Search results for: Patriarch Constantinople Peter the Great Russia.

Authors: Dávid Csercsik, Péter Kádár

Abstract:

In the case of the proposed method, the problem is parallelized by considering multiple possible mode of operation profiles, which determine the range in which the generators operate in each period. For each of these profiles, the optimization is carried out independently, and the best resulting dispatch is chosen. For each such profile, the resulting problem is a quadratic programming (QP) problem with a potentially negative definite Q quadratic term, and constraints depending on the actual operation profile. In this paper we analyze the performance of available MATLAB optimization methods and solvers for the corresponding QP.

Keywords: Economic dispatch, optimization, quadratic programming, MATLAB.

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Authors: Sibel Uzuner, Jale Acar

Abstract:

Pomegranate and pomegranate juices (PJs) have taken great attention for their health benefits in the last years. As there is an increasing concern about potential health benefits of ellagic acid, it is of great interest to evaluate alterations in ellagic acid concentration of commercial PJs. The purpose of this study is to analyze total phenolic, free and total ellagic acid content of six commercial PJs sold in Turkish markets using HPLC. The results showed that some commercial PJs had markedly high total phenolic and ellagic acid content. Total phenolic substances of commercial PJs range from 796.71 to 4608.91 mg GAE/l. Free amount of ellagic acid in commercial PJs range from 27.64 to 111.78 mg/l. Samples are hydrolyzed with concentrated HCl at 93oC for 2 and 24 hour and influences of temperature and time parameters on hydrolization were investigated. Thermal processing for pasteurization increased ellagic acid via ellagitannins hydrolysis.

Keywords: Ellagic acid, ellagitannin, pomegranate juice, total phenolic compounds

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Authors: Tim Klemke, Peter Nyhuis

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In today-s turbulent environment, companies are faced with two principal challenges. On the one hand, it is necessary to produce ever more cost-effectively to remain competitive. On the other hand, factories need to be transformable in order to manage unpredictable changes in the corporate environment. To deal with these different challenges, companies use the philosophy of lean production in the first case, in the second case the philosophy of transformability. To a certain extent these two approaches follow different directions. This can cause conflicts when designing factories. Therefore, the Institute of Production Systems and Logistics (IFA) of the Leibniz University of Hanover has developed a procedure to allow companies to evaluate and design their factories with respect to the requirements of both philosophies.

Keywords: Factory planning, lean production, transformability

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Authors: Waralak Vongdoiwang Siricharoen

Abstract:

One of object oriented software developing problem is the difficulty of searching the appropriate and suitable objects for starting the system. In this work, ontologies appear in the part of supporting the object discovering in the initial of object oriented software developing. There are many researches try to demonstrate that there is a great potential between object model and ontologies. Constructing ontology from object model is called ontology engineering can be done; On the other hand, this research is aiming to support the idea of building object model from ontology is also promising and practical. Ontology classes are available online in any specific areas, which can be searched by semantic search engine. There are also many helping tools to do so; one of them which are used in this research is Protégé ontology editor and Visual Paradigm. To put them together give a great outcome. This research will be shown how it works efficiently with the real case study by using ontology classes in travel/tourism domain area. It needs to combine classes, properties, and relationships from more than two ontologies in order to generate the object model. In this paper presents a simple methodology framework which explains the process of discovering objects. The results show that this framework has great value while there is possible for expansion. Reusing of existing ontologies offers a much cheaper alternative than building new ones from scratch. More ontologies are becoming available on the web, and online ontologies libraries for storing and indexing ontologies are increasing in number and demand. Semantic and Ontologies search engines have also started to appear, to facilitate search and retrieval of online ontologies.

Keywords: Software Developing, Ontology, Ontology Library, Artificial Intelligent, Protégé, Object Model.

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Authors: A. Ursoiu, C. Paul, C. Marcu, M. Ungurean, F. Péter

Abstract:

Sol-gel immobilization of enzymes, which can improve considerably their properties, is now one of the most used techniques. By deposition of the entrapped lipase on a solid support, a new and improved biocatalyst was obtained, which can be used with excellent results in acylation reactions. In this paper, lipase B from Candida antarctica was double immobilized on different adsorbents. These biocatalysts were employed in the kinetic resolution of several aliphatic secondary alcohols in organic medium. High total recovery yields of enzymatic activity, up to 560%, were obtained. For all the studied alcohols the enantiomeric ratios E were over 200. The influence of the reaction medium was studied for the kinetic resolution of 2-pentanol.

Keywords: Double immobilization, enantioselectivity, kineticresolution, lipase, racemates, sol-gel entrapment.

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Authors: Jakub Kraus, Vladimír Plos, Peter Vittek

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This article focuses on the issue of airport emergency plans, which are documents describing reactions to events with impact on aviation safety or aviation security. The article specifically focuses on the use and creation of emergency plans, where could be found a number of disagreements between different stakeholders, for which the airport emergency plan applies. Those are the friction surfaces of interfaces, which is necessary to identify and ensure them smooth process to avoid dangerous situations or delay.

Keywords: Airport emergency plan, aviation safety, aviation security, comprehensive management system, friction surfaces of airport emergency plan, interfaces of processes.

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Authors: R. Amandi, A. Shahbazi, A. Mohebi, M. Bazargan, Y. Jaberi, P. Emadi, A. Valizade

Abstract:

The application of Neural Network for disease diagnosis has made great progress and is widely used by physicians. An Electrocardiogram carries vital information about heart activity and physicians use this signal for cardiac disease diagnosis which was the great motivation towards our study. In our work, tachycardia features obtained are used for the training and testing of a Neural Network. In this study we are using Fuzzy Probabilistic Neural Networks as an automatic technique for ECG signal analysis. As every real signal recorded by the equipment can have different artifacts, we needed to do some preprocessing steps before feeding it to our system. Wavelet transform is used for extracting the morphological parameters of the ECG signal. The outcome of the approach for the variety of arrhythmias shows the represented approach is superior than prior presented algorithms with an average accuracy of about %95 for more than 7 tachy arrhythmias.

Keywords: Fuzzy Logic, Probabilistic Neural Network, Tachycardia, Wavelet Transform.

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Authors: Wagdi S. Soliman, Shu-ichi Sugiyama

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The C3 plants are frequently suffering from exposure to high temperature stress which limits the growth and yield of these plants. This study seeks to clarify the physiological mechanisms of heat tolerance in relation to oxidative stress in C3 species. Fifteen C3 species were exposed to prolonged moderately high temperature stress 36/30°C for 40 days in a growth chamber. Chlorophyll fluorescence (Fv/Fm) showed great difference among species at 40 days of the stress. The species showed decreases in Fv/Fm and increases in malondialdehyde (MDA) content under stress condition as well as negative correlation between Fv/Fm and MDA (r = -0.61*) at 40 days of the stress. Hydrogen peroxide (H2O2) content before and after stress in addition to its response under stress showed great differences among species. The results suggest that the difference in heat tolerance among C3 species is closely associated with the ability to suppress oxidative damage but not with the content of reactive oxygen species (ROS) which is regulated by complex network.

Keywords: C3 species, Fv/Fm, heat stress, oxidative stress.

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Authors: Pakorn Traiprasertpong, Apichit Svang-Ariyaskul

Abstract:

The production of ethyl tert-butyl ether (ETBE) was simulated through Aspen Plus. The objective of this work was to use the simulation results to be an alternative platform for ETBE production from naphtha cracking wastes for the industry to develop. ETBE is produced from isobutylene which is one of the wastes in naphtha cracking process. The content of isobutylene in the waste is less than 30% weight. The main part of this work was to propose a process to save the environment and to increase the product value by converting a great majority of the wastes into ETBE. Various processes were considered to determine the optimal production of ETBE. The proposed process increased ETBE production yield by 100% from conventional process with the purity of 96% weight. The results showed a great promise for developing this proposed process in an industrial scale.

Keywords: ETBE, process simulation, naphtha cracking, Aspen Plus

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Authors: Gerhard Peter

Abstract:

In this paper, we present an integrated framework that governs the introduction of social media into enterprises and its evaluation. It is argued that the framework should address the following issues: (1) the contribution of social media for increasing efficiency and improving the quality of working life; (2) the level on which this contribution happens (i.e., individual, team, or organisation); (3) a description of the processes for implementing and evaluating social media; and the role of (4) organisational culture and (5) management. We also report the results of a case study where the framework has been employed to introduce a social networking platform at a German enterprise. This paper only considers the internal use of social media.

Keywords: Case study, enterprise 2.0, framework, introducing and evaluating social media, social media.

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Authors: Bubaker M. F. Bushofa, Abdel Hafez A. Azab

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This article is based on the technique which is called Discrete Parameter Tracking (DPT). First introduced by A. A. Azab [8] which is applicable for less order reference model. The order of the reference model is (n-l) and n is the number of the adjustable parameters in the physical plant. The technique utilizes a modified gradient method [9] where the knowledge of the exact order of the nonadaptive system is not required, so, as to eliminate the identification problem. The applicability of the mentioned technique (DPT) was examined through the solution of several problems. This article introduces the solution of a third order system with three adjustable parameters, controlled according to second order reference model. The adjustable parameters have great initial error which represent condition. Computer simulations for the solution and analysis are provided to demonstrate the simplicity and feasibility of the technique.

Keywords: Adaptive Control System, Discrete Parameter Tracking, Discrete Time Model.

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Authors: Peter Pfeifer, Julian Pfeifer, Niko Pfeifer

Abstract:

Information processing is at the focus of brain and cognition research. This work has a different perspective, it starts with behaviors. The detailed analysis of behaviors leads to the discovery that a significant proportion of them are based on only five basic drives. These basic drives are combinable, and the combinations result in the diversity of human behavior and thinking. The key elements are drive memories. They collect memories of drive-related situations and feelings. They contain variations of basic drives in numerous areas of life and build combinations with different meanings depending on the area. Human thinking could be explained with variations on these nested combinations of basic drives.

Keywords: Cognitive modeling, psycholinguistics, psychology, psychophysiology of cognition.

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Authors: Nur Ilyani Ramli, Mansour Youseffi, Peter Widdop

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This paper presents a low cost design of heart beat monitoring device using reflectance mode PhotoPlethysmography (PPG). PPG is known for its simple construction, ease of use and cost effectiveness and can provide information about the changes in cardiac activity as well as aid in earlier non-invasive diagnostics. The proposed device is divided into three phases. First is the detection of pulses through the fingertip. The signal is then passed to the signal processing unit for the purpose of amplification, filtering and digitizing. Finally the heart rate is calculated and displayed on the computer using parallel port interface. The paper is concluded with prototyping of the device followed by verification procedure of the heartbeat signal obtained in laboratory setting.

Keywords: Reflectance mode PPG, Heart beat detection, Circuitdesign, PCB design

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Authors: Jo Rhodes, Peter Lok, Zahra Sadeghinejad

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The aim of this study is to determine the impact of metacognition on top management team members and firm performance based on full team integration. A survey of 1500 small to medium enterprises (SMEs) was initiated and 140 firms were obtained in this study (with response rate of 9%). The result showed that different metacognitive abilities of managers [knowledge and experience] could enhance team decision-making and problem solving, resulting in greater firm performance. This is a significant finding for SMEs because these organisations have small teams with owner leadership and entrepreneurial orientation.

Keywords: Metacognition, behavioural integration, top management team, performance.

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Authors: Haluk Eren, Ümit Çelik

Abstract:

Recent developments in unmanned aerial vehicles (UAVs) have begun to attract intense interest. UAVs started to use for many different applications from military to civilian use. Some online retailer and logistics companies are testing the UAV delivery. UAVs have great potentials to reduce cost and time of deliveries and responding to emergencies in a short time. Despite these great positive sides, just a few works have been done for routing of UAVs for package deliveries. As known, transportation of goods from one place to another may have many hazards on delivery route due to falling hazards that can be exemplified as ground objects or air obstacles. This situation refers to wide-range insurance concept. For this reason, deliveries that are made with drones get into the scope of shipping insurance. On the other hand, air traffic was taken into account in the absence of unmanned aerial vehicle. But now, it has been a reality for aerial fields. In this study, the main goal is to conduct risk analysis of package delivery services using drone, based on delivery routes.

Keywords: Drone risk assessment, drone package delivery.

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Authors: Peter Yang

Abstract:

Green incentives are included in the “American Recovery and Reinvestment Act of 2009" (ARRA). It is, however, unclear how these government incentives can be carried out most effectively according to market-based principles and if they can serve as a catalyst for an accelerated green transformation and an ultimate solution to the current U.S. and global economic and financial crisis. The article will compare the existing U.S. green economic policies with those in Germany, identify problems, and suggest improvements to allow the green stimulus incentives to achieve the best results in the process of an accelerated green transformation. The author argues that the current U.S. green stimulus incentives can only be most successful if they are carried out as part of a visionary, comprehensive, long-term, and consistent strategy of the green economic transformation.

Keywords: Green incentives, financial crisis, green economy, renewable energy sources, energy efficiency.

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Authors: E. N. Vetrova, L.V. Lapochkina, N. V. Nikulina

Abstract:

In the national economy, entrepreneurship plays the role of a buffer between economy and policy for it contributes to improving budget effectiveness and decreasing dependence of economy on the state. Entrepreneurship in industry makes it possible to increase the added value that is formed in production chains and to decrease dependence on import. Under the current circumstances, when sanctions are being imposed, this is especially relevant for Russia and for the realization of projects in the Russian Arctic. However, development of entrepreneurship in industry requires an enlightened state policy. The purpose of the research is elaboration of recommendations for improving economic effectiveness of the realization of the Arctic projects on the basis of conceptual proposals for the development of entrepreneurship in industry. The paper presents the studies of the extractive industry role in the Russian economy and proves its raw material character. The analysis of production chains in industry on the basis of the conception of the added value global chains demonstrated a low added value formed by Russian companies. The study of changes in the structure of economy based on systemic, statistical and comparative analyses revealed no positive changes in the structure of economy over the period under consideration. This is a manifestation of ineffectiveness of the Russian industrial policy in general and within the Arctic region in particular. The authors identified the problems information and implementation of the state industrial policy in the Arctic region and in the development of national entrepreneurship, analyzed the shortcomings of the current state policy in the sphere of the Russian industry. On the basis of the conducted studies, the authors formulated conceptual approaches to change the state policy in the Arctic. The basic idea of the authors is to substantiate the focus of the state regulation on the development of entrepreneurship in industry in the process of the Russian Arctic exploration. At the same time another problem is solved–that of the development of the manufacturing industry in the southern regions of the northwestern part of Russia. The criterion of effectiveness in this case is the economic effectiveness.

Keywords: Entrepreneurship in industry, global chains of the added value, government regulation, industrial policies, production chains in the Arctic region, economic effectiveness.

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Authors: I. Bolis, S. N. Morioka, L. I. Sznelwar

Abstract:

The growing importance of sustainability in corporate policies represents a great opportunity for workers to gain more consideration, with great benefits to their well being. Sustainable work is believed to be one which improves the organization-s performance and fosters professional development as well as workers- health. In a multiple case study based on document research, information was sought about work activities and their sustainability or corporate social responsibility (CSR) policies, as disseminated by corporations. All the companies devoted attention to work activities and delivered a good amount of information about them. Nevertheless, the information presented was generic; all the actions developed were top-down and there was no information about the impact of changes aimed at sustainability on the workers- activities. It was found that the companies seemed to be at an early stage. In the future, they need to show more commitment through concrete goals: they must be aware that workers contribute directly to the corporations- sustainability. This would allow room for Ergonomics and Work Psychodynamics to be incorporated and to be useful for both companies and society, so as to promote and ensure work sustainability.

Keywords: Sustainability, ergonomics, work psychodynamics, multinational companies.

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Authors: Nabhan Hamadneh, Michael Dixon, Peter Cole, David Murray

Abstract:

This work presents the Risk Threshold RED (RTRED) congestion control strategy for TCP networks. In addition to the maximum and minimum thresholds in existing RED-based strategies, we add a third dropping level. This new dropping level is the risk threshold which works with the actual and average queue sizes to detect the immediate congestion in gateways. Congestion reaction by RTRED is on time. The reaction to congestion is neither too early, to avoid unfair packet losses, nor too late to avoid packet dropping from time-outs. We compared our novel strategy with RED and ARED strategies for TCP congestion handling using a NS-2 simulation script. We found that the RTRED strategy outperformed RED and ARED.

Keywords: AQM, congestion control, RED, TCP.

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Authors: Steffen C. Eickemeyer, Tim Borcherding, Peter Nyhuis, Hannover

Abstract:

Planning capacities when regenerating complex investment goods involves particular challenges in that the planning is subject to a large degree of uncertainty regarding load information. Using information fusion – by applying Bayesian Networks – a method is being developed for forecasting the anticipated expenditures (human labor, tool and machinery utilization, time etc.) for regenerating a good. The generated forecasts then later serve as a tool for planning capacities and ensure a greater stability in the planning processes.

Keywords: Bayesian networks, capacity planning, complex investment goods, damages library, forecasting, information fusion, regeneration.

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Authors: Minami Ito, Akihiro Iijima

Abstract:

On March 11, 2011, the Great East Japan Earthquake occurred off the coast of Sanriku, Japan. It is important to build a sustainable society through the reconstruction process rather than simply restoring the infrastructure. To compare the goals of reconstruction plans of quake-stricken municipalities, Japanese language morphological analysis was performed by using text mining techniques. Frequently-used nouns were sorted into four main categories of “life”, “disaster prevention”, “economy”, and “harmony with environment”. Because Soma City is affected by nuclear accident, sentences tagged to “harmony with environment” tended to be frequent compared to the other municipalities. Results from cluster analysis and principle component analysis clearly indicated that the local government reinforces the efforts to reduce risks from radiation exposure as a top priority.

Keywords: Eco-friendly reconstruction, harmony with environment, decontamination, nuclear disaster.

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Authors: Mathias Marquardt, Peter Dünow, Sandra Baßler

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The paper describes the use of subspace based identification methods for auto tuning of a state space control system. The plant is an unstable but self balancing transport robot. Because of the unstable character of the process it has to be identified from closed loop input-output data. Based on the identified model a state space controller combined with an observer is calculated. The subspace identification algorithm and the controller design procedure is combined to a auto tuning method. The capability of the approach was verified in a simulation experiments under different process conditions.

Keywords: Auto tuning, balanced robot, closed loop identification, subspace identification.

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Authors: R. Croitoru, L. A. M. van den Broek, A. E. Frissen, C. M. Davidescu, F. Peter, C. G. Boeriu

Abstract:

Commercially available lipases (Candida antarctica lipase B, Novozyme 435, Thermomyces lanuginosus lipase, and Lipozyme TL IM), as well as sol-gel immobilized lipases, have been screened for their ability to acylate regioselectively xylitol, sorbitol, and mannitol with a phenolic ester in a binary mixture of t-butanol and dimethylsulfoxide. HPLC and MALDI-TOF MS analysis revealed the exclusive formation of monoesters for all studied sugar alcohols. The lipases immobilized by the sol-gel entrapment method proved to be efficient catalysts, leading to high conversions (up to 60%) in the investigated acylation reactions. From a sequence of silane precursors with different nonhydrolyzable groups in their structure, the presence of octyl and i-butyl group was most beneficial for the catalytic activity of sol-gel entrapped lipases in the studied process.

Keywords: Lipase, phenolic ester, specificity, sugar alcohol, transesterification.

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Authors: Wookuen Shin, Gregory R. Miller, Pedro Arduino, Peter Mackenzie-Helnwein

Abstract:

This paper presents strategies for dynamically creating, managing and removing mesh cells during computations in the context of the Material Point Method (MPM). The dynamic meshing approach has been developed to help address problems involving motion of a finite size body in unbounded domains in which the extent of material travel and deformation is unknown a priori, such as in the case of landslides and debris flows. The key idea is to efficiently instantiate and search only cells that contain material points, thereby avoiding unneeded storage and computation. Mechanisms for doing this efficiently are presented, and example problems are used to demonstrate the effectiveness of dynamic mesh management relative to alternative approaches.

Keywords: Numerical Analysis, Material Point Method, Large Deformations, Moving Boundaries.

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Authors: Achim Kampker, Peter Burggräf, Moritz Krunke, Hanno Voet

Abstract:

As a reaction to current challenges in factory planning, many companies think about introducing factory standards to lower planning times and decrease planning costs. If these factory standards are set-up with a high level of modularity, they are defined as modular factory systems. This paper deals with the main current problems in the application of modular factory systems in practice and presents a solution approach with its basic models. The methodology is based on methods from factory planning but also uses the tools of other disciplines like product development or technology management to deal with the high complexity, which the development of modular factory systems implies. The four basic models that such a methodology has to contain are introduced and pointed out.

Keywords: Factory planning, modular factory systems, factory standards, cost-benefit analysis.

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Authors: George M. Nyori, Peter K’Obonyo

Abstract:

Over the past few decades, manufacturing has evolved from a more labor-intensive set of mechanical processes to a sophisticated set of information based technology processes. With the existence of various advanced manufacturing technologies (AMTs), more and more functions or jobs are performed by these machines instead of human labour. This study was undertaken in order to research the extent of AMTs adoption in manufacturing companies in Kenya. In order to investigate a survey was conducted via questionnaires that were sent to 183 selected AMT manufacturing companies in Kenya. 92 companies responded positively. All the surveyed companies were found to have a measure of investment in at least two of the 14 types of AMTs investigated. In general the company surveyed showed that the level of AMT adoption in Kenya is very low with investments levels at a mean of 2.057 and integration levels at a mean of 1.639 in a scale of 1-5.

Keywords: AMT adoption, AMT investments, AMT integration, companies in Kenya.

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Authors: M. Ungurean, F. Fitigau, C. Paul, A. Ursoiu, F. Peter

Abstract:

Pretreatment of lignocellulosic biomass materials from poplar, acacia, oak, and fir with different ionic liquids (ILs) containing 1-alkyl-3-methyl-imidazolium cations and various anions has been carried out. The dissolved cellulose from biomass was precipitated by adding anti-solvents into the solution and vigorous stirring. Commercial cellulases Celluclast 1.5L and Accelerase 1000 have been used for hydrolysis of untreated and pretreated lignocellulosic biomass. Among the tested ILs, [Emim]COOCH3 showed the best efficiency, resulting in highest amount of liberated reducing sugars. Pretreatment of lignocellulosic biomass using glycerol-ionic liquids combined pretreatment and dilute acid-ionic liquids combined pretreatment were evaluated and compared with glycerol pretreatment, ionic liquids pretreatment and dilute acid pretreatment.

Keywords: Cellulase, enzymatic hydrolysis, lignocellulosicbiomass, pretreatment.

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Authors: Sebastian Tschöpe, Konja Knüppel, Peter Nyhuis

Abstract:

In times when product life cycles are decreasing, while market demands are increasing, manufacturing enterprises are confronted with the challenge of more frequent and more complex ramp-ups. Thus it becomes obvious that ramp-up management is going to be a topic enterprises have to focus on in the future. Since each ramp-up is unique concerning the product, the process, the technology, the circumstances and the coaction of these four factors, the knowledge of the ramp-up situation and the current ramp-up capability of the enterprise are fundamental requirements for the subsequent improvement of the ramp-up capability of the production system.

In this article a methodology is going to be presented which can be used to define typical production ramp-up situations, to identify the current ramp-up capability of a production system and to improve it with respect to a specific situation. Additionally there will be a description of the functionality of a software-tool developed based on this methodology.

Keywords: Assessment methodology, ramp-up, ramp-up capability, software-tool.

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Authors: I. F. Fiţigău, F. Peter, C. G. Boeriu

Abstract:

Five lignin samples were fractionated with Acetone/Water mixtures and the obtained fractions were subjected to extensive structural characterization, including Fourier Transform Infrared (FT-IR), Gel permeation Chromatography (GPC) and Phosphorus-31 NMR spectroscopy (31P-NMR). The results showed that for all studied lignins the solubility increases with the increment of the acetone concentration. Wheat straw lignin has the highest solubility in 90/10 (v/v) Acetone/Water mixture, 400 mg lignin being dissolved in 1 mL mixture. The weight average molecular weight of the obtained fractions increased with the increment of acetone concentration and thus with solubility. 31P-NMR analysis based on lignin modification by reactive phospholane into phosphitylated compounds was used to differentiate and quantify the different types of OH groups (aromatic, aliphatic, and carboxylic) found in the fractions obtained with 70/30 (v/v) Acetone/Water mixture.

Keywords: Lignin, fractionation, FT-IR, GPC, 31P-NMR.

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Authors: Chih-Hsiang Chang, Fang-Jyun Su

Abstract:

This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.

Keywords: Stock characteristics, herding formation, investment decision, US equity market, lead-lag relationship.

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