Market efficiency and Price Formation when Dealers are Asymmetrically Informed

We consider the effect of asymmetric information on price formation process in a quote-driven market where one market maker receives a private signal on the security's fundamental. A model is presented where market makers repeatedly compete in prices: at each stage a bid-ask auction occurs and the winner trades the security against liquidity traders. We show that at equilibrium the market is not strong-form efficient until the last stage. We characterize a reputational equilibrium in which the informed market maker will aspect market beliefs, possibly misleading them, in the sense that he will push the uninformed participants to think the value of the risky asset is different from the realized one. At this equilibrium a price leadership effect arises, quotes are never equal to the expected value of the asset given the public information, the informed market maker expected payoff is positive and the information revelation speed is slower than in an analogous order-driven market.bid-ask prices; asymmetric information; repeated auction; insider trading

Review: Sea Level Rise: A Slow Tsunami on America’s Shores

Book Revie

A formal soundness proof of region-based memory management for object-oriented paradigm.

Region-based memory management has been proposed as a viable alternative to garbage collection for real-time applications and embedded software. In our previous work we have developed a region type inference algorithm that provides an automatic compile-time region-based memory management for object-oriented paradigm. In this work we present a formal soundness proof of the region type system that is the target of our region inference. More precisely, we prove that the object-oriented programs accepted by our region type system achieve region-based memory management in a safe way. That means, the regions follow a stack-of-regions discipline and regions deallocation never create dangling references in the store and on the program stack. Our contribution is to provide a simple syntactic proof that is based on induction and follows the standard steps of a type safety proof. In contrast the previous safety proofs provided for other region type systems employ quite elaborate techniques

Measuring interactions and involvement in a cultural context

This paper stems from a prior longitudinal case study in which the authors analyzed the experience of Palazzo Strozzi, an Italian Cultural Institution experimenting an open approach to the process of sense-making that takes place during the visit. Through a significant re-design of the language, Palazzo Strozzi provides visitors with a two-way pattern of communication instead of a more traditional one-way flow of information .Both in cultural and in non-cultural contexts, innovation has taken place upstream and the role of the user can be mainly considered as a receiver. In terms of sense-making process, users hold a personal set of codes, which is used to give sense to the objects. We describe an experiment in which three different types of verbal content are used to describe different exhibits and the time of frontal interaction between people and exhibits is measured, thus highlighting the effect of the supporting content

Open innovation and sustainable value in cultural productions

In the field of innovation studies, open innovation (Chesbrough, 2008) identifies a participative model based on the involvement of lead users in the creative process. This approach is recalled by the experience of “Produzioni dal basso,” an independent web platform used to financially support artistic and cultural projects through micro-shares subscribed by a community of users. The model involves users in a participative context of production (Green 2007) and has been extensively applied to cultural products supporting the change from a mass market to a complex set of niches and different interests (Dal Pozzolo 2008; Anderson 2007). This paper is part of a research aiming to investigate the world of open innovation in cultural contexts. We propose a qualitative analysis (Cardano 2003) of three case studies : Malastrada.Film in film production, E.S.P. Esperimenti Scenici Permanenti in theatre, and Controprogetto in design. These represent different experiences of cultural production and, because of their diversity, they also identify different applications of the open approach. As a result, the concept of sustainable value emerges. This concept is defined under three main perspectives: the economic sustainability descending from the autonomous search for private funds; the context sustainability descending from the creative participation of co-authors; the process sustainability, emphasising the control of the artist/producer over the creative process. Each dimension contributes to define the open approach as an innovative model for sustainable cultural projects

Decision Procedure for Entailment of Symbolic Heaps with Arrays

This paper gives a decision procedure for the validity of en- tailment of symbolic heaps in separation logic with Presburger arithmetic and arrays. The correctness of the decision procedure is proved under the condition that sizes of arrays in the succedent are not existentially bound. This condition is independent of the condition proposed by the CADE-2017 paper by Brotherston et al, namely, one of them does not imply the other. For improving efficiency of the decision procedure, some techniques are also presented. The main idea of the decision procedure is a novel translation of an entailment of symbolic heaps into a formula in Presburger arithmetic, and to combine it with an external SMT solver. This paper also gives experimental results by an implementation, which shows that the decision procedure works efficiently enough to use

Prenex Separation Logic with One Selector Field

International audienceWe show that infinite satisfiability can be reduced to finite satisfiabil-ity for all prenex formulas of Separation Logic with k ≥ 1 selector fields (SL k). This fact entails the decidability of the finite and infinite satisfiability problems for the class of prenex formulas of SL 1 , by reduction to the first-order theory of a single unary function symbol and an arbitrary number of unary predicate symbols. We also prove that the complexity of this fragment is not elementary recursive, by reduction from the first-order theory of one unary function symbol. Finally, we prove that the Bernays-Schönfinkel-Ramsey fragment of prenex SL 1 formulas with quantifier prefix in the language ∃ * ∀ * is PSPACE-complete

Narrare terre di mezzo. Managament arte design

Le terre di mezzo sono territori ibridi e in continua mutazione, che nascono dall’incrocio di temi e campi di ricerca differenti suscitando un interesse sempre più vivo in chi fa ricerca di management. Una di queste terre di mezzo si è formata attorno ad alcune parole divenute centrali nel dibattito di management. Le parole sono: design, creatività e arte, e partecipano alla formazione delle terre di mezzo che il libro vuole narrare

Serological Survey of Antibodies to Mannheimia haemolytica and Pasteurella multocida in Camelids from Argentina

South American camelids are a source of livestock wealth in Andean countries. In Argentina,there is little information about camelid pathogens, and most of the literature data available areseroprevalence works against virus. Besides, little is known about the immunological status againstbacterial agents affecting these animals. In an effort to explore the serological status of Argentineancamelids, we evaluated the presence of serum antibodies against bacterial pathogens involved inpneumonic diseases (Pasteurella multocida and Mannheimia haemolytica) in llamas from differentregions of the country. By ELISA, a high seroprevalence for both pathogens was found in the serumsamples; higher optical density (OD) values were obtained when the sera were incubated with heatkilledP. multocida as coating antigen compared to M. haemolytica. In addition, a large number ofsera analyzed presented high OD values for both microorganisms independently of their originregion. Serum avidity was also evaluated, by means of an assay based on antibody desorption byurea. No correlation was found between the high ODs obtained for P. multocida and the serumavidity. On the other hand, samples reacting with M. haemolytica had lower OD values but higheravidity index. The antigenic recognition pattern for both microorganisms was determined bywestern blot. Unlike P. multocida, the antigenic recognition pattern of M. haemolytica did not differamong serum samples obtained from animals living in different areas. In summary, we found thatcamelids can synthetize antibodies that recognize M. haemolytica with high avidity for differentantigens of the bacterium, suggesting that Argentinean camelids are in contact with M. haemolyticawhich is probably a causative agent of subclinical infections. Conversely, specific antibodies forP. multocida were also found, but these sera presented low avidity that is probably the result of acolonization process by this bacterium, or else, to be a consequence of cross-reactivity phenomenaFil: Díaz, Ailén Magalí. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Ledesma, Martin Manuel. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Calcagno, M. L.. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Departamento de Físico Matemática. Cátedra de Matemáticas; ArgentinaFil: Leoni, Juliana. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Manghi, Marcela Alejandra. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Canellada, Andrea Mercedes. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Castro, Marisa Silvia. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; Argentin