DOCSLIB.ORG

Proquest Dissertations

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Proquest Dissertations INFORMATION TO USERS This manuscript has been reproduced from the microfilm master. UMI films the text directly from the original or copy sutxnitted. Thus, some thesis and dissertation copies are in typewriter face, while others may be from any type of computer printer. The quality of this reproduction is dependent upon the quality of the copy submitted. Broken or indisünct print, colored or poor quality illustrations and photographs, print bleedthrough, substandard margins, and improper alignment can adversely affect reproduction. In the unlikely event that the author did not send UMI a complete manuscript and there are missing pages, these will be noted. Also, if unauthorized copyright material had to be removed, a note will indicate the deletion. Oversize materials (e.g., maps, drawings, charts) are reproduced by sectioning the original, beginning at the upper left-hand comer and continuing from left to right in equal sections with small overlaps. Photographs included in the original manuscript have been reproduced xerographically in this copy. Higher quality 6” x 9” black and white photographic prints are available for any photographs or illustrations appearing in this copy for an additional charge. Contact UMI directly to order. Bell & Howell Information and Leaming 300 North Zeeb Road. Ann Arbor, Ml 48106-1346 USA 800-521-0600 UMÏ METAPHORS OF EXCHANGE AND THE SHANGHAI STOCK MARKET DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in the Graduate School o f The Ohio State University By Susan Diane Menke, M A ***** The Ohio State University 2000 Dissertation committee: Approved by: Dr. Chung-Min Chen, Advisor Dr. Richard Moore /Advisor Dr. Amy Zaharlick Department of Anthropology UMI Number 9971606 Copyright 2000 by Menke, Susan Diane Ail rights reserved. UMI UMI Microform9971606 Copyright 2000 by Bell & Howell Information and Leaming Company. All rights reserved. This microform edition is protected against unauthorized copying under Title 17, United States Code. Bell & Howell Information and Leaming Company 300 North Zeeb Road P.O. Box 1346 Ann Arbor, Ml 48106-1346 Copyright by Susan Diane Menke 2000 ABSTRACT This thesis looks at the metaphorical usage expressed in the informal discourse o f investors in the Shanghai Stock Market. By investigating this creative language usage, it is shown that there are elements of traditional Chinese worldview which are reflected in the values and priorities implicit in economic activity in this context. It is also shown that meaning creation is dynamic, in the exhibition of newly created discourse forms. The analysis is based on the assumption that an examination of the underlying meaning of economic rhetoric will disclose elements of “root metaphors” which provide a “window” on cultural meaning. Primary categorizations in this analysis include metaphorical references to the cooking process, to natural and supernatural entities, and to the strategies of war and games. An interactive approach is then utilized to provide a dialectical translation into more basic, or secondary conceptualizations which reveal the morality of economic exchange. This includes the embeddedness of Chinese money morality, as well as the importance o f kinship structures and whole/part reasoning. While a few examples indicate socio-cultural transformation in the “borrowing” or creation of verbal references to Stock Market activity, the persistence of most of these verbally expressed conceptual forms makes a strong case for historical and cultural continuity in the development of Chinese modernity. Dedicated to my mother Mary McCoy Menke Neff 111 ACKNOWLEDGMENTS I wish to express my appreciation to my advisor. Dr. Chung-Min Chen for his support and insights during this process, and for his patience in correcting my mis­ perceptions about Chinese culture, as well as mis-translations of the Chinese language. 1 thank the members of my committee. Dr. Richard Moore, who as my initial advisor in the Ph.D. program gave me a great deal of assistance and encouragement, and Dr. Amy Zaharlick who has always been a joy to work with. Thanks also to my friends Wu Jing and Wang Wei, who not only gave me fiiendly advice, but have also been indispensable in helping me translate these sometimes difficult concepts. And my advisor in Shanghai, Professor Gan Xingdi, who gave me invaluable information for my research, as well as the staff at the Shanghai Academy of Social Sciences. I also wish to thank Dr. John Current and Dr. Mohamed El Naggar for their encouragement and support. This research was supported by a Foreign Language Areas Studies Fellowship, sponsored by the U.S. Department of Education and the East Asian Studies Center at the Ohio State University. IV VITA October 4, 1957 ...................................Bom, Columbus, Ohio 1989 ...................................................... M.A. Business, The Ohio State University 1996 ...................................................... M A Anthropology, The Ohio State University 1999-2000 ............................................ Graduate Research Associate, Department of Management Sciences, The Ohio State University. FIELDS OF STUDY Major Field: Anthropology TABLE OF CONTENTS Page Abstract..................................................................................................................................ii Dedication ............................................................................................................................. iii Acknowledgements ...............................................................................................................iv Vita......................................................................................................................................... V List of Tables ...................................................................................................................... viii List of Figures .......................................................................................................................ix Chapters: 1. Introduction and literature review ......................................................................................1 1.1 Metaphor theory ...................................................................................................5 1.2 Philosophical basis of metaphor theory ............................................................12 1.3 Metaphor, meaning and selfhood ...................................................................... 18 1.4 Methodology and summary ................................................................................25 2. The Stock Market in Shanghai .........................................................................................30 2.1 History of the Shanghai Securities Market ...................................................... 31 2.2 The new Shanghai Stock Market ......................................................................34 2.3 Current context ...................................................................................................46 2.4 The investors: xiaohu, zhonghu and dahu ....................................................... 53 3. Gupiaohua; The informal discourse o f Shanghai stock investors ................................. 72 3 .1 Investing is cooking ........................................................................................... 75 3.2 Investing is natural or supernatural .................................................................. 85 3.3 Investing is war ...................................................................................................92 3 .4 Investing is a game ............................................................................................. 97 3 .5 Miscellaneous metaphors ...................................................................................101 3.6 Conclusion ..........................................................................................................110 VI 4. Metaphor and worldview .................................................................................................116 4.1 Metaphors and Chinese worldview .................................................................117 4.1.1 Cooking and kinship .........................................................................118 4.1.2 Investing as part of the natural order .............................................. 126 4.1.3 War and games ..................................................................................130 4.1.4 Conclusion ..........................................................................................132 4.2 Metaphors of money and the Market ..............................................................134 4.3 Risk and outcome .............................................................................................. 138 4.4 Fate and face ...................................................................................................... 146 5. Conclusion ........................................................................................................................ 154 Bibliography .......................................................................................................................... 164 Appendix A - List of Mandarin Chinese examples ........................................................... 183 vu LIST OF TABLES Table 2.1 SSE Composite Index (SSEI) .................................................................................41
Load more

Recommended publications
  • A Test of Macd Trading Strategy
    A TEST OF MACD TRADING STRATEGY Bill Huang Master of Business Administration, University of Leicester, 2005 Yong Soo Kim Bachelor of Business Administration, Yonsei University, 200 1 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Faculty of Business Administration Global Asset and Wealth Management MBA O Bill HuangIYong Soo Kim 2006 SIMON FRASER UNIVERSITY Fall 2006 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means, without permission of the author. APPROVAL Name: Bill Huang 1 Yong Soo Kim Degree: Master of Business Administration Title of Project: A Test of MACD Trading Strategy Supervisory Committee: Dr. Peter Klein Senior Supervisor Professor, Faculty of Business Administration Dr. Daniel Smith Second Reader Assistant Professor, Faculty of Business Administration Date Approved: SIMON FRASER . UNI~ER~IW~Ibra ry DECLARATION OF PARTIAL COPYRIGHT LICENCE The author, whose copyright is declared on the title page of this work, has granted to Simon Fraser University the right to lend this thesis, project or extended essay to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. The author has further granted permission to Simon Fraser University to keep or make a digital copy for use in its circulating collection (currently available to the public at the "lnstitutional Repository" link of the SFU Library website <www.lib.sfu.ca> at: ~http:llir.lib.sfu.calhandlell8921112~)and, without changing the content, to translate the thesislproject or extended essays, if .technically possible, to any medium or format for the purpose of preservation of the digital work.
    [Show full text]
  • Forecasting Direction of Exchange Rate Fluctuations with Two Dimensional Patterns and Currency Strength
    FORECASTING DIRECTION OF EXCHANGE RATE FLUCTUATIONS WITH TWO DIMENSIONAL PATTERNS AND CURRENCY STRENGTH A THESIS SUBMITTED TO THE GRADUATE SCHOOL OF NATURAL AND APPLIED SCIENCES OF MIDDLE EAST TECHNICAL UNIVERSITY BY MUSTAFA ONUR ÖZORHAN IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PILOSOPHY IN COMPUTER ENGINEERING MAY 2017 Approval of the thesis: FORECASTING DIRECTION OF EXCHANGE RATE FLUCTUATIONS WITH TWO DIMENSIONAL PATTERNS AND CURRENCY STRENGTH submitted by MUSTAFA ONUR ÖZORHAN in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Computer Engineering Department, Middle East Technical University by, Prof. Dr. Gülbin Dural Ünver _______________ Dean, Graduate School of Natural and Applied Sciences Prof. Dr. Adnan Yazıcı _______________ Head of Department, Computer Engineering Prof. Dr. İsmail Hakkı Toroslu _______________ Supervisor, Computer Engineering Department, METU Examining Committee Members: Prof. Dr. Tolga Can _______________ Computer Engineering Department, METU Prof. Dr. İsmail Hakkı Toroslu _______________ Computer Engineering Department, METU Assoc. Prof. Dr. Cem İyigün _______________ Industrial Engineering Department, METU Assoc. Prof. Dr. Tansel Özyer _______________ Computer Engineering Department, TOBB University of Economics and Technology Assist. Prof. Dr. Murat Özbayoğlu _______________ Computer Engineering Department, TOBB University of Economics and Technology Date: ___24.05.2017___ I hereby declare that all information in this document has been obtained and presented in accordance with academic rules and ethical conduct. I also declare that, as required by these rules and conduct, I have fully cited and referenced all material and results that are not original to this work. Name, Last name: MUSTAFA ONUR ÖZORHAN Signature: iv ABSTRACT FORECASTING DIRECTION OF EXCHANGE RATE FLUCTUATIONS WITH TWO DIMENSIONAL PATTERNS AND CURRENCY STRENGTH Özorhan, Mustafa Onur Ph.D., Department of Computer Engineering Supervisor: Prof.
    [Show full text]
  • Risky Expertise in Chinese Financialisation Haigui Returnee Migrants in the Shanghai Financial Market
    Risky Expertise in Chinese Financialisation Haigui Returnee Migrants in the Shanghai Financial Market. A thesis submitted in fulfillment of the requirements for the award for the degree Doctorate of Philosophy From Western Sydney University Giulia Dal Maso Institute for Culture and Society Western Sydney University 2016 Statement of Authentication The work presented in this thesis is, to the best of my knowledge and belief, original except as acknowledged in the text. I hereby declare that I have not submitted this material, either in full or in part, for a degree at this or any other institution. Sections of chapter 5 have been previsouly published in Dal Maso, Giulia. “The Financialisation Rush: Responding to Precarious Labor and Social Security by Investing in the Chinese Stock Market.” South Atlantic Quarterly 114, no. 1: 47-64. ............................................................................... (Signature) Acknowledgements I would like to thank my supervisors Professor Brett Neilson and Professor Ned Rossiter for their extraordinary intellectual support, encouragement and incredible patience. They have been invaluable interlocutors and the best supervisors I could hope for. My gratitude also goes to Professor Sandro Mezzadra for his intellectual generosity, guidance and for having encouraged me many times. It is thanks to him that my Chinese adventure started. Particular thanks go to Giorgio Casacchia. His support has been essential both for the time of my research fieldwork and for sustenance when writing. He has not
    [Show full text]
  • Technical Analysis: Technical Indicators
    Chapter 2.3 Technical Analysis: Technical Indicators 0 TECHNICAL ANALYSIS: TECHNICAL INDICATORS Charts always have a story to tell. However, from time to time those charts may be speaking a language you do not understand and you may need some help from an interpreter. Technical indicators are the interpreters of the Forex market. They look at price information and translate it into simple, easy-to-read signals that can help you determine when to buy and when to sell a currency pair. Technical indicators are based on mathematical equations that produce a value that is then plotted on your chart. For example, a moving average calculates the average price of a currency pair in the past and plots a point on your chart. As your currency chart moves forward, the moving average plots new points based on the updated price information it has. Ultimately, the moving average gives you a smooth indication of which direction the currency pair is moving. 1 2 Each technical indicator provides unique information. You will find you will naturally gravitate toward specific technical indicators based on your TRENDING INDICATORS trading personality, but it is important to become familiar with all of the Trending indicators, as their name suggests, identify and follow the trend technical indicators at your disposal. of a currency pair. Forex traders make most of their money when currency pairs are trending. It is therefore crucial for you to be able to determine You should also be aware of the one weakness associated with technical when a currency pair is trending and when it is consolidating.
    [Show full text]
  • Trading in the Australian Stockmarket Using Artificial Neural Networks
    Bond University DOCTORAL THESIS Trading in the Australian Stockmarket Using Artificial Neural Networks Vanstone, Bruce J Award date: 2005 Link to publication General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal. School of Information Technology Bond University Trading in the Australian Stockmarket using Artificial Neural Networks by Bruce James Vanstone Submitted to Bond University in fulfillment of the requirements for the degree Doctor of Philosophy November 2005 Abstract This thesis focuses on training and testing neural networks for use within stockmarket trading systems. It creates and follows a well defined methodology for developing and benchmarking trading systems which contain neural networks. Four neural networks and consequently four trading systems are presented within this thesis. The neural networks are trained using all fundamental or all technical variables, and are trained on different segments of the Australian stockmarket, namely all ordinary shares, and the S&P/ASX200 constituents. Three of the four trading systems containing neural networks significantly outperform the respective buy-and-hold returns for their segments of the market, demonstrating that neural networks are suitable for inclusion in stockmarket trading systems.
    [Show full text]
  • De La Música Tradicional De China. Selección
    Discografía de la música tradicional de China. Selección Biblioteca Fundación Juan March Esta selección discográfica ha sido preparada con motivo de la exposición El principio Asia. China, Japón e India y el arte contemporáneo en España (1957-2017) y del ciclo de cinco conciertos Oriente y la música occidental. Durante la preparación de esta discografía no han sido incluidos numerosos registros publicados en China de muy difícil localización en Occidente. Tampoco se mencionan grabaciones sonoras anteriores al vinilo. Las músicas que aparecen en estos discos son un breve apunte de la riqueza musical tradicional que aún se practica en este país. Muchos de estos soportes sonoros han sido y son, además, fuente de estudio para compositores e intérpretes occidentales. La influencia de estas músicas sobre las técnicas compositivas, el timbre vocal e instrumental o sobre la concepción del tiempo musical es esencial para comprender una gran parte de la historia musical del siglo XX. Selección discográfica de José Luis Maire Biblioteca Fundación Juan March Abril de 2018 Música y canto budista La liturgia budista y taoísta en China tiene una historia de casi 2000 años y todavía se practica ampliamente en la actualidad. Desde su llegada a China hasta las llamadas tres dinastías del Norte y del Sur (420-589 d. C.), el budismo sufrió un proceso de consolidación hasta su profunda adaptación. Como numerosos documentos históricos demuestran (textos, pinturas y esculturas), el budismo introdujo en China nuevos géneros y prácticas rituales de una manera progresiva. Uno de los géneros más representativos y específicos de la liturgia vocal china es el denominado canto fanbei, caracterizado por la construcción de melodías melismáticas surgidas como consecuencia de un proceso de transculturación con las formas nativas de China.
    [Show full text]
  • Relative Strength Index (RSI)
    Understanding Technical Analysis : Relative Strength Index (RSI) Understanding Relative Strength Index Hi 74.57 Relative Strength Index (RSI) is a technical indicator that is categorised under Potential supply momentum indicator. Basically, all momentum indicators measures thedisruption rate dueof riseto and fall of the financial instrument's price. Usually, momentum attacksindicators on two oilare dependent indicators as they are best used with other indicators sincetankers they near do Iran not tell the traders or analysts the potential direction of the financial instrument. Among Brent the popular type of momentum indicators are Stochastic Indicator, Commodity Channel Index and Relative Strength Index. In this factsheet, we will explore the Relative Strength Index or better known as RSI. What is RSI? WTI Developed by J. Welles Wilder Jr. in his seminal 1978 book, "New Concepts in Technical Trading WTI Systems." Measures the speed and change of price movement of the financial instruments. As RSI is a type of oscillator, thisLo 2,237.40indicator is represented as a set of line that has(24 values Mar 2020) from 0 to 100. Generally, a reading below 30 indicatesLo 18,591.93 an oversold condition, while a value above (2470 Mar signals 2020) an overbought condition. Leading vs Lagging Indicator RSI is a leading type of indicator. A leading type of indicator is an indicator that can provide the traders or analyst with future price movement. Another example of leading indicator is Stochastic Indicator. In contrast, a lagging indicator is an indicator that follows the price movement of the financial instruments. Despite their lagging nature in providing trading signals, traders or analysts prefer to use lagging indicators as they are more reliable.
    [Show full text]
  • “The Hereditary House of King Goujian of Yue”
    "Yuewang Goujian Shijia": An Annotated Translation Item Type text; Electronic Thesis Authors Daniels, Benjamin Publisher The University of Arizona. Rights Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author. Download date 26/09/2021 20:21:08 Link to Item http://hdl.handle.net/10150/293623 “YUEWANG GOUJIAN SHIJIA”: AN ANNOTATED TRANSLATION by Benjamin Daniels ____________________________ Copyright © Benjamin Daniels 2013 A Thesis Submitted to the Faculty of the DEPARTMENT OF EAST ASIAN STUDIES In Partial Fulfillment of the Requirements For the Degree of MASTER OF ARTS In the Graduate College THE UNIVERSITY OF ARIZONA 2013 2 STATEMENT BY AUTHOR This thesis has been submitted in partial fulfillment of requirements for an advanced degree at the University of Arizona and is deposited in the University Library to be made available to borrowers under rules of the Library. Brief quotations from this thesis are allowable without special permission, provided that an accurate acknowledgement of the source is made. Requests for permission for extended quotation from or reproduction of this manuscript in whole or in part may be granted by the copyright holder. SIGNED: Benjamin Daniels APPROVAL BY THESIS DIRECTOR This thesis has been approved on the date shown below: Dr. Brigitta Lee May 8, 2013 3 ACKNOWLEDGEMENTS First, I need to express my deepest gratitude to Dr. Enno Giele, who was my first mentor in anything related to ancient China.
    [Show full text]
  • Biogenic Gas Systems in Eastern Qaidam Basin
    ARTICLE IN PRESS Marine and Petroleum Geology 25 (2008) 344–356 www.elsevier.com/locate/marpetgeo Biogenic gas systems in eastern Qaidam Basin Yuqi Danga, Wenzhi Zhaob, Aiguo Sub, Shuichang Zhangb,Ã, Maowen Lic, Ziqiang Guana, Dade Maa, Xinling Chena, Yanhua Shuaib, Huitong Wangb, Yanhu Tana, Ziyuan Xua aPetroChina Qinghai Oilfield Company, Dunhuang, Gansu 736202, China bPetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, China cGeological Survey of Canada, 3303-33 Street NW Calgary, Alberta, Canada T2L 2A7 Received 18 November 2006; received in revised form 2 April 2007; accepted 3 May 2007 Abstract Several giant biogenic gas fields (with proven gas reserves greater than 25 billion cubic meters) have been discovered in recent years in the Sanhu area of eastern Qaidam Basin. This area has an average surface altitude of around 2800 m, and forms the northern segment of the Qinghai-Tibet Plateau. The biogenic gas fields occur mostly within or adjacent to the depocenter of approximately 3400 m of Quaternary sediments. The gas reservoirs, with burial depth generally less than 1900 m, are unconsolidated sandstones with approximately 24–40% porosity, and are interbedded with mudstones containing on average 0.3% TOC. The occurrence of methanogens in the shallow Quaternary sediments appears to depend on both the sedimentary facies and burial depths, thus most of the biogenic gases in the Sanhu area appears to have derived from the source kitchens in the central sag above a biogenic gas floor at the depth around 1800
    [Show full text]
  • A Study on Technical Indicators in Stock Price Movement Prediction Using Decision Tree Algorithms
    American Journal of Engineering Research (AJER) 2016 American Journal of Engineering Research (AJER) e-ISSN: 2320-0847 p-ISSN : 2320-0936 Volume-5, Issue-12, pp-207-212 www.ajer.org Research Paper Open Access A Study on Technical Indicators in Stock Price Movement Prediction Using Decision Tree Algorithms J Sharmila Vaiz1, Dr M Ramaswami 2 1Ph.D. Research Scholar, Dept. of Comp. Applns. Madurai Kamaraj University, Madurai, India 2Associate Professor, Dept. of Comp. Applns, Madurai Kamaraj University, Madurai, India ABSTRACT: Predicting stock price movement is a highly challenging task as the nature of the stock prices are quite noisy, dynamic, complicated, non-parametric, chaotic and non-linear. The toughest job in stock market is to examine the financial time series data and make decisions which improve the investment returns and to minimize the loss incurred. Technical analysis is a trading tool that evaluates securities and attempts to forecast their future movement by analyzing price and volume data. Many traditional statistical tools are available for the investors for making decision in financial market. Many technical indicators such as Moving Averages (SMA, EMA, WMA, VWMA, DEMA), Trend Indictors (MACD, ADX, TDI, Aroon, VHF), Momentum indicators (Stochastic, RSI, SMI, WPR, CMO,CCI), Volatility indicators (BBands, ATR, Dochain Channel) and Volume indicators(OBV, MFI, CMF) are available to analyze the stock price movement. In this study, decision tree classification method is used to analyze the role of these technical indicators in predicting stock price movement of six high market capitalization companies of NSE. Keywords: Technical indicators, Decision tree analysis, ROC curve, AUC I.
    [Show full text]
  • VIX and VIX Etns
    VIX and VIX ETNs What They’re All About and How to Trade this Exciting Market Dan, The Trading God [email protected] http://tradinggods.net Ridgeline Media Group, LLC. 70 SW Century Drive Suite 100-148 Bend, Oregon 97702 VIX and VIX ETNs What They’re All About and How to Trade This Exciting Market Table of Contents Chapter 1: VIX Overview - What it is and how it Works Chapter 2: Three Ways to Trade VIX Chapter 3: Four VIX Trading Strategies Chapter 4: VIX Trader Chapter 5: VIX Resources Chapter 1: VIX Overview - What it is and how it Works: VIX is the Chicago Board Options Exchange (CBOE) Volatility Index and it shows the market expectation of 30 day volatility. The VIX Index is updated on a continuous basis and offers a picture of the expected market volatility in the S&P 500 during the next 30 days. The VIX Index was first introduced in 1993 and a second version was introduced in 2003 and is still in use today. VIX is also commonly known as the “fear index,” since volatility and the VIX index tend to rise during times that the S&P 500 is falling. Therefore, the VIX Index is said to measure the amount of fear or complacency in the market. Many analysts suggest that VIX is a predictive measure of market risk and future market action since this index is traded by some of the most professional traders in the world. However, there is also a large school of thought that suggests that VIX is a trailing indicator and so not suitable for attempts at market timing.
    [Show full text]
  • The SAVI Indicator
    The SAVI Indicator The JSE introduces a new “Fear Factor” Investor greed and fear play a significant and often irrational role in any financial market. These market sentiments can be seen in the volatility of the market – high volatility with large market moves suggest a fearful market while low volatility with little market movement indicates a lack of fear. How can investors measure this market sentiment and use this in their investment decisions? A volatility index or “fear gauge” is a reference number that can be used to indicate market risk at a glance. The first volatility index known as the VIX was developed by the Chicago Board Options Exchange in 1993 to measure the volatility of the S&P500. In 2007, the JSE launched the South African Volatility Index or SAVI to measure equity risk in South Africa; this was the first of its kind in an emerging economy. The SAVI is similar to the VIX, with the difference being that the US index measures implied volatility over one month, while the SAVI looks forward three months. The Ultimate "Fear Gauge" For Beating the Crowds to Big Profits It may be as cliché as it gets, but it's true. Investors are motivated by two things and two things only: Fear and Greed. It's just that simple. So more often than not, they turn quite bullish when they think a stock is headed higher and quite bearish when they fear that all is lost. The trouble with this strategy though, is that for most retail investors, it is exactly at these extremes in sentiment that they often lose their shirts.
    [Show full text]