Search results

An agent-based market simulation is utilized to examine the impact of high frequency trading (HFT) on various aspects of the stock market. This study aims to provide a baseline understanding of the effect of HFT on markets by using a paradigm of zero-intelligence traders and examining the resulting structural changes.

A continuous double auction setting with zero-intelligence traders is used by adapting the model of Gode and Sunder (1993) to include algorithmic high frequency (HF) traders who retrade by marking up their shares by a fixed percentage. The simulation examines the effects of two independent factors, the number of HF traders and their markup percentage, on several dependent variables, principally volume, market efficiency, trader surplus and volatility. Results of the simulations are tested with two-way ANOVA and Tukey’s post hoc tests.

In the simulation results, trading volume, efficiency and total surplus vary directly with the number of traders employing HFT. Results also reveal that market volatility increased with the number of HF traders.

Increases in volume, efficiency and total surplus represent market improvements due to the trading activities of HF traders. However, the increase in volatility is worrisome, and some of the surplus increase appears to come at the expense of long-term-oriented investors. However, the relatively recent development of HFT and dearth of appropriate data make direct calibration of any model difficult.

The simulation study focuses on the structural impact of HF traders on several aspects of the simulated market, with the effects isolated from other noise and problems with empirical data. A baseline for comparison and suggestions for future research are established.

The purpose of this paper is to explore relationships among three primary variables: sports spectatorship of intercollegiate football, university brand equity and student satisfaction. The primary purpose is to understand the extent to which athletic programs influence campus culture, sense of community and the satisfaction of undergraduate students. A secondary purpose is to probe the factor structure, reliability and validity of a recently developed sports spectatorship scale.

The authors collected data through an online survey of 419 undergraduate students enrolled at three separate Midwestern universities, using previously developed and validated survey scales.

Relationships between brand equity and student satisfaction suggest that athletic programs provide a benefit to universities by improving students’ psychological sense of community and emotional connection to the institution. Furthermore, correlations between sports spectatorship and brand equity measures suggest an internal advertising effect.

The results contribute to the understanding of the role of intercollegiate athletic programs, in this case from the perspective of enrolled undergraduate students. Additionally, the findings recommend ways that universities might maximize some of the benefits by emphasizing the emotional connection of the student body to the teams. The paper also contributes to the validation of the sports spectatorship scale as a tool for further research.

In beginning its work at the end of the 1950s, the Aslib Research and Development Department inevitably faced the task of identifying the most significant problems for investigation, at the same time having the need to establish appropriate experimental techniques. Most of the projects undertaken since that time have dealt with current problems, and to an extent the advent of new technologies and techniques to the information world (mechanization in the 'sixties, management studies in the early 'seventies, on‐line working and publication problems in more recent years) is reflected in the work reported below. What follows is a complete bibliography of publications by members of the Department from its formation up to the end of 1977.

With the increasing popularity of computer simulation models as tools for environmental management and assessment, there is often a need to consider how well the output from such models represent reality. Statisticians evaluate the basic assumptions of least‐squares regression models by either computing statistics from or graphically evaluating residuals (observed minus predicted values). Even though there are usually a priori assumptions about residuals from simulation models we have found that their graphical or statistical evaluation can suggest model deficiencies. In this paper residuals from three simulation models were examined with the objective of suggesting limitations or desirable changes. The ability of simulation models to mimic observed data were used to provide support for visual appraisals.

Among the prominent economic trends in recent decades is the exponential increase in flows of goods and capital driven by technological progress and falling of restrictions. A key driver of this phenomenon has been the cross-border production, foreign investment, and trade both final and intermediate goods by multinational corporations. Research has sought to understand how foreign direct investment (FDI) affects host economies. This paper reviews the main theories and empirical evidence of two streams of literature: the mechanisms by which multinational activity might create positive effects and externalities to countries and the role of complementary local conditions, also known as “absorptive capacities,” that allow a country to reap the benefits of FDI paying particular attention to the role of factor markets, reallocation effects, and the linkages generated between foreign and domestic firms. The survey focuses mainly on work related to developing countries.

The assessment of risk of recidivism in sexual offenders is fundamental to clinical practice. It is widely accepted that, compared with actuarial measures of risk, unaided clinical judgment has generally been found to be of low reliability. Consequently, the literature has shown a surge in actuarial measures. However, a major difficulty in assessing risk in sex offenders is the low base rate, leading to an increased likelihood of making a false positive predictive error. To overcome this, risk assessment studies are increasingly using the receiver operating characteristic (ROC), which displays the relationship between level of risk and decision choice. This note summarises the methodological issues in measuring predictive accuracy in assessing risk of re‐offending in sexual offenders, and identifies from the literature both static and dynamic risk factors associated with sexual offence recidivism.

Children experience toxic stress if there is pronounced activation of their stress-response systems, in situations in which they do not have stable caregiving. Due to their exposure to multiple poverty-related risks, African American children may be more susceptible to exposure to toxic stress. Toxic stress affects young children’s brain and neurophysiologic functioning, which leads to a wide range of deleterious health, developmental, and mental health outcomes. Given the benefits of early care and education (ECE) for African American young children, ECE may represent a compensating experience for this group of children, and promote their positive development.

Inspectors visiting districts in connection with the Foreign Meat and Unsound Food Regulations have made detailed inquiries in certain instances in regard to local methods of administration of the Sale of Food and Drugs Acts. Special visits for this purpose have also been made to other districts where inquiry appeared to be specially called for. In the course of these inquiries it was found that in some instances the public analyst had made a report to his local authority on some special investigation which had been undertaken in the district respecting a particular article of food, but that copies of such report had not always reached the Board. During an inquiry in the county of Cheshire Dr. Coutts ascertained that the county analyst had made valuable reports in regard to butter and Cheshire cheese of which the Board were unaware. Reports of this nature are of much interest to this sub‐department, and it would be of advantage if local authorities would send to the Board copies of all special reports made by the public analyst.