Tick size and price diffusion

A tick size is the smallest increment of a security price. It is clear that at the shortest time scale on which individual orders are placed the tick size has a major role which affects where limit orders can be placed, the bid-ask spread, etc. This is the realm of market microstructure and there is a vast literature on the role of tick size on market microstructure. However, tick size can also affect price properties at longer time scales, and relatively less is known about the effect of tick size on the statistical properties of prices. The present paper is divided in two parts. In the first we review the effect of tick size change on the market microstructure and the diffusion properties of prices. The second part presents original results obtained by investigating the tick size changes occurring at the New York Stock Exchange (NYSE). We show that tick size change has three effects on price diffusion. First, as already shown in the literature, tick size affects price return distribution at an aggregate time scale. Second, reducing the tick size typically leads to an increase of volatility clustering. We give a possible mechanistic explanation for this effect, but clearly more investigation is needed to understand the origin of this relation. Third, we explicitly show that the ability of the subordination hypothesis in explaining fat tails of returns and volatility clustering is strongly dependent on tick size. While for large tick sizes the subordination hypothesis has significant explanatory power, for small tick sizes we show that subordination is not the main driver of these two important stylized facts of financial market.Comment: To be published in the "Proceedings of Econophys-Kolkata V International Workshop on "Econophysics of Order-driven Markets" March 9-13, 2010, The New Economic Windows series of Springer-Verlag Italia

Effects of near-infrared light on well-being and health in human subjects with mild sleep-related complaints:A double-blind, randomized, placebo-controlled study

Modern urban human activities are largely restricted to the indoors, deprived of direct sunlight containing visible and near-infrared (NIR) wavelengths at high irradiance levels. Therapeutic exposure to doses of red and NIR, known as photobiomodulation (PBM), has been effective for a broad range of conditions. In a double-blind, randomized, placebo-controlled study, we aimed to assess the effects of a PBM home set-up on various aspects of well-being, health, sleep, and circadian rhythms in healthy human subjects with mild sleep complaints. The effects of three NIR light (850 nm) doses (1, 4, or 6.5 J·cm−2) were examined against the placebo. Exposure was presented five days per week between 9:30 am and 12:30 pm for four consecutive weeks. The study was conducted in both summer and winter to include seasonal variation. The results showed PBM treatment only at 6.5 J·cm−2 to have consistent positive benefits on well-being and health, specifically improving mood, reducing drowsiness, reducing IFN-γ, and resting heart rate. This was only observed in winter. No significant effects on sleep or circadian rhythms were noted. This study provides further evidence that adequate exposure to NIR, especially during low sunlight conditions, such as in the winter, can be beneficial for human health and wellness.</p

A Critical Examination of the Environmental Mastery Scale

The Psychological well being Inventory (PWBI) is a multidimensional instrument that has enjoyed widespread use in a variety of research initiatives, from small-scale studies to national surveys. Recent empirical investigation of the measure has raised questions about its validity. This study examines the factorial validity of the Environmental Mastery Scale of the PWBI, a construct that receives much attention in mental health research. The results of a confirmatory factor analysis did not support the unidimensional factor structure of the measure. Correlated uniqueness models were also examined, which did not reveal evidence of a method effect. There are problems with the measure at the item level, which also raises significant questions about the underlying theory of its parent measure.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/61157/1/EMS.pd

Limits for voltage distortion in the frequency range 2 to 9 kHz

This paper addresses voltage distortion in the frequency range 2 to 9 kHz, above what is normally considered in harmonic studies. By extrapolating the voltage-distortion limits that exist in international standards for distortion up to 2 kHz, it is concluded that 0.5% of nominal voltage per 200-Hz band is a safe limit. This limit is next used to estimate the number of small generator units (1-10 kW) that can be connected to a low-voltage grid. It is concluded that in some cases the connection of one or just a few units already leads to a distortion level above the limit

Demyelinating disease in SLE: Is it multiple sclerosis or lupus?

Among the 12 systemic lupus erythematosus (SLE)-related central nervous system (CNS) syndromes defined by the American College of Rheumatology (ACR), demyelinating syndrome and myelopathy are two of the less prevalent and more poorly understood ones. One important issue concerning demyelinating disease in SLE is that it can be easily misdiagnosed with other central nervous system demyelinating disorders such as multiple sclerosis (MS). A clinically isolated neurological syndrome can be the presenting feature before other concomitant symptoms of SLE appear or definite MS is diagnosed. Although challenging, some diagnostic tests used in clinical practice and research may help to differentiate between these entities. These tests have improved the understanding of the pathogenesis in these diseases, but some points, such as the role of antiphospholipid antibodies in SLE-associated transverse myelitis, remain unclear and are a matter of ongoing debate. This review discusses clinical, pathophysiological, radiological and therapeutic concepts of demyelinating disease of the CNS in SLE, focussing on its differentiation from MS and its relation with other CNS demyelinating processes, such as transverse myelitis, optic neuritis and neuromyelitis optica.Pathophysiology and treatment of rheumatic disease

Education and Successful Aging Trajectories: A Longitudinal Population-Based Latent Variable Modelling Analysis

As the population ages, interest is increasing in studying aging well. However, more refined means of examining predictors of biopsychosocial conceptualizations of successful aging (SA) are required. Existing evidence of the relationship between early-life education and later-life SA is unclear. The Successful Aging Index (SAI) was mapped onto the Cognitive Function and Aging Study (CFAS), a longitudinal population-based cohort (n = 1,141). SAI scores were examined using growth mixture modelling (GMM) to identify SA trajectories. Unadjusted and adjusted (age, sex, occupational status) ordinal logistic regressions were conducted to examine the association between trajectory membership and education level. GMM identified a three-class model, capturing high, moderate, and low functioning trajectories. Adjusted ordinal logistic regression models indicated that individuals in higher SAI classes were significantly more likely to have higher educational attainment than individuals in the lower SAI classes. These results provide evidence of a life course link between education and SA

Using latent features diversification to reduce choice difficulty in recommendation lists

Ail important side effect of using recoinmender systems is a phenomenon called "choice overload"; the negative feeling incurred by the increased difficulty to choose from large sets of high quality recommendations. Choice overload has traditionally been related to the size of the item set, but recent work suggests that the diversity of the item set is an important moderator. Using the latent feanires of a matrix factorization algorithm, we were able to manipulate the diversity of the items, while controlling the overall attractiveness of the list of recommendations. In a user study, participants evaluated personalized item lists (varying in level of diversity) on perceived diversity and attractiveness, and their experienced choice difficulty and tradeoff difficulty. The results suggest that diversifying the recommendations might be an effective way to reduce choice overload, as perceived diversity and attractiveness increase with item set diversity, subsequently resulting in participants experiencing less tradeoff difficulty and choice difficulty

Effects of Near-Infrared Light on Well-Being and Health in Human Subjects with Mild Sleep-Related Complaints: A Double-Blind, Randomized, Placebo-Controlled Study

Modern urban human activities are largely restricted to the indoors, deprived of direct sunlight containing visible and near-infrared (NIR) wavelengths at high irradiance levels. Therapeutic exposure to doses of red and NIR, known as photobiomodulation (PBM), has been effective for a broad range of conditions. In a double-blind, randomized, placebo-controlled study, we aimed to assess the effects of a PBM home set-up on various aspects of well-being, health, sleep, and circadian rhythms in healthy human subjects with mild sleep complaints. The effects of three NIR light (850 nm) doses (1, 4, or 6.5 J·cm−2) were examined against the placebo. Exposure was presented five days per week between 9:30 am and 12:30 pm for four consecutive weeks. The study was conducted in both summer and winter to include seasonal variation. The results showed PBM treatment only at 6.5 J·cm−2 to have consistent positive benefits on well-being and health, specifically improving mood, reducing drowsiness, reducing IFN-γ, and resting heart rate. This was only observed in winter. No significant effects on sleep or circadian rhythms were noted. This study provides further evidence that adequate exposure to NIR, especially during low sunlight conditions, such as in the winter, can be beneficial for human health and wellness