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Information Distribution and the Informative Efficiency

Information Distribution and the Informative Efficiency

關鍵詞:訊息分配、資訊效率、充分統計量 Abstract:This paper investigates the determinants of the informative efficiency of the stock market. In different to previous studies, the paper considers the factor of “information distributionand shows that the equilibrium price aggregates the market information according to their information frequency and precision. It is shown that if the distribution of market information is equal, then the equilibrium price serves as a sufficient statistic for the market information. When all the market information frequencies are proportional to the information observed, the equilibrium price is a sufficient statistic for market information. However, the market information is not equally allocated; it is impossibility for price informativeness. The traders still have an incentive to collect and to search for valuable
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Fisher information metric for the Langevin equation and least informative models of continuous stochastic dynamics

Fisher information metric for the Langevin equation and least informative models of continuous stochastic dynamics

The evaluation of the Fisher information matrix for the probability density of trajectories generated by the over-damped Langevin dynamics at equilibrium is presented. The framework we developed is general and applicable to any arbitrary potential of mean force where the parameter set is now the full space dependent function. Leveraging an innovative Hermitian form of the corresponding Fokker-Planck equation allows for an eigenbasis decomposition of the time propagation probability density. This formulation motivates the use of the square root of the equilibrium probability den- sity as the basis for evaluating the Fisher information of trajectories with the essential advantage that the Fisher information matrix in the specified parameter space is constant. This outcome greatly eases the calculation of information content in the parameter space via a line integral. In the con- tinuum limit, a simple analytical form can be derived to explicitly reveal the physical origin of the information content in equilibrium trajectories. This methodology also allows deduction of least in- formative dynamics models from known or available observables that are either dynamical or static in nature. The minimum information optimization of dynamics is performed for a set of different constraints to illustrate the generality of the proposed methodology. © 2013 AIP Publishing LLC.
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The Role of Information Technology in Operating Cost and Operational Efficiency of Banks: An Application of Frontier Efficiency Analysis

The Role of Information Technology in Operating Cost and Operational Efficiency of Banks: An Application of Frontier Efficiency Analysis

Department of Finance and Graduate Institute of Business and Management, National Formosa University, Taiwan ABSTRACT This study explores how information technology, operating cost, and operational efficiency are related to each other in banking. It is well known that the adoption of information technology can reduce organizational operating cost and improve operational efficiency. However, the intuitive impacts should be evaluated in greater detail. This paper proposes a framework for measuring the performance of information technology application, which provides us with empirical evidence as follows. First, low operational efficiencies exist in the banking industry during the study period. These inefficiencies are in nature ascribable to a combination of both wasteful overuse of information technology resources and inappropriate scale of information technology investments. Second, operational efficiencies measured by two frontier efficiency analyses, data envelopment analysis and stochastic frontier approach, present a significant strong relationship. Third, for an individual inefficient bank, the operational efficiency can be enhanced if the total amount of information technology investments is enlarged. Fourth, the different ownership type has a significant effect upon the performance contributions of information technology application. Fifth, to enhance performance, banks can reduce operating costs by increasing the number of financial cards issued and improve operational efficiency by installing more automated teller machines and providing customers with a wide variety of information technology services. Furthermore, the mutually-owned banks require a cutback in information technology personnel as well to enhance performance.
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Volatility behavior, information efficiency and risk in the S&P 500 index markets

Volatility behavior, information efficiency and risk in the S&P 500 index markets

zGraduate Institute of Finance, National Chiao Tung University, Hsinchu, Taiwan xDepartment of Banking and Finance, Tamkang University, Taipei, Taiwan (Received 4 June 2008; revised 5 December 2010; in final form 9 December 2010) We propose an ARJI-Trend model—a combination of the ARJI and component models—to capture the distinguishing features of US index returns, with the results indicating that our model has a good fit for the volatility dynamics of spot, floor- traded and E-mini index futures in US markets. Although certain analogous characteristics are discernible amongst the three indices (such as the responses by the transitory components to innovations, the high persistence in the trends, and the relative importance of jump variance), the reaction to news is found to be heterogeneous amongst the S&P 500 indices. Furthermore, the out-of-sample forecasting performances of both the ARJI-Trend model and the GARCH model are found to have general equivalence for the S&P 500 indices. Our analyses further show that the mini- sized index market is the most efficient with regard to the transmission of information in both the short and long run. This suggests that, following the introduction of E-mini futures, these instruments have come to play a dominant role in price discovery. Overall, our empirical results are very encouraging, insofar as the proposed ARJI-Trend model is found to be a useful tool for helping practitioners to gain a better understanding of the differential attributes between spot, general and mini-sized products in US stock markets.
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Evaluating the cross-efficiency of information sharing in supply chains

Evaluating the cross-efficiency of information sharing in supply chains

Information sharing can significantly improve the performance of a supply chain. Additionally, companies can redesign their sup- ply chain strategies through information sharing to increase profit. Many studies demonstrate the positive impact of information shar- ing on a supply chain. However, few studies focus on how the dif- ferent combinations of information sharing affect the performance of a supply chain. Provided that the entities of supply chain are aware about how they can benefit from the information sharing, they are more willing to share the necessary information. The pur- pose of this paper is to examine how the different information sharing among the entities influences the performance of the sup- ply chain, and to address the problem of selecting the most appro- priate information sharing for the supply chain partners. This study designs different information-sharing scenarios to analyze the sup- ply chain performance. To measure the performance of each sce- nario, it is necessary to consider not only the desirable indices but also undesirable indices. Thus, the usual data envelopment analysis (DEA) model is applied to measure the performance for complete weight flexibility.
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The Study of Information Efficiency and Momentum Strategies about Instituitional Investors Transaction Information in .. 呂立偉、陳美玲

The Study of Information Efficiency and Momentum Strategies about Instituitional Investors Transaction Information in .. 呂立偉、陳美玲

ABSTRACT This paper divides two parts. First, we use co-integration to examines weather the transaction information about institutional investors in Taiwan stock market can be used to forecast stock price. The daily data of Taiwan stocks holding by institutional inves-tors and stock price is from September 2002 to August 2007. Second, some arbitrage strategies are constructed to test the return in short, intermediate and long horizons. Furthermore, we try to find the cause of momentum profit by ANOVA test. The main empirical findings are summarized as follow. We find that only transac-tion information about foreign investors can be use to forecast stock price. In short-term, the investors in Taiwan stock market should adopt contrarian strategy, and momentum strategies should be adopted in long-term. Turnover rate is a factor of reversal. For winner stocks, contrarian strategies should be used in short-term and momentum strate-gies in long-term. However, for loser stocks, momentum strategies can catch profit all the time.
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The study of information efficiency and momentum strategies of foreign institutional investor invest 朱葛君、陳美玲

The study of information efficiency and momentum strategies of foreign institutional investor invest 朱葛君、陳美玲

ABSTRACT We are mainly exploring the transaction information of electronic industry in Taiwan and Korea stock market. In the study, we are going to discuss whether there is information efficiency or not. Besides, we used the factors of cumulative return, cumulative revenue and cumulative market capitalization to point out the best investment strategies for foreign investment in Taiwan and Korea electronic stock market. And further, we also utilize return, revenue and market capitalization to explore the suitable holding period for foreign investment in Taiwan and Korea electronic stock market. The results showed that there is a long-term relationship of equilibrium between the shareholdings of foreign investment at electronic and electronic index through co-integration test. It indicated that both of electronic stock markets from Taiwan and Korea belonged to inefficiency markets. For a concealer of foreign investment, he/she could get a remuneration based on the transaction information in market. As above mentioned, the electronic companies (top 3) which got foreign investment in Taiwan required a suggestion of contrarian strategy except Honhai. Half investors who invested in Korea (the top 3 electronic companies) supported the foreign investment to adopt momentum strategy. Finally, we found that the suitable holding period of top three electronic companies in Taiwan and Korea, it just had three days of suitable holding period in Taiwan, and had three months of suitable holding period in Korea.
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MARVS Revisited: Incorporating Sense Distribution and Mutual Information into Near-Synonym Analyses

MARVS Revisited: Incorporating Sense Distribution and Mutual Information into Near-Synonym Analyses

This step is also important in that it proves that the items in the synonymous set are indeed synonyms, i.e. they share at least one similarity in meaning despite other differences. The fourth step suggests that collocations and MI values can be used as criteria to determine the arguments of the synonyms. As Palmer (2000) said, consistent concrete criteria have to be stated clearly for discovering sense distinction. The aim of adding our proposal is to make the MARVS model more operationalized and thus more easily applied to other verb pairs. In the next section, we shall take 擺 b3i and 放 f4ng as an example and demonstrate how these two additional steps can be conducted. 3
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Efficiency and Droop Improvement in InGaN/GaN Light-Emitting Diodes by Selective Carrier Distribution Manipulation

Efficiency and Droop Improvement in InGaN/GaN Light-Emitting Diodes by Selective Carrier Distribution Manipulation

It is difficult to directly quantify the spatial overlap of holes and electrons because it has to include the wave function overlap of every well. However, we could still infer that information from the total radiative recombination. The radiative recombination distributions of the conventional LED, LED I, LED II, and LED III are shown in Fig. 4. For the conventional LED, the holes and electrons accumulate at the last well at low and high current densities, so does the radiative recombination. For LEDs I, II, and III, the carriers in the last well are released to the previous wells, and with more graded barriers, the holes are more uniformly distributed. The radiative recombination distributions are highly related to the hole distribution. However, these graded barriers have less effect on electron transport, so the electrons still mostly accumulated at the last well, as shown in Figs. 2(b) and 3(b). For LEDs I and III which have superior hole transport, the radiative recombination shows a certain amount at the fourth well, but the total radiative recombination is less than those of the conventional LED and LED II at low current density. The total radiative recombinations of LED I are 82 and 120% of those of the conventional LED at 40 and 200 A/cm 2 , respectively. This phenomenon is quite common in other droop-reduction
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Reframing the Research of Information Work with Information Leadership and Situational Appropriation of Information

Reframing the Research of Information Work with Information Leadership and Situational Appropriation of Information

My present research investigates how information is related to the work of individual workers, how different kinds of information infrastructures and methods of organizing information affect the work outcomes, its efficiency and effectivity. The concept, information infrastructure, is used in this context to denote different technical systems and social arrangements that make information available and utilizable for organizations and individuals (e.g. Taylor & Wright, 2006; Huvila, 2009, 2011). The making of information infrastructures is bounded by everyday rationales of working in particular ways and diverse other boundaries of knowing (Huvila, 2012). That is, positive and negative factors limit our possibility to obtain (in a rationalistic sense) perfect information. An ongoing empirical study focuses on the information work of professionals who are working with archiving and management of information in the domain of archaeology and land development. The study is part of a larger project involving professionals from a broad variety of industries from heritage organizations and healthcare to technology sector.
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Distribution of Crystalline Polymer and Fullerene Clusters in Both Horizontal and Vertical Directions of High-Efficiency Bulk Heterojunction Solar Cells

Distribution of Crystalline Polymer and Fullerene Clusters in Both Horizontal and Vertical Directions of High-Efficiency Bulk Heterojunction Solar Cells

solutions, respectively; Figure 4d −f present images of the corresponding PBTC 12 TPD/ThC 61 BM films, respectively. The distinct bright and dark regions in these TEM images represent the conjugated polymer-rich and fullerene-rich domains, respectively, because the di fferences in the electron scattering densities of fullerenes (1.5 g/cm 3 ) and polymers (1.1 g/cm 3 ) are quite large. In the images of the DCB-processed PBTC 12 TPD/PC 61 BM and PBTC 12 TPD/ThC 61 BM films (Figure 4c, f) ,we observe domains of aggregated fullerene clusters having diameters of greater than 200 nm; in contrast, aggregated fullerene clusters having diameters of several tens of nanometers and forming an interpenetrating network structure with PBTC 12 TPD were evident in the image of the CF −spin- coated film in Figure 4d. Figure 4b and e reveal that the use of CB as the processing solvent led to aggregated fullerene clusters of intermediate size (ca. 100 nm) in the blend film. Moreover, the CF-, CB-, and DCB-processed PBTC 12 TPD/ThC 61 BM films featured slightly larger aggregated fullerene clusters than did the corresponding PBTC 12 TPD/PC 61 BM films. In comparing the fullerene domain sizes obtained from GISAXS and TEM results, there are some essential di fferences that must be accounted for even though they are complementary characterizing techniques. The TEM result provides a direct observation of structure sizes in a restricted region of the two- dimensional projection of polymer-rich and fullerene-rich domains that actually have three-dimensional shape. In contrast, GISAXS can gives independent interpretations for structures across di fferent lengths in the form of fractal sizes and provide more details on the hierarchical structures that cannot well be distinguished with TEM. Hence, GISAXS and TEM results are consistent with each other within a certain length scale under careful comparisons. In our present study, the GISAXS data for CB-processed film revealed that the ThC 61 BM fractal size is about 38 nm; several ThC 61 BM fractals, however, may have aggregated into a larger domain where polymer chains intercalated between these fractals, resulting in a much larger domain, about 100 nm, that can be observed from TEM studies (TEM cannot well identify the interfaces
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Green Transmission Technologies for Balancing the Energy Efficiency and Spectrum Efficiency Trade-off

Green Transmission Technologies for Balancing the Energy Efficiency and Spectrum Efficiency Trade-off

When full feedback is available, the multi-cell scenario becomes equivalent to a single-cell MIMO scenario, and the optimal performance may be achieved by employing joint transmission and reception of multiple cells. To reduce the amount of backhaul transmissions and coopera- tion requirements, interference alignment is attractive because it requires only information exchange relative to channel states, each mobile being associated with only one BS. However, the performance of interference alignment is limited by imperfect channel estimation and time varia- tions. Interference alignment can also be designed with limited feedback, but at the price of reduced DoFs. Indeed, the local choice made by a transmitter should be restricted to not affect the interference perceived by neighbor receivers.
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Mining Web informative structures and contents based on entropy analysis

Mining Web informative structures and contents based on entropy analysis

Sinica, Taiwan, R.O.C, as a associate research fellow in 1989 and was promoted to research fellow in 1994. He visited IBM T.J. Watson Research Center in the summers of 1987 and 1988, Leonardo Fibonacci Institute for the Foundations of Computer Science, Italy, in summer the of 1992, and Dagstuhl-Seminar on “Combinatorial Methods for Integrated Circuit Design,” IBFI-Geschaftsstelle, Schlo£ Dagstuhl, Fachbereich Informatik, Bau 36, Universitat des Saarlandes, Germany, in October 1993. He is a member of the IEEE and ACM. His research interests target at the integration of theoretical and application-oriented research, including mobile computing, environment for management and presentation of digital archive, management, retrieval, and classification of Web documents, continuous video streaming and distribution, video confer- encing, real-time operating systems with applications to continuous media systems, computational geometry, combinatorial optimization, VLSI design algorithms, and implementation and testing of VLSI algorithms on real designs. He is associate editor of IEEE Transactions on Multimedia. He was program chair of the Symposium on Real-Time Media Systems, Taipei, 1994-1998, general cochair of the International Symposium on Multi-Technology Information Processing, 1997, and general cochair of IEEE RTAS 2001. He was also a steering committee member of the VLSI Design/CAD Symposium, and program committee member of several previous conferences including ICDCS 1999, and IEEE Workshop on Dependable and Real-Time E-Commerce Systems (DARE’98), etc. In domestic activities, he is program chair of the Digital Archive Task Force Conference, the First Workshop on Digital Archive Technology, a steering committee member of the 14th VLSI Design/
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The Impact of Economic Policies on Poverty and Income Distribution

The Impact of Economic Policies on Poverty and Income Distribution

The appeal of the idea of decentralization in many developing countries has meant that the central government has increasingly been permitting regional and even local governments to make apposite policy decisions by themselves. Now, to make such policy decisions meaningfully, the pertinent regional or local government must have access to reliable and relevant information about poverty and living standards. Unfortunately, this kind of information is frequently unavailable. What does one do in these situations? Chapter 4 provides an answer. This chapter first develops the idea of a poverty mapping and then discusses the application of this idea in the context of Madagascar. This application shows that “not only is there substantial variation in well-being among small areas, but ... that the microeconomic-level welfare impact of macroeconomic-level policies can exhibit a considerable degree of geographic heterogeneity” (p. 97). The prose in this chapter is lucid and the chapter itself contains a useful discussion of some of the limitations of poverty mapping methods.
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Pre-concentration efficiency of chelex-100 resin for heavy metals in seawater : Part 2. Distribution of Heavy Metals on a Chelex-100 Column and Optimization of the Column Efficiency by a Plate Simulation Method

Pre-concentration efficiency of chelex-100 resin for heavy metals in seawater : Part 2. Distribution of Heavy Metals on a Chelex-100 Column and Optimization of the Column Efficiency by a Plate Simulation Method

Seawater was spiked with heavy metals and passed through a Chelex-100 column string con- sisting of ten minicolumns;The recoveries of metals from each minicolumn ar[r]

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Pre-concentration efficiency of chelex-100 resin for heavy metals in seawater : Part 1. Effects of pH and Salts on the Distribution Ratios of Heavy Metals

Pre-concentration efficiency of chelex-100 resin for heavy metals in seawater : Part 1. Effects of pH and Salts on the Distribution Ratios of Heavy Metals

First, the major cations, which have low distribution ratios but are present at high concentrations, compete with heavy metals on the exchange sites and so reduce the exc[r]

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Polarization and distribution function of the Lambda(b) baryon

Polarization and distribution function of the Lambda(b) baryon

Measurement of a large longitudinal polarization of the ⌳ b may indicate the polarization of a primary b quark pro- duced from a Z 0 decay. The b quarks produced in the reac- tion e ⫹ e ⫺ →Z 0 →bb¯ are highly polarized with polarization P ⫽⫺0.94 关4–6兴. The corrections from hard gluon emis- sions and mass effects can change the polarization of the final state b quarks by only 3% 关7,8兴. The b quark can frag- ment into mesons and baryons. The decays of b mesons into spin zero pseudoscalar states do not retain any polarization information. The hadronization to b baryons might preserve a large fraction of the initial b quark polarization. In the heavy quark mass limit, the spin degrees of freedom of the b quark are decoupled from a spin-zero light diquark. The ini- tial polarization of the b quark can therefore be preserved until the ⌳ b decays. The higher mass b baryon states can decay into the ⌳ b baryon but transfer little spin degrees of freedom. These effects have been estimated from different scenarios as about 30%. This leads to that the final ⌳ b po- larization could be P ⫽⫺0.6–0.70 关9,10兴.
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The distribution of interleukin-19 in healthy and neoplastic tissue

The distribution of interleukin-19 in healthy and neoplastic tissue

摘要 Abstract The influence of interleukin (IL)-19, a recently discovered cytokine in the IL-10 family, on tissue is still unclear. Our aim was to determine the distribution of IL-19 expression and to delineate the cell types that express IL-19 in healthy and neoplastic tissue, because this information will significantly facilitate the exploration of its pathophysiological functions.

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National preventive vaccination in the best order quantity and distribution pattern

National preventive vaccination in the best order quantity and distribution pattern

addition, the CDC on the local health authorities in vaccine distribution volume, the historical rule of thumb is to take the decision. Easily lead to a clinic out of stock, while the other clinic was too much inventory, and may result in excessive inventory costs and doubts about the vaccine expired. Therefore, how to reduce the cost of the considerations in the most appropriate amount of purchase orders, multi-dose vaccine, and decided over the amount of vaccine distribution and scheduling is an issue worth exploring. As the Windows version of the national vaccination implementation of a central database is not long, the factors based on data obtained in this study under the jurisdiction of the Taipei County Health Department immunization clinic information for the study, and the first to diphtheria tetanus pertussis vaccine (DPT ) the study.
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The conservation status and distribution of the breeding birds of prey of North Africa

The conservation status and distribution of the breeding birds of prey of North Africa

Malgré leur importance en tant que prédateurs et charognards, et leur rôle clé dans la chaîne alimentaire, les populations nicheuses d’oiseaux de proie sont mal connues en Afrique du Nord. Les lacunes actuelles en matière d’information sur l’état de la population, les tendances et la répartition géographique, reflètent le peu de connais- sances à leur sujet. Et pourtant, l’évaluation régionale des rapaces nicheurs a révélé que 48,5 % des rapaces nicheurs en Afrique du Nord sont menacés en raison d’abattages illégaux, de collision avec des lignes électriques et éoliennes, et de la perte d’habitat. Cela signifie que le fait de ne pas agir rapidement pourrait entraîner l’ef- fondrement des populations régionales d’oiseaux de proie, en particulier dans le cas des vautours (dont toutes les espèces sont menacées). Les espèces menacées sont concentrées dans la partie la plus septentrionale du Maghreb, du Maroc à l’Algérie, mais aussi à Gebel Elba, dans le sud de la vallée du Nil et au sud du Sinaï en Egypte. Malgré le manque actuel de données, les résultats de cette évaluation montrent que sans des mesures de conservation urgentes, la région pourrait faire face à l’extinction massive d’oiseaux de proie, ce qui pourrait déstabiliser les écosystèmes à mesure que les principales espèces prédatrices disparaissent.
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