The Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trade of Money Managers

A mutual-fund manager is more likely to hold (or buy, or sell) a particular stock in any quarter if other managers in the same city are holding (or buying, or selling) that same stock. This pattern shows up even when controlling for the distance between the fund manager and the stock in question, so it is distinct from a local-preference effect. It is also robust to a variety of controls for investment styles. These results can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth.

Social Interaction and Stock-Market Participation

We investigate the idea that stock-market participation is influenced by social interaction. We build a simple model in which any given 'social' investor finds it more attractive to invest in the market when the participation rate among his peers is higher. The model predicts higher participation rates among social investors than among 'non-socials'. It also admits the possibility of multiple social equilibria. We then test the theory using data from the Health and Retirement Study. Social households - defined as those who interact with their neighbors, or who attend church - are indeed substantially more likely to invest in the stock market than non-social households, controlling for other factors like wealth, race, education and risk tolerance. Moreover, consistent with a peer-effects story, the impact of sociability is stronger in states where stock-market participation rates are higher.

The Only Game in Town: Stock-Price Consequences of Local Bias

Theory suggests that, in the presence of local bias, the price of a stock should be decreasing in the ratio of the aggregate book value of firms in its region to the aggregate risk tolerance of investors in its region. We test this proposition using data on U. S. Census regions and states, and find clear-cut support for it. Most of the variation in the ratio of interest comes from differences across regions in aggregate book value per capita. Regions with low population density—e. g. , the Deep South—are home to relatively few firms per capita, which leads to higher stock prices via an “only-game-in-town” effect. This effect is especially pronounced for smaller, less visible firms, where the impact of location on stock prices is roughly 12 percent.

Thy Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money Managers

A mutual-fund manager is more likely to hold (or buy, or sell) a particular stock in any quarter if other managers in the same city are holding (or buying, or selling) that same stock. This pattern shows up even when controlling for the distance between the fund manager and the stock in question, so it is distinct from a local-preference effect. It is also robust to a variety of controls for investment styles. These results can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth.

The Only Game in Town: Stock-Price Consequences of Local Bias

Theory suggests that, in the presence of local bias, the price of a stock should be decreasing in the ratio of the aggregate book value of firms in its region to the aggregate risk tolerance of investors in its region. We test this proposition using data on U.S. Census regions and states, and find clear-cut support for it. Most of the variation in the ratio of interest comes from differences across regions in aggregate book value per capita. Regions with low population density--e.g., the Deep South--are home to relatively few firms per capita, which leads to higher stock prices via an "only-game-in-town" effect. This effect is especially pronounced for smaller, less visible firms, where the impact of location on stock prices is roughly 12 percent.

Device for preventing high voltage arcing in electron beam welding Patent

Development of device to prevent high voltage arcing in electron beam weldin

Emergence of the Shackleton Range from beneath the Antarctic Ice Sheet due to glacial erosion

This paper explores the long-term evolution of a subglacial fjord landscape in the Shackleton Range, Antarctica. We propose that prolonged ice-sheet erosion across a passive continental margin caused troughs to deepen and lower the surrounding ice-sheet surface, leaving adjacent mountains exposed. Geomorphological evidence suggests a change in the direction of regional ice flow accompanied emergence. Simple calculations suggest that isostatic compensation caused by the deepening of bounding ice-stream troughs lowered the ice-sheet surface relative to the mountains by ~800m. Use of multiple cosmogenic isotopes on bedrock and erratics (26Al, 10Be, 21Ne) provides evidence that overriding of the massif and the deepening of the adjacent troughs occurred earlier than the Quaternary. Perhaps this occurred in the mid-Miocene, as elsewhere in East Antarctica in the McMurdo Dry Valleys and the Lambert basin. The implication is that glacial erosion instigates feedback that can change ice-sheet thickness, extent, and direction of flow. Indeed, as the subglacial troughs evolve over millions of years, they increase topographic relief; and this changes the dynamics of the ice sheet. © 2013 Elsevier B.V

Automatic Handwritten Signature Verification System for Australian Passports

We present an automatic handwritten signature verification system to prevent identity fraud by verifying the authenticity of signatures on Australian passports. In this work, fuzzy modeling has been employed for developing a robust recognition system. The knowledge base consists of unique angle features extracted using the box method. These features are fuzzified by an exponential membership function, consisting of two structural parameters which have been devised to track even the minutest variations in a person's signature. The membership functions in turn constitute the weights in the Takagi-Sugeno (TS) model. The optimization of the output of the TS model with respect to the structural parameters yields the solution for the parameters. The efficacy of the proposed system has been tested on a large database of over 1200 signature images obtained from 40 volunteers achieving a recognition rate of more than 99%