Transaction Costs in Dealer Markets: Evidence From The London Stock Exchange

This paper describes regularities in the intraday spreads and prices quoted by dealers on the London Stock Exchange. It develops a measure of spread-related transaction costs, one that recognizes dealers' willingness to price trades within their quoted spreads. This measure of transaction costs shows that trading costs are systematically related to a trade's size, characteristics of the trading counterparties, and security characteristics. Customers pay the full spread on small trades while medium to large trades receive more favorable execution. Market makers only discount very large customer trades while dealers regularly discount medium to large trades. Inter-dealer trades generally receive favorable execution, and discounts increase in size. Market makers do not discount trades with each other over the phone, but do discount when trading anonymously using inter-dealer-brokers. Quoted and touch spreads are falling in the number of market makers. The rate of decline is interpreted as reflecting economies of scale in market making.

SIRTF - The Shuttle Infrared Telescope Facility

The Shuttle Infrared Telescope (SIRTF) is a 1-m class cryogenically cooled telescope to be operated from the shuttle as a facility for infrared astronomy. By exploiting the very low infrared background of space, SIRTF will achieve 100 to 1000 times the sensitivity currently attainable at infrared wavelengths between 2 and 200 microns. The scientific requirements of SIRTF, the current design concept, and the scientific capabilities of the systems are reviewed. We also review recent experimental results showing that mirrors made of glassy materials may be suitable for use in large cryogenic telescopes such as SIRTF

Propagation and spectral properties of quantum walks in electric fields

We study one-dimensional quantum walks in a homogeneous electric field. The field is given by a phase which depends linearly on position and is applied after each step. The long time propagation properties of this system, such as revivals, ballistic expansion and Anderson localization, depend very sensitively on the value of the electric field $\Phi$, e.g., on whether $\Phi/(2\pi)$ is rational or irrational. We relate these properties to the continued fraction expansion of the field. When the field is given only with finite accuracy, the beginning of the expansion allows analogous conclusions about the behavior on finite time scales.Comment: 7 pages, 4 figure

Very small grains in the Milky Way and external galaxies

These studies of the infrared colors of reflection nebulae, HL HI clouds, HII regions and external galaxies have shown the following results. Different classes of objects locate in different regions on the R vs F sub v (60)/F sub v (100) diagram. This is determined both by differences in dust properties and by differences in the illuminating radiation field. For example, HL clouds and reflection nebulae almost have the same behavior since both are in the diffuse Interstellar Medium (ISM) and can be expected to have similar grain populations; the small difference in their infrared colors can be explained by the difference of the illuminating radiation field. On the other hand, the dramatic difference of R=vF sub v (12)/F sub v (far IR) between HII region and diffuse ISM may be due to the destruction of the Very Small Grain (VSG) component in the HII regions, although radiation transfer effects may play a part as well. The ratio R=vF sub v (12)/F sub v (far IR) is approximately constant in normal spiral galaxies. This implies that the mass ratio b=Mass (VSG)/Mass (dust) does not vary greatly from one galaxy to another