The Effect of the Introduction of a Clearinghouse on Trading Costs: The New York Stock Exchange in the 1890s

As one of the oldest and most innovative financial institutions, a clearinghouse efficiently clears and settles payments for equity transactions as well as other securities. However, this paper will only be concerned with common and preferred equity securities. The purpose of a clearinghouse is to reduce counterparty risk. It acts as an intermediary between two parties, so that the risk of one party failing to honor its contractual obligation is diminished. It reduces settlement risk through netting, the process of eliminating offsetting transactions, thus decreasing the amount of cash flow. I examine the impact of the New York Stock Exchange Clearinghouse upon its establishment in May 1892. Specifically, I analyze the clearinghouse’s effect on trading costs for different equity securities, scrutinizing the effects on bid-ask spreads. I find that once a firm joined the NYSE clearinghouse, both its relative and absolute bid-ask spreads are narrowed, representing an overall reduction in spreads of 5.28 percent

Geometric Characterization of Mouse Intestines Under Applied Loading

The purpose of this experiment was to apply bench-top imaging (optical coherence tomography or OCT) to intestinal and pelvic floor tissues from mice, focusing on the visualization of these anatomical structures and geometric characterization under applied loading. Quantifying such properties of the intestine will allow for further understanding of this tissue’s response to pressure and its mechanical properties. To supplement the images gathered from the OCT imaging (loaded and unloaded tissue samples), the histology was also examined to further understand the structure of these tissues

Green roof retrofit potential in the central business district

Purpose &ndash; The purpose of this paper is to illustrate the potential for green roof retrofit to commercial buildings in a city centre to property managers and other property professionals. Design/methodology/approach &ndash; This paper addresses the research question: what is the potential of existing buildings in the CBD to accommodate a retrofitted green roof? Furthermore, it questions how many buildings are suitable for green roofs? The researchers compile a unique building database incorporating information about 536 commercial buidings and evaluate the potential suitability of each building to undergo a green roof retrofit. Assisted by other commercially available databases and software, the researchers are able to assess each roof based on criteria derived from an extensive literature review. Findings &ndash; A relatively small proportion of roofs are found to be suitable, partly a result of local climate conditions and rainfall patterns, and the physical property stock. On a purely physical assessment, only a very small proportion of CBD stock is found to be suited. These buildings are most likely to be in low secondary locations, ungraded or B grade buildings, privately owned, concrete framed and not overshadowed by adjoining properties. Practical implications &ndash; Property managers and other property professionals can now determine the potential of their portfolio stock for green roof retrofit based on the review of building attributes required for success adaptation in this paper. It possible that greater potential for green roof retrofit exists in the suburbs or regional towns where lower rise buildings may reduce the amount of overshadowing found in city centres. Follow-up research could focus on a comparison of regional and suburban developments. Originality/value &ndash; This is the first study of its kind and has assessed such a large number of buildings for their suitability for green roof retrofit; the findings provide a reliable guide for policymakers regarding the potential number of city centre buildings which would be possible to retrofit. Such findings should influence policymaking and incentives to target effective sustainability policies with regards to existing buildings.<br /