Non-Institutional Market Making Behavior: The Dalian Futures Exchange

This paper contains three useful contributions: (1) it collects a new data-set of electronic transaction data on soybean futures from the Dalian Futures Exchange in China that records, not only the usual elements of each transaction (such as price and size) but also identifies broker and customer identities, variables not usually obtainable; (2) it presents new econometric methods for the analysis of dynamic multivariate count data based on the autoregressive conditional intensity model of Jordà and Marcellino (2000); and (3) together, the new data and econometric methods allow us to investigate, in a manner not available before, the determinants and effects of non-institutional market making (or scalping).market making, autoregressive conditional intensity, high-frequency data

MARKET-MAKING BEHAVIOR IN FUTURES MARKETS

This paper examines voluntary market-making behavior, namely scalping, in futures markets. Specifically, this paper studies what factors determine scalpers' entry and exit, and how scalping affects market liquidity and price volatility. The data used for the analysis are time-stamped electronic transaction data marked with traders' identities from the Dalian Futures Exchanges in China. The contributions of this paper are: (1) to give detailed analysis of scalping behavior and its impact on market liquidity; (2) to develop new econometric tools for analyzing time-series count data; (3) to propose a new measure of liquidity.Liquidity, Market-Making, Futures Markets, Scalpers, Autoregressive Conditional Intensity (ACI), Volatility, Marketing,

The Announcement Effect: Evidence from Open Market Desk Data

This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast errors in the Treasury balance to compute the elasticity of the federal funds rate to these errors and thus to obtain a measure of the liquidity effect. Similarly, one can view daily deviations of the federal funds rate from target as forecast errors in the reserve need (see Taylor, 2000). By analyzing the manner and the type of operation the Fed uses to maintain the federal funds rate close to its targeted value and by observing the pattern of operations on the days surrounding a change in this target, we provide evidence of the announcement effect. Furthermore, we show that the discipline of the FOMC schedule dictates, not only the process of expectations formation in the overnight rate, but also the price adjustment process of term rates.open market operations, announcement effect, term structure

Collaborative Care: Coordinating Services with Community Partners to Promote Client Wellness

Research reveals that extra-therapeutic factors can contribute significantly to the wellness and stability of clients. Yet, many counselors have little experience or training in linking clients with supportive services in their community. This presentation provides attendees with information and strategies to promote a collaborative, multi-culturally sensitive approach to client wellness

Integrating Stress Management, Wellness, and Spirituality in Therapy

Integrative psychotherapy considers the unique needs of the client including preferences, motivation, physical ability, personal characteristics, and spiritual beliefs. This session will impart knowledge and provide insights for managing stress, promoting healthy living, and practicing spirituality in a way that best fits the individual’s personal worldvie

Judicial Perspective Panel 2015

A transcript of the Judicial Perspective Panel Event at Belmont University College of Law Symposium

Father Presence: Enhancing Counseling by Advocating for and Including Dads

Research reveals that paternal involvement in counseling is vital for children (Panter-Brick, Burgess, Eggerman, McAllister, Pruett, & Leckerman, 2014). In this presentation, attendees will learn the importance of involving fathers and how to do it effectively, based on best practices. Participants will engage in activities and discussion applying presentation content

Birational maps with transcendental dynamical degree

We give examples of birational selfmaps of $\mathbb{P}^d, d \geq 3,$ whose dynamical degree is a transcendental number. This contradicts a conjecture by Bellon and Viallet. The proof uses a combination of techniques from algebraic dynamics and diophantine approximation.Comment: 49 page

(Crime) School is in Session: Mapping Illegal Earnings to Institutional Placement

A growing consensus suggests that incarcerating offenders tends to have either null or criminogenic effects at both the individual and neighborhood levels. There is also further evidence that there are unintended consequences of incarcerating juvenile offenders such as delayed psychosocial development and school dropout. The current study considers a much less examined hypothesis — that correctional environments can facilitate the accumulation of “criminal capital” and might actually encourage offending by serving as a school of crime. Using unique panel data from a sample of serious juvenile offenders, we are able to identify the criminal capital effect by considering illegal earnings and information regarding institutional stays over a seven year period. We have two separate measures that tap into the different mechanisms by which offenders can acquire criminal capital within institutions: the prevalence of friends in the facility who have committed income generating crimes and the length of institutional stays as a cumulative dosage. We find that both facility measures have independent positive effects on an individual’s daily illegal wage rate, even after controlling for important time varying covariates. Theoretical and policy implications are discussed

Response of grooved composites to transversely distributed and localized spherical contact loadings

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Aeronautics and Astronautics, 2011.Cataloged from PDF version of thesis.Includes bibliographical references (p. 133-135).The response of a grooved composite specimen to two contact loading situations is studied; load applied via a transversely oriented cylindrical indenter and via a localized spherical ball-ended indenter. The philosophy of the Building Block Approach is used to develop these tests in the current study in that the cylindrical indenter creates a "two-dimensional loading" (transversely distributed) case, and the spherical indenter adds complexity to the system and creates a "three-dimensional loading" (localized spherical) case. The final failure and initial permanent deformation, in the form of crushing, is investigated, along with the effect of laminate configurations and ply angles. The is done by using the two indenters, six different laminates, and two types of tests to study the grooved composite specimens, 1 inch wide by 2 inches long, of 78 to 80 plies. This work uses a specimen configuration and testing technique developed in previous work. A computed microtomography technique is used to examine select specimens to ascertain the extent of the internal damage. Specimens subjected to the "two-dimensional loading" case exhibit four Behavior Types of the load-stroke response. Several aspects of the response are used to characterize the Behavior Types, including initial linear regions, knee loads, reverse knee loads, second linear regions, and changes in slopes. The responses of the two loading cases indicate that the details of the laminate play a significant role in the load-stroke response for the "two-dimensional loading" case, whereas the details of the loading play a more significant role for the "three-dimensional loading" where only one type of load-stroke behavior is generally displayed. In the "three-dimensional loading" case, significant crushing occurs which is not seen in the "two-dimensional loading" case. This is visible due to the localized loading for the "three-dimensional loading" case, and impacts the overall load-stroke response. The 900 plies, in addition to the "mesh" created by the ply angles in the laminate, and the "ply angle mismatch" within a laminate, affect the ability of the laminate to resist indentation and the load-stroke response. Recommendations for further work are presented.by Holly K. Jeffrey.S.M