Exogenous and endogenous factors affecting stock market transactions: A Hawkes process analysis of the Tokyo Stock Exchange during the COVID-19 pandemic.

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Transactions in financial markets are not evenly spaced but can be concentrated within a short period of time. In this study, we investigated the factors that determine the transaction frequency in financial markets. Specifically, we employed the Hawkes process model to identify exogenous and endogenous forces governing transactions of individual stocks in the Tokyo Stock Exchange during the COVID-19 pandemic. To enhance the accuracy of our analysis, we introduced a novel EM algorithm for the estimation of exogenous and endogenous factors that specifically addresses the interdependence of the values of these factors over time. We detected a substantial change in the transaction frequency in response to policy change announcements. Moreover, there is significant heterogeneity in the transaction frequency among individual stocks. We also found a tendency where stocks with high market capitalization tend to significantly respond to external news, while their excitation relationship between transactions is weak. This suggests the capability of quantifying the market state from the viewpoint of the exogenous and endogenous factors generating transactions for various stocks.

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Healthcare expenditure on pharmaceuticals, especially innovative oncology drugs, is escalating. Current knowledge on this topic is largely limited to studies conducted upon reimbursement of new drugs. We investigated how endogenous factors (e.g., changed reimbursement criteria, such as an expanded indication) and exogenous factors (e.g., competing drugs) affect the level and trends of innovative oncology drug utilization in the Taiwan National Health Insurance (NHI) system, both upon reimbursement and afterward. This retrospective longitudinal study analyzed monthly data (January 2009 to December 2014) from the NHI Research Database on the consumption (prescribing volume) of 15 innovative oncology drugs reimbursed by the NHI between 2007 and 2013. Effects of endogenous and exogenous factors on drug utilization were evaluated using interrupted time series analyses. In segmented regression analyses, changed drug prescribing volume after the indication expanded (endogenous factor) was statistically significant; however, drug volume did not change significantly after prescription restrictions changed. First‐competitors and non‐first‐competitors (exogenous factors) were significantly associated with drug prescription levels or utilization rates. Taking sorafenib as an example, the post‐reimbursement drug prescribing volume did not change significantly after its therapy line changed (endogenous factor), whereas the reimbursement of first‐competitors (exogenous factor) was significantly associated with a lower level or usage rate of sorafenib. Utilization of innovative oncology drugs in Taiwan changed dramatically after NHI reimbursement, driven largely by expanded indications and new competitors. Drug utilization evaluations should investigate both endogenous and exogenous factors.

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Understanding the relative importance of exogenous and endogenous factors in natural population dynamics has been a central question in ecology. However, until recently few studies used long-term data to assess factors driving small mammal abundance in Neotropical savannas. We used a 9-year data set, based on monthly captures, to understand the population dynamics of two scansorial small mammals inhabiting the Brazilian Cerrado: the semelparous gracile mouse opossum (Gracilinanus agilis), and the iteroparous long-tailed climbing mouse (Rhipidomys macrurus), the two most abundant species at Panga Ecological Station (Uberlândia/MG). We tested the impact of two fires that occurred in 2014 and 2017 on the abundance of both populations. Also, we used Royama’s framework to identify the role of the endogenous system (intraspecific competition) and exogenous factors (annual rainfall, days with minimum and maximum temperatures, annual minimum Normalized Difference Vegetation Index [NDVI], and Southern Oscillation Index) in population dynamics. Extensive and severe fires had a lasting, negative impact on the studied populations, probably by reducing the carrying capacity of the environment. Both populations were influenced by negative first-order feedback, indicating density-dependent effects. Moreover, the endogenous system and the annual minimum NDVI operated as vertical effects determining G. agilis dynamics, while the R. macrurus population was governed by the vertical effects of 1-year lagged rainfall. Our results support the contention that small mammal population fluctuations are driven by the interaction between endogenous (density-dependent) and exogenous factors, which in this study were mainly associated with habitat complexity. Despite ecological similarities shared by both species, their response and recovery time to disturbances and environmental variables varied, probably due to their contrasting life histories. Hence, we emphasize the need to consider species life histories to understand the responses of small mammals to extreme events and reinforce the importance of long-term studies that evaluate the combined effects of endogenous and exogenous variables on population dynamics.

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  • Supplementary Content
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  • 10.3390/vetsci11020086
Exploring Endogenous and Exogenous Factors for Successful Artificial Insemination in Sheep: A Global Overview
  • Feb 11, 2024
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  • Bouchra El Amiri + 1 more

Simple SummaryIn this overview of the literature, we explore the complex endogenous and exogenous factors influencing the success of ovine artificial insemination (AI). From genetic dynamics and age-related fertility variations to the complexities of cervical anatomy and semen quality, we explore the nuances impacting ovine AI. Additionally, we examine the ongoing debate between natural and hormonal synchronization, semen handling, and the profound effects of environmental stressors like heat and nutritional stress. Our findings suggest that a holistic approach, considering both endogenous and exogenous factors, is crucial for optimizing AI outcomes in sheep breeding programs. This overview of the literature serves as a valuable guide for researchers, veterinarians, and sheep breeders, offering practical insights to enhance the efficiency and success of ovine AI programs and contribute to improved reproductive outcomes and genetic progress.Artificial insemination (AI) plays a vital role in animal breeding programs. AI is applied to enhance animal genetics and facilitate the widespread integration of desirable characteristics with a high potential for productivity. However, in sheep, this biotechnology is not commonly practicable due to multi-factorial challenges, resulting in inconsistent outcomes and unpredictable results. Thoughtful selection of semen donors and recipients based on genetic merit deeply impacts ovine AI outcomes. Additionally, endogenous factors such as breed, age, fertility traits, genetic disorders, and cervical anatomy in ewes contribute to ovine AI success. Extensive research has studied exogenous influences on sexual behavior, reproductive health, and hormonal regulation, all impacting ovine AI success. These exogenous factors include techniques like estrus induction, synchronization, semen handling methods (fresh/chilled/frozen), and insemination methods (cervical/laparoscopic), as well as nutritional factors and climatic conditions. This overview of the literature highlights the endogenous and exogenous challenges facing successful ovine AI and proposes strategies and best practices for improvement. This paper will serve as a guide for understanding and optimizing the success of ovine AI.

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Exogenous and endogenous environmental factors can have simultaneous additive as well as interacting effects on life‐history traits. Ignoring such interactions can lead to a biased understanding of variability in demographic rates and consequently population dynamics. These interactions have been the focus of decades‐long debates on the mechanisms underlying small mammal population fluctuations. They have often been studied indirectly through seasonal effects, but studies considering them directly and more mechanistically are rare. We investigated the joint effects of exogenous (temperature, food availability) and endogenous (population density) factors on the demographic rates of a group‐living diurnal rodent, the African striped mouse Rhabdomys pumilio using nine‐year mark–recapture data from a population in the Succulent Karoo, South Africa. In general, higher temperatures and lower food availability were associated with higher survival, whereas high population densities were either beneficial or detrimental to survival depending on interacting food availability. High reproductive rates were related to lower temperatures, higher food availability and lower population density, and interactions among environmental factors mediated the strength of these relationships. Our study highlights the complex ways in which different environmental factors can interact to shape demographic rates and emphasizes the importance of explicitly including interactions among exogenous and endogenous factors into studies of population dynamics.

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Factors affecting social interaction on social network sites: the Facebook case
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Purpose The purpose of this paper is to focus on understanding the factors which affect the social interaction in the case of Facebook. Many authors point out the great potential of these networks for social interaction and as conduits of information. However, studies show that the topology of the network is disconnected, consisting of small sub-networks that make Facebook unsuitable for disseminating information. This situation has created the need to introduce exogenous factors, aimed at boosting and providing cohesion to the network structure. In this context, the authors test the following question: how exogenous and endogenous factors contribute to encouraging social interaction on Facebook. Design/methodology/approach For the analysis of social interaction on Facebook, a population consisting of all the followers of the walls of ten corporate social networks was used. From the total 269,424 users analyzed, a stratified sample of 132 followers was obtained and networks were built for each of them. The authors then proceeded to search for each follower’s friends and friends of friends to build the social network up to the fourth level, obtaining a total of 132 subnets with 1,628,074 links between them. To determine the impact of both exogenous and endogenous factors in the interaction of the network the authors performed a causal analysis. Findings The results obtained from this study provide empirical evidence on the adequacy of companies’ dynamization measures used and how exogenous and endogenous factors influence the social interaction on Facebook. Thus, the results show that exogenous factors, such as the activity of the community manager and the digital marketing investment in the network, do not have a significant effect on the interaction. On the other hand, endogenous factors, such as network density and clustering, have a positive effect on the trigger of social interaction between the followers. Therefore, companies must consider the importance of the structural factors that characterize network followers, such as density or clustering coefficient, to be able to interpret and optimize them to obtain higher levels of social interaction. Originality/value This is one of a few papers that examine interactions in social network sites (SNS), particularly in corporate network sites in Facebook. The results expose the importance for organizations to have reliable information on the patterns of interaction to properly manage the resources allocated for this purpose in SNS.

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Density dependence, climate and fires determine population fluctuations of the spur‐thighed tortoiseTestudo graeca
  • Aug 14, 2016
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Population fluctuations are driven by a combination of multiple factors, which can be classified into endogenous and exogenous. Endogenous factors are directly related to density‐dependent forces, whereas exogenous factors are environmental drivers (e.g. climate). Several studies have reported the effects of endogenous and exogenous factors using exponential population models in mammals, birds or insects, but few works have explored the effects on reptiles, specifically in tortoises. In this study, we developed logistic population growth models to decipher the role of these factors on the population dynamics of the spur‐thighed tortoiseTestudo graeca. The role of environmental drivers in the distribution, movement, survival, reproduction or individual growth has been described for this species in previous works, but no studies have examined the effects of both endogenous and exogenous factors in population growth rates. Using long‐term data ofT. graecain southeastern Iberian Peninsula (1999–2013), we fitted non‐linear logistic models with endogenous and exogenous effects. The results showed that endogenous processes are important drivers of the population dynamics of this species, and that exogenous factors, such as freezing hours in winter, also directly affect the population growth rate. Intolerance of extreme winter temperatures may especially affect hatchlings and juvenile tortoises. Our models also showed that perturbations (i.e. a fire occurred during the monitoring period) have a lasting impact by reducing the carrying capacity of the population. This study shows that simple quantitative approaches based on population dynamic theory are useful for deciphering the ecological mechanisms underlying dynamics of tortoise populations.

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  • 10.1111/j.1365-2699.2011.02562.x
Spatial autocorrelation patterns of stream invertebrates: exogenous and endogenous factors
  • Jul 21, 2011
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  • Núria Bonada + 2 more

Aim To investigate spatial autocorrelation of taxonomic stream invertebrate groups (richness and composition) at a large geographical scale and to analyse the importance of exogenous and endogenous factors.Location The Mediterranean Basin.Methods For exogenous factors, we used large‐scale factors related to climate, geology and river zonation; for endogenous factors, we used the dispersal mode of each taxonomic group. After describing and analysing spatial patterns of genus richness and genus composition of stream invertebrate groups in the Mediterranean Basin, we computed Moran’s I before and after accounting for the exogenous factors and related it to the endogenous factors.Results In relation to genus richness, most of the taxonomic groups did not show significant spatial autocorrelation, suggesting that no main large‐scale exogenous or endogenous factors were important and that local‐scale factors were probably controlling taxonomic richness. In contrast, for genus composition, all taxonomic groups except Odonata had significant spatial autocorrelation before accounting for the environment. After accounting for the environment, most taxonomic groups still had a significant spatial autocorrelation, but it decreased with their increasing dispersal ability (from Crustacea to Coleoptera). Thus, spatial taxonomic composition of groups with the strongest dispersal potential is mainly related to exogenous factors, whereas that of groups with weaker dispersal potential is related to a combination of exogenous and endogenous factors.Main conclusions Our results illustrate the importance of dispersal as an endogenous factor causing spatial autocorrelation and suggest that ignoring endogenous factors can lead to misunderstandings when explaining large‐scale community patterns.

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