of its Japanese community. The Bon Odori Festival is a traditional summer event where the Japanese honour their ancestors. Also known as Obon, this year’s event features Japanese food and refreshments, Taiko and martial arts performances, craft exhibits as well traditional music and dancing in and around the streets of Georgetown. A highlight is the colourful display of exquisite Japanese Kimono, Yukata and Happi coats worn by many of the festival-goers.25 July 2015. Visit www.visitpenang.gov.myBLOODRUNNER 2015Those harbouring more ghoulish desires, should head to Putrajaya. BloodRunner is Asia’s first, werewolf-themed urban obstacle night race that is ready to take Malaysia’s Garden City by storm. Held over an especially designed 10km urban course, BloodRunner is sure to thrill and excite contestants. Expect obstacles that will cater to runners of all levels – from seasoned athletes, to first-time runners to weekend gym warriors. Food trucks featuring delicious Malaysian Hawker cuisine and a post-race party featuring up-and-coming local bands are an added attraction.31 July 2015. Visit www.bloodrunner.comBARIO FOOD FESTIVAL For food lovers, the 10th Anniversary Bario Food & Cultural Festival will be held from 30 July until 1 August this year. The 3-day festival celebrates the unique food, farming, forest and cultural heritage of the Bario Highlands – one of the last surviving traditionally farmed and forested highland watersheds in Sarawak and East Malaysia. Enjoy delicious organic food cooked by the various longhouse communities of the Kelabit Highlands as well as traditional games and dances. Plus there are plenty of trekking trails to keep your adventure spirit high.30 July to 1 August. Visit www.facebook.com/pages/bariofoodfestival Source = Tourism Malaysia
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