The impact of hidden liquidity in limit order books

This paper analyzes liquidity in an order driven market. We only investigate the best limits in the limit order book, but also take into account the book behind these inside prices. When subsequent prices are close to the best ones and depth at them is substantial, larger orders can be executed without an extensive price impact and without deterring liquidity. We develop and estimate several econometric models, based on depth and prices in the book, as well as on the slopes of the limit order book. The dynamics of different dimensions of liquidity are analyzed: prices, depth at and beyond the best prices, as well as resiliency, i.e. how fast the different liquidity measures recover after a liquidity shock. Our results show a somewhat less favorable image of liquidity than often found in the literature. After a liquidity shock (in the spread or depth or in the book beyond the best limits), several dimension of liquidity deteriorate at the same time. Not only does the inside spread increase, and depth at the best prices decrease, also the difference between subsequent bid and ask prices may become larger and depth provided at them decreases. The impacts are both econometrically and economically significant. Also, our findings point to an interaction between different measures of liquidity, between liquidity at the best prices and beyond in the book, and between ask and bid side of the market

Dynamically Typed Languages

The languages discussed in this special issue have a long history, which is perhaps why some have had several different names over the years. One such language is Lisp, the second-oldest programming language. For years, many somewhat dismissively described languages such as Lisp as "scripting languages." Today, we more commonly refer to them as dynamically typed languages, typified by Python and Ruby, and their impact is arguably greater than ever. This issue highlights the practical uses of such languages and shows how they're frequently a vehicle for innovation in the development sphere. This article is part of a special issue on dynamically typed languages

The role of equities in corporate finance in Belgium

Share issues are a significant source of finance for non-financial corporations in Belgium. Between 1995 and 2005, they represented around 32 p.c. of the cumulative new liabilities of non-financial corporations. Share issues are therefore the second most important source of finance, the first being non-bank credit, which accounts for 51 p.c. of the total. Share issues are a much more important source of funding than bank credit and issues of fixed-income securities. Unquoted shares represent the major part of this, namely 27 p.c., mainly because of the high level of foreign direct investment. Quoted shares represented only 5 p.c. of the cumulative new liabilities of non-financial corporations during the period 1995-2005. An empirical analysis of the determinants of the capital structure highlights the fact that quoted companies having more intangible fixed assets are more inclined to opt for equity financing. Conversely, other factors, such as the company’s debt level, size and internal resources have a negative influence on equity financing. The timing of the use of this type of financing depends partly on macroeconomic factors such as real and financial investments of the corporations. The cost of capital may also be regarded as a key determinant of the use of equity financing over time. Substantial issues were recorded during the period 1999-2001 and from mid 2005 onwards. These developments coincided with either a cost of capital well below its long-run average or a movement in the cost of capital which was more favourable than the price of alternative sources of finance. The recent government measure aimed at allowing the deduction of notional interest charges could also give a substantial boost to new share issues.capital structure, corporate finance, equities

The Role of Equities in Corporate Finance in Belgium.

Finance; Belgium;

Measurement of plant growth in view of an integrative analysis of regulatory networks

As the regulatory networks of growth at the cellular level are elucidated at a fast pace, their complexity is not reduced; on the contrary, the tissue, organ and even whole-plant level affect cell proliferation and expansion by means of development-induced and environment-induced signaling events in growth regulatory processes. Measurement of growth across different levels aids in gaining a mechanistic understanding of growth, and in defining the spatial and temporal resolution of sampling strategies for molecular analyses in the model Arabidopsis thaliana and increasingly also in crop species. The latter claim their place at the forefront of plant research, since global issues and future needs drive the translation from laboratory model-acquired knowledge of growth processes to improvements in crop productivity in field conditions

'SO STONED' : common sense approach of the dizzy patient

The history taking of a dizzy patient is of utmost importance in order to differentiate the possible etiologies of vertigo. The key factors that allow a first approximation of diagnosis identification are based on the time profile, symptom profile, and trigger profile of the disease. Here, the proposed mnemonic "SO STONED" comprises eight different dimensions that characterize the vertigo-related complaints of the patient and guide the clinician in his or her decision scheme. All the letters "SO STONED" have a specific meaning: Symptoms, Often (Frequency), Since, Trigger, Otology, Neurology, Evolution, and Duration. Since the most common vestibular diseases have different fingerprints when all dimensions are considered, this tool can facilitate the identification of the appropriate vestibular diagnosis

The importance of forest type when incorporating forest edge deposition in the evaluation of critical load exceedance

This paper provides an assessment of the effect of incorporating edge deposition in the evaluation of critical load exceedance in forests, taking into account pollutant type, meteorological conditions, edge orientation, and forest type. In particular we have calculated critical load exceedance in five Flemish regions differing in forest fragmentation extent and/or share of coniferous forest