The impact of post-trade transparency on price efficiency and price discovery: Evidence from the Taiwan Stock Exchange

Purpose The purpose of this paper is to examine the impact of post-trade transparency on price efficiency and price discovery. Design/methodology/approach The authors use an exogeneous change in market transparency in the Taiwan Stock Exchange that mandates the disclosure of unexecuted orders of the five best bid and ask prices after each trade, and conduct an event study analysis. Findings After the change, price efficiency enhances for both large and small firms, although the impact on stock prices is greater when the firm is larger. The authors also find that post-change trading reveals more private information for large firms but more public information for small firms. The findings support the view that transparency has a positive impact on market quality. Originality/value The paper adds to a large body of literature investigating the relationship between transparency and market behavior, especially the ongoing debate about whether trading transparency positively affects price dynamics. The findings also have important policy implications for the regulators

Analytical behavior of concrete-filled aluminum tubular stub columns under axial compression

[EN] This paper presents numerical investigation of circular concrete-filled aluminum tubular (CFAT) stub columns under axial compression. The numerical models were developed using the finite element (FE) package ABAQUS. The parameters commonly employed in conventional CFST FE modeling have been discussed in this study. The nonlinearities of concrete and aluminum materials and the interaction between concrete and aluminum tube were considered. Numerical models were validated against collected experimental data. The ultimate loads, load-axial strain relationship and failure modes from numerical simulations were compared with those from experiments. The verified FE model was used to analyze structural behavior of full histories of the corresponding load-deformation N-ε response. Load-deformation N-ε curves for both concrete and aluminum tube were also presented. Upon on validation of the FE models, additional structural performance data over a wide range of diameter-to-thickness ratios, aluminum grades and concrete strengths were generated for parametric studies. The influences of diameter-to-thickness ratios, aluminum grades and concrete strengths on the ultimate strength were presented in this paper.Zhao, H.; Wang, F.; Han, L. (2018). Analytical behavior of concrete-filled aluminum tubular stub columns under axial compression. En Proceedings of the 12th International Conference on Advances in Steel-Concrete Composite Structures. ASCCS 2018. Editorial Universitat Politècnica de València. 373-378. https://doi.org/10.4995/ASCCS2018.2018.7135OCS37337

(Z)-4-[4-(Dimethyl­amino)benzyl­idene]-3-methyl­isoxazol-5(4H)-one

The title compound, C13H14N2O2, an isoxazol-5-one derivative, was synthesized by a one-pot, three-component condensation reaction of methyl acetoacetate, hydroxy­lamine hydro­chloride and 4-(dimethyl­amino)benzaldehyde. All the non-H atoms are co-planar [r.m.s deviation = 0.0039 Å], with a Z configuration about the C=C bond. The dihedral angle between the phenyl ring and the isoxazole ring is 2.58 (19)°

Analytical behaviour of concrete-encased CFST box stub columns under axial compression

[EN] Concrete-encased CFST (concrete-filled steel tube) members have been widely used in high-rise buildings and bridge structures. In this paper, the axial performance of a typical concrete-encased CFST box member with inner CFST and outer reinforced concrete (RC) is investigated. A finite element analysis (FEA) model is established to analyze the compressive behavior of the composite member. The material nonlinearity and the interaction between concrete and steel tube are considered. A good agreement is achieved between the measured and predicted results in terms of the failure mode and the load-deformation relation. The verified FEA model is then used to conduct the full range analysis on the load versus deformation relations. The loading distributions of different components inclouding concrete, steel tube and longitudinal bar during four stages are discussed. Typical failure modes, internal force distribution, stress development and the contact stress between concrete and steel tube are also presented. The parametric study on the compressive behavior is conducted to investigate the effects of various parameters, e.g. the strength of concrete and steel, longitudinal bar ratio and stirrup space on the sectional capacity and the ductility of the concrete-encased CSFT box member.Chen, J.; Han, L.; Wang, F.; Mu, T. (2018). Analytical behaviour of concrete-encased CFST box stub columns under axial compression. En Proceedings of the 12th International Conference on Advances in Steel-Concrete Composite Structures. ASCCS 2018. Editorial Universitat Politècnica de València. 401-408. https://doi.org/10.4995/ASCCS2018.2018.6966OCS40140

A Numerical Renormalization Group Study of the Superconducting and Spin Density Wave Instabilities in MFeAsO1−x_{1-x}Fx_x Compounds

We apply the fermion renormalization group method, implemented numerically by Honerkamp et.al., to a two-band model of FeAs-based materials. At half filling we find the $(\pi,0)$ or $(0,\pi)$ spin density wave order and a sub-dominant superconducting pairing tendency. Due to a topological reason, the spin density wave gap has nodes on the fermi surfaces. Away from half filling we find an unconventional s-wave and a sub-dominant $d_{x^2-y^2}$ pairing instability. The former has $s$ symmetry around the hole fermi surface but exhibits $s+d_{x^2-y^2}$ symmetry around the electron pockets where the 90 degree rotation is broken. The pairing mechanism is inter-pocket pair hopping. Interestingly, the same interaction also drives the antiferromagnetism.Comment: 5 pages, 4 figures, RevTex4. Since the two-band model is insufficient to describe the iron pnictides, this paper will not be submitted for publication. Please see arXiv: 0807.0498 for improved work for five-band mode

Green tea polyphenol induces significant cell death in human lung cancer cells

Purpose: To investigate the dose–response relationship of green tea polyphenol in an animal model of lung cancer.Methods: The effects of epigallocatechin-3-gallate (EGCG) on the inhibition of xenograft tumor growth, the accumulation of 8-hydroxy-2'-deoxyguanosine (8-OHdG), and apoptosis based on 3-(4,5- dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide (MTT) assay were evaluated in non-small cell lung cancer (NSCLC) cell lines, namely, H1155, H661, and A427 (a human lung carcinoma-derived cell line). The dose-dependent effects of EGCG on H1155 xenograft tumor growth, as well as the levels of EGCG in plasma and tissue, were also determined in male nude mice.Results: EGCG inhibited the growth of NSCLC-derived cell lines (H1155) over a 45-day period. There was a significant reduction (57 %) in tumor weight in EGCG-fed (0.5 %) animals compared with the control group (p < 0.05). Linear regression analysis revealed a dose-dependent reduction in tumor size. MTT assay results revealed inhibition of H1155 cell growth (25 %, p < 0.05) after 24 h treatment with EGCG. The addition of superoxide dismutase (5 U/mL) and catalase (30 U/mL) reduced the inhibitory effect of EGCG. Mice administered 30 mg/kg EGCG via intraperitoneal injection exhibited the least amount of oxidative stress.Conclusion: The results demonstrate the concentration-dependent inhibitory effects of EGCG on lung cancer cells, including H1155 cells, both in vitro and in vivo. The induction of reactive oxygen species, oxidative DNA damage, and apoptosis were evident following EGCG treatment.Keywords: Green tea, Lung cancer, Catechins, Epigallocatechin-3-gallate, Oxidative stress, Oxidative DNA damag

Study of a Triazole Derivative as Corrosion Inhibitor for Mild Steel in Phosphoric Acid Solution

The corrosion inhibition by a triazole derivative (PAMT) on mild steel in phosphoric acid (H 3 PO 4 ) solution has been investigated by weight loss and polarization methods. The experimental results reveal that the compound has a significant inhibiting effect on the corrosion of steel in H 3 PO 4 solution. It also shows good corrosion inhibition at higher concentration of H 3 PO 4 . Potentiodynamic polarization studies have shown that the compound acts as a mixed-type inhibitor retarding the anodic and cathodic corrosion reactions with predominant effect on the cathodic reaction. The values of inhibition efficiency obtained from weight loss and polarization measurements are in good agreement. The adsorption of this compound is found to obey the Langmuir adsorption isotherm. Some kinetic and thermodynamic parameters such as apparent activation energy, frequency factor, and adsorption free energy have been calculated and discussed