The power of patience: A behavioral regularity in limit order placement

In this paper we demonstrate a striking regularity in the way people place limit orders in financial markets, using a data set consisting of roughly seven million orders from the London Stock Exchange. We define the relative limit price as the difference between the limit price and the best price available. Merging the data from 50 stocks, we demonstrate that for both buy and sell orders, the unconditional cumulative distribution of relative limit prices decays roughly as a power law with exponent approximately 1.5. This behavior spans more than two decades, ranging from a few ticks to about 2000 ticks. Time series of relative limit prices show interesting temporal structure, characterized by an autocorrelation function that asymptotically decays as tau^(-0.4). Furthermore, relative limit price levels are positively correlated with and are led by price volatility. This feedback may potentially contribute to clustered volatility

The Predictive Power of Zero Intelligence in Financial Markets

Standard models in economics stress the role of intelligent agents who maximize utility. However, there may be situations where, for some purposes, constraints imposed by market institutions dominate intelligent agent behavior. We use data from the London Stock Exchange to test a simple model in which zero intelligence agents place orders to trade at random. The model treats the statistical mechanics of order placement, price formation, and the accumulation of revealed supply and demand within the context of the continuous double auction, and yields simple laws relating order arrival rates to statistical properties of the market. We test the validity of these laws in explaining the cross-sectional variation for eleven stocks. The model explains 96% of the variance of the bid-ask spread, and 76% of the variance of the price diffusion rate, with only one free parameter. We also study the market impact function, describing the response of quoted prices to the arrival of new orders. The non-dimensional coordinates dictated by the model approximately collapse data from different stocks onto a single curve. This work is important from a practical point of view because it demonstrates the existence of simple laws relating prices to order flows, and in a broader context, because it suggests that there are circumstances where institutions are more important than strategic considerations

Shape-memory materials

U završnom radu dan je pregled osnovnih vrsta pametnih materijala, te njihovih karakteristika. Materijali s prisjetljivosti oblika su vrsta pametnih materijala koja posjeduje svojstvo pamćenja izvornog oblika, te se nakon prestanka djelovanja vanjskog podražaja u njega može i vratiti. U radu su opisana i glavna područja primjene pametnih materijala, kako bi se dao uvid u njihovu korisnost i potakla veća zainteresiranost za njihovom uporabom. NiTiNOL je slitina nikla i titana koja ima najbolje izaraženo svojstvo pamćenja oblika pa se najčešće koristi u dentalnoj medicine, iako je skuplja od ostalih slitina. Očekuje se povećanje upotrebe pametnih materijala u skorije vrijeme.In the final paper, a review of basic kinds of smart materials and their characteristics . Materials with shape memory are types of smart materials which has an ability of memory of the original shape , and upon cessation of external stimuli into it and can not leave . Described are the main applications of smart materials , in order to give an insight into their usefulness and encourage greater interest in their use. Nitinol is an alloy of nickel and titanium that has the best property izaraženo memory design is commonly used in dental medicine , although it is more expensive than other alloys. We can expect increase in the use of smart materials in the near future

Communication and political identity formation: Dubrovnik’s first ambassadors to the Sublime Porte

The first diplomatic missions from Dubrovnik to the Sublime Porte played an important role in forming the identity of their city. Ambassadors from Dubrovnik were empowered to represent their city during crucial moments in the Ottoman westward expansion. The success of their missions influenced the position the city had under new circumstances characterized by constant shifts in the balance of power. This essay is focused on oral declarations by Ragusan ambassadors, which can be seen as an attempt to define, describe, and typify the community they are authorized to represent. Although these statements were used primarily to achieve various pragmatic aims, at the same time they can be perceived as an expression of the qualities of the city-state. Their messages reflected their beliefs, traditions, and customs of their culture in correlation with the specific conditions in which they functioned. Their choices depended on assessments of their efficiency. However, sometimes their missions did not end with the desired outcome because their system of values did not correspond to that of an Islamic culture. Nevertheless, over time the initial confusion and concerns were eventually alleviated by the practical experience they acquired. An analysis of the verbal communication between Dubrovnik’s ambassadors and the Porte, from the establishment of formal diplomatic relations to the acceptance of a tributary relationship, facilitates an examination of changes in the way they expressed their identity through verbal arguments and how they manipulated said arguments–in other words, how they wielded propaganda and ideology. In that sense, this verbal communication by the ambassadors is viewed as performativity that not only conveys a message but actively participates in its construction

Puellic: A Constructed Language

This is a document outlining the conlang of Puellic, which is a language that exists in a world where the government has decided to keep the genders totally separate in order to maintain gender roles and stereotypes. This language outlines the female line of communication

Die Effizienz internationaler Instrumente bei Haftung und Schadensersatz wegen Verunreinigung durch Schiffe: der Fall des Südlichen Ozeans

Good international environmental governance in marine pollution matters largely rests with effective instruments of liability and compensation for transboundary environmental damage. This paper examines concepts and legal instruments in global and regional international law for providing prompt, adequate and effective compensation for harm to the marine environment itself, on the example of the Southern Ocean.Iako je određeni broj međunarodnopravnih instrumenata koji uređuju pitanja naknade štete i odgovornosti u pogledu zagađivanja pomorskog okoliša od strane brodova dogovoren, ili čak stupio na snagu, njihova učinkovitost je upitna, kao i sama pravna sredstva i principi koje promoviraju. Ovaj članak propituje učinkovitost relevantnih međunarodnopravnih instrumenata u tri vida: (a) sposobnost osiguranja pravovremene i odgovarajuće naknade za "čistu ekološku štetu"; (b) prevencija zagađivanja od strane brodova uopće; (c) razmjer primjenjivosti, izvršavanja i poštivanja međunarodnopravnih instrumenata kao mjera njihove učinkovitosti. Problem primjerenosti međunarodnopravnih instrumenata za naknadu ekološke štete sagledava se na primjeru štete nanesene samom pomorskom okolišu (čiste ekološke štete), za razliku od štete na stvarima i osobama. Predmetna analiza je provedena na primjeru Južnog oceana. Naime, Južni ocean kao i Mediteran uključuje zone pod nadležnosti obalne države, kao i otvoreno more, te uživa zaštitu pod općim međunarodnopravnim kao i posebnim regionalnim sustavom zaštite i očuvanja pomorskog okoliša. Osim toga, najnoviji regionalni pravni instrument za odgovornost i naknadu ekološke štete je upravo Aneks Protokolu za zaštitu okoliša, Ugovora o Antarktici, a koji je donesen 17 lipnja 2005 i primjenjiv je na Južni ocean.Obwohl eine Reihe von völkerrechtlichen Instrumenten zur Regelung von Schadensersatz und Haftung hinsichtlich der Verschmutzung der maritimen Umwelt durch Schiffe vereinbart wurden oder auch in Kraft getreten sind, ist ihre Effizienz ebenso wie die Instrumente selbst und die Grundsätze, für die sie stehen, fagwürdig. Dieser Beitrag untersucht die Effizienz der relevanten völkerrechtlichen Instrumente auf drei Aspekte hin: (a) die Fähigkeit, rechtzeitigen und angemessenen Schadensersatz für „reinen Umweltschaden“ zu leisten; (b) die Verhütung der Verschmutzung durch Schiffe als solcher; (c) das Verhältnis der Anwendbarkeit, der Durchsetzung und der Beachtung der völkerrechtlichen Instrumente als Maßstab ihrer Effizienz. Das Problem der Angemessenheit der völkerrechtlichen Instrumente für den Schadensersatz bei Umweltschäden wird anhand des Beispiels eines der maritimen Umwelt direkt zugefügten Schadens (reiner Umweltschaden) im Unterschied zu Personen- und Sachschaden behandelt. Die gegenständliche Analyse wurde am Beispiel des Südlichen Ozeans durchgeführt. Dieser umfasst nämlich wie auch das Mittelmeer Zonen unter der Ingerenz des jeweiligen Küstenstaates wie auch die offene See und steht unter dem Schutz allgemeiner völkerrechtlicher Normen wie auch besonderer regionaler Vorschriften zum Schutz und zur Erhaltung der maritimen Umwelt. Das jüngste regionale Rechtsinstrument für Haftung und Schadensersatz bei Umweltschäden stellt der Annex zum Umweltschutzprotokoll des Antarktisvertrages dar, der am 17. Juni 2005 vereinbart wurde und für den Südlichen Ozean gilt