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

Examining a Regulatory Pathway for 3D Bioprinting: An Investigation into its Relationship with Intellectual Property and Human Rights

3D bioprinting comprises printing of organic material like bones, organs, and skin using one’s own cells as bioink. These synthetic replicas have the potential to cure disease or illness, provide an alternative to live donor transplantation, and increase the accuracy of research on the human body (Vermeulen et al., 2017; Murphy & Atala, 2014). Although a recent and still emerging technology as a derivative of 3D printing, research into the potential benefits and disadvantages of 3D bioprinting is growing. As a new and beneficial innovation, 3D bioprinting is arguably subject to intellectual property protection. Research in the field of biotechnology highlights the need to strike a balance between encouraging scientific research and development, while protecting the rights of the public (Andrews & Nelkin, 1998). However, studies that have examined the patentability of 3D bioprinting rarely address specific human rights concerns. Furthermore, investigation around the interaction of 3D bioprinting with other forms of intellectual property is lacking. This presentation will provide a brief introduction to the science of 3D bioprinting and how it affects numerous human rights. This will be followed by an examination of whether the current intellectual property system is suitable for regulation of this invention. Doctrinal methodology is the primary research method employed to examine applicable law and legal regimes relating to 3D bioprinting, intellectual property and human rights. This research expands on existing literature and contributes to addressing the gap in the knowledge base. By analysing the interface of 3D bioprinting, intellectual property and human rights, this study aims to shed light on potential implications of intellectual property protection for 3D bioprinting technology and to offer potential pathways for ensuring that any regulatory measures prioritise and support human rights

Life without parents

8 page(s