Impact of Stock Market Structure on Intertrade Time and Price Dynamics

We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization–a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing patterns in price prediction and risk management optimization on different stock markets

A man with a blistering eruption and tuberculosis.

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Quantum Noise Randomized Ciphers

We review the notion of a classical random cipher and its advantages. We sharpen the usual description of random ciphers to a particular mathematical characterization suggested by the salient feature responsible for their increased security. We describe a concrete system known as AlphaEta and show that it is equivalent to a random cipher in which the required randomization is effected by coherent-state quantum noise. We describe the currently known security features of AlphaEta and similar systems, including lower bounds on the unicity distances against ciphertext-only and known-plaintext attacks. We show how AlphaEta used in conjunction with any standard stream cipher such as AES (Advanced Encryption Standard) provides an additional, qualitatively different layer of security from physical encryption against known-plaintext attacks on the key. We refute some claims in the literature that AlphaEta is equivalent to a non-random stream cipher.Comment: Accepted for publication in Phys. Rev. A; Discussion augmented and re-organized; Section 5 contains a detailed response to 'T. Nishioka, T. Hasegawa, H. Ishizuka, K. Imafuku, H. Imai: Phys. Lett. A 327 (2004) 28-32 /quant-ph/0310168' & 'T. Nishioka, T. Hasegawa, H. Ishizuka, K. Imafuku, H. Imai: Phys. Lett. A 346 (2005) 7

Mechanism of inflammation-associated colonic tumorigenesis promoted by cigarette smoke

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Equivalent efficiency of a simulated photon-number detector

Homodyne detection is considered as a way to improve the efficiency of communication near the single-photon level. The current lack of commercially available {\it infrared} photon-number detectors significantly reduces the mutual information accessible in such a communication channel. We consider simulating direct detection via homodyne detection. We find that our particular simulated direct detection strategy could provide limited improvement in the classical information transfer. However, we argue that homodyne detectors (and a polynomial number of linear optical elements) cannot simulate photocounters arbitrarily well, since otherwise the exponential gap between quantum and classical computers would vanish.Comment: 4 pages, 4 figure

Efficacy And Safety Of Hylan G-F 20 Injection In Treatment Of Knee Osteoarthritis In Chinese Patients: Results Of A Prospective, Multicentre, Longitudinal Study

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Sub shot noise phase quadrature measurement of intense light beams

We present a setup to perform sub shot noise measurements of the phase quadrature for intense pulsed light without the use of a separate local oscillator. A Mach--Zehnder interferometer with an unbalanced arm length is used to detect the fluctuations of the phase quadrature at a single side band frequency. Using this setup, the non--separability of a pair of quadrature entangled beams is demonstrated experimentally.Comment: 9 pages, 2 figures, accepted for publication in Optics Letter

Interleukin-1β increases the risk of gastric cancer through induction of aberrant DNA methylation in a mouse model

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Rising to the occasion : disaster social work in China

Author name used in this manuscript: Timothy SIM2012-2013 > Academic research: refereed > Publication in refereed journalAccepted ManuscriptPublishe