Optimal Trading Strategy and Supply/Demand Dynamics

The supply/demand of a security in the market is an intertemporal, not a static, object and its dynamics is crucial in determining market participants' trading behavior. Previous studies on the optimal trading strategy to execute a given order focuses mostly on the static properties of the supply/demand. In this paper, we show that the dynamics of the supply/demand is of critical importance to the optimal execution strategy, especially when trading times are endogenously chosen. Using a limit-order-book market, we develop a simple framework to model the dynamics of supply/demand and its impact on execution cost. We show that the optimal execution strategy involves both discrete and continuous trades, not only continuous trades as previous work suggested. The cost savings from the optimal strategy over the simple continuous strategy can be substantial. We also show that the predictions about the optimal trading behavior can have interesting implications on the observed behavior of intraday volume, volatility and prices.

2D Raman band splitting in graphene: charge screening and lifting of the K-point Kohn anomaly

Pristine graphene encapsulated in hexagonal boron nitride has transport properties rivalling suspended graphene, while being protected from contamination and mechanical damage. For high quality devices, it is important to avoid and monitor accidental doping and charge fluctuations. The 2D Raman double peak in intrinsic graphene can be used to optically determine charge density, with decreasing peak split corresponding to increasing charge density. We find strong correlations between the 2D 1 and 2D 2 split vs 2D line widths, intensities, and peak positions. Charge density fluctuations can be measured with orders of magnitude higher precision than previously accomplished using the G-band shift with charge. The two 2D intrinsic peaks can be associated with the “inner” and “outer” Raman scattering processes, with the counterintuitive assignment of the phonon closer to the K point in the KM direction (outer process) as the higher energy peak. Even low charge screening lifts the phonon Kohn anomaly near the K point for graphene encapsulated in hBN, and shifts the dominant intensity from the lower to the higher energy peak.This work was supported by the United States National Science Foundation (DMR 1411008, DMR 1308659). J.C. thanks the Department of Defence (DoD), Air Force Office of Scientific Research for its support through the National Defence Science and Engineering Graduate (NDSEG) Fellowship, 32 CFR 168a. The authors would like to thank Cory Dean and Carlos Forsythe for the graphene encapsulated hBN sample. (DMR 1411008 - United States National Science Foundation; DMR 1308659 - United States National Science Foundation; 32 CFR 168a - Department of Defence (DoD), Air Force Office of Scientific Research through the National Defence Science and Engineering Graduate (NDSEG) Fellowship

Does a Leapfrogging Growth Strategy Raise Growth Rate? Some International Evidence

While openness to trade is a well-recognized hallmark of the Asian growth model, another component of the model is a leapfrogging strategy—the use of policies to guide industrial structural transformation ahead of a country's factor endowment. Does the leapfrogging strategy work? Opinions vary but the evidence is scarce in part because it is more difficult to measure the degree of leapfrogging than the extent of trade openness. We undertake a systematic look at the evidence both across countries and subregions within a large regional Asian economy to assess the efficacy of such a strategy. We conclude that there is no strong and robust evidence that this strategy works reliably.growth; trade openness; leapfrogging