Empirical regularities of opening call auction in Chinese stock market

We study the statistical regularities of opening call auction using the ultra-high-frequency data of 22 liquid stocks traded on the Shenzhen Stock Exchange in 2003. The distribution of the relative price, defined as the relative difference between the order price in opening call auction and the closing price of last trading day, is asymmetric and that the distribution displays a sharp peak at zero relative price and a relatively wide peak at negative relative price. The detrended fluctuation analysis (DFA) method is adopted to investigate the long-term memory of relative order prices. We further study the statistical regularities of order sizes in opening call auction, and observe a phenomenon of number preference, known as order size clustering. The probability density function (PDF) of order sizes could be well fitted by a $q$-Gamma function, and the long-term memory also exists in order sizes. In addition, both the average volume and the average number of orders decrease exponentially with the price level away from the best bid or ask price level in the limit-order book (LOB) established immediately after the opening call auction, and a price clustering phenomenon is observed.Comment: 11 pages, 6 figures, 3 table

A systematic approach to performing a comprehensive transesophageal echocardiogram. A call to order

<p>Abstract</p> <p>Background</p> <p>While the order for a clinical transthoracic examination is fairly standardized, there is considerable variability between laboratories and even among physicians in the same laboratory with regard to the order for transesophageal echocardiograms (TEE). A systematic approach is desirable for more efficient use of physician and patient time, avoidance of inadvertent omission of important views, and to facilitate study review.</p> <p>Methods</p> <p>We propose a standardized approach to TEE data acquisition in which cardiac structures are systematically identified and characterized at sequential positions and imaging planes to facilitate organized, efficient and comprehensive assessment.</p> <p>Results</p> <p>Our approach to TEE study begins in the mid-esophagus with the imaging plane at 0°. Based on the specific indication for the TEE, a cardiac structure (e.g., mitral valve, left atrial appendage, or interatrial septum) is chosen as the primary focal point for a comprehensive, multiplane analysis. This structure is assessed in 20° – 30° increments as the imaging plane is advanced from 0° to 165°. Using the aortic valve as a reference point, pertinent cardiac structures are then assessed as the imaging plane is reduced to 135°, to 90°, to 40 – 60° and then back to 0°. The probe is then advanced into the stomach to obtain transgastric images at 0°, 90°, and 120°. Finally, the thoracic aorta and pulmonary artery are assessed as the probe is withdrawn from the body. Using this method, an organized and comprehensive TEE can be performed in 10 – 15 minutes.</p> <p>Conclusion</p> <p>A standardized and systematic TEE approach is described for efficient and comprehensive TEE study.</p

Lazy Evaluation and Delimited Control

The call-by-need lambda calculus provides an equational framework for reasoning syntactically about lazy evaluation. This paper examines its operational characteristics. By a series of reasoning steps, we systematically unpack the standard-order reduction relation of the calculus and discover a novel abstract machine definition which, like the calculus, goes "under lambdas." We prove that machine evaluation is equivalent to standard-order evaluation. Unlike traditional abstract machines, delimited control plays a significant role in the machine's behavior. In particular, the machine replaces the manipulation of a heap using store-based effects with disciplined management of the evaluation stack using control-based effects. In short, state is replaced with control. To further articulate this observation, we present a simulation of call-by-need in a call-by-value language using delimited control operations

On Probabilistic Applicative Bisimulation and Call-by-Value λ\lambda-Calculi (Long Version)

Probabilistic applicative bisimulation is a recently introduced coinductive methodology for program equivalence in a probabilistic, higher-order, setting. In this paper, the technique is applied to a typed, call-by-value, lambda-calculus. Surprisingly, the obtained relation coincides with context equivalence, contrary to what happens when call-by-name evaluation is considered. Even more surprisingly, full-abstraction only holds in a symmetric setting.Comment: 30 page