The Effect of Transaction Size on Off-the-Run Treasury Prices

A price pressure effect is implied by segmentation in the market for a security. An empirical property of a segmented market is that the price of the security is sensitive to supply and demand conditions for that specific security, absent changes in risk and absent any new information. This paper examines intra-day trading data from the inter-dealer broker market for U.S. Treasury securities and finds that there is a price pressure effect in the off-the-run Treasury market. Thus, securities that would appear to be very close substitutes, i.e., on-the-run and off-the-run Treasury bonds, behave as if there is some degree of market segmentation. There have been several studies of price pressure in the equity market and Treasury bill market but this is the first study of the off-the-run Treasury note and bond market to investigate a price pressure effect using intra-day data. It is also the first study to analyze price pressure through matched pairs of securities that differ only in liquidity and with high frequency data.

Continuum theory of tilted chiral smectic phases

We demonstrate that the sequence of distorted commensurate phases observed in tilted chiral smectics is explained by the gain in electrostatic energy due to the lock-in of the unit cell to a number of layers which is the integer closest to the ratio pitch over thickness of the subjacent Sm-C$^*_\alpha$ phase. We also explain the sign change of the helicity in the middle of the sequence by a balance between two twist sources one intrinsic and another due to the distortion of the Sm-C$^*_\alpha$

Plaquette expectation value and lattice free energy of three-dimensional SU(N) gauge theory

We use high precision lattice simulations to calculate the plaquette expectation value in three-dimensional SU(N) gauge theory for N=2,3,4,5,8. Using these results, we study the N-dependence of the first non-perturbative coefficient in the weak-coupling expansion of hot QCD. We demonstrate that, in the limit of large N, the functional form of the plaquette expectation value with ultraviolet divergences subtracted is 15.9(2)-44(2)/N^2.Comment: 14 pages, 6 figures. v2: references added; published versio

Self-limited self-assembly of chiral filaments

The assembly of filamentous bundles with controlled diameters is common in biological systems and desirable for the development of nanomaterials. We discuss dynamical simulations and free energy calculations on patchy spheres with chiral pair interactions that spontaneously assemble into filamentous bundles. The chirality frustrates long-range crystal order by introducing twist between interacting subunits. For some ranges of system parameters this constraint leads to bundles with a finite diameter as the equilibrium state, and in other cases frustration is relieved by the formation of defects. While some self-limited structures can be modeled as twisted filaments arranged with local hexagonal symmetry, other structures are surprising in their complexity.Comment: 5 pages, 5 figure

The perceived service quality, satisfaction and behavioural intent towards cellphone network service providers : a generational perspective

The importance of providing customers with quality services in order to satisfy them and encourage future purchases is well documented in literature. Yet, the cellphone network provider industry of South Africa seems to be riddled with service quality problems. This study aims to determine different generations’ perceived service quality of services and satisfaction levels with services provided by cellphone network service providers, as well as their behavioural intentions towards these providers. The study furthermore examines the correlations between these three constructs and uncovers significant differences between different generations. Data was collected from 2339 respondents by means of a self-administered questionnaire. Young Generation Y consumers perceive the service quality levels and service satisfaction levels of these providers as significantly lower than other generations. This is also true for their behavioural intent. Significant correlations also exist between the generations’ perceived level of service quality they experience, their perceived level of satisfaction with, and their behavioural intent towards providers. This implies that providers should strongly focus their efforts on satisfying the needs, and improving the service satisfaction of young Generation Y consumers in order to retain them in the future. Providers should also vary marketing strategies based upon the differences uncovered between the generations

Noise Prevents Singularities in Linear Transport Equations

A stochastic linear transport equation with multiplicative noise is considered and the question of no-blow-up is investigated. The drift is assumed only integrable to a certain power. Opposite to the deterministic case where smooth initial conditions may develop discontinuities, we prove that a certain Sobolev degree of regularity is maintained, which implies H\"older continuity of solutions. The proof is based on a careful analysis of the associated stochastic flow of characteristics

The Dilemma of Agricultural Credit Policy in Brazil

Brazilian policy makers have played an active role in agricultural credit policy during the past 25 years. Many rules, regulations, policies and programs have been employed to increase the quantity and reduce the cost of agricultural credit. In some years, the amount of new loans made approached the value of agricultural output. Doubts exist about the extent to which expanded credit supplies accelerated technological change, expanded output and improved rural incomes. Large farmers absorbed a large share of the total credit. Interest rate constraints appear to have contributed to this concentration in credit distribution. The massive amount of subsidies involved in the credit program contributed to a need to reformulate credit and macroeconomic policies in the 1980s. The volume of new loans made subsequently fell sharply. In spite of acre than two decades of government involvement, Brazilian farmers are no closer to having a reliable, self-sustaining supply of agricultural credit today than they did in the early 1960's when the government began its heavy intervention

The influence of perceived justice on service satisfaction and behaviour intentions following service recovery efforts in retail banking

Abstract: Purpose: The interactional and distributive dimensions of perceived justice as one of its objectives is to reveal the link between perceived justice and service satisfaction. This study considers the influence of the perceived justice that South African retail bank customers experience, based on: the service recovery efforts of these banks in response to their complaints, the customers’ service satisfaction, and, consequently, the behavioural intention towards these banks. Design/Methodology/approach: This study focuses on the perceived justice construct where a service failure has occurred followed by a customer complaint and a resultant service provider response. Two-hundred and eighty-one respondents completed a structured self-administered questionnaire. Findings: The study found that interactional and distributive justice experienced in response to the service recovery efforts of a bank significantly and positively influence service satisfaction, and that service satisfaction in turn significantly and positively influences the behavioural intention of these customers. However, it was found that interactional and distributive justice had no direct effect on behavioural intention. Research implications: The research model tested addresses the interfaces between service receivers’ perception of interactional justice, distributional justice and service satisfaction as well as the interface between service satisfaction and behavioural intention. The tested research model indicates that both are interrelated through service satisfaction. Managerial implications: It is evident from the findings that retail banks should utilise the service encounter that follows a customer complaint as a desirable prospect to implement strategies to recover from service failures in an effort to bring about perceived justice that will ultimately influence customers’ levels of service satisfaction and behavioural intention. Originality/Value: This study contributes to build a nomological framework of constructs in service encounters consisting of service receivers’ perceived justice, service satisfaction and behavioural intention