Institutional Herding in Bond Markets

Recent research has shown that institutional herding is a relevant phenomenon in stock markets. Do institutional investors also follow each other in bond markets? This paper focuses on the German bond market and uses data from 57 German mutual funds that invest mainly in DM-denominated bonds, which represents 71% of the total market volume. Due to the variety and large number of bonds that exist, we do not expect mutual funds to herd with regard to separate bonds. We believe instead that bonds with the same characteristics such as interest rate, maturity, collateral, or issuer are considered to be equivalent by institutional investors. Consequently, we construct "bond groups" consisting of similar bonds and analyze herding at a "bond group" level. Our results indicate that there is strong evidence of herding, albeit it is weaker than in stock markets. Further analysis suggests that mutual funds do not place an equal weight on different bond characteristics. Nominal interest rates appear to be most important in the bond selection process. --Mutual Funds,Herding,Imitation,Coordination,Behavioral Finance

The role of UV in crab spider signals: effects on perception by prey and predators

Australian crab spiders Thomisus spectabilis sit on the petals of flowers and ambush prey such as honeybees. White-coloured T. spectabilis reflect in the UV (UV+ spiders) and previous research has shown that their presence, curiously, attracts honeybees to daisies. We applied an UV-absorber (Parsol®) to create UV-absorbing (UV–) spiders that did not reflect any light below 395 nm wavelength. These physical changes of visual signals generated by crab spiders caused honeybees to avoid flowers with UV– spiders on their petals. They also affected the perception of UV– spiders by honeybees and a potential avian predator (blue tits). Compared to UV+ spiders, UV– spiders produced less excitation of the UV-photoreceptors in honeybees and blue tits, which translated into a reduced UV-receptor contrast and a reduced overall colour contrast between UV– spiders and daisy petals. Our results reveal that a clean physical elimination of reflection in the UV range affects perception in predators and prey and ultimately changes the behaviour of prey.7 page(s

The Latest Military and Private Surveys compiled for a Road Map of Bexar and Adjoining Counties by Doctor R.A. Goeth.

4 pp

Pancreatic Treatment of Cancer, With Report of a Cure.

n/

Life without parents

8 page(s

Behaviour of Australian brush-turkey (Alectura lathami, Galliformes: Megapodiidae) chicks following undergound hatching

12 page(s

Illvstrivm Et Solemnium Observationvm, Svmmi Statvvm Imperii Consistorii, Sive Camerae Imperialis, Apospasma Prodromon

Auctore Joanne Thilmanno De Benignis, Iurisconsulto Germaniae Celeberrimo, insigniq[ue] PracticoJohannes Thilmannus de Benignis ist Pseud. für Johann Goeth.Vorlageform des Erscheinungsvermerks: Vrsellis Apud Cornelium Sutorium, sumtibus Auctoris & Hartmanni Palthenij M.DCI