Limit Order Trading and Information Asymmetry: Empirical Evidence about the Evolution of Liquidity on an Order Driven Market

This paper is concerned with investigating the order placement behaviour of different types of traders on the ASX. We find strong evidence of informed traders use of limit orders, as well as insights into the evolution of liquidity over a trading day. The greatest increase of informed traders use of limit orders is during the last two hours of trading before closing. We also find evidence that the information value processed by informed traders make them more successful in their use of limit orders. This impact is considered substantial as in our sample the volume of limit orders from informed traders under-weighs that of the other traders by a large amount. The order strategy of liquidity traders displays a relatively flat U shaped pattern with more limit orders being used at the opening. It is also found that the pattern of the informed traders order placement shows an increase in the use of market orders. This is a result of the unique trading mechanism which entails a closing call auction as applied on the ASX. Traders that have information about the true value of stocks act on it through the use of market orders before the continuous trading platform closes.Evolution of liquidity, Informed trader, Limit order, Information asymmetry

Fast quantum information transfer with superconducting flux qubits coupled to a cavity

We present a way to realize quantum information transfer with superconducting flux qubits coupled to a cavity. Because only resonant qubit-cavity interaction and resonant qubit-pulse interaction are applied, the information transfer can be performed much faster, when compared with the previous proposals. This proposal does not require adjustment of the qubit level spacings during the operation. Moreover, neither uniformity in the device parameters nor exact placement of qubits in the cavity is needed by this proposal.Comment: 6 pages, 3 figure

The design of a mechanical referencing system for the rear drum of the Longwall Shearer Coal Miner

The design of two systems which reference the position of a longwall shearer coal miner to the mine roof of the present cut and of the last cut are presented. This system is part of an automation system that will guide the rear cutting drum in such a manner that the total depth of cut remains constant even though the front drum may be following an undulating roof profile. The rear drum referencing mechanism continually monitors the distance from the mine roof to the floor for the present cut. This system provides a signal to control a constant depth of cut. The last cut follower mechanism continually monitors the distance from the mine roof of the prior cut to the cutting drum. This latter system provides a signal to minimize the step height in the roof between cuts. The dynamic response of this hydraulic-pneumatic and mechanical system is analyzed to determine accumulator size and precharge pressure

Transient analysis using conical shell elements

The use of the NASTRAN conical shell element in static, eigenvalue, and direct transient analyses is demonstrated. The results of a NASTRAN static solution of an externally pressurized ring-stiffened cylinder agree well with a theoretical discontinuity analysis. Good agreement is also obtained between the NASTRAN direct transient response of a uniform cylinder to a dynamic end load and one-dimensional solutions obtained using a method of characteristics stress wave code and a standing wave solution. Finally, a NASTRAN eigenvalue analysis is performed on a hydroballistic model idealized with conical shell elements

Half metallic digital ferromagnetic heterostructure composed of a δ\delta-doped layer of Mn in Si

We propose and investigate the properties of a digital ferromagnetic heterostructure (DFH) consisting of a $\delta$-doped layer of Mn in Si, using \textit{ab initio} electronic-structure methods. We find that (i) ferromagnetic order of the Mn layer is energetically favorable relative to antiferromagnetic, and (ii) the heterostructure is a two-dimensional half metallic system. The metallic behavior is contributed by three majority-spin bands originating from hybridized Mn-$d$ and nearest-neighbor Si-$p$ states, and the corresponding carriers are responsible for the ferromagnetic order in the Mn layer. The minority-spin channel has a calculated semiconducting gap of 0.25 eV. Analysis of the total and partial densities of states, band structure, Fermi surfaces and associated charge density reveals the marked two-dimensional nature of the half metallicity. The band lineup is found to be favorable for retaining the half metal character to near the Curie temperature ($T_{C}$). Being Si based and possibly having a high $T_{C}$ as suggested by an experiment on dilutely doped Mn in Si, the heterostructure may be of special interest for integration into mature Si technologies for spintronic applications.Comment: 4 pages, 4 figures, Revised version, to appear in Phys. Rev. Let

Nearsightedness of Electronic Matter

In an earlier paper, W. Kohn had qualitatively introduced the concept of "nearsightedness" of electrons in many-atom systems. It can be viewed as underlying such important ideas as Pauling's "chemical bond," "transferability" and Yang's computational principle of "divide and conquer." It describes the fact that, for fixed chemical potential, local electronic properties, like the density $n(r)$, depend significantly on the effective external potential only at nearby points. Changes of that potential, {\it no matter how large}, beyond a distance $\textsf{R}$ have {\it limited} effects on local electronic properties, which rapidly tend to zero as function of $\textsf{R}$. In the present paper, the concept is first sharpened for representative models of uncharged fermions moving in external potentials, followed by a discussion of the effects of electron-electron interactions and of perturbing external charges.Comment: final for

Approximate analysis and stability of pressure oscillations in ramjets

This paper summarizes work accomplished during the past five years on analysis of stability related to recent experimental results on combustion instabilities in dump combustors. The primary purpose is to provide the information in a form useful to those concerned with design and development of operational systems. Thus most substantial details are omitted; the material is presented in a qualitative fashion

Weak Hopf algebras corresponding to Cartan matrices

We replace the group of group-like elements of the quantized enveloping algebra $U_q({\frak{g}})$ of a finite dimensional semisimple Lie algebra ${\frak g}$ by some regular monoid and get the weak Hopf algebra ${\frak{w}}_q^{\sf d}({\frak g})$. It is a new subclass of weak Hopf algebras but not Hopf algebras. Then we devote to constructing a basis of ${\frak{w}}_q^{\sf d}({\frak g})$ and determine the group of weak Hopf algebra automorphisms of ${\frak{w}}_q^{\sf d}({\frak g})$ when $q$ is not a root of unity.Comment: 21 page

The two-dimensional hydrogen atom revisited

The bound state energy eigenvalues for the two-dimensional Kepler problem are found to be degenerate. This "accidental" degeneracy is due to the existence of a two-dimensional analogue of the quantum-mechanical Runge-Lenz vector. Reformulating the problem in momentum space leads to an integral form of the Schroedinger equation. This equation is solved by projecting the two-dimensional momentum space onto the surface of a three-dimensional sphere. The eigenfunctions are then expanded in terms of spherical harmonics, and this leads to an integral relation in terms of special functions which has not previously been tabulated. The dynamical symmetry of the problem is also considered, and it is shown that the two components of the Runge-Lenz vector in real space correspond to the generators of infinitesimal rotations about the respective coordinate axes in momentum space.Comment: 10 pages, no figures, RevTex