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,

Genome-inspired molecular identification in organic matter via Raman spectroscopy

Rapid, non-destructive characterization of molecular level chemistry for organic matter (OM) is experimentally challenging. Raman spectroscopy is one of the most widely used techniques for non-destructive chemical characterization, although it currently does not provide detailed identification of molecular components in OM, due to the combination of diffraction-limited spatial resolution and poor applicability of peak-fitting algorithms. Here, we develop a genome-inspired collective molecular structure fingerprinting approach, which utilizes ab initio calculations and data mining techniques to extract molecular level chemistry from the Raman spectra of OM. We illustrate the power of such an approach by identifying representative molecular fingerprints in OM, for which the molecular chemistry is to date inaccessible using non-destructive characterization techniques. Chemical properties such as aromatic cluster size distribution and H/C ratio can now be quantified directly using the identified molecular fingerprints. Our approach will enable non-destructive identification of chemical signatures with their correlation to the preservation of biosignatures in OM, accurate detection and quantification of environmental contamination, as well as objective assessment of OM with respect to their chemical contents

The volume of the moduli space of flat connections on a nonorientable 2-manifold

We compute the Riemannian volume on the moduli space of flat connections on a nonorientable 2-manifold, for a natural class of metrics. We also show that Witten's volume formula for these moduli spaces may be derived using Haar measure, and we give a new proof of Witten's volume formula for the moduli space of flat connections on an orientable surface using Haar measure.Comment: 31 pages, LaTeX, manuscript substantially revised. To appear in Communications in Mathematical Physic

Bisphosphonate's and Intermittent Parathyroid Hormone's Effect on Human Spinal Fusion: A Systematic Review of the Literature.

There has been a conscious effort to address osteoporosis in the aging population. As bisphosphonate and intermittent parathyroid hormone (PTH) therapy become more widely prescribed to treat osteoporosis, it is important to understand their effects on other physiologic processes, particularly the impact on spinal fusion. Despite early animal model studies and more recent clinical studies, the impact of these medications on spinal fusion is not fully understood. Previous animal studies suggest that bisphosphonate therapy resulted in inhibition of fusion mass with impeded maturity and an unknown effect on biomechanical strength. Prior animal studies demonstrate an improved fusion rate and fusion mass microstructure with the use of intermittent PTH. The purpose of this study was to determine if bisphosphonates and intermittent PTH treatment have impact on human spinal fusion. A systematic review of the literature published between 1980 and 2015 was conducted using major electronic databases. Studies reporting outcomes of human subjects undergoing 1, 2, or 3-level spinal fusion while receiving bisphosphonates and/or intermittent PTH treatment were included. The results of relevant human studies were analyzed for consensus on the effects of these medications in regards to spinal fusion. There were nine human studies evaluating the impact of these medications on spinal fusion. Improved fusion rates were noted in patients receiving bisphosphonates compared to control groups, and greater fusion rates in patients receiving PTH compared to control groups. Prior studies involving animal models found an improved fusion rate and fusion mass microstructure with the use of intermittent PTH. No significant complications were demonstrated in any study included in the analysis. Bisphosphonate use in humans may not be a deterrent to spinal fusion. Intermittent parathyroid use has shown early promise to increase fusion mass in both animal and human studies but further studies are needed to support routine use

Evidence of wildfires and elevated atmospheric oxygen at the Frasnian−Famennian boundary in New York (USA): Implications for the Late Devonian mass extinction

The Devonian Period experienced significant fluctuations of atmospheric oxygen (O2) levels (∼25−13%), for which the extent and timing are debated. Also characteristic of the Devonian Period, at the Frasnian−Famennian (F−F) boundary, is one of the “big five” mass extinction events of the Phanerozoic. Fossilized charcoal (inertinite) provides a record of wildfire events, which in turn can provide insight into the evolution of terrestrial ecosystems and the atmospheric composition. Here, we report organic petrology, programmed pyrolysis analysis, major and trace element analyses, and initial osmium isotope (Osi) stratigraphy from five sections of Upper Devonian (F−F interval) from western New York, USA. These data are discussed to infer evidence of a wildfire event at the F−F boundary. Based on the evidence for a wildfire at the F−F boundary we also provide an estimate of atmospheric O2 levels of ∼23−25% at this interval, which is in agreement with the models that predict elevated pO2 levels during the Late Devonian. This, coupled with our Os isotope records, support the currently published Osi data that lacks any evidence for an extra-terrestrial impact or volcanic event at the F−F interval, and therefore to act as a trigger for the F−F mass extinction. The elevated O2 level at the F−F interval inferred from this study supports the hypothesis that pCO2 drawdown and associated climate cooling may have acted as a driving mechanism of the F−F mass extinction

FSVPy: A Python-based Package for Fluorescent Streak Velocimetry (FSV)

Predictive constitutive equations that connect easy-to-measure transport properties (e.g., viscosity and conductivity) with system performance variables (e.g., power consumption and efficiency) are needed to design advanced thermal and electrical systems. In this work, we explore the use of fluorescent particle-streak analysis to directly measure the local velocity field of a pressure-driven flow, introducing a new Python package (FSVPy) to perform the analysis. Fluorescent streak velocimetry (FSV) combines high-speed imaging with highly fluorescent particles to produce images that contain fluorescent streaks, whose length and intensity can be related to the local flow velocity. By capturing images throughout the sample volume, the three-dimensional velocity field can be quantified and reconstructed. We demonstrate this technique by characterizing the channel flow profiles of several non-Newtonian fluids: micellar Cetylpyridinium Chloride solution, Carbopol 940, and Polyethylene Glycol. We then explore more complex flows, where significant acceleration is created due to micro-scale features encountered within the flow. We demonstrate the ability of FSVPy to process streaks of various shapes, and use the variable intensity along the streak to extract position-specific velocity measurements from individual images. Thus, we demonstrate that FSVPy is a flexible tool that can be used to extract local velocimetry measurements from a wide variety of fluids and flow conditions

A genetically tagged Psb27 protein allows purification of two consecutive photosystem II (PSII) assembly intermediates in Synechocystis 6803, a cyanobacterium

Photosystem II (PSII) is a large membrane bound molecular machine that catalyzes light-driven oxygen evolution from water. PSII constantly undergoes assembly and disassembly because of the unavoidable damage that results from its normal photochemistry. Thus, under physiological conditions, in addition to the active PSII complexes, there are always PSII subpopulations incompetent of oxygen evolution, but are in the process of undergoing elaborate biogenesis and repair. These transient complexes are difficult to characterize because of their low abundance, structural heterogeneity, and thermodynamic instability. In this study, we show that a genetically tagged Psb27 protein allows for the biochemical purification of two monomeric PSII assembly intermediates, one with an unprocessed form of D1 (His27ΔctpAPSII) and a second one with a mature form of D1 (His27PSII). Both forms were capable of light-induced charge separation, but unable to photooxidize water, largely because of the absence of a functional tetramanganese cluster. Unexpectedly, there was a significant amount of the extrinsic lumenal PsbO protein in the His27PSII, but not in the His27ΔctpAPSII complex. In contrast, two other lumenal proteins, PsbU and PsbV, were absent in both of these PSII intermediate complexes. Additionally, the only cytoplasmic extrinsic protein, Psb28 was detected in His27PSII complex. Based on these data, we have presented a refined model of PSII biogenesis, illustrating an important role of Psb27 as a gate-keeper during the complex assembly process of the oxygen-evolving centers in PSII. © 2011 by The American Society for Biochemistry and Molecular Biology, Inc

A New Normalizing Algorithm for BAC CGH Arrays with Quality Control Metrics

The main focus in pin-tip (or print-tip) microarray analysis is determining which probes, genes, or oligonucleotides are differentially expressed. Specifically in array comparative genomic hybridization (aCGH) experiments, researchers search for chromosomal imbalances in the genome. To model this data, scientists apply statistical methods to the structure of the experiment and assume that the data consist of the signal plus random noise. In this paper we propose “SmoothArray”, a new method to preprocess comparative genomic hybridization (CGH) bacterial artificial chromosome (BAC) arrays and we show the effects on a cancer dataset. As part of our R software package “aCGHplus,” this freely available algorithm removes the variation due to the intensity effects, pin/print-tip, the spatial location on the microarray chip, and the relative location from the well plate. removal of this variation improves the downstream analysis and subsequent inferences made on the data. Further, we present measures to evaluate the quality of the dataset according to the arrayer pins, 384-well plates, plate rows, and plate columns. We compare our method against competing methods using several metrics to measure the biological signal. With this novel normalization algorithm and quality control measures, the user can improve their inferences on datasets and pinpoint problems that may arise in their BAC aCGH technology

A Mechanistic Analysis of Phase Evolution and Hydrogen Storage Behavior in Nanocrystalline Mg(BH4)2 within Reduced Graphene Oxide.

Magnesium borohydride (Mg(BH4)2, abbreviated here MBH) has received tremendous attention as a promising onboard hydrogen storage medium due to its excellent gravimetric and volumetric hydrogen storage capacities. While the polymorphs of MBH-alpha (α), beta (β), and gamma (γ)-have distinct properties, their synthetic homogeneity can be difficult to control, mainly due to their structural complexity and similar thermodynamic properties. Here, we describe an effective approach for obtaining pure polymorphic phases of MBH nanomaterials within a reduced graphene oxide support (abbreviated MBHg) under mild conditions (60-190 °C under mild vacuum, 2 Torr), starting from two distinct samples initially dried under Ar and vacuum. Specifically, we selectively synthesize the thermodynamically stable α phase and metastable β phase from the γ-phase within the temperature range of 150-180 °C. The relevant underlying phase evolution mechanism is elucidated by theoretical thermodynamics and kinetic nucleation modeling. The resulting MBHg composites exhibit structural stability, resistance to oxidation, and partially reversible formation of diverse [BH4]- species during de- and rehydrogenation processes, rendering them intriguing candidates for further optimization toward hydrogen storage applications