Do Bid-Ask Spreads Or Bid and Ask Depths Convey New Information First?

This paper investigates the order in which new information is first reflected in the market – through changes in spreads or through updated depths. We develop an error correction model of spreads and depths and estimate Gonzalo-Granger common factor components using two years of tick-by-tick quote data on all stocks in the Dow Jones Industrial Average. We show that indeed depths rather than spreads are first to impound new information that leads to new quote trends. Specifically, (bid and ask) depths convey information first in virtually every stock in both years, while spreads almost never convey information in 1998, and do so in only 8 out of 30 cases in 1995. Even in those 8 cases, the percentage of new information revealed by spreads ranges from 50 – 59% with the depths accounting for the rest. Our results have important implications for academic research on asymmetric information trading, for security market design, and for public policy.VECM, spreads, depths, information,

A benefit-cost analysis of the Virginia oyster subsidies : an historical appraisal and proposals for the future

As a leading producer of seafood in the United States, the Commonwealth of Virginia has long maintained an interest in the vitality of its private seafood industry. The present study focuses on the state\u27s oyster industry which is distinguished for its long record of producing one-third of the entire national catch, but which, recently has suffered a variety of natural ·and economic setbacks. Herein, we.wish to examine the economic value of the subsidy programs enacted to meet these recent threats to the very existence of the Virginia oyster industry

A Circuit-Level Model of Hippocampal Place Field Dynamics Modulated by Entorhinal Grid and Suppression-Generating Cells

Hippocampal “place cells” and the precession of their extracellularly recorded spiking during traversal of a “place field” are well-established phenomena. More recent experiments describe associated entorhinal “grid cell” firing, but to date only conceptual models have been offered to explain the potential interactions among entorhinal cortex (EC) and hippocampus. To better understand not only spatial navigation, but mechanisms of episodic and semantic memory consolidation and reconsolidation, more detailed physiological models are needed to guide confirmatory experiments. Here, we report the results of a putative entorhinal-hippocampal circuit level model that incorporates recurrent asynchronous-irregular non-linear (RAIN) dynamics, in the context of recent in vivo findings showing specific intracellular–extracellular precession disparities and place field destabilization by entorhinal lesioning. In particular, during computer-simulated rodent maze navigation, our model demonstrate asymmetric ramp-like depolarization, increased theta power, and frequency (that can explain the phase precession disparity), and a role for STDP and KAHP channels. Additionally, we propose distinct roles for two entorhinal cell populations projecting to hippocampus. Grid cell populations transiently trigger place field activity, while tonic “suppression-generating cell” populations minimize aberrant place cell activation, and limit the number of active place cells during traversal of a given field. Applied to place-cell RAIN networks, this tonic suppression explains an otherwise seemingly discordant association with overall increased firing. The findings of this circuit level model suggest in vivo and in vitro experiments that could refute or support the proposed mechanisms of place cell dynamics and modulating influences of EC

‘It’s like equality now; it’s not as if it’s the old days’: an investigation into gender identity development and football participation of adolescent girls

This article explores the influence participating in football has on the development of adolescent girls’ gender identity, an area which currently lacks academic attention. Data were taken from an ethnographic study with a group of adolescent girls and boys and compared to Jeanes’ research. A social constructionist framework was deployed with links to both critical theory and feminist literature. Qualitative and participatory methods were used to fully engage with the complex issue of gender identity. The girls within this study were aware of the normative gender expectations linked to ‘being a female’ but did not find this restrictive. The girls moved between many changing identities and organised their ‘web of selves’ accordingly. The apparent need to measure success by the parameters of male standards created a barrier to girls’ identity development

Low-Resolution Imaging Spectrometer for the Keck Telescope

The Low Resolution Imaging Spectrometer is designed for use at the Cassegrain focus of the Keck 10-m telescope. It provides the capability of acquiring low resolution (R equals 1000 to 5000) digital spectra, as well as 6 X 8 arc-minute moderately high spatial resolution (4.65 pixels/arc-second) direct images. Spectroscopy can be carried out with single slits which are 3 arc-minutes long. In addition punched multi-slits can also be employed which allow for the acquisition of at least forty spectra simultaneously. Since the instrument is designed to be as efficient as possible, it is a double spectrograph, with a dichroic splitting the blue and red light into separate optical paths after the collimator. Only the red side has been constructed thus far. With a 2048 by 2048 thinned Tektronix CCD as the detector the total efficiency of the red side at the peak of the grating blaze is predicted to be nearly 40%. Results of the commissioning observing runs will be described

Trigonometric Parallaxes of Central Stars of Planetary Nebulae

Trigonometric parallaxes of 16 nearby planetary nebulae are presented, including reduced errors for seven objects with previous initial results and results for six new objects. The median error in the parallax is 0.42 mas, and twelve nebulae have parallax errors less than 20 percent. The parallax for PHL932 is found here to be smaller than was measured by Hipparcos, and this peculiar object is discussed. Comparisons are made with other distance estimates. The distances determined from these parallaxes tend to be intermediate between some short distance estimates and other long estimates; they are somewhat smaller than estimated from spectra of the central stars. Proper motions and tangential velocities are presented. No astrometric perturbations from unresolved close companions are detected.Comment: 24 pages, includes 4 figures. Accepted for A