16,606 research outputs found

    Modelling Adverse Selection on Electronic Order-Driven Markets

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    The vast majority of models that decompose the bid/ask spread assume the quote-driven, specialist structure of the NYSE. This paper critically evaluates these models to construct a model specific for an electronic order-driven exchange. The model not only captures adverse selection and the impact of order flows on price discovery but it includes the imbalance of supply and demand inherent in the public limit order book. With this new model we investigate the change to anonymity on the Australian Securities Exchange (ASX). Following the change to anonymity, both adverse selection and the demand/supply imbalance have an increased impact on prices while order flow has a decreased influence, suggesting the change to anonymity has improved market efficiency. The model also uncovers a change in traders’ behavior once their fear of front-running is reduced. We show that the model is stable and robust across high liquidity stocks as well as stocks with as few as 5 trades per day.bid-ask spread models; adverse selection; anonymity

    EXPORT ENHANCEMENT STRATEGIES FOR SMALL AND MEDIUM RURAL AND AGRICULTURAL FIRMS

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    Literature reports that small and medium firms face greater difficulty in obtaining the necessary export market information and in obtaining financing than do larger firms. Accordingly, the United States has many export promotion and enhancement services, but there is little documentation on the impacts of these services on small and medium rural and agricultural firms. The objectives of this project were to 1) analyze the export assistance needs of small and medium rural and agricultural firms operating in the Northern Plains region at different stages of the export or internationalization process, 2) identify available export assistance and promotion services offered at the federal and state levels to meet the needs of these firms, and 3) identify factors that may increase the effectiveness of export assistance programs. The primary assistance these firms wanted from the government was help in documenting their exports. The primary reasons firms did not seek government assistance were a lack of knowledge of the service and the service is not useful. The most often used non-government information sources were trade or industry associations and banks. Accordingly, policy makers should emphasize programs that complement efforts of private organizations and that target the needs and interests of the firms.export, rural, agriculture, export assistance, Northern Plains, government, Community/Rural/Urban Development, International Development,

    Structural Properties of the Caenorhabditis elegans Neuronal Network

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    Despite recent interest in reconstructing neuronal networks, complete wiring diagrams on the level of individual synapses remain scarce and the insights into function they can provide remain unclear. Even for Caenorhabditis elegans, whose neuronal network is relatively small and stereotypical from animal to animal, published wiring diagrams are neither accurate nor complete and self-consistent. Using materials from White et al. and new electron micrographs we assemble whole, self-consistent gap junction and chemical synapse networks of hermaphrodite C. elegans. We propose a method to visualize the wiring diagram, which reflects network signal flow. We calculate statistical and topological properties of the network, such as degree distributions, synaptic multiplicities, and small-world properties, that help in understanding network signal propagation. We identify neurons that may play central roles in information processing and network motifs that could serve as functional modules of the network. We explore propagation of neuronal activity in response to sensory or artificial stimulation using linear systems theory and find several activity patterns that could serve as substrates of previously described behaviors. Finally, we analyze the interaction between the gap junction and the chemical synapse networks. Since several statistical properties of the C. elegans network, such as multiplicity and motif distributions are similar to those found in mammalian neocortex, they likely point to general principles of neuronal networks. The wiring diagram reported here can help in understanding the mechanistic basis of behavior by generating predictions about future experiments involving genetic perturbations, laser ablations, or monitoring propagation of neuronal activity in response to stimulation

    Field evaluation of potential pheromone lures for Lygus lineolaris (Hemiptera: Miridae) in the Mid-South

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    Field screening of lures in the Midsouth USA indicated that the lure containing hexyl butyrate, (E)-2-hexenyl butyrate and (E)-4-oxo-2-hexenal(4:10:7) was the most effective at collecting Lygus lineolaris, and collected similar numbers of individuals to traps baited with live virgin insects over a similar period of time in other studies

    Imaging and spectroscopy using a scintillator-coupled EMCCD

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    The CCD97 is a low light level (L3) device from e2v technologies range of electron multiplying CCDs (EMCCDs). The device uses e2v's patented extended gain register and through the use of appropriately designed electrodes can be used to maximise the signal whilst keeping the impact of the noise to a minimum. The nature of this device makes it ideal for use with a scintillator in order to see individual flashes of light from single X-ray photons. Through the examination of individual X-ray events, it is possible to analyse each interaction in the scintillator to determine the sub-pixel position of the interaction. Using the modelling capabilities of the Geant4 toolkit it is possible to simulate X-ray events and thus examine interactions with known energy and point of interaction. Through bringing together the experimental and simulated results, the spectral capabilities of such a device are discussed

    Inter-pregnancy interval and risk of recurrent pre-eclampsia: systematic review and meta-analysis

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    Background: Women with a history of pre-eclampsia have a higher risk of developing pre-eclampsia in subsequentpregnancies. However, the role of the inter-pregnancy interval on this association is unclear.Objective: To explore the effect of inter-pregnancy interval on the risk of recurrent pre-eclampsia or eclampia.Search strategy: MEDLINE, EMBASE and LILACS were searched (inception to July 2015).Selection criteria: Cohort studies assessing the risk of recurrent pre-eclampsia in the immediate subsequentpregnancy according to different birth intervals.Data collection and analysis: Two reviewers independently performed screening, data extraction, methodologicaland quality assessment.Meta-analysis of adjusted odds ratios (aOR) with 95 % confidence intervals (CI) was used to measure the associationbetween various interval lengths and recurrent pre-eclampsia or eclampsia.Main results: We identified 1769 articles and finally included four studies with a total of 77,561 women. The meta-analysisof two studies showed that compared to inter-pregnancy intervals of 2?4 years, the aOR for recurrent pre-eclampsia was 1.01 [95 % CI 0.95 to 1.07, I2 0 %] with intervals of less than 2 years and 1.10 [95 % CI 1.02 to 1.19, I2 0 %] with intervals longerthan 4 years.Conclusion: Compared to inter-pregnancy intervals of 2 to 4 years, shorter intervals are not associated with an increasedrisk of recurrent pre-eclampsia but longer intervals appear to increase the risk. The results of this review should beinterpreted with caution as included studies are observational and thus subject to possible confounding factors.Keywords: Recurrence, Pre-eclampsia, Eclampsia, Inter-pregnancy interval, Birth interval, Meta-analysis, Systematic review,Birth spacing, Hypertensive disorders of pregnancyFil: Cormick, Gabriela. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones en Epidemiología y Salud Pública. Instituto de Efectividad Clínica y Sanitaria. Centro de Investigaciones en Epidemiología y Salud Pública; ArgentinaFil: Betran, Ana Pilar. World Health Organization; SuizaFil: Ciapponi, Agustín. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones en Epidemiología y Salud Pública. Instituto de Efectividad Clínica y Sanitaria. Centro de Investigaciones en Epidemiología y Salud Pública; ArgentinaFil: Hall, David R.. Stellenbosch University; Sudáfrica. Tygerberg Hospital; SudáfricaFil: Hofmyer, G. Justus. University of the Witwatersrand; Sudáfrica. University of Fort Hare; Sudáfrica. Walter Sisulu University; Sudáfric

    Consumption inequality and income uncertainty

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    This paper places the debate over using consumption or income in studies of inequality growth in a formal intertemporal setting. It highlights the importance of permanent and transitory income uncertainty in the evaluation of growth in consumption inequality. We derive conditions under which the growth of variances and covariances of income and consumption can be used to separately identify the growth in the variance of permanent and transitory income shocks. Household data from Britain for the period 1968-1992 are used to show a strong growth in transitory inequality toward the end of this period, while younger cohorts are shown to face significantly higher levels of permanent inequality

    A Storm in an IoT Cup: The Emergence of Cyber-Physical Social Machines

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    The concept of social machines is increasingly being used to characterise various socio-cognitive spaces on the Web. Social machines are human collectives using networked digital technology which initiate real-world processes and activities including human communication, interactions and knowledge creation. As such, they continuously emerge and fade on the Web. The relationship between humans and machines is made more complex by the adoption of Internet of Things (IoT) sensors and devices. The scale, automation, continuous sensing, and actuation capabilities of these devices add an extra dimension to the relationship between humans and machines making it difficult to understand their evolution at either the systemic or the conceptual level. This article describes these new socio-technical systems, which we term Cyber-Physical Social Machines, through different exemplars, and considers the associated challenges of security and privacy.Comment: 14 pages, 4 figure

    Impacts of anthropogenic emissions and cold air pools on urban to montane gradients of snowpack ion concentrations in the Wasatch Mountains, Utah

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    pre-printUrban montane valleys are often characterized by periodic wintertime temperature inversions (cold air pools) that increase atmospheric particulate matter concentrations, potentially stimulating the deposition of major ions to these snow-covered ecosystems. We assessed spatial and temporal patterns of ion concentrations in snow across urban to montane gradients in Salt Lake City, Utah, USA, and the adjacent Wasatch Mountains during January 2011, a period of several persistent cold air pools. Ion concentrations in fresh snow samples were greatest in urban sites, and were lower by factors of 4 - 130 in a remote high-elevation montane site. Adjacent undeveloped canyons experienced significant incursions of particulate-rich urban air during stable atmospheric conditions, where snow ion concentrations were lower but not significantly different from urban sites. Surface snow ion concentrations on elevation transects in and adjacent to Salt Lake City varied with temporal and spatial trends in aerosol concentrations, increasing following exposure to particulate-rich air as cold air pools developed, and peaking at intermediate elevations (1500 - 1600 m above sea level, or 200 - 300 m above the valley floor). Elevation trends in ion concentrations, especially NH4 + and NO3, corresponded with patterns of aerosol exposure inferred from laser ceilometer data, suggesting that high particulate matter concentrations stimulated fog or dry ion deposition to snow-covered surfaces at the top of the cold air pools. Fog/dry deposition inputs were similar to wet deposition at mid-elevation montane sites, but appeared negligible at lower and higher-elevation sites. Overall, snow ion concentrations in our urban and adjacent montane sites exceeded many values reported from urban precipitation in North America, and greatly exceeded those reported for remote snowpacks. Sodium, Cl-, NH4 +, and NO3 concentrations in fresh snow were high relative to previously measured urban precipitation, with means of 120, 117, 42, and 39 ueq l-1, respectively. After exposure to atmospheric particulate matter during cold pool events, surface snow concentrations peaked at 2500, 3600, 93, and 90 ueq l-1 for these ions. Median nitrogen (N) deposition in fresh urban snow samples measured 0.8 kg N ha-1 uring January 2011, with similar fog/dry deposition inputs at mid-elevation montane sites. Wintertime anthropogenic air pollution represents a significant source of ions to snow-covered ecosystems proximate to urban montane areas, with important implications for ecosystem function
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