Security Transaction Taxes and Market Quality

We examine nine changes in the New York State Security Transaction Taxes (STT) between 1932 and 1981. We find that imposing or increasing an STT results in wider bidask spreads, lower volume, and increased price impact of trades. In contrast to theories of STT imposition as a means to reduce volatility, we find no consistent relationship between the level of an STT and volatility. We examine the propensity of traders to switch trading locations to avoid the tax and find no consistent evidence that they will change locations. We do find evidence to suggest that taxes imposed on the par value of stock will result in corporations managing the par value in the direction of minimizing the impact of the tax on investors.Econometric and statistical methods; Financial markets; Market structure and pricing

Paying for Market Quality

One way to improve the liquidity of small stocks is to subsidize the providers of liquidity. These subsidies take many forms such as informational advantages, priority in trading with incoming order flow, and fee rebates for limit order traders. In this study, we examine another type of subsidy – directly paying liquidity providers to provide contractual improvement in liquidity. Our specific focus here is the 2002 decision by the Stockholm Stock Exchange to allow listed firms to negotiate with liquidity providers to set maximum spread widths and minimum depths. We find, for a sample of stocks that entered into such an arrangement, a significant improvement in market quality with a decline in quoted spreads and an increase in quoted depth throughout the limit order book. We also find evidence that suggests that there are improvements beyond those contracted for. In addition, both inter and intraday volatility decline following the entry of committed liquidity providers for these stocks. Traders benefit by the reduced costs as well as by the ease of finding liquidity as seen in the increased trade sizes. We also find that a firm’s stock price subsequent to entering into the agreement rises in direct proportion to the improvement in market quality Thus, we find overwhelming evidence of liquidity benefits to listed firms of entering into such contracts which suggests that firms should consider these market quality improvement opportunities as they do other capital budgeting decisions and that there are residual benefits beyond those contracted for.No keywords;

Dispersed Trading and the Prevention of Market Failure: The Case of the Copenhagen Stock Exchange

With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight into this issue by examining trading behavior at the Copenhagen Stock Exchange during a major blackout. We find that although market quality declined, markets remained functional and some price discovery occurred during the blackout period suggesting that the NOREX structure of interlinked trading systems combined with widely dispersed trading locations may be a viable means of protection against market failure during massive power disruptions or terrorist attacks.Power failure; Fragmented markets; Market failure;

Molecular Beams

Contains research objectives, summary of research and reports on eight research projects.Joint Services Electronics Programs (U. S. Army, U. S. Navy, and U. S. Air Force) under Contract DAAB07-71-C-030

The clustering of galaxies in the SDSS-III Baryon Oscillation Spectroscopic Survey : cosmological implications of the full shape of the clustering wedges in the data release 10 and 11 galaxy samples

We explore the cosmological implications of the angle-averaged correlation function, ξ(s), and the clustering wedges, ξ⊥(s) and ξ∥(s), of the LOWZ and CMASS galaxy samples from Data Releases 10 and 11 of the Sloan Digital Sky Survey III (SDSS-III) Baryon Oscillation Spectroscopic Survey. Our results show no significant evidence for a deviation from the standard Λ cold dark matter model. The combination of the information from our clustering measurements with recent data from the cosmic microwave background is sufficient to constrain the curvature of the Universe to Ωk = 0.0010 ± 0.0029, the total neutrino mass to ∑mν < 0.23 eV (95 per cent confidence level), the effective number of relativistic species to Neff = 3.31 ± 0.27 and the dark energy equation of state to wDE = −1.051 ± 0.076. These limits are further improved by adding information from Type Ia supernovae and baryon acoustic oscillations from other samples. In particular, this data set combination is completely consistent with a time-independent dark energy equation of state, in which case we find wDE = −1.024 ± 0.052. We explore the constraints on the growth rate of cosmic structures assuming f(z) = Ωm(z)γ and obtain γ = 0.69 ± 0.15, consistent with the predictions of general relativity of γ = 0.55.Publisher PDFPeer reviewe

The clustering of Galaxies in the SDSS-III Baryon Oscillation Spectroscopic Survey : including covariance matrix errors

JP acknowledges support from the UK Science & Technology Facilities Council (STFC) through the consolidated grant ST/K0090X/1 and from the European Research Council through the ‘Starting Independent Research’ grant 202686, MDEPUGS. AGS acknowledges support from the Trans-regional Collaborative Research Centre TR33 ‘The Dark Universe’ of the German Research Foundation (DFG).We present improved methodology for including covariance matrices in the error budget of Baryon Oscillation Spectroscopic Survey (BOSS) galaxy clustering measurements, revisiting Data Release 9 (DR9) analyses, and describing a method that is used in DR10/11 analyses presented in companion papers. The precise analysis method adopted is becoming increasingly important, due to the precision that BOSS can now reach: even using as many as 600 mock catalogues to estimate covariance of two-point clustering measurements can still lead to an increase in the errors of ∼20 per cent, depending on how the cosmological parameters of interest are measured. In this paper, we extend previous work on this contribution to the error budget, deriving formulae for errors measured by integrating over the likelihood, and to the distribution of recovered best-fitting parameters fitting the simulations also used to estimate the covariance matrix. Both are situations that previous analyses of BOSS have considered. We apply the formulae derived to baryon acoustic oscillation (BAO) and redshift-space distortion (RSD) measurements from BOSS in our companion papers. To further aid these analyses, we consider the optimum number of bins to use for two-point measurements using the monopole power spectrum or correlation function for BAO, and the monopole and quadrupole moments of the correlation function for anisotropic-BAO and RSD measurements.Publisher PDFPeer reviewe

Synthesis of DNA fragments in yeast by one-step assembly of overlapping oligonucleotides

Here it is demonstrated that the yeast Saccharomyces cerevisiae can take up and assemble at least 38 overlapping single-stranded oligonucleotides and a linear double-stranded vector in one transformation event. These oligonucleotides can overlap by as few as 20 bp, and can be as long as 200 nucleotides in length. This straightforward scheme for assembling chemically-synthesized oligonucleotides could be a useful tool for building synthetic DNA molecules

Computational and transcriptional evidence for microRNAs in the honey bee genome

A total of 68 non-redundant candidate honey bee miRNAs were identified computationally; several of them appear to have previously unrecognized orthologs in the Drosophila genome. Several miRNAs showed caste- or age-related differences in transcript abundance and are likely to be involved in regulating honey bee development