2,600 research outputs found

    Paying Positive to Go Negative: Advertisers' Competition and Media Reports

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    This paper analyzes a two-sided market for news where advertisers may pay a media outlet to conceal negative information about the quality of their own product (paying positive to avoid negative) and/or to disclose negative information about the quality of their competitors' products (paying positive to go negative). We show that whether advertisers have negative consequences on the accuracy of news reports or not ultimately depends on the extent of correlation among advertisers' products. Specifically, the lower the correlation among the qualities of the advertisers' products, the (weakly) higher the accuracy of the media outlet' reports. Moreover, when advertisers' products are correlated, a higher degree of competition in the market of the advertisers' products may decrease the accuracy of the media outlet's reports.

    The witching week of herding on bitcoin exchanges

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    This paper analyses the herding behaviour among exchanges around the expiration of bitcoin futures traded on the Chicago Mercantile Exchange (CME). The database extends from December 2017 to October 2020, taking as a reference the main exchanges that trade bitcoin (Binance, Bitfinex, Bitstamp, Coinbase, itBit, Kraken, and Gemini) and using hourly closing prices and trading volumes in bitcoin and US dollars. Adapting the proposal of Chang, Cheng and Khorana (2000) (CCK) to test conditional herding, we obtain results that indicate that the herding effect is significant during the week before expiration. After expiration, the herding effect lasts for a few hours and disappears. Information overload originating, among other causes, from sophisticated investors’ strategies may generate this mimetic behaviour. The results show the relevance of intraday data applied to specific events such as expiration since the unconditional analysis shows, in general, anti-herding behaviour throughout the period of study

    Redworm (Eisenia fetida) as largemouth bass feed - first results

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    Redworm (Eisenia fetida) have been found to be a very good source of protein and fat. Chemical composition are important factor in selecting redworms as aquaculture feed but the high moisture (80.97% ±0.438) and ash (8.78% ±0.149) content, mainly soil, could be an inconvenient. On September 23, 2014 twenty two juvenile largemouth bass (LB) (Micropterus salmoides) (0+ years) were caught from a small irrigation dam (N 39º49’27,89’’; W 07º26’57,92’’). Juveniles LB were stocked in three aquarium for commercial compound feed training. After 3 weeks 86.4% are well trained. During the compound feed training period the survival rate was 100%. On October 13, 2014 sixteen feed-trained individuals were randomly selected and stocked in two aquarium (8 LB per aquaria with 0,048m3 of water). LB initial average weight, average length, average K condition factor and density were similar in two aquarium. In aquaria G1 (feed redworm) and aquaria G2 (feed commercial compound) LB weight, length, K condition factor and density were, respectively, 13.62g (±3.171) and 13.40g (±3.002) (P>0.05); 10.49cm (±0.757) and 10.39cm (±0.649) (P>0.05); 1.160 (±0.043) and 1.179 (±0.082) (P>0.05); 2,27kg/m3 and 2.23kg/m3). In our laboratorial experiment, aquarium average water temperature range between 19.9ºC and 16.8ºC. Because in Portugal there are no specific commercial feed for largemouth bass we used a commercial compound for seabream (Sparus aurata) and European seabass (Dicentrarchus labrax) (protein 47.7%M; fat 17.3%; ash 10.9%; crude fiber 0.83%; moisture 6.1%). On day 88 (January 9, 2015) of this study average weight, length, K condition factor and density in aquaria G1 and aquaria G2 were, respectively, 17.57g (±4.071) and 19.19g (±4.811) (P0.05); 2.93kg/m3 and 3.20kg/m3). Until now E. fetida seems to be a good feed for largemouth bass
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