Strategy switching in the Japanese stock market

This paper discusses the expectation formation process of Japanese stock market professionals and how their expectations are related to larger fluctuations of the TOPIX price than those of economic fundamentals. By utilizing a monthly forecast survey dataset on the TOPIX distributed by QUICK Corporation, we sort forecasters into buy-side and sell-side professionals. We first demonstrate that the buy-side and sell-side professionals use both fundamental and technical trading strategies throughout their expectation formation processes and that they switch between fundamental and technical trading strategies over time. We then empirically show that strategy switching is key in understanding the persistent deviation of the TOPIX from the fundamentals

Belief changes and expectation heterogeneity in buy-and sell‐side professionals in the Japanese stock market

We document the determinants of the expectation heterogeneity of stock price forecasters on the TOPIX. Monthly panel data surveyed by QUICK Corporation in the Nikkei Group is utilized in the process. We examine the determinants of expectation heterogeneity by categorizing　our sample into buy-side and sell-side professionals，and demonstrate that expectation heterogeneity arises as a result of the co-existence of different types ofprofessionals within the same market. We show that the buy-side and the sell-side professionals，who have different business goals，differentiate the information contents as well as their interpretations of the same information in their forecasts，contributing to the expectation heterogeneity. In addition, we investigate the interactive expectations formulation of buy-side and sell-side professionals. We find that buy-side professionals incorporate the sell side’s ideas regarding the future stock prices into their own forecasts，although they exclusively refer to their own ideas when relating foreign exchange rates to the future stock prices. Meanwhile, sell-side professionals tend to utilize buy-side professionals\u27 ideas about future prices in order to improve their research and ingratiate themselves to their clients,i.e.,the buy-side professionals. We demonstrate that this interactive expectations formulation also contributes to the generation of the expectation heterogeneity

Electrolaryngeal Speech Intelligibility Enhancement Through Robust Linguistic Encoders

We propose a novel framework for electrolaryngeal speech intelligibility enhancement through the use of robust linguistic encoders. Pretraining and fine-tuning approaches have proven to work well in this task, but in most cases, various mismatches, such as the speech type mismatch (electrolaryngeal vs. typical) or a speaker mismatch between the datasets used in each stage, can deteriorate the conversion performance of this framework. To resolve this issue, we propose a linguistic encoder robust enough to project both EL and typical speech in the same latent space, while still being able to extract accurate linguistic information, creating a unified representation to reduce the speech type mismatch. Furthermore, we introduce HuBERT output features to the proposed framework for reducing the speaker mismatch, making it possible to effectively use a large-scale parallel dataset during pretraining. We show that compared to the conventional framework using mel-spectrogram input and output features, using the proposed framework enables the model to synthesize more intelligible and naturally sounding speech, as shown by a significant 16% improvement in character error rate and 0.83 improvement in naturalness score.Comment: Accepted to ICASSP 2024. Demo page: lesterphillip.github.io/icassp2024_el_si