RESUMEN
Heteroscedasticity effects are useful for forecasting future stock return volatility. Stock volatility forecasting provides business insight into the stock market, making it valuable information for investors and traders. Predicting stock volatility is a crucial task and challenging. This study proposes a hybrid model that predicts future stock volatility values by considering the heteroscedasticity element of the stock price. The proposed model is a combination of Generalized Autoregressive Conditional Heteroskedasticity (GARCH) and a well-known Recurrent Neural Network (RNN) algorithm Long Short-Term Memory (LSTM). This proposed model is referred to as GARCH-LSTM model. The proposed model is expected to improve prediction accuracy by considering heteroscedasticity elements. First, the GARCH model is employed to estimate the model parameters. After that, the ARCH effect test is used to test the residuals obtained from the model. Any untrained heteroscedasticity element must be found using this step. The hypothesis of the ARCH test yielded a p-value less than 0.05 indicating there is valuable information remaining in the residual, known as heteroscedasticity element. Next, the dataset with heteroscedasticity is then modelled using an LSTM-based RNN algorithm. Experimental results revealed that hybrid GARCH-LSTM had the lowest MAE (7.961), RMSE (10.466), MAPE (0.516) and HMAE (0.005) values compared with a single LSTM. The accuracy of forecasting was also significantly improved by 15% and 13% with hybrid GARCH-LSTM in comparison to single LSTMs. Furthermore, the results reveal that hybrid GARCH-LSTM fully exploits the heteroscedasticity element, which is not captured by the GARCH model estimation, outperforming GARCH models on their own. This finding from this study confirmed that hybrid GARCH-LSTM models are effective forecasting tools for predicting stock price movements. In addition, the proposed model can assist investors in making informed decisions regarding stock prices since it is capable of closely predicting and imitating the observed pattern and trend of KLSE stock prices.
Asunto(s)
Algoritmos , Predicción , Inversiones en Salud , Modelos Económicos , Redes Neurales de la Computación , Inversiones en Salud/tendencias , Inversiones en Salud/economía , Comercio/tendencias , HumanosRESUMEN
CONTEXT: Health departments nationally are critically understaffed and lack infrastructure support. By examining current staffing and allocations through a Foundational Public Health Services (FPHS) lens at the Northern Nevada Public Health (NNPH), there is an opportunity to make a strong case for greater investment if current dedicated full-time equivalents are inadequate and to guide which investments in public health workforce are prioritized. OBJECTIVE: To assess the use of the Public Health Workforce Calculator (calculator) and other tools to identify and prioritize FPHS workforce needs in a field application. DESIGN: Field application of the calculator in conjunction with the use of FPHS workforce capacity self-assessment tools. SETTING: NNPH. PARTICIPANTS: NNPH and Public Health Foundation (PHF). INTERVENTION: From June 2022 through April 2023, PHF collaborated with NNPH, serving Washoe County, to provide expertise and assistance as NNPH undertook an assessment of its workforce needs based upon the FPHS model. MAIN OUTCOME MEASURES: Comparison of the calculator output with FPHS workforce capacity self-assessment tools. RESULTS: The calculator and the FPHS capacity self-assessment process yielded complementary FPHS workforce capacity gap data. The use of a structured and transparent process, coupled with additional tools that included prioritizing needs, provided a viable and sustainable process for public health workforce investment planning. NNPH successfully utilized the results to bolster a supplemental funding request and a state public health appropriation. CONCLUSIONS: The use of the calculator and an FPHS workforce capacity self-assessment in a facilitated and structured process such as that used by NNPH to identify staffing priorities may hold promise as an approach that could be used to support decision-making and justification for infrastructure resources when funding for public health increases in the future.
Asunto(s)
Salud Pública , Nevada , Humanos , Salud Pública/métodos , Autoevaluación (Psicología) , Fuerza Laboral en Salud/estadística & datos numéricos , Recursos Humanos/estadística & datos numéricos , Recursos Humanos/normas , Inversiones en Salud/estadística & datos numéricos , Inversiones en Salud/tendenciasRESUMEN
OBJECTIVES: There are irregularities in investment cases generated by the Mental Health Compartment Model. We discuss these irregularities and highlight the costing techniques that may be introduced to improve mental health investment cases. METHODS: This analysis uses data from the World Bank, the World Health Organization Mental Health Compartment Model, the United Nations Development Program, the Kenya Ministry of Health, and Statistics from the Kenyan National Commission of Human Rights. RESULTS: We demonstrate that the Mental Health Compartment Model produces irrelevant outcomes that are not helpful for clinical settings. The model inflated the productivity gains generated from mental health investment. In some cases, the model underestimated the economic costs of mental health. Such limitation renders the investment cases poor in providing valuable intervention points from the perspectives of both the users and the providers. CONCLUSIONS: There is a need for further calibration and validation of the investment case outcomes. The current estimated results cannot be used to guide service provision, research, and mental health programming comprehensively.
Asunto(s)
Países en Desarrollo , Servicios de Salud Mental , Humanos , Servicios de Salud Mental/economía , Kenia , Salud Mental/estadística & datos numéricos , Inversiones en Salud/estadística & datos numéricos , Inversiones en Salud/tendenciasRESUMEN
The prediction of stock prices has long been a captivating subject in academic research. This study aims to forecast the prices of prominent stocks in five key industries of the Chinese A-share market by leveraging the synergistic power of deep learning techniques and investor sentiment analysis. To achieve this, a sentiment multi-classification dataset is for the first time constructed for China's stock market, based on four types of sentiments in modern psychology. The significant heterogeneity of sentiment changes in the sectors' leading stock markets is trained and mined using the Bi-LSTM-ATT model. The impact of multi-classification investor sentiment on stock price prediction was analyzed using the CNN-Bi-LSTM-ATT model. It finds that integrating sentiment indicators into the prediction of industry leading stock prices can enhance the accuracy of the model. Drawing upon four fundamental sentiment types derived from modern psychology, our dataset provides a comprehensive framework for analyzing investor sentiment and its impact on forecasting the stock prices of China's A-share market.
Asunto(s)
Comercio , Aprendizaje Profundo , Industrias , Inversiones en Salud , Humanos , Pueblo Asiatico , Actitud , China , Industrias/economía , Industrias/tendencias , Modelos Económicos , Inversiones en Salud/tendencias , Comercio/tendencias , PredicciónRESUMEN
The purpose of our study is to figure out the transitions of the cryptocurrency market due to the outbreak of COVID-19 through network analysis, and we studied the complexity of the market from different perspectives. To construct a cryptocurrency network, we first apply a mutual information method to the daily log return values of 102 digital currencies from January 1, 2019, to December 31, 2020, and also apply a correlation coefficient method for comparison. Based on these two methods, we construct networks by applying the minimum spanning tree and the planar maximally filtered graph. Furthermore, we study the statistical and topological properties of these networks. Numerical results demonstrate that the degree distribution follows the power-law and the graphs after the COVID-19 outbreak have noticeable differences in network measurements compared to before. Moreover, the results of graphs constructed by each method are different in topological and statistical properties and the network's behavior. In particular, during the post-COVID-19 period, it can be seen that Ethereum and Qtum are the most influential cryptocurrencies in both methods. Our results provide insight and expectations for investors in terms of sharing information about cryptocurrencies amid the uncertainty posed by the COVID-19 pandemic.
Asunto(s)
COVID-19/epidemiología , Inversiones en Salud/tendencias , Modelos Económicos , COVID-19/economía , Humanos , Difusión de la Información , Inversiones en Salud/estadística & datos numéricos , Pandemias/economía , IncertidumbreRESUMEN
Share pledging has become popular as a method of loan collateral among Chinese shareholders. Our research used a sample of Chinese listed firms between 2008-2018 and produced two main findings. Firstly, we found a negative association between stock price risk and firm profitability. Our second finding was that the interaction effect of share pledging and stock price risk is greater on firm profitability than the effect of stock price risk itself. We examined the role of share pledging by modeling pooled OLS and fixed effects using share pledging behavior, controlling shareholders' share pledging and the share pledging ratio to reinforce the robustness of our results. Furthermore, we investigated the Davis Double Play effect of share pledging to analyze how share pledging affects stock price risk. We found that higher EPS and investor expectations cannot mitigate the positive impact of share pledging on stock price risk. That is, the reduction of EPS and the deterioration of investor expectations caused by share pledging risk will not further aggravate the stock price risk, as shareholders may have taken some managerial actions to affect the transmission mechanism.
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Comercio/tendencias , Inversiones en Salud/economía , Inversiones en Salud/tendencias , Pueblo Asiatico/psicología , China , Financiación Personal/tendencias , Humanos , Modelos Económicos , Medición de Riesgo/economíaAsunto(s)
Adaptación Psicológica , Congresos como Asunto/legislación & jurisprudencia , Países Desarrollados/economía , Países en Desarrollo/economía , Calentamiento Global/economía , Calentamiento Global/prevención & control , Objetivos , Inversiones en Salud/economía , Organización de la Financiación , Calentamiento Global/legislación & jurisprudencia , Humanos , Inversiones en Salud/tendencias , Escocia , Factores de TiempoRESUMEN
We document a memory-based mechanism associated with investor overconfidence. In Studies 1 and 2, investors were asked to recall their most important trades in the recent past and then reported investing confidence and trading frequency. After the study, they looked up and reported the actual returns of these trades. In both studies, investors were biased to recall returns as higher than achieved, and larger memory biases were associated with greater overconfidence and trading frequency. The design of Study 2 allowed us to separately investigate the effects of two types of memory biases: distortion and selective forgetting. Both types of bias were present and were independently associated with overconfidence and trading frequency. Study 3 was an incentive-compatible experiment in which overconfidence and trading frequency were reduced when participants looked up previous consequential trades compared to when they reported them from memory.
Asunto(s)
Inversiones en Salud/tendencias , Memoria/fisiología , Variaciones Dependientes del Observador , Adulto , Femenino , Humanos , Masculino , Persona de Mediana Edad , Autoimagen , Estados UnidosRESUMEN
We present an experimental protocol to examine the relationship between exogenously induced stress and confidence in a setting applicable to financial markets. Confidence will be measured by a prediction interval for a one period ahead price forecast, based on a series of 100 previous prices; narrower (wider) prediction intervals will be indicative of greater (lower) confidence. Stress will be induced using the Cold Pressor Arm Wrap, a variation of the Cold Pressor Test. Risk attitudes, and personality traits are also considered as mediating factors.
Asunto(s)
Anticipación Psicológica , Brazo/fisiopatología , Comercio/economía , Predicción , Inversiones en Salud/tendencias , Estrés Fisiológico , Frío , Humanos , Inversiones en Salud/economíaRESUMEN
BACKGROUND: Revelations that some members of Congress, including members of key health care committees, hold substantial personal investments in the health care industry have raised concerns about lawmakers' financial conflicts of interest (COI) and their potential impact on health care legislation and oversight. AIMS: 1) To assess historical trends in both the number of legislators holding health care-related assets and the value and composition of those assets. 2) To compare the financial holdings of members of health care-focused committees and subcommittees to those of other members of the House and Senate. METHODS: We analyzed 11 years of personal financial disclosures by all members of the House and Senate. For each year, we calculated the percentage of members holding a health care-related asset (overall, by party, and by committee); the total value of all assets and health care-related assets held; the mean and median values of assets held per member; and the share of asset values attributable to 9 health asset categories. FINDINGS: During the study period, over a third of all members of Congress held health care-related assets. These assets were often substantial, with a median total value per member of over $43,000. Members of health care-focused committees and subcommittees in the House and Senate did not hold health care-related assets at a higher rate than other members of their respective chambers. CONCLUSIONS: These findings suggest that lawmakers' health care-related COI warrant the same level of attention that has been paid to the COI of other actors in the health care system.
Asunto(s)
Atención a la Salud/economía , Gobierno Federal , Empleados de Gobierno/estadística & datos numéricos , Inversiones en Salud/tendencias , Conflicto de Intereses , Revelación , Humanos , Inversiones en Salud/economía , Inversiones en Salud/estadística & datos numéricos , Política , Estados UnidosRESUMEN
Stock price prediction has long been the subject of research because of the importance of accuracy of prediction and the difficulty in forecasting. Traditionally, forecasting has involved linear models such as AR and MR or nonlinear models such as ANNs using standardized numerical data such as corporate financial data and stock price data. Due to the difficulty of securing a sufficient variety of data, researchers have recently begun using convolutional neural networks (CNNs) with stock price graph images only. However, we know little about which characteristics of stock charts affect the accuracy of predictions and to what extent. The purpose of this study is to analyze the effects of stock chart characteristics on stock price prediction via CNNs. To this end, we define the image characteristics of stock charts and identify significant differences in prediction performance for each characteristic. The results reveal that the accuracy of prediction is improved by utilizing solid lines, color, and a single image without axis marks. Based on these findings, we describe the implications of making predictions only with images, which are unstructured data, without using large amounts of standardized data. Finally, we identify issues for future research.
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Algoritmos , Comercio/economía , Procesamiento de Imagen Asistido por Computador/estadística & datos numéricos , Inversiones en Salud/economía , Modelos Económicos , Redes Neurales de la Computación , Comercio/tendencias , Predicción , Humanos , Inversiones en Salud/tendencias , ProbabilidadRESUMEN
Comparative analysis of the R&D efficiency of 14 leading pharmaceutical companies for the years 1999-2018 shows that there is a close positive correlation between R&D spending and the two investigated R&D output parameters, approved NMEs and the cumulative impact factor of their publications. In other words, higher R&D investments (input) were associated with higher R&D output. Second, our analyses indicate that there are 'economies of scale' (size) in pharmaceutical R&D.
Asunto(s)
Desarrollo de Medicamentos/tendencias , Industria Farmacéutica/tendencias , Investigación/tendencias , Desarrollo de Medicamentos/economía , Desarrollo de Medicamentos/estadística & datos numéricos , Industria Farmacéutica/economía , Industria Farmacéutica/estadística & datos numéricos , Humanos , Inversiones en Salud/economía , Inversiones en Salud/estadística & datos numéricos , Inversiones en Salud/tendencias , Preparaciones Farmacéuticas/administración & dosificación , Investigación/economía , Investigación/estadística & datos numéricosRESUMEN
We explore the use of implied volatility indices as a tool for estimate changes in the synchronization of stock markets. Specifically, we assess the implied stock market's volatility indices' predictive power on synchronizing global equity indices returns. We built the correlation network of 26 stock indices and implemented in-sample and out-of-sample tests to evaluate the predictive power of VIX, VSTOXX, and VXJ implied volatility indices. To measure markets' synchronization, we use the Minimum Spanning Tree length and the length of the Planar Maximally Filtered Graph. Our results indicate a high predictive power of all the volatility indices, both individually and together, though the VIX predominates over the evaluated options. We find that an increase in the markets' volatility expectations, captured by the implied volatility indices, is a good Granger predictor of an increase in the synchronization of returns in the following month. Estimating, monitoring, and predicting returns' synchronization is essential for investment decision-making, especially for diversification strategies and regulating financial systems.
Asunto(s)
Predicción/métodos , Inversiones en Salud/tendencias , Humanos , Inversiones en Salud/economía , Modelos EconómicosRESUMEN
We analyze how investor expectations about economic growth and stock returns changed during the February-March 2020 stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery. We surveyed retail investors who are clients of Vanguard at three points in time: 1) on February 11-12, around the all-time stock market high, 2) on March 11-12, after the stock market had collapsed by over 20%, and 3) on April 16-17, after the market had rallied 25% from its lowest point. Following the crash, the average investor turned more pessimistic about the short-run performance of both the stock market and the real economy. Investors also perceived higher probabilities of both further extreme stock market declines and large declines in short-run real economic activity. In contrast, investor expectations about long-run (10-y) economic and stock market outcomes remained largely unchanged, and, if anything, improved. Disagreement among investors about economic and stock market outcomes also increased substantially following the stock market crash, with the disagreement persisting through the partial market recovery. Those respondents who were the most optimistic in February saw the largest decline in expectations and sold the most equity. Those respondents who were the most pessimistic in February largely left their portfolios unchanged during and after the crash.
Asunto(s)
COVID-19/economía , COVID-19/psicología , Inversiones en Salud/economía , Pandemias/economía , COVID-19/epidemiología , Desarrollo Económico , Humanos , Inversiones en Salud/tendencias , Mercadotecnía/economía , Modelos Económicos , SARS-CoV-2/aislamiento & purificación , Encuestas y CuestionariosAsunto(s)
Investigación Biomédica/tendencias , Trastornos de Alimentación y de la Ingestión de Alimentos/prevención & control , Predicción , Inversiones en Salud/tendencias , Apoyo a la Investigación como Asunto/tendencias , Investigación Biomédica/economía , Trastornos de Alimentación y de la Ingestión de Alimentos/mortalidad , Humanos , Mortalidad Prematura , Apoyo a la Investigación como Asunto/economíaRESUMEN
In this paper, two new aggregation operators based on Choquet integral, namely the induced generalized interval neutrosophic Choquet integral average operator(IGINCIA) and the induced generalized interval neutrosophic Choquet integral geometric operator(IG-INCIG), are proposed for multi-criteria decision making problems (MCDM). Firstly, the criteria are dependent to each other and the evaluation information of the criteria are expressed by interval neutrosophic numbers. Moreover, two indices which are inspired by the geometrical structure are established to compare the interval neutrosophic numbers. Then, a MCDM method is proposed based on the proposed aggregation operators and ranking indices to cope with MCDM with interactive criteria. Lastly, an investment decision making problem is provided to illustrate the practicality and effectiveness of the proposed approach. The validity and advantages of the proposed method are analyzed by comparing with some existing approaches. By a numerical example in company investment to expand business though five alternatives with considering four criteria, the optimal decision is made.