Liquidity, Volume, and Price Behavior: The Impact of Order vs. Quote Based Trading

We provide a three way theoretical comparison of dealer, limit order, and hybrid markets and analyze the impact that the organization of trading has on volume, liquidity, and price efficiency. We find, in particular, that trading volume is highest in the limit order market and lowest in the dealer market. Small order price impacts are lowest and large order price impacts are highest in limit order markets. Prices are most efficient in the hybrid market and least efficient in the dealer market, except when the level of informed trading is very high. Post-trade market transparency in a hybrid market hampers price efficiency for thinly traded securities. We further identify that traders behave as contrarians.liquidity, quote and order driven markets, price efficiency, hybrid markets, trading volume

Toward transparency of hybrid open access through publisher-provided metadata: An article-level study of Elsevier

With the growth of open access (OA), the financial flows in scholarly journal publishing have become increasingly complex, but comprehensive data on and transparency of these flows are still lacking. The opacity is especially concerning for hybrid OA, where subscription-based journals publish individual articles as OA if an optional fee is paid. This study addresses the lack of transparency by leveraging Elsevier article metadata and provides the first publisher-level study of hybrid OA uptake and invoicing. Our results show that Elsevier's hybrid OA uptake has grown steadily but slowly from 2015 to 2019, doubling the number of hybrid OA articles published per year and increasing the share of OA articles in Elsevier's hybrid journals from 2.6 to 3.7% of all articles. Further, we find that most hybrid OA articles were invoiced directly to authors, followed by articles invoiced through agreements with research funders, institutions, or consortia, with only a few funding bodies driving hybrid OA uptake. As such, our findings point to the role of publishing agreements and OA policies in hybrid OA publishing. Our results further demonstrate the value of publisher-provided metadata to improve the transparency in scholarly publishing

Andreev reflection in Si-engineered Al/InGaAs hybrid junctions

Andreev-reflection dominated transport is demonstrated in Al/n-In0.38Ga0.62As superconductor-semiconductor junctions grown by molecular beam epitaxy on GaAs(001). High junction transparency was achieved in low-doped devices by exploiting Si interface bilayers to suppress the native Schottky barrier. It is argued that this technique is ideally suited for the fabrication of ballistic transport hybrid microstructures.Comment: 9 REVTEX pages + 3 postscript figures, to be published in APL 73, (28dec98