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Fear connectedness among asset classes

Fear connectedness among asset classes

In the Figure 2, we report the evolution of the total connectedness between the five implied volatility indices. Figure 2 also highlights several cycles of connectedness where the total connectedness is higher or lower than the full sample average. As expected, the connectedness index shows a time-varying pattern over the sample period. Interestingly, during our subsample corresponding to the GFC (May 2009-April 2010), the degree of connectedness is relatively low (35% on average). This low degree of connectedness may be due to this period encompasses the worst of the GFC, such as the Lehman Bros. demise, and a period of recovery or decrease in implied volatilities. We observe several spikes in the evolution of the total connectedness, reaching figures of over 50% in several periods of our sample. The first spike appears after the stress observed in financial markets from May 2010, reflecting the Eurozone sovereign debt crisis, which ended in February 2011 with a second Greek bailout . A second episode 11 of increase in connectedness comes after the heavy losses registered in stock exchanges worldwide in August 2011. This was due to the fears of contagion of the Eurozone sovereign debt crisis and the credit rating downgraded because of the debt-ceiling crisis of the United States. These tensions were intensified in 2012 due to a growing ​ concern about the weak US recovery and political uncertainty around the world. After some ups and downs, the connectedness among implied volatility indices experienced an important reduction. ​ The stabilizing actions by central banks and the Cyprus bailout that boosted investor confidence in financial markets was possibly the cause of this
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Psychosomatic Plasticity: An "Emergent Property" of Personality Research?

Psychosomatic Plasticity: An "Emergent Property" of Personality Research?

If the heart is literally and functionally at the center of feeling, and if the degree of connectedness within the mind is what deter- mines psychosomatic plasticity, then we would expect thin- boundary persons who are on the receiving end of new hearts to evidence some remarkable changes in the aftermath of their transplant. This is exactly what Pearsall has documented. Con- sider the following accounts he and his associates have collected. In each case, information about the donor and recipient was verified by family or friends; additionally, the often striking personality changes noted preceded any contact with the donor’s family or friends. A sampling:
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On the Network Topology of Variance Decompositions: Measuring the Connectedness of Financial Firms

On the Network Topology of Variance Decompositions: Measuring the Connectedness of Financial Firms

markets. Given the large number of stocks included in the sample, there is a high degree of connectedness for the full sample. As we will see below there is always a high degree of connectedness even during tranquil times. There is another reason for the total connected- ness for a set of financial stocks to be higher than for a set of major national stock markets around the world or for a set of asset classes in the U.S. As the institutions included in our analysis are all operating in the finance industry, both industry-wide and macroeconomic shocks affect each one of these stocks one way or the other. As some of these institutions and their stocks are more vulnerable to external and/or industry-wide shocks than others, they are likely to be transmitting these shocks to other financial stocks, generating a higher degree of connectedness to others. Obviously, to the extent that they have important im- plications for the rest of the industry, idiosyncratic volatility shocks are also transmitted to other stocks. For that reason, compared to a similar number of stocks from different indus- tries, the connectedness for a group of stocks in the finance industry is likely to be higher. It is also likely to be higher compared to the connectedness for a group of global markets, as these markets are not subject to common shocks as frequently as the stocks from the finance industry. 24
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Short-term borrowing for long-term projects: Are family businesses more susceptible to 'irrational' financing choices?

Short-term borrowing for long-term projects: Are family businesses more susceptible to 'irrational' financing choices?

In addition, it has also been argued that a high degree of connectedness to the regional environment leads family business to be more concerned than other enterprises about their r[r]

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Search | Preprints

Search | Preprints

Abstract. Several specific types of ordinary and generalized connectedness in a generalized topological space have been defined and investigated for var- ious purposes from time to time in the literature of topological spaces. Our recent research in the field of a new type of generalized connectedness in a generalized topological space is reported herein as a starting point for more generalized types.

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CONNECTEDNESS O F THINGS

CONNECTEDNESS O F THINGS

Payments services include mobile and integrated POS solutions plus e-invoicing and gift card management. Operational and growth solutions include payroll, capital access and Caviar, a [r]

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Real-financial connectedness in the Swiss economy

Real-financial connectedness in the Swiss economy

We study macro-financial linkages and their importance within the Swiss economy from a network perspective. First, we investigate the real-financial connectedness in the Swiss economy, using the KOF economic barometer, obtained from real and financial variables, and, the real activity index (RAI), we distilled from a small set of real variables, as two alternative proxies for the real side. Whereas the KOF-barometer-based analysis shows that both sides transmit sizeable shocks to each other without one dominating the other, the RAI-based analysis shows that in the aggregate, the financial side turns out to be the net shock transmitter to the real sector. In the second part, we focus on the relative importance of financial markets as shock propagators using a network centrality measure. We find that 2008–2009 recession in Switzerland and the Swiss National Bank’s (SNB) exchange rate policy changes in 2011 and 2015 have significantly altered the way the shocks are transmitted across the two sides of the economy. During 2009–2011, stock, bond, and foreign exchange (FX) markets, in descending order, played important roles as shock propagators. Following the SNB’s 2015 policy decision to discontinue the lower bound for the EUR/CHF exchange rate, FX market has become equally important as the stock market but more important than the bond market as a shock propagator.
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Securitization, Connectedness and Shadow Banking

Securitization, Connectedness and Shadow Banking

We first show theoretically that diversification of risks within the regulated banking system leads to increased connectedness of banks which reduce the benefits of both diversification and risk transfer. Hence, diversification of and the transfer of risks outside the regulated banking system appears to be a superior alternative. Indeed, if the risks are transferred to outside market participants that are not (yet) connected to the banking system, the banking system may be more stable. However, this perspective with a focus on the overall stability of the banking system does not explain why individual banks transferred the risks to entities outside the regulated banking system. The demand for securitized “safe” assets (see Gorton and Metrick, 2010) suggests that the entities in the shadow banking system were willing to pay more for the securitized assets than the regulated banking system. Regulatory arbitrage further incentivized banks to diversify and transfer the risks outside the regulated banking system (Acharya et al. 2013).
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Asymmetric network connectedness of fears

Asymmetric network connectedness of fears

Network connectedness working with causal linkages can be characterized well through vari- ance decompositions from a vector autoregression approximation model (Diebold and Yilmaz, 2009, 2012). Variance decompositions provide useful information about how much of the future variance of variable j is due to shocks in variable k. Aggregating variance decompositions yields a simple way to measure how the system is interconnected. Diebold and Yılmaz (2014) argued that variance decompositions are intimately linked to modern network theory and recently proposed measures of various types of systemic risk, such as marginal expected shortfall (Acharya et al., 2017) and Delta CoVaR (Adrian and Brunnermeier, 2016). Our analysis is also adjacent to that of Song (2018), who developed technical conditions for a network to explain microfinancing de- cision. Previous literature examined how shocks to volatility measured ex post create linkages in the network. Employing implied volatility measures, we derive informatively different measures of interconnectedness. 4
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Connectedness of spheres in Cayley graphs

Connectedness of spheres in Cayley graphs

The first natural question is that of connectedness: does there exist a thickness r such that the graphs S(n, r) are connected for all n? A first obstruction is given by the topological notion of ends. Recall that a graph has at most k ends if the complement of any finite set has at most k connected components. By a result of Stallings [Sta], the number of ends (the least such k) of a Cayley graph of an infinite group is either 2, for virtually cyclic groups, or ∞, for free products with amalgamation and HNN-extensions over finite groups, or 1 for any other group. For instance in a free group with free generating set the number of connected components of S(n, r) is always the number of elements in the sphere of radius n. But, as groups in the two first cases of Stallings’ classification are well-understood, we may focus on the generic case of one-ended groups.
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CONNECTEDNESS O F THINGS

CONNECTEDNESS O F THINGS

Storefront and Shopping Cart Inventory Management/Fulfillment Loyalty/Rewards Payments/Alternative Payments Fraud Prevention/Detection Couponing.. Mobile Payments Social Media.[r]

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More connectedness in topological spaces

More connectedness in topological spaces

Aho, Nieminen, Popa, Noiri, and Jafari have studied semipreconnected- ness (= β-connectedness) [2, 4, 7], via semipreopen [3] (= β-open [1]) sets, and some other connectedness have been introduced by Modak and Noiri in [12, 13, 14, 15] and Noorena and Khan in [16].

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Rainbow matchings and rainbow connectedness

Rainbow matchings and rainbow connectedness

Then G can be decomposed into disjoint rainbow matchings of size n” to see that this is equivalent to Theorem 1.2, associate an m-edge coloured bipartite graph with any m×n Latin rectang[r]

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8-19-2015 12:00 AM The Cultural Connectedness Scale and its Relation to Positive Mental Health among First Nations Youth

8-19-2015 12:00 AM The Cultural Connectedness Scale and its Relation to Positive Mental Health among First Nations Youth

female), region (Southwestern Ontario versus Saskatchewan), and residence (on-reserve versus off-reserve) for each of the CCS-S subscales (see Table 11). Family affluence (i.e., low, moderate, high) was also examined through one-way analysis of variance (see Table 12). Results were interpreted at a more conservative p level of < .01 given the relatively small sample size for these analyses. Unlike Study 1, there were no differences found on the identity subscale for males and females (females M = 12.63, SD = 2.31; males M = 12.23, SD = 2.40; t(276) = -1.45, p < ns). However, respondents living on-reserve and from Saskatchewan reported significantly higher scores on the traditions subscale than respondents living off-reserve (on-reserve M = 5.57, SD = 2.78; off-reserve M = 3.78, SD = 2.56; t(275) = -4.95, p < .001) and from Southwestern Ontario (Saskatchewan M = 5.59, SD = 2.83; Southwestern Ontario M = 4.38, SD = 2.72; t(286) = 3.71, p < .001), respectively. These findings are consistent with the results from Study 1 that suggest that living on-reserve is related to a higher degree of participation in traditional activities among First Nations youth. The author hypothesizes that cultural activities or events may be easier to access if a youth is living in on-reserve, particularly if the First Nations community has a high degree of cultural continuity (Chander & Lalonde, 1998). While youth living on-reserve also reported higher scores on the spirituality subscale in Study 1, this finding was not replicated in Study 2 (on-reserve M = 8.79, SD = 2.31; off-reserve M = 8.54, SD = 2.38; t(275) = -.814, p < ns). No other significant group differences were found.
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Connectedness In Pythagorean Fuzzy Topological Spaces

Connectedness In Pythagorean Fuzzy Topological Spaces

The concept of fuzzy set was introduced by Zadeh in his classic paper [13]. The theory of fuzzy topological spaces was introduced and developed by C.L.Chang [4]. Since Atannasov [2,3] introduced the notion of intuitionistic fuzzy sets, Çoker [6] defined the intuitionistic fuzzy topological spaces.Turanlı and Çoker[11,12] introduced the investigate fuzzy connectedness in intuitionistic fuzzy topological spaces. In 2014, Yager [9,10] introduced the notion of Pythagorean fuzzy subsets which is a new class of non-standard fuzzy subsets and which has many effective applicants natural and social sciences. Some authors [8] studied the concept of Pythagorean fuzzy topological space by following the idea of Chang [4]. The aim of this paper is to extended the notions of fuzzy connectedness[1,5] and intuitionistic fuzzy connectedness by introducing the notion of Pythagorean fuzzy connectedness. This construction is based on the idea of Pythagorean fuzzy set developed by Yager [9,10].
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Approximate selection theorems with n connectedness

Approximate selection theorems with n connectedness

MSC: 54C60; 54C65; 55M10 Keywords: lower semicontinuity; almost lower semicontinuity; quasi-lower semicontinuity; approximate selection theorems; D-spaces; LC-metric spaces; topological [r]

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Social Connectedness Smart Services for Elderly

Social Connectedness Smart Services for Elderly

We propose this system for senior individuals to enhance their living characteristics and encourage the social connectedness for them utilizing present day assistive innovation. The plan approach of this system is minimal effort and powerful so the acknowledgment is reasonable.

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On $\beta$*- Connectedness and $\beta$*- Disconnectedness and their Applications

On $\beta$*- Connectedness and $\beta$*- Disconnectedness and their Applications

Connectedness [1] is a well-known notion in topology. Numerous authors studied connectedness. In [2], P-spaces and external disconnectednessare studied. Connectedness in [4–6] are used to expand some topological spaces. In [13], authors proved that neither first countable nor C ~ ech-complete spaces are maximal Tychonoff connected. Many other topologists defined and studied connectedness in bitopological spaces [3, 12]. It is important to study some types of connectedness in digital spaces. A point with integer coordinates is called a digital point. The problem of finding a topology for the digital plane and the digital 3-space is of importance in image processing and more generally in all situations where spatial relations are modeled on a computer. In all these applications it is essential to have a data structure on the computer which shares as many as possible features with the real topological situation. Connectedness and compactness are powerful tools in topology but they have many dissimilar properties. The concept of Hausdorff spaces is almost an integral part of compactness. Investigations into the properties of cut points of topological spaces which are connected, compact and Hausdorff date back to the 1920s. Connectedness together with compactness with the assumption of Hausdorff has been studied in [15] from the view point of cut points. In [7], authors studied some types of connected topological spaces. Recently Palanimani [9] introduced and studied a new class of sets called β *
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Strongly Connectedness in Fuzzy Closure Space

Strongly Connectedness in Fuzzy Closure Space

In 1965 Zadeh [10] in his classical paper generalized characteristic functions to fuzzy sets. Chang [2] in 1968 introduced the topological structure of fuzzy sets. Pu and Liu [7] defined the concept of fuzzy connectedness using fuzzy closed set. Lowen [5] also defined an extension of a connectedness in a restricted family of fuzzy topologies. Fuzzy Č ech closure operator and fuzzy Č ech closure space were first studied by A.S. Mashhour and M.H. Ghanim [6].

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Connectedness of a suborbital graph for congruence subgroups

Connectedness of a suborbital graph for congruence subgroups

In Section  we will prove our main theorems on Hu,n which give conditions for Hu,n to be connected or to be a forest, and we work out some relations between the lengths of circuits in H[r]

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