Returns, Volatility and Liquidity on the ASX: Undisclosed vs. Disclosed Limit Orders

This paper investigates the information content of the two types of limit orders on the Australian Stock Exchange ASX: undisclosed orders (ULOs) and limit orders. Given the large order quantity contained in ULOs, we attempt to examine the impact of ULO submissions, cancellations and executions on price changes and volatility over differing intervals within a day. Motivation is generated by the ASX decision to abolish the use of ULOs in favour of iceberg orders. Intraday analysis shows that the impact of both ULO and disclosed order submissions are no longer than one day. ULO buying/selling order submissions at the best bid/ask price increase/decrease returns and price volatility significantly more than disclosed orders. The cancellations of ULOs cause significantly larger price volatility than disclosed limit order cancellations. Compared with disclosed limit order submissions, there is an increase in liquidity from the significantly reduced spread upon DLO submissions.Intraday effects, Return volatility, Undisclosed limit orders

Feasibility of Micropollutants Treatment by Coupling Nanofiltration and Electrochemical Oxidation: Case of Hospital Wastewater

In spite of good performances of the membrane bioreactor (MBR) process, permeate from it can still con- tain refractory pollutants that have to be removed before water reuse or discharge. The present study is an attempt to combine the advantages of two well-known technolo- gies, which are nanofiltration (NF) and electrochemical oxidation (EO) to treat MBR effluent from hospital waste- water. The concept is based on a preconcentration of micropollutants with a reduction of the wastewater volume by NF and treatment of the NF retentate by oxidation. During filtration process the rejection of cipro- floxacin, as a target molecule, reached beyond 97%. Then the NF retentate was treated by EO using a boron- doped diamond anode (BDD). Galvanostatic electrolyses showed that this anode is efficient to mineralize not only ciprofloxacin but also all the micropollutants and organics contained in MBR effluent. The results demon- strated that rapid mineralization occurred: the removal of total organic carbon and chemical oxygen demand (COD) reached 97% and 100%, respectively, in our conditions in 300 min maximum. The specific energy consumption for the total removal of COD was calculated to be 50 kW h kg ˗1 COD

Stock price manipulation:Prevalence and determinants

We empirically analyze the prevalence and economic underpinnings of closing price manipulation and its detection. We estimate that ∼1% of closing prices are manipulated, of which only a small fraction is detected and prosecuted. We find that stocks with high levels of information asymmetry and mid to low levels of liquidity are most likely to be manipulated. A significant proportion of manipulation occurs on month/quarter-end days. Manipulation on these days is more likely in stocks with high levels of institutional ownership. Government regulatory budget has a strong effect on both manipulation and detection

Multiple agency perspective, family control, and private information abuse in an emerging economy

Using a comprehensive sample of listed companies in Hong Kong this paper investigates how family control affects private information abuses and firm performance in emerging economies. We combine research on stock market microstructure with more recent studies of multiple agency perspectives and argue that family ownership and control over the board increases the risk of private information abuse. This, in turn, has a negative impact on stock market performance. Family control is associated with an incentive to distort information disclosure to minority shareholders and obtain private benefits of control. However, the multiple agency roles of controlling families may have different governance properties in terms of investors’ perceptions of private information abuse. These findings contribute to our understanding of the conflicting evidence on the governance role of family control within a multiple agency perspectiv

Biosensor Applications in the Field of Antibiotic Research—A Review of Recent Developments

Antibacterials are among of the most important medications used in health care. However, their efficacy is increasingly impeded by a tremendous and globally spread bacterial resistance phenomenon. This bacterial resistance is accelerated by inadequate application of antibacterial drugs in humans, the widespread veterinary use of antibacterials, and antibacterial occurrence in the environment and food. Further, there is a lack of development of innovative novel drugs. Therefore, the search for novel antibacterials has to be intensified and the spread of antibacterials in the environment has to be restricted. Due to the fundamental progress in biosensor development and promising applications in the antibiotic field, this review gives for the first time an overview on the use and prospects of biosensor applications in that area. A number of reports have applied biosensors of different design and techniques to search for antibacterials in environmental and foodstuff matrices. These studies are discussed with respect to the analytical values and compared to conventional techniques. Furthermore, biosensor applications to elucidate the mode of action of antimicrobial drugs in vitro have been described. These studies were critically introduced referring to the informational value of those simulations. In summary, biosensors will be illustrated as an innovative and promising, although not yet comprehensively applied, technique in the antibacterial field

Shorting at Close Range: A Tale of Two Types

Abstract We examine stock returns, order flow, and market conditions in the minutes before, during, and after recent short sales on the NYSE and Nasdaq. We find two very distinct types of short sales: those that provide liquidity, and those that demand it. Shorts that supply liquidity do so when spreads are unusually wide. These short sellers are also strongly contrarian, stepping in to initiate or increase a short position after fairly sharp share price rises over the past hour or so, and they tend to face greater adverse selection than other liquidity suppliers. In contrast, shorts that demand liquidity tend to be shortterm momentum traders. However, there is no evidence that liquidity-demanding short sellers are any different from other liquidity demanders. Overall, liquidity-providing short sales are important contributors to stock market quality, and regulators and policymakers should keep these salutary effects in mind. JEL classification: G14, G1

High frequency trading and co-movement in financial markets

© 2019 Elsevier B.V. Using the staggered entry of Chi-X in 12 European equity markets as a source of exogenous variation in high frequency trading (HFT), we find that HFT causes significant increases in comovement in returns and in liquidity. About one-third of the increase in return comovement is due to faster diffusion of market-wide information. We attribute the remaining two-thirds to correlated trading strategies of HFTs. The increase in liquidity comovement is consistent with HFT liquidity providers being better able to monitor other stocks and adjust their liquidity provision accordingly. Our findings suggest a channel by which HFT impacts the cost of capital