The Impact of Heterogeneous Trading Rules on the Limit Order Book and Order Flows

In this paper we develop a model of an order-driven market where traders set bids and asks and post market or limit orders according to exogenously fixed rules. Agents are assumed to have three components to the expectation of future asset returns, namely-fundamentalist, chartist and noise trader. Furthermore agents differ in the characteristics describing these components, such as time horizon, risk aversion and the weights given to the various components. The model developed here extends a great deal of earlier literature in that the order submissions of agents are determined by utility maximisation, rather than the mechanical unit order size that is commonly assumed. In this way the order flow is better related to the ongoing evolution of the market. For the given market structure we analyze the impact of the three components of the trading strategies on the statistical properties of prices and order flows and observe that it is the chartist strategy that is mainly responsible of the fat tails and clustering in the artificial price data generated by the model. The paper provides further evidence that large price changes are likely to be generated by the presence of large gaps in the book

WSES classification and guidelines for liver trauma

The severity of liver injuries has been universally classified according to the American Association for the Surgery of Trauma (AAST) grading scale. In determining the optimal treatment strategy, however, the haemodynamic status and associated injuries should be considered. Thus the management of liver trauma is ultimately based on the anatomy of the injury and the physiology of the patient. This paper presents the World Society of Emergency Surgery (WSES) classification of liver trauma and the management Guidelines

Changes in corporate responsibility management during COVID-19 crisis and their effects on business resilience : an empirical study of Swiss and German companies

The COVID-19 pandemic has affected the activities and performance of companies worldwide. This article examines in what ways corporate responsibility management and corporate responsibility reporting activities have changed during the COVID-19 crisis in Switzerland and Germany, and how corporate responsibility management is related to aspects of business resilience in terms of maintaining expected financial performance during the COVID-19 crisis in Swiss companies. To answer these questions, we conducted a quantitative and qualitative content analysis of company reports of the top 10 Swiss and German companies in terms of market capitalization, as well as a quantitative survey among Swiss managers. Our results show that during the period under consideration, (i) a majority of the companies analyzed in Switzerland and Germany expanded their sustainability reporting, both overall and in all sustainability dimensions; (ii) there is a tendency for corporate responsibility management to move away from upstream and downstream sustainability topics and focus more on in-house sustainability topics; and (iii) there is a correlation between the two corporate responsibility topics of local recruitment and occupational health and expected financial performance as an aspect of maintained business resilience in times of crisis

Optical coherence tomography angiography for chronic venous insufficiency and venous leg ulcer

Chronic venous insufficiency (CVI) ranks among the most common health care issues worldwide. The current diagnosis of CVI is done by clinical examination and duplex ultrasound, which can only detect visible physical changes and deeper vascular structures whereas the superficial cutaneous vasculature cannot be resolved. There is indeed a lack of information that can potentially be extracted from the cutaneous microvasculature of patients affected by CVI. In this work, we designed and applied an optical coherence tomography angiography (OCTA) system, which is customized for lower extremity imaging of patients. Featuring fast imaging speed, large field of view, high spatial resolution, and most importantly non-invasiveness, this OCTA system was successfully applied in CVI and venous leg ulcer patient imaging. Using the OCTA results acquired from a cohort of 27 human subjects, we can clearly distinguish the vascular patterns uniquely associated with various stages of CVI. The findings of this study give an unexplored indicator to the disease of CVI and venous leg ulcer. With more patients to be recruited, we believe that OCTA imaging results for CVI can be used as a powerful tool in CVI screening and diagnosis

MFI Type Zeolite Aggregates with Nanosized Particles via a Combination of Spray Drying and Steam-Assisted Crystallization (SAC) Techniques

This article belongs to the Special Issue Catalysis on Zeolites and Zeolite-Like Materials II

Final height in Italian patients with congenital hypothyroidism detected by neonatal screening: A 20-year observational study

Background: Linear growth and final height are reported as normal in congenital hypothyroid patients in the neonatal screening era. Methods: We evaluated the final height in 215 patients with congenital hypothyroidism to assess if it improved over the last 2 decades. Results: Final height (-0.1∈±∈1.0 SDS) was higher than target height (-0.8∈±∈1.0 SDS, p∈<∈0.001) and not different among the 4 quartiles for birthdate. It was correlated with target height (r2∈=∈0.564, p∈<∈0.001) and height at puberty onset (r2∈=∈0.685, p∈<∈0.001), but not with age at diagnosis or the starting LT4/kg/day dose. The curve fitting analysis showed that the age at diagnosis progressively decreased during the 20-year study period, while the target height and the starting LT4/kg/day increased. Final height was not affected by the birthdate, the age at diagnosis, the starting LT4 dose. Conclusions: The final height is higher than the target height, but despite the improvement in the screening and the treatment, it did not improve over the last 20 years. These findings are in keeping with the described secular trend and suggest that earlier diagnosis and replacement therapy do not significantly modify final height in these patient

A low-latency feedback system for the control of horizontal betatron oscillations

Reinforcement learning (RL) algorithms are investigated at KIT as an option to control the beam dynamics at storage rings. These methods require specialized hardware to satisfy throughput and latency constraints dictated by the timescale of the relevant phenomena. The KINGFISHER platform, based on the novel Xilinx Versal Adaptive Compute and Acceleration Platform, is an ideal candidate to deploy RL-on-a-chip thanks to its ability to execute computationally intensive and low latency feedback loops in the order of tens of microseconds. In this publication, we will present the integration of the KINGFISHER system at the Karlsruhe Research Accelerator (KARA), as a proof-of-principle turn-by-turn control feedback loop, to control induced transversal oscillations of an electron beam