Measuring market liquidity: An introductory survey

Asset liquidity in modern financial markets is a key but elusive concept. A market is often said to be liquid when the prevailing structure of transactions provides a prompt and secure link between the demand and supply of assets, thus delivering low costs of transaction. Providing a rigorous and empirically relevant definition of market liquidity has, however, provided to be a difficult task. This paper provides a critical review of the frameworks currently available for modelling and estimating the market liquidity of assets. We consider definitions that stress the role of the bid-ask spread and the estimation of its components that arise from alternative sources of market friction. In this case, intra-daily measures of liquidity appear relevant for capturing the core features of a market, and for their ability to describe the arrival of new information to market participants.

The LHC di-photon excess and Gauge Coupling Unification in Extra Z′Z^\prime Heterotic-String Derived Models

The di-photon excess observed at the LHC can be explained as a Standard Model singlet that is produced and decays by heavy vector-like colour triplets and electroweak doublets in one-loop diagrams. The characteristics of the required spectrum are well motivated in heterotic-string constructions that allow for a light $Z^\prime$. Anomaly cancellation of the $U(1)_{Z^\prime}$ symmetry requires the existence of the Standard Model singlet and vector-like states in the vicinity of the $U(1)_{Z^\prime}$ breaking scale. In this paper we show that the agreement with the gauge coupling data at one-loop is identical to the case of the Minimal Supersymmetric Standard Model, owing to cancellations between the additional states. We further show that effects arising from heavy thresholds may push the supersymmetric spectrum beyond the reach of the LHC, while maintaining the agreement with the gauge coupling data. We show that the string inspired model can indeed account for the observed signal and discuss the feasibility of obtaining viable scalar mass spectrum.Comment: 26 pages. 11 figures. Published versio

Discrepancy of Minimal Riesz Energy Points

We find upper bounds for the spherical cap discrepancy of the set of minimizers of the Riesz s-energy on the sphere Sd. Our results are based on bounds for a Sobolev discrepancy introduced by Thomas Wolff in an unpublished manuscript where estimates for the spherical cap discrepancy of the logarithmic energy minimizers in S2 were obtained. Our result improves previously known bounds for 0 ≤ s< 2 and s≠ 1 in S2, where s= 0 is Wolff’s result, and for d- t< s< d with t≈ 2.5 when d≥ 3 and s≠ d- 1

Service level agreement framework for differentiated survivability in GMPLS-based IP-over-optical networks

In the next generation optical internet, GMPLS based IP-over-optical networks, ISPs will be required to support a wide variety of applications each having their own requirements. These requirements are contracted by means of the SLA. This paper describes a recovery framework that may be included in the SLA contract between ISP and customers in order to provide the required level of survivability. A key concern with such a recovery framework is how to present the different survivability alternatives including recovery techniques, failure scenario and layered integration into a transparent manner for customers. In this paper, two issues are investigated. First, the performance of the recovery framework when applying a proposed mapping procedure as an admission control mechanism in the edge router considering a smart-edge simple-core GMPLS-based IP/WDM network is considered. The second issue pertains to the performance of a pre-allocated restoration and its ability to provide protected connections under different failure scenarios

An unprecedented palladium-arsenic catalytic cycle for nitriles hydration

An unprecedented palladium/arsenic-based catalytic cycle for the hydration of nitriles to the corresponding amides is here described. It occurs in exceptionally mild conditions such as neutral pH and moderate temperature (60°C). The versatility of this new catalytic cycle was tested on various nitriles from aliphatic to aromatic. Also, the effect of ring substitution with electron withdrawing and electron donating groups was investigated in the cases of aromatic nitriles, as well as the effect of potentially interferent functional groups such as hydroxy group or pyridinic nitrogen. Furthermore, a pilot study on the potential suitability of this approach for its scale-up is presented, revealing that the catalytic cycle could be potentially and quickly scaled up

Metallo therapeutics for COVID-19. Exploiting metal-based compounds for the discovery of new antiviral drugs

Introduction: The COVID-19 pandemic poses an unprecedented challenge for the rapid discovery of drugs against this life-threatening disease. Owing to the peculiar features of the metal centers that are currently used in medicinal chemistry, metallodrugs might offer an excellent opportunity to achieve this goal. Areas covered: Two main strategies for developing metal-based drugs against the SARS-CoV-2 are herein illustrated. Firstly, a few clinically approved metallodrugs could be evaluated in patients according to a ‘drug repurposing’ approach. To this respect, the gold drug auranofin seems a promising candidate, but some other clinically established metal compounds are worthy of a careful evaluation as well. On the other hand, libraries of inorganic compounds, featuring a large chemical diversity, should be screened to identify the most effective molecules. This second strategy might be assisted by a pathway-driven discovery approach arising from a preliminary knowledge of the mode of action, exploitable to inhibit the functional activities of the key viral proteins. Also, attention must be paid to selectivity and toxicity issues. Expert opinion: The medicinal inorganic chemistry community may offer a valuable contribution against COVID-19. The screening of metallodrugs’ libraries can expand the explored ‘chemical space’ and increase the chance of finding effective anti-COVID agents

Numerical and experimental investigation of the stability of a drop in a single-axis acoustic levitator

Acoustic levitation can be employed to hold liquid drops in midair, enabling novel applications in X-ray scattering of proteins, amorphous crystallization of solutions, or contactless mixing. Multiple studies have characterized the physical behavior of a levitated drop inside an acoustic field. Here, we present a numerical and experimental study on the acoustic levitation of water drops in a single-Axis acoustic levitator consisting of an ultrasonic transducer and an opposing reflector. Instead of modeling an abstract incident acoustic field, our model considers the shape of the drop as well as the real geometry of the levitator. We also use a high-speed camera to observe the disintegration and the undesired oscillations of the drops. Our results show that the insertion of a drop in the levitator provokes a shift in its resonant frequency that depends on the shape of the drop. Second, the levitation behavior depends on whether the levitator operates slightly below or above the resonance. Third, if the levitator is driven above the resonant frequency, it is possible to levitate with more strength and avoid disintegration of the drop. This research provides an insight on how to achieve more stable experiments that avoid the bursting and undesired oscillations of the levitated sample. We hope that it will facilitate numerous experiments involving acoustically levitated liquid drops.This work was supported by the São Paulo Research Foundation—FAPESP (Grant No. 2017/27078-0)

Diseño y fabricación de un prototipo a pequeña escala de una turbina de aire, para el aprovechamiento de la energía marina, a bajo coste mediante técnicas de prototipado rápido

Existen diferentes procedimientos para aprovechar la energía de las olas [1]. El procedimiento que cuenta con mayor rendimiento y menor coste de mantenimiento es el de Columna Oscilante de Agua (OWC). El sistema consiste en la generación del movimiento de una turbina con el aire generado por el vaivén de la olas, con el problema añadido de que el flujo de aire es bidireccional. Actualmente la única turbina que puede girar en un solo sentido independientemente del sentido del flujo de aire es la turbina Wells [2]. Existen pocos estudios teóricos publicados sobre este tipo de turbina. En este artículo se describe la metodología para desarrollar un prototipo de bajo coste (de aproximadamente 150€) de una turbina Wells, a escala, para poder contrastar los resultados obtenidos experimentalmente con los propuestos de forma teórica. Se analizarán de igual forma tanto las ecuaciones propuestas obtenidas de forma teórica como los resultados experimentales. En el diseño de la turbina se ha partido de unos parámetros fijos: álabes de perfil simétrico NACA 0018, las dimensiones del tubo y el caudal de aire previsto y se han calculado el resto de los parámetros a partir de ecuaciones de aerodinámica [3],[4]. Posteriormente se ha realizado el diseño gráfico con un CAD y se ha fabricado el prototipo mediante sinterizado láser y mecanizado de control numérico. Finalmente se ha montado un motor de corriente continua para determinar la potencia generada en vacío. Se ha construido el prototipo y se ha determinado la velocidad de giro y la potencia generada en función del caudal de aire circulante por el tubo.Peer Reviewe