Multistate asymmetric ACD model: an application to order dynamics in the EUR/PLN spot market

This paper examines a process of order submissions and cancellations in the interbank order driven market of the EUR/PLN currency pair. Our contribution to the existing literature is twofold. We generalize the Asymmetric ACD model (AACD) of Bauwens & Giot (2003) with respect to more than two competing risks. It results in the flexible multistate econometric model for durations between moments in which order submissions or cancellations take place. Thanks to the Multistate AACD model we are able to examine timing of order submissions/cancellations that (1) take place on different sides of the market and (2) vary according to the level of order aggressiveness. We show how to simulate from the proposed Multistate Asymmetric ACD model, which enables us to study the transition probabilities between selected events. We investigate different market microstructure factors that exert an influence on the intraday pattern of order submission or cancellation strategies.asymmetric ACD model, order dynamics, intraday liquidity

Observaciones sobre los titulares en la prensa deportiva digital

El presente texto somete a un análisis léxico-pragmático una serie de titulares temáticos publicados en cuatro periódicos deportivos españoles en línea. Un medio digital polaco, supuestamente neutro, nos sirve de tertium comparationis. El trabajo intenta demostrar que existen notables diferencias en cuanto a la valoración positiva de los éxitos deportivos del Real Madrid y del Fútbol Club Barcelona entre los medios digitales madrileños y catalanes. El principal mecanismo discursivo que sirve para disminuir el efecto positivo de un éxito deportivo consiste en desviar la atención del lector con evaluaciones de los hechos y personajes de segundo plano a costa de lo verdaderamente factual. La interfaz polaca conserva, en la mayoría de los casos, una postura de neutralidad publicando titulares muy extensos, centrados únicamente en el aspecto informativo

Studia doktoranckie w Polsce w świetle wyników konkursu na najbardziej prodoktorancką uczelnię w Polsce „Prodok 2012”

In the article an analysis of the results of the competition on the most prodoctoral university in Poland - Prodok 2012 is made, divided into separate areas (social security, supporting the activity of young scientists, influence of doctoral students on the process of education, autonomy, other). Also recommendations of changes that could contribute towards the improvement in the quality of education and the financial situation of doctoral students at Polish universities are presented.W artykule dokonano analizy wyników konkursu na najbardziej prodoktorancką uczelnię w Polsce – Prodok 2012 – w podziale na wyodrębnione obszary (zabezpieczenie socjalne, wspieranie aktywności młodego naukowca, wpływ doktorantów na proces kształcenia, samorządność, inne). Przedstawiono też rekomendacje zmian, mogące przyczynić się do poprawy jakości kształcenia oraz warunków materialnych doktorantów na polskich uczelniach

Gamma graphs of some special classes of trees

A set S⊂V is a dominating set of a graph G=(V,E) if every vertex v∈V which does not belong to S has a neighbour in S. The domination number γ(G) of the graph G is the minimum cardinality of a dominating set in G. A dominating set S is a γ-set in G if |S|=γ(G). "Some graphs have exponentially many γ-sets, hence it is worth to ask a question if a γ-set can be obtained by some transformations from another γ-set. The study of gamma graphs is an answer to this reconfiguration problem. We give a partial answer to the question which graphs are gamma graphs of trees. In the second section gamma graphs γ.T of trees with diameter not greater than five will be presented. It will be shown that hypercubes Qk are among γ.T graphs. In the third section γ.T graphs of certain trees with three pendant vertices will be analysed. Additionally, some observations on the diameter of gamma graphs will be presented, in response to an open question, published by Fricke et al., if diam(T(γ))=O(n)