Caltech and aeronautics: a presentation by the California Institute of Technology

The outstanding accomplishment of Caltech in the field of aeronautics is not that it has taught, but that it has always had something new to teach. When most aircraft were glued together from bamboo, balsawood, and canvas, Caltech was teaching the next generation of designers how to build hollow shells of stiffened sheet metal. Today, at the threshold of the Space Age, Caltech is combining astronomy, mathematics, physics, mechanics and chemistry into a new sort of aeronautical science, tailored to the needs of a new era that knows no spatial limitations. To an important extent, Caltech's contributions to industrial and military aeronautics have been made possible, through the years, by equally valuable contributions, in the form of men, money, and equipment, from industry and government. This support has filled a vital need in the past; it will become even more important in the future. The following pages tell something of Caltech's role in aeronautics, its research accomplishments, its success as a teacher of men. Most important, this booklet sets forth the direction of Caltech's present and future research. It is an exciting vista

Algorithmic Trading and Information

We examine algorithmic trades (AT) and their role in the price discovery process in the 30 DAX stocks on the Deutsche Boerse. AT liquidity demand represents 52% of volume and AT supplies liquidity on 50% of volume. AT act strategically by monitoring the market for liquidity and deviations of price from fundamental value. AT consume liquidity when it is cheap and supply liquidity when it is expensive. AT contribute more to the efficient price by placing more efficient quotes and AT demanding liquidity to move the prices towards the efficient price