The Effects of Mood and Overconfidence on Stock Returns : Evidence from Tehran Stock Exchange

Faizi, Zohra,Kwag, Seung Woog 한국국제경영관리학회 2021 국제경영리뷰 Vol.25 No.4

계절적 정서장애(SAD) 회복 기간과 주말 휴일 직전 거래일(보통 금요일)에 무드와 주식수익률 간의 긍정적인 상관관계는 무드효과 로 잘 알려져 있다. 전자는 4월효과, 후자는 주말효과라고 한다. 더불어 투자자의 자기과신은 투자수익률을 감소시키는 편향으로 주목 받아 왔다. 본 연구는 무드효과와 자기과신편향이 주식수익률에 미치는 직접적, 간접적 영향을 분석하였다. 주식수익률은 2015년 2월 부터 2021년 1월까지 테헤란증권거래소의 TEDPIX 동일 가중지수로부터 산출되었다. 낙관적 무드의 정량적 대리변수로 4월(SAD 회 복 기간)과 수요일(주말효과; 이란에선 수요일이 금요일 해당), 자기과신의 대리변수로 거래회전율이 사용되었다. 세 가지 가설을 다중 회귀분석으로 검증한 결과, SAD 회복으로 인해 낙관적 무드가 지배하는 4월의 평균 주식수익률이 다른 달들의 평균 수익률보다 월등 히 높았다. 또한, 거래회전율(자기과신)이 높을수록 주식수익률은 감소하는 경향이 나타났지만, 자기과신이 무드와 주식수익률 간의 관계를 매개하는 역할(자기과신의 매개효과)은 관찰되지 않았다. 오히려 4월에 자기과신과 주식수익률의 통계적 연관성이 유의한 양의 관계로 바뀌었다. 무드의 조절효과가 작용했다는 의미다. 통계적으로 유의한 주말효과는 관찰되지 않았다. 오히려 한 주를 시작하는 날(보통 월요일; 이란에서는 토요일)의 주식수익률이 다른 요일에 비해 월등히 높았다. 본 연구의 결과는 투자자가 비정상이익을 얻을 수 있는 투자 타이밍을 분별하도록 도울 뿐만 아니라 무드와 자기과신의 부정적 영향으로부터 자유로운 투자 포트폴리오 구성에 이바 지할 것으로 기대된다. Existing research has documented a positive correlation between mood and stock returns during the recovery period from seasonal affective disorder (SAD) and on the last working day before the weekend. These phenomena represent two different types of mood effect known as April effect and weekend effect, respectively. Prior studies have also reported that investor overconfidence negatively influences investment returns. This study aims to analyze the impact of these two major behavioral traits - mood and overconfidence - on stock returns simultaneously. Specifically, we investigate the mediating effect of overconfidence on the good mood-stock return relationship and the moderating effect of mood on the overconfidence-stock return relationship as well as the mood and overconfidence effects. To this end, we develop and test three hypotheses with the multiple regression analysis. Stock returns are computed by using daily index numbers of the TEDPIX equal-weighted index, the Tehran Stock Exchange’s main index from February 2015 to January 2021. April (recovery period from SAD) and Wednesday (weekend mood; Wednesday represents Friday in Iran) are employed as proxies for positive mood, while turnover rate manifests overconfidence. The results show that positive mood elevated during the offset period of SAD (April) has a positive correlation with stock returns. Overconfidence lowers stock returns but the mediating effect of overconfidence is not supported. The negative effect of overconfidence on stock returns, however, turns positive in April. These findings together confirm the expected effects of mood and overconfidence on stock returns and discover unexpected moderating effect of good mood on the overconfidence-stock return relationship. No weekend effect is detected in the Iranian market. Rather, an early-in-the-week effect is observed. The empirical evidence is expected to help investors to form portfolios, which are immune to the influences of mood and overconfidence bias, as well as provide them with an investment strategy to time the market and earn abnormal returns.

Effectiveness of Health Education toward Healthcare Knowledge Improvement about Congenital Hypothyroidism Newborn Screening

Muhammad Faizi,Nur Rochmah,Yuni Hisbiyah,RayiKurnia Perwitasari,WikaYuli Deakandi,Feelin Fatwa Titiharja 대한갑상선학회 2022 International Journal of Thyroidology Vol.15 No.2

Background: The most frequent congenital endocrine disorder in children is congenital hypothyroidism (CH). In Indonesia, CH’s prevalence is greater than the data currently available. However, CH newborn screening has only been carried out in a few locations across Indonesia. Therefore, there is a need to raise primary healthcare practitioners' understanding of the CH Screening Program. Materials and Methods: This study used a pre-posttest design to gauge the healthcare professionals' knowledge of newborn congenital hypothyroid screening. After intervention, a post-test was given. The categorical measures' descriptive statistical analysis results were presented as a mean, median, percentage (%), and frequency (n) distribution table. The improvement in healthcare professionals' understanding of newborn CH screening was evaluated using the Paired Samples test. The cutoff for statistical significance was p<0.05 using SPSS version 20.0. Results: In our study, most of the participants were midwives with a total of 21/53 (39.62%) followed by nurses with 19/53 (35.83%). There was also an increase in the score where previously in the pretest only 1 person got a score above 80, then it increased to half of the participants, namely 49.06% (26/53) who got better scores. months and 37/54 (68.5%). With the Paired Sample test, we prove that there is a significant increase in the participants' scores, and the data obtained is p<0.05, which means that there is an increase in the average data from the pretest to the post-test. Conclusion: There was an improvement in pre-posttest knowledge of healthcare who had been given education about CH newborn screening.

Local Quantum Uncertainty of SU(2) Invariant States

Esfandyar Faizi,Bahram Ahansaz 한국물리학회 2015 THE JOURNAL OF THE KOREAN PHYSICAL SOCIETY Vol.67 No.12

In this research, we investigated the quantum correlation in SU(2) invariant quantum spin systems by using the local quantum uncertainty (LQU). The SU(2) invariant quantum spin states are invariant under global rotations of the subsystems, and in real physical systems, such states arise from states of isotropic spin systems in thermal equilibrium. We derive an analytic expression for the LQU of (2j + 1) 2 and (2j + 1) 3 quantum spin systems with SU(2) symmetry.

Zinc transporter 8 autoantibody in the diagnosis of type 1 diabetes in children

Rochmah Nur,Faizi Muhammad,Windarti Siti Wahyu 대한소아청소년과학회 2020 Clinical and Experimental Pediatrics (CEP) Vol.63 No.10

Background: Type 1 diabetes (T1D) is an organ-specific autoimmune disease related to the autoimmune response against pancreatic β-cells. Zinc transporter 8 (ZnT8), an islet-specific gene product localized to the β-cell insulin granule, was recently identified as an autoantigen in T1D.Purpose: To evaluate the use of ZnT8 autoantibody (ZnT8A) for diagnosing T1D.Methods: This case-control study was conducted at Dr. Soetomo General Hospital, Surabaya, Indonesia, from March to May 2019. Children younger than 18 years of age with T1D based on the International Society for Pediatric and Adolescent Diabetes guideline and healthy controls were included. We measured ZnT8A level using enzyme-linked immunosorbent assay (cutoff value, 0.315).Results: There were 30 children with T1D (50.0% boys; mean age, 11.3±3.7 years) and 18 healthy controls (44.4% boys; mean age, 8.3±3.1 years); 1 patient in each group was Madurese, while the others were Javanese. Twenty-two of 30 subjects with T1D (73.3%) tested positive for ZnT8A compared to 5 of 18 controls (27.8%) (<i>P</i>=0.02; odds ratio, 7.15; 95% confidence interval, 1.93–26.52). When ZnT8A-positive and -negative T1D cases were compared, no differences were detected in age at diagnosis, duration of diabetes, presence of ketoacidosis, body mass index, glycosylated hemoglobin concentration, or C-peptide concentrations.Conclusion: ZnT8A may be useful in the diagnosis of T1D.

Sponge City Construction as a Precaution to Flood : Analysis of the China’s Initiative Project Based on Group Theory

Ying Hua Chen,Mohebullah Faizy,Aliji Ure Onuoha 위기관리 이론과 실천 2017 Journal of Safety and Crisis Management Vol.7 No.2

Group theory was used to analyze how the related interest groups struggle with each other in the sponge city construction boom in China. The Chinese central government, local city government, banks or financial companies, construction companies, and the publics were included in the analysis. In the recent two years after the start of the first batch of sponge city construction pilot project, the following problems occurred. There is lack of related technology standard and regulation. There exist the fragmentation problems in several aspects. And the difficulties on construction plan design due to the geographical diversity have to been faced up. It is hard to draw out the final conclusion since the sponge city project is still going on now. In the long term, the sponge city construction should be the right direction for city development. But more research and related scientific top-level design is needed.

Pediatric Quality of Life in Congenital Hypothyroidism: an Indonesian Study

Nur Rochmah,Muhammad Faizi,Carrina Dewanti,Ahmad Suryawan 대한갑상선학회 2020 International Journal of Thyroidology Vol.13 No.2

Background and Objectives: Thyroxine is important for brain development. Improper hypothyroid treatment maylead to cognitive and motor impairment, thereby affecting the quality of life. We analyzed the correlation betweenage at first treatment, length of treatment, initial levothyroxine (LT4) dose, and serum levels of free thyroxine(fT4) and thyroid stimulating hormone (TSH) and pediatric quality of life in patients with congenital hypothyroidism(CH). Materials and Methods: This research was a cross-sectional study of 41 children with CH who consumedLT4 for at least 3 months during March 2019-December 2019. The quality of life was assessed from parents’reports using the Pediatric Quality of Life Inventory (PedsQL) generic scale. Spearman correlation analysis wascarried out, and statistical significance was set at p<0.05. Results: A total of 17 of the 41 children were girls. The mean PedsQL scores in physical and psychosocial functioning were 78.12 (68.75-100) and 233.30(215-251.67), respectively. Age at first treatment was correlated with physical functioning (r=−0.501, p<0.05)and psychosocial functioning (r=−0.440, p<0.05). The initial LT4 dose was negatively correlated with physicalfunctioning (r=−0.568, p<0.05) and psychosocial functioning (r=−0.482, p<0.05). The length of treatmentshowed a positive correlation with physical functioning (r=0.776, p<0.05) and psychosocial functioning (r= −0.852, p<0.05). However, the serum fT4 and TSH levels were not correlated with quality of life in children withCH (p>0.05). Conclusion: Age at first treatment, initial dose of LT4, and length of treatment were correlatedwith quality of life in children with CH.

Using Textual Similarity and Sentiment Analysis in Discussions Forums to Enhance Learning

Taoufiq Zarra,Raddouane Chiheb,Rdouan Faizi,Abdellatif El Afia 보안공학연구지원센터(IJSEIA) 2016 International Journal of Software Engineering and Vol.10 No.1

Web 2.0 technologies have changed the learning process and have affected the unidirectional relationship obtaining between the teacher and the student. Web 2.0 has given rise to new bidirectional learning strategies in which the learner is both an actor and active member in the learning process. Given the wide use of these technologies as educational tools, our objective in this article is to analyze learners’ comments in discussion forums, which are popular platforms amongst students. For this purpose, we use the Latent Semantic Analysis (LSA), a statistical model that can allow us to establish the relationship between the set of messages published by learners and course content that students need to master. We also use sentiment analysis techniques to identify the students’ opinions about educational issues that are problematic. The implementation of both methods has revealed that the data available in educational discussion boards can improve the quality of learning and teaching.

An Immunohistochemical and Polarizing Microscopic Study of the Tumor Microenvironment in Varying Grades of Oral Squamous Cell Carcinoma

Aeman Khalid,Safia Siddiqui,Bharadwaj Bordoloi,Nafis Faizi,Fahad Samadi,Noora Saeed 대한병리학회 2018 Journal of Pathology and Translational Medicine Vol.52 No.5

Background: Invasion of epithelial cells into the connective tissue brings about massive morphological and architectural changes in the underlying stroma. Myofibroblasts reorganize the stroma to facilitate the movement of tumor cells leading to metastasis. The aim of this study was to determine the number and pattern of distribution of myofibroblasts and the qualitative and quantitative change that they cause in the collagen present in the stroma in various grades of oral squamous cell carcinoma (OSCC). Methods: The study was divided into two groups with group I (test group, 65 cases) consisting of 29 cases of well-differentiated squamous cell carcinoma, 25 moderately differentiated SCC, and 11 poorly differentiated SCC, and group II (control group) consisting of 11 cases of normal mucosa. Sections from each sample were stained with anti–α-smooth muscle actin (α-SMA) antibodies, hematoxylin and eosin, and Picrosirius red. Several additional sections from each grade of OSCC were stained with Masson’s trichrome to observe the changes in collagen. For the statistical analysis, Fisher’s exact test, Tukey’s post hoc honest significant difference test, ANOVA, and the chi-square test were used, and p < .05 was considered statistically significant. Results: As the tumor stage progressed, an increase in the intensity α-SMA expression was seen, and the network pattern dominated in more dedifferentiated carcinomas. The collagen fibers became thin, loosely packed, and haphazardly aligned with progressing cancer. Additionally, the mean area fraction decreased, and the fibers attained a greenish yellow hue and a weak birefringence when observed using polarizing light microscopy. Conclusions: Myofibroblasts bring about numerous changes in collagen. As cancer progresses, there isincrease in pathological collagen,which enhances the movement of cells within the stroma.

Extensive Extranodal Involvement of Rare Sites in Non Hodgkin’s Lymphoma Detected on 18F- FDG PET-CT: A Case Report

Varun Singh Dhull,Punit Sharma,Suhas Singla,Nauroze Asghar Faizi,Sanjay Thulkar,Chandersekhar Bal,Rakesh Kumar 대한핵의학회 2013 핵의학 분자영상 Vol.47 No.2

We present a case of a 23 year-old male treated for Hodgkin’s lymphoma who developed diffuse large Bcell lymphoma (DLBCL) 8 years after achieving remission. 18F-fluorodeoxyglucose positron emission tomography computed tomography (18F-FDG PET-CT) was done, which revealed extensive extranodal involvement of bilateral atria,bilateral kidneys, ileo-caecal junction and left testis along with mesenteric and retroperitoneal lymph nodal involvement. Renal and cardiac lesions were not detected by contrast-enhanced CT. Simultaneous lymphomatous involvement of rare sites such as heart, kidneys and testis in a single patient has not been reported before.

Beneficial effects of Teucrium polium hydroalcoholic extract on letrozole-induced polycystic ovary syndrome in rat model

Zeynab Khosrowpour,Shirin Fahimi,Fateme Jafari,Mojgan Tansaz,Shamim Sahranavard,Mehrdad Faizi 대한산부인과학회 2023 Obstetrics & Gynecology Science Vol.66 No.2

ObjectivePolycystic ovary syndrome (PCOS) is an endocrine disorder that disrupts the menstrual cycle and causes infertility. Considering the increasing use of medicinal plants, the present study aimed to evaluate the effects of Teucrium polium L. on letrozole-induced PCOS in female rats. MethodsSix groups of rats (n=7 each) were evaluated. The control group received 1% carboxy methyl cellulose as vehicle, while the five other groups received letrozole 1 mg/kg orally for 21 days. After PCOS induction, the rats were orally administered T. polium extract (50, 100, and 200 mg/kg) or metformin (200 mg/kg) for 28 days. Subsequently, body and ovarian weights and serum levels of follicle stimulating hormone, luteinizing hormone (LH), estradiol, progesterone, and testosterone were measured. Finally, the ovarian tissues were isolated for histological examination. ResultsThere were no significant changes in weekly body weight in any group. After 21 days of letrozole administration, PCOS induction was confirmed by estrous cycle irregularities and increased LH and testosterone levels. After treatment with the hydroalcoholic extract of T. polium, testosterone and LH levels were significantly reduced in all groups (P<0.05). Histological studies of ovaries in the metformin and T. polium groups exhibited normal follicular development with fewer and smaller cystic follicles than those in the PCOS group. ConclusionThe hydroalcoholic extract of T. polium improves serum levels of sex hormones, restores ovarian morphology in PCOS-induced rats, and is a good candidate for further clinical trials.