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Gor, AFC threaten to pull out of CAF competitions

first_imgGor Mahia chairman Ambrose Rachier. PHOTO/Raymond Makhaya.Gor Mahia chairman Ambrose Rachier, said they would hold a crisis meeting later Tuesday where they would write to continental body, CAF, stating their withdrawal from the 2018 African Champions League.“A one-way air ticket is costing Sh3.5m, accommodation, Sh3m and we will need Sh10m for one match, to and from and we cannot sustain that budget,” Rachier said after the announcement of withdrawal.“Our gate collections are not enough to cater for that expense and also pay players and technical bench, we are in dilemma. This is tantamount to killing football in the country. No Kenyan club is going to successfully stay in the 2018 KPL,” Rachier lamented.AFC Leopards chairman Dan Mule (left) in a past KPL match.Photo/FILEHis Leopards counterpart, Dan Mule, also said his team who won the 2017 GOtv Shield will follow suit and pull out from the 2018 CAF Confederations Cup.“We have no sponsors right now. We are going to withdraw from CAF assignments. We are urging other like-minded corporates to emulate SportPesa and support community clubs in Kenya. I don’t know how we will pay the 10 international players we have signed ahead of the season,” Mule told.Besides Gor and Leopards, other organisations staring at a bleak future include Football Kenya Federation, Kenya Rugby Union (KRU) and the Boxing Association of Kenya are the federations affected by the move to terminate their biggest source of funding.SportPesa was also catering for the bulk of the pay for newly hired national football team head coach, Belgian Paul Put and Technical Director, Andreas Spiers from Germany.KRU boss Richard Omwela showing letter from SportPesa.PHOTO/Raymond MakhayaThe Kenyan Premier League (football), National Boxing League as well as the annual Super 8 grassroots football tournament are the domestic competitions that will be affected by the move.“The cancellation of this contract forces us to completely re-examine our structures and we immediately call upon the government to step into the breach and provide the necessary support as guided by the Sports Act,” KRU said in a statement.“Our 2018 calendar includes the Rugby Africa Championships for our U20s in April, Lionesses participation at the HSBC Women’s Sevens World Series qualifiers in Hong Kong and as well as the Commonwealth Games, and the Women’s Africa  Cup 7s in September,” KRU added.Second division side; Nakuru AllStars FC and Kenya Harlequins (Rugby) are the other teams lost their main sponsors on Tuesday.World Boxing Council women’s Super-bantamweight champion, Fatuma Zarika, local rally driver, Leonardo Varese and a number of grassroot tournaments are others affected by the drastic move.“This tax is on revenue before we pay the other tax, SportPesa we are here to stay and we will try to be efficient and unfortunately, we have to drop sponsorships,” Karauri emphasised.Karauri who is also the Association of Gaming Operators in Kenya, called on President Uhuru Kenyatta to initiate dialogue to resolve the standoff pledging SportPesa would make a swift return to sports if an amicable solution is found.“No one has called me to come and talk, request the President to sit down with me as the chairman of the AGOK so that we come to a solution.  I remain optimistic but our attempts at dialogue have not been fruitful.“We will appeal the case since it was grounded on equity and fairness in taxation. You can only be optimistic for so long, we cannot shoulder the burden and keep our employees and business running. We will be very limited in what we can do,” the CEO noted.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000AFC Leopards chairman Dan Mule (left), SportPesa CEO Ronald Karuri (center) and Gor Mahia chairman Ambrose Rachier during the meeting when the title sponsor reinstated the partenership.PHOTO/Timothy OlobuluNAIROBI, Kenya, Jan 2 – Following the cancellation of all local sports sponsorship by betting firm SportPesa, Kenya’s representatives at the 2018 CAF assignments, Gor Mahia and AFC Leopards have hinted they will withdraw from the competition due to financial constraints.On Tuesday, the betting firm dropped the bombshell after losing a case last week in the country’s High Court challenging the implementation of a 35 percent Government tax on revenue that came in force on Monday.last_img read more


Herding in the stock market may inspire humanguided trading algorithms

first_img Journal information: New Journal of Physics This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. Investors’ risk tolerance decreases with the stock market, study finds What explains the correlations often seen between two arbitrarily selected stocks? Collective behavior between stocks is one feature that may be explained by human herding behavior. Herding may also explain some market features that are not well explained by rational factors. Credit: Shapira, et al. ©2014 IOP Publishing Ltd Citation: Herding in the stock market may inspire human-guided trading algorithms (2014, June 6) retrieved 18 August 2019 from https://phys.org/news/2014-06-herding-stock-human-guided-algorithms.html © 2014 Phys.org More information: Yoash Shapira, et al. “Modelling the short term herding behavior of stock markets.” New Journal of Physics. DOI: 10.1088/1367-2630/16/5/053040 (Phys.org) —Humans have a strong tendency to belong to a group, an instinct that often manifests in herding behavior. Not limited to humans, herding exists throughout nature, for example in ant colonies, schools of fish, and flocks of birds. But what about the stock market? Explore further In an attempt to explain these features, the researchers developed a model of stock market behavior that consists of just two terms: a correlation coefficient that represents the individual tendency to follow the group (herding), and a random term that represents the individual’s unpredictable reaction to new external information. The researchers found that this simple model could capture several features of the market, including short-term price fluctuations, as well as partial long-term correlations of stocks with respect to other stocks and the index. Other known features of real markets that emerged in this model were the Epps effect (the phenomenon that correlations decrease as sampling frequency increases), short-term lagged autocorrelation (the correlation of a stock with itself), and synchronized “bursts” between stocks. Previously, some of these characteristics (such as the Epps effect) have been thought to originate in factors related to the technical aspects of trading. Others (such as lagged autocorrelation) have not been successfully explained by technical factors. The fact that all of these features can be explained by a model that at its core is based on herding behavior suggests that the social and emotional behavior of investors has a significant impact on stock market dynamics. As the researchers explain, understanding why investors make the decisions they do is important when trying to prevent market crashes and improve stability.”In the future, observed phenomena that do not necessarily conform with conventional financial theory should not be thought of as very intriguing or frightening, if they could be explained by taking into account human behavior effects,” Berman said. “This might reduce panic and prevent false alarms.”Accounting for the human element in financial trading could even have a fundamental impact on how computer algorithms are used in trading. In the past, traders used computers to analyze market activity and provide clues for making investment decisions. Today, “algo trading” has evolved to the point where the algorithm does the investing for humans. A major problem with this trading model is that, if everyone uses similar algorithms, then herding behavior emerges, which leads to market instability. “One of the things that I can see in the future is, if you show a human being financial information and record their brain response and associated behavior, then you can use this input to guide the computer in making trading decisions,” Ben-Jacob said. “So instead of using the computer to guide the human, you can use the human to guide the computer.”Understanding how the brain reacts to stress can also help traders make more rational decisions. As Ben-Jacob explains, most of the time humans behave somewhat—though not completely—rationally. However in times of stress, the brain secretes hormones that change the way it processes reality, changing its response. In stressful times, humans usually follow patterns that are familiar to them, avoid making individual decisions, and become more herd-like. Interestingly, there is even some evidence that the female and male brains respond differently to stress, which may provide insight into how to better respond to market fluctuations.”The female brain under stress tends to see more of the global picture and to think about continuation,” Ben-Jacob said. “In some sense, it reacts better in that it does not go into panic as much as the male brain.”In these ways, the merging of psychology and finance may offer unique benefits to understanding and improving stock market dynamics. Although we may like to believe that our rational side (“Homo economicus”) dominates when it comes to financial decision-making, a new study shows that herding behavior can explain several features of stock markets that are not explained very well by more rational factors. Understanding the human emotional side to investing could even lead to human-guided trading algorithms and improved market stability.The researchers, adjunct researcher Yoash Shapira, PhD student Yonatan Berman, and Professor Eshel Ben-Jacob at Tel-Aviv University in Israel, have published a paper on the influence of herding behavior in stock markets in a recent issue of the New Journal of Physics.”It is important to understand that a big part of the activities in the stock market are not derived from rational thinking and the flow of information, but rather from emotional human behavior,” Shapira told Phys.org. “This is contrary to the accepted point of view that governs economic theories. Using physical terms, financial markets are very noisy. We show that most of the ‘noise’ is due to human emotional factors and has to be analyzed as such.”Usually when researchers model the stock market, they treat it as a network of many investors whose actions are influenced by both external information (such as quarterly reports or world news) and internal information (namely the stock prices, or in other words the trading behavior of other investors). Although these influences may seem straightforward, the resulting behaviors of the markets are very complex. For one thing, stock prices undergo large, rapid, and unpredictable short-term fluctuations. A second noteworthy feature of markets is the strong collective behavior between stocks and between different indexes in different markets.While previous research has attempted to explain these two features—price fluctuations and collective behavior—as the result of new information, this by itself is not sufficient for two main reasons. First, prices fluctuate much more rapidly than new substantial information is released. Second, the new information is often not clear enough to cause investors to use it to make universal trading decisions.last_img read more