Trading activity and price impact in parallel markets: SETS vs. off-book market at the London Stock Exchange

We empirically study the trading activity in the electronic on-book segment and in the dealership off-book segment of the London Stock Exchange, investigating separately the trading of active market members and of other market participants which are non-members. We find that (i) the volume distribution of off-book transactions has a significantly fatter tail than the one of on-book transactions, (ii) groups of members and non-members can be classified in categories according to their trading profile (iii) there is a strong anticorrelation between the daily inventory variation of a market member due to the on-book market transactions and inventory variation due to the off-book market transactions with non-members, and (iv) the autocorrelation of the sign of the orders of non-members in the off-book market is slowly decaying. We also analyze the on-book price impact function over time, both for positive and negative lags, of the electronic trades and of the off-book trades. The unconditional impact curves are very different for the electronic trades and the off-book trades. Moreover there is a small dependence of impact on the volume for the on-book electronic trades, while the shape and magnitude of impact function of off-book transactions strongly depend on volume.Comment: 16 pages, 9 figure

Language Accommodation and the Voting Rights Act

Since 1975, the language assistance provisions of the federal Voting Rights Act have provided important safeguards of voting rights to racial and ethnic minority citizens. Despite the renewal of key provisions of the Voting Rights Act in 2006 for an additional twenty-five years, Congress has not articulated a comprehensive theory of language rights in the voting arena, nor has it provided language assistance mechanisms that provide adequate assistance to all limited-English-proficient voters. This paper articulates a theory of language accommodation within federal antidiscrimination jurisprudence and suggests revisions to key sections of the Voting Rights Act to expand coverage of the law

“Winning” the Pacific War: The Masterful Strategy of Commander Minoru Genda

Criticisms leveled at the Japanese for their “ill conceived” or “poorly planned” attack at Pearl Harbor on 7 December 1941 have failed to consider the true depth of vision and professional intellect of its principal architect, Commander Minoru Genda.1 Charges of failure to execute follow-on attacks against the harbor facilities, if any such attacks were planned at all, or to exploit the immediate advantages created in the Central Pacific after the attack are commonly made by both academic and professional military scholars. Genda has suffered the brunt of this criticism. But in fact Genda’s plans were neither ill conceived nor poorly assembled—they were just not executed as originally envisioned

Commanding the Green Centre Line in Normandy: A Case Study of Division Command in the Second World War

This thesis examines the experiences of the 4th Canadian Armoured Division as it prepared for and carried out its role in the battle of Normandy and the libeation of France in 1944. The factors that limmited opportunities to practice the formation in large-scale exercises are noted as are the methods used by the General Officer Commanding, Major-General George Kitching, to compensate for the limitations. This thesis argues that through the development of an effective commander-staff dynamic Kitching, his staff and his subordinates commanders, were able to meet the challenges and chaos of combat in the final stages of the Normandy campaign and in the subsequent pursuit phase of operations into Belgium

A Constitutional Analysis of Parents Involved in Community Schools v. Seattle School District No. 1 and Voluntary School Integration Policies

On June 28, 2007, a sharply divided United States Supreme Court invalidated student assignment plans in Seattle, Washington and Louisville, Kentucky that were designed to promote racial diversity and to address racial isolation in K-12 education. By a 5-to-4 vote in Parents Involved in Community Schools v. Seattle School District No. I and McFarland v. Jefferson County Board of Education, the Court struck down voluntary integration plans under the strict scrutiny standard applied to race-conscious policies challenged under the Equal Protection Clause of the Fourteenth Amendment, and ruled that the plans were not narrowly tailored to the interests asserted by the school districts.The Supreme Court\u27s ruling in Parents Involved in Community Schools is disappointing and troubling for a number of reasons. First, the ruling significantly limits the use of race by school districts voluntarily seeking to integrate their schools, at a time when racial isolation and resegregation are increasing nationwide. Second, when viewed in the context of the Court\u27s landmark decision in Brown v. Board of Education, the ruling marks a sharp turn in the Court\u27s historical commitment to addressing racial segregation in public schools. Third, the ruling sends a strong signal that a majority of the Court\u27s current membership is highly skeptical of race-conscious policies designed to promote equality and the integration of public institutions. Indeed, four members of the Court, including its two newest members, appear ready to strike down any deployment of race designed to advance equalopportunity.Nevertheless, because of the voting alignment of the Justices in these cases and the limits of the Court\u27s rulings, school districts retain the ability to employ race-conscious measures designed to integrate their schools. Five of the Justices endorsed the compelling interests in reducing racial isolation and in promoting educational diversity in elementary and secondary schools, and the opinions of those Justices provide guidance on how school districts might proceed in designing constitutionally permissible policies. Moreover, the Supreme Court as a whole made clear that Grutter v. Bollinger, its 2003 ruling upholding the use of race to promote student body diversity in higher education, is good law.This paper examines the Seattle and Louisville cases and discusses their impact on K-12 education and constitutional doctrine. The analysis is divided into three parts. Part I examines the Justices\u27 opinions in Parents Involved in Community Schools and discusses the constitutional boundaries for voluntary race-conscious integration policies established by the Court. Part II discusses the implications of the cases in creating and implementing K-12 policies designed to avoid racial isolation and to promote educational diversity. Part III assesses the impact of the cases on equal protection doctrine and race-conscious policy making more generally