Small Stocks Research Articles

Spatio-temporal human snow leopard (Panthera uncia) conflicts and mitigation measures in Baltistan - free-livestock grazing pastoral areas

Apex predators are essential for maintaining ecosystem balance by controlling biotic communities. The spatio-temporal grazing of livestock in pastoral areas can pose threats to endangered carnivores and their prey resulting in resource competition, conflicts and increased disease transmission. Our research aimed to assess the spatio-temporal distribution of snow leopards and livestock determine factors causing snow leopard-livestock conflicts identify seasonal conflict zones through public claims and interviews and evaluate conservation benefits and challenges. In this study, camera traps were used in 20 villages of Baltistan from November to April resulting in 720 snow leopard sightings and 8277 livestock events. Snow leopards preyed on 195 livestock in the 2022–2023 period resulting in an estimated loss of $225,004.51 USD including sheeps, goats, cows and yaks.We utilized the Generalized Linear Regression Model to examine snow leopard attacks finding that the timing of attacks was not significant. Proximity to predator-proofed corrals, traditional corrals, bite marks and distance to the nearest village or shepherd huts were positively correlated with attacks, while small stock body size was not significant. Through 110 public interviews we discovered that awareness campaigns and avoidance strategies successfully mitigated human-snow leopard conflicts. In conclusion, our results found that livestock attacks occur in pastures during both day and night with the size and sex of the livestock affecting the likelihood of attacks. Snow leopard attacks were linked to increased grazing and poorly constructed corrals. Snow leopards targeted vulnerable areas of their prey including the neck, mouth, ears and anal region. Compensation claims and field visits were used to identify conflict areas and public perception. In the future research should prioritize the use of camera traps to study prey and snow leopard density, grazing effects, food habits using genetic tools and sex determination.

The Size Effect Anomaly in the Indian Stock Market

The size effect in stock market implies that small firm stocks generate higher risk-adjusted returns from that of large firm stocks. We did not find a size effect in the Indian stock market for the period of October 2005 to September 2023. We also examined the prevalence of size effect separately by calendar months. Small firm stocks generated significantly higher returns from than of large firms in April and December. Alternately, we did not find a size effect during January, November-December and March to May. We conclude only April and December months’ exhibit a size effect in the Indian stock market.

On the Robustness of Idiosyncratic Volatility Effect

The idiosyncratic volatility (IVol) effect is robust to restricting the sample to New York Stock Exchange (NYSE) firms (once the proper listing indicator is used) and to excluding from the sample small, illiquid, and low-price stocks. The idiosyncratic volatility effect is also unlikely to stem from the short-run reversal, as the IVol effect stays significant for about six months and seems stronger for high turnover firms, which do not exhibit short-term reversal. The IVol effect also does not seem to weaken postpublication. This paper was accepted by Lukas Schmid, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.04140 .

The Spatial and Temporal Evolution of the Sadisdorf Li-Sn-(W-Cu) Magmatic-Hydrothermal Greisen and Vein System, Eastern Erzgebirge, Germany

Abstract The Sadisdorf Li-Sn-(W-Cu) prospect in eastern Germany is characterized by vein- and greisen-style mineralization hosted in and around a small granite stock that intruded into a shallow crustal environment. The nature and origin of this mineral system are evaluated in this contribution by a combination of petrography and fluid inclusion studies, complemented by Raman spectroscopy and whole-rock geochemical analyses. The early magmatic-hydrothermal evolution is characterized by a single-phase low-salinity (7.0 ± 4 wt % NaCl equiv), high-temperature (>340°C), CO2-CH4–bearing aqueous fluid, which caused greisen alteration and mineralization within the apical portions of the microgranite porphyry. The bimodal distribution of brine and vapor fluid inclusions, and the formation of a magmatic-hydrothermal breccia associated with the proximal vein mineralization are interpreted to mark the transition from lithostatic to hydrostatic pressure. The vein- and stockwork-style mineralization (main stage) displays lateral zonation, with quartz-cassiterite-wolframite-molybdenite mineral assemblages grading outward into base-metal sulfide-dominated assemblages with increasing distance from the intrusion. Late fluorite-bearing veinlets represent the waning stage in the evolution of the mineral system. The similarity in the homogenization temperature (250°–418°C) of fluid inclusions in quartz, cassiterite, and sphalerite across the Sadisdorf deposit suggests that cooling was not a significant factor in the mineral zonation. Instead, fluid-rock interaction along the fluid path is considered to have controlled this zonation. In contrast to quartz-, cassiterite- and sphalerite-hosted fluid inclusions, which have a salinity of 0.0 to 10.0 wt % NaCl equiv, the fluid inclusions in late fluorite veins that overprint all previous assemblages have a salinity of 0.0 to 3.0 wt % NaCl equiv and homogenize at temperatures of 120° to 270°C, thus indicating cooling with or without admixture of meteoric fluids during the waning stage of the mineral system. The Sadisdorf deposit shares similar characteristics with other deposits in the Erzgebirge region, including a shallow level of emplacement, similar mineralization/alteration styles, and a hydrothermal evolution that includes early-boiling, fluid-rock interaction, and late cooling. In contrast to most systems in the region, both proximal and distal mineralization are well preserved at Sadisdorf. The recognition of such spatial zoning may be a useful criterion for targeting greisen-related Li and Sn resources.

One size does not fit all: Differential predation on livestock species by leopards (Panthera pardus) in a multiuse landscape in the gangetic plains, India

There are underlying patterns involved in predation, particularly for an adaptable species like leopard. One of them is size of the prey. The selection of a prey by a carnivore is typically determined by the trade-off between energy spent and gained. Here size becomes even more consequential when conflict is involved, but most studies typically map all species as a single entity at a single spatial scale. This study aimed at understanding the multiscale nature of the conflict based on the size livestock attacked by leopards (large stock − cattle and small stock − goat and sheep). The methodology encompassed targeted sampling which included the collection of the GPS locations of the attack sites. Spatial layers of 14 environmental variables that represented three spatial scales i.e. proximate (cache-distance), local (daily-movement), and landscape (home-range) scale were then created through remotely sensed data. After that Generalized additive models were utilized for analysis, with ΔAIC used for model selection and evaluation was performed via AUC and TSS statistic. Our results indicate a spatial distinction in predation strategies. In the final model the statistically significant variables for large stock included a higher proportion of cover, and a lower proportion of settlements at the home-range scale, very low human population density at daily-movement scale, and NDVI representing moderately dense vegetation and terrain ruggedness index representing flat terrain at cache-distance scale. Similarly, for small stock the variables included a higher proportion of agricultural land and NDVI values representing open terrain. The effective degrees of freedom was higher than 2 for most of the variables, indicating non-linear relationships. We inferred that the leopards’ targeted large stock in more secluded dry deciduous forests farther from human settlements, where they may be found grazing alone. In contrast, smaller stock, being easier to catch, are killed more frequently in rugged terrain across a wider scrub landscape with scantier cover. Consequently, this selective selection based on size might have its basis in the perceived risk of being chased off by people and the reward in terms of the size of the acquired meal.

Investigating the Effects of the COVID-19 Pandemic on Stock Volatility in Sub-Saharan Africa: Analysis Using Explainable Artificial Intelligence

This study examines the impact of the COVID-19 pandemic on sector volatility in sub-Saharan Africa by drawing evidence from two large and two small stock exchanges in the region. The analysis included stock-specific data, COVID-19 metrics, and macroeconomic indicators from January 2019 to July 2022. This study employs generalized autoregressive conditional heteroskedasticity (GARCH) models to estimate volatility and Explainable Artificial Intelligence (XAI) in the form of SHapley Additive exPlanations (SHAP) to identify significant factors driving stock volatility during the pandemic. The findings reveal significant volatility increases at the onset of the pandemic, with government stringency measures leading to increased volatility in larger exchanges, while the introduction of vaccination programs helped to reduce volatility. Weaker macroeconomic fundamentals impact volatility in smaller exchanges. The healthcare sector has emerged as the most resilient, while non-essential sectors, such as consumer discretionary, materials, and real estate, face greater vulnerability, especially in smaller exchanges. The research findings reveal that the heightened stock market volatility observed was mainly a result of the government’s actions to combat the spread of the pandemic, rather than its outbreak. We recommend that governments introduce sound policies to balance public health measures and economic stability, and that investors diversify their investments to reduce the impact of pandemics.

January Effect And Size Effect Market Anomalies On Banking Companies In Indonesia Stock Exchange

In the capital market, each stock price must reflect all available and relevant information or commonly known as the efficient market. In an efficient market, market anomalies should not occur to affect abnormal returns. This study aims to test whether the Indonesia Stock Exchange has January effect and Size Effect anomalies that can affect the capital market to be inefficient. The population of this study were all banking stocks listed on the IDX in the 2018–2022 periods. From this population, incomplete historical data samples will be excluded from the calculation. Therefore, the sample that meets the criteria is 38 banks. The research is divided into two parts: the first to examine the January effect and the second to exam- ine the Size Effect. In the first study, researchers tested whether there was a significant difference between abnormal returns in January and other months. Statistical tests use the Wilcoxon Signed Rank Test. In the second study, researchers tested whether there was a significant difference between the Average Cumulative Abnormal Return (ACAR) of large market capi- talization stocks and the Average Cumulative Abnormal Return (ACAR) of medium and small market capitalization stocks. Statistical tests use the Paired Samples T-test. The conclusion of this study is that there is no effect of the January effect for the 2018–2022 period except for 2021 period and no effect of the Size Effect anomalies on banking stocks listed on the IDX for the 2018–2022 period.

Timing sentiment with style: Evidence from mutual funds

This study analyzes four distinct types of mutual fund sentiment timing skills using a multifactor framework. Our results indicate a diminished significance of market sentiment timing, in contrast to the results of prior studies. Additionally, we reveal that size and value sentiment timing can substantially enhance fund performance. Managers strategically reduce their exposure to small stocks using size sentiment timing and increase exposure to value stocks through value sentiment timing during high sentiment periods. We find no evidence that mutual fund managers engage in momentum sentiment timing.

Inventory-based Business Strategy using FP-Growth at PT. Pinus Merah Abadi, Kendal Regency

This study aims to analyze inventory optimization using the Frequent Pattern Growth (FP Growth) algorithm, in relation to business strategy and/or accounting information systems, which a knowledge gap in previous research is as described above is the lack of knowledge about the application of the FP Growth algorithm in inventory optimization. This study was based on one year of sales and inventory data from a snack and beverage company, as a case study employing private data. A total of 3,370 transaction data samples were processed using RapidMiner data mining with FP growth algorithm. The results of both methods showed that the inventory level must be sufficient and produced two categories, namely large stock and small stock. The findings of this study indicated that the company has closely optimized its inventory since there were some products that were not involved in the association rules of sales.

Catch-rate triggers as a fisheries management tool for short lived species: Can they achieve MEY?

Fisheries based on short lived species are notoriously difficult to manage using traditional effort or catch quota controls. Such fisheries are often characterised by high fecundity, requiring only a small spawning stock to potentially produce a large biomass the following year. This stock, or at least its availability, is driven by unpredictable environmental conditions to a large extent, with the available biomass depleted over the fishing season though both natural and fishing mortality. In most instances, management of these fisheries has focused on ensuring sufficient escapement at the end of the season to allow sufficient recruitment the following year. Catch-rate triggers are one such management tool to determine when fishing should cease. In this study, the use of such triggers in the banana prawn sub-fishery of the Australian Northern Prawn Fishery are assessed. The fishery has an explicit objective of achieving maximum economic yield, and the triggers are set on an economic basis during the season based on price and cost information provided by the industry. The in-season estimates provided by industry were highly correlated with information derived retrospectively through an economic survey, with the industry-provided estimates generally resulting in a more conservative (i.e., higher) break-even catch-rate level. It is the profit maximising behaviour of the fishers, however, that results in the greatest benefits, with most boats leaving the fishery before the trigger catch-rate is reached. The catch-rate trigger operates more as a “safety-net” for the fishery, and possibly a nudge encouraging vessels to maximise their profits given their individual cost structures.

Reactions of Large, Mid, and Small Stocks to Macroeconomic and Non-Macroeconomic Factors : Similar or Different?

Reactions of Large, Mid, and Small Stocks to Macroeconomic and Non-Macroeconomic Factors : Similar or Different?

The adaptive markets hypothesis: Insights into small stock market efficiency

ABSTRACT In this paper, we explore whether the adaptive markets hypothesis (AMH) describes the efficiency of the Finnish stock market better than the efficient markets hypothesis (EMH) does. Building on this, we also test how small market size and market liberalization impact the efficiency of the Finnish stock market and examine the relationship between market volatility and return in this market. We conduct this study by applying the subsample analysis and the rolling window analysis to the daily returns of the OMXH25 index and by measuring the efficiency through three linear and two nonlinear predictability tests. The results of our study strongly support the AMH. They also suggest that small market size alone does not make a market less efficient; opening a market to foreign investors improves its efficiency after a delay; and the correlation between market volatility and return varies over time in the Finnish stock market, being usually negative. These findings mostly contradict the traditional investment paradigm.

The effect of COVID-19 and CEO tenure on environmental and social disclosure scores

Research aims: The study aims to understand the effect of COVID-19 and the tenure of Chief Executive Officers (CEOs) on environmental and social disclosure scores.Design/Methodology/Approach: The research sample included listed Indonesian firms, excluding those in the financial sector, for 2015-2021. The samples were analyzed by cross-sectional data regression and controlled by corporate governance mechanisms proxied by the number of women and independent Boards of Commissioners, leverage, size, profitability, and growth opportunity proxied by price-to-book-value ratio and capital-expenditure-to-depreciation ratio.Research Findings: The COVID-19 pandemic has positively affected environmental and social disclosure scores. While CEO tenure negatively affected social disclosure scores, its effect on environmental disclosure scores was statistically insignificant.Theoretical Contribution/Originality: The study provides empirical evidence on the progression of change in environmental and social disclosure scores triggered by COVID-19.Practitioner/Policy Implications: CEOs need to be persuaded and incentivized to increase their firms’ commitment to enhancing social performance and disclosure scores after COVID-19.Research Limitation/Implications: The effect of the COVID-19 pandemic and CEO tenure on environmental and social disclosure scores from firms with high stock market capitalization were analyzed. The data did not yet consider the medium and small stock market capitalization firms.

Can the Sell in May effect be enhanced by a size tilt?

PurposeThe authors evaluate the Sell in May effect in the Canadian context to comprehensively explore the Sell in May effect as well as its interactions with the size effect and risk and with multiple indices.Design/methodology/approachThe authors use ordinary least squares (OLS) regressions to examine the Sell in May effect and Huber M-estimation to handle potential outliers. They also use the generalized autoregressive conditional heteroskedasticity (GARCH) models to explore the role of risk in the Sell in May effect.FindingsThe results demonstrate that the Sell in May effect is present in all three main Canadian stock market indices. More telling, the anomaly is strongest in small cap indices and in indices that give equal weighting to small and large cap stocks. They do not find that the effect is driven by risk.Originality/valueWhile several papers have explored the Sell in May phenomenon in several countries, little scholarly attention has been paid to this effect in Canada and to its interaction with the size effect. The authors contribute to the literature by examining of the interactions between Sell in May and the size effect in Canada. They examine the Sell in May effect using CFMRC value-weighted and equally weighted indices of all Canadian companies. They also incorporate in their analysis the role of risk.

Impact of nematode infestation in livestock production and the role of natural feed additives – A review

Abstract Efforts to mitigate production losses in small stock due to nematode infestation have birthed the emergence of several control methods as alternatives to chemical-based anthelmintics or to complement them. This results from the recent development of multiple resistance by many parasitic nematodes to anthelmintic drugs. Many of these complementary alternatives, such as breeding resistance, grazing land management, use of predators, and vaccines, have shown the potential to alleviate this menace. Still, some are expensive or require a lot of technicalities. Controlling nematode infestation using natural feed additives has demonstrated effectiveness on the disease under natural conditions. Natural feed additives are environmentally friendly and often do not have health implications for animals and humans. They are readily available, especially to poor-resource farmers; some could be relatively cheap. Therefore, this article reviews the use of naturally available alternative anthelmintics such as plant extracts, clay, microbes, herbs, spices, and organic acids in mitigating the impacts of nematode infestations in small ruminant production.

Picking a thorny rose: Optimal trading with spread‐based return predictability

AbstractSmall stocks' time‐varying spreads predict future return gap between small and large stocks. To optimally exploit such predictability, the investor captures current risk premium by purchasing at large spreads with substantially reduced turnover; uses an aim‐in‐front‐of‐the‐target approach to trade‐off between future risk premium and current transaction costs; and meets hedging demand at low costs. Strong interaction between transaction costs and return predictability leads to large losses from myopic trading. Greater variability of the spread is advantageous for investors who trade optimally but detrimental for investors who trade myopically. The spread‐based return predictability significantly increases the investment value of small stocks.

Molecular detection of Shiga toxin and extended-spectrum beta-lactamase (ESBL)-producing Escherichia coli isolates from sheep and goats.

The Shiga toxin (Stx)-producing Escherichia coli (STEC) have become important global public health concerns. This study investigated the prevalence, antimicrobial resistance profile, and extended-spectrum beta-lactamase-producing E. coli in sheep and goat faeces. A total of 53 E. coli isolates were confirmed by PCR targeting the uidA [β-D glucuronidase] gene. The Shiga toxin genes stx1 and stx2, as well as bfpA, vir, eaeA, lt and aafII virulence genes, were detected in this study. Of the 53 isolates confirmed to be STEC, 100% were positive for stx2 and 47.2% for stx1. Three isolates possessed a combination of stx1 + stx2 + eaeA, while four isolates harboured stx1 + stx2 + vir virulence genes. The isolates displayed phenotypic antimicrobial resistance against erythromycin (66.04%), colistin sulphate (43.4%), chloramphenicol (9.4%) and ciprofloxacin (1.9%). A total of 28.8% of the strains were phenotypically considered ESBL producers and contained the beta-lactamase blaCTX-M-9 and blaCTX-M-25 gene groups. A larger proportion of the E. coli strains (86.8%) contained the antibiotic sulphonamide resistant (sulII) gene, while 62.3%, 62.3%, 52.8%, 43.4%, 41.5%, 20.8%, 18.9%, 11.3%, 11.3%, 9.4%, 9.4% and 5.7% possessed mcr-4, floR, mcr-1, tet(A), sulI, tet(O), tet(W), parC, mcr-2, ampC 5, qnrS and ermB genes, respectively. Thirteen isolates of the ESBL-producing E. coli were considered multi-drug resistant (MDR). One Shiga toxin (stx2) and two beta-lactamase genes (blaCTX-M-9 and blaCTX-M-25 groups) were present in 16 isolates. In conclusion, the E. coli isolates from the small stock in this study contained a large array of high antibiotic resistance and virulence profiles. Our findings highlight the importance of sheep and goats as sources of virulence genes and MDR E. coli. From a public health and veterinary medicine perspective, the characterization of ESBL producers originating from small livestock (sheep and goats) is crucial due to their close contact with humans.

Predicting returns using moving averages: the role of investor inattention

PurposeInvestors are inattentive to continuous information as opposed to discrete information, resulting in underreaction to continuous information. This paper aims to examine if the well-documented return predictability of the strategies based on the ratio of short-term to long-term moving averages can be enhanced by conditioning on information discreteness. Anchoring bias has been the popular explanation for the source of underreaction in the context of moving averages-based strategies. This paper proposes and studies another possible source based on investor inattention that can potentially result in superior performance of these strategies.Design/methodology/approachThe paper uses portfolio sorting as well as Fama-MacBeth cross-sectional regressions. For examining the role of information discreteness in the return predictability of the moving average ratio, the sample stocks are double-sorted based on the moving average ratio and information discreteness measure. The returns to these portfolios are computed using standard approaches in the literature. The regression approach controls for various well-known return predictors.FindingsThis study finds that the equally-weighted monthly returns to the long-short moving average ratio quintile portfolios increase monotonically from 0.54% for the discrete information portfolio to 1.37% for the continuous information portfolio over the 3-month holding period. This study observes a similar pattern in risk-adjusted returns, value-weighted portfolios, non-January returns, large and small stocks, for alternative holding periods and the ratio of 50-day to 200-day moving average. The results are robust to control for well-known return predictors in cross-sectional regressions.Research limitations/implicationsTo the best of the authors’ knowledge, this is the first paper to document the significant role of investor inattention to continuous information in the return predictability of strategies based on the moving average ratios. There are many underreaction anomalies that have been reported in the literature, and the paper's results can be extended to those anomalies in subsequent research.Practical implicationsThe findings of this paper have important practical implications. Strategies based on moving averages are an extremely popular component of a technical analyst's toolkit. Their profitability has been well-documented in the prior literature that attributes the performance to investors' anchoring bias. This paper offers a readily implementable approach to enhancing the performance of these strategies by conditioning on a straightforward measure of information discreteness. In doing so, this study extends the literature on the role of investor inattention to continuous information in anomaly profits.Originality/valueWhile there is considerable literature on technical analysis, and especially on the performance of moving averages-based strategies, the novelty of this paper is the analysis of the role of information discreteness in strategy performance. Not only does the paper document robust evidence, but the findings suggest that the investor’s inattention to continuous information is a more dominant source of underreaction compared to anchoring. This is an important result, given that anchoring has so far been considered the source of return predictability in the literature.

Predicting a Small Cap Company Stock Price using Python with Best Accuracy Rate: How the Data Science Working for Predictions and Accuracy Rate

Predicting a Small Cap Company Stock Price using Python with Best Accuracy Rate: How the Data Science Working for Predictions and Accuracy Rate

Petrology and geochemical modeling (Ba-W-Sn) of the Peña do Seo granitoids (West Asturian-Leonese Zone, León, Spain)

The Cadafresnas granites and granitoid breccias (Peña do Seo, W of León) are small post-tectonic stocks of Variscan age related to W-Sn mineralizations. According to their mineralogical geochemical characteristics, they are classified as granites-syenogranites, granodiorites and granitoids rich in quartz, of peraluminous/metaluminous composition. The Rb-Ba-Sr relationships allow assigning a metapelitic source for the granites and a metagreywacke source for the granitoid breccias. Using geochemical modeling (partial melting), the contribution of these sources to explain the Ba, W and Sn contents of the granites and granite breccias is investigated. The results indicate that the partial melting of these lithologies explains part of the content of these elements in the studied rocks, requiring additional processes of fractional crystallization and/or hydrothermal injections.