Understanding the ex-ante cost of liquidity in the limit order book: A note

This paper estimates a new measure of liquidity costs in a market driven by orders. It represents thecost of simultaneously buying and selling a given amount of shares, and it is given by a single measure of ex-ante liquidity that aggregates all available information in the limit order book for a given number of shares. The cost of liquidity is an increasing function relating bid-ask spreads with the amounts available for trading. This measure completely characterizes the cost of liquidity of any given asset. It does not suffer from the usual ambiguities related to either the bid-ask spread or depth when they are considered separately. On the contrary, with a single measure, we are able to capture all dimensions of liquidity costs on ex-ante basis.

Ethnolinguistic democracy, translation policy and contemporary world order (dis)order

Eguíluz, Federico; Merino, Raquel; Olsen, Vickie; Pajares, Eterio; Santamaría, José Miguel (eds.)

Word frequency cues word order in adults: cross-linguistic evidence

[EN] One universal feature of human languages is the division between grammatical functors and content words. From a learnability point of view, functors might provide entry points or anchors into the syntactic structure of utterances due to their high frequency. Despite its potentially universal scope, this hypothesis has not yet been tested on typologically different languages and on populations of different ages. Here we report a corpus study and an artificial grammar learning experiment testing the anchoring hypothesis in Basque, Japanese, French, and Italian adults. We show that adults are sensitive to the distribution of functors in their native language and use them when learning new linguistic material. However, compared to infants’ performance on a similar task, adults exhibit a slightly different behavior, matching the frequency distributions of their native language more closely than infants do. This finding bears on the issue of the continuity of language learning mechanism.

IPCC WGII Fifth Assessment Report (AR5): Expanding the solution space for adaptation

6 p.

Easy Order

Desarrollo de una aplicación móvil y otra web (sólo la parte cliente, y puntualmente algún pequeño desarrollo de la parte servidor). La aplicación consiste en la venta de comida por parte de restaurantes de México

Análisis del riesgo de contraparte a través del modelo estructural de Merton en el marco de Solvencia II

[ES] La entrada en vigor del proyecto de Solvencia II transformará por completo el sistema de determinación de las necesidades de capital del sector asegurador europeo. Recientemente se ha presentado el último estudio de impacto cuantitativo (QIS5), donde se establece la forma de cálculo del modelo estándar para la determinación de los requerimientos de capital. Este trabajo trata de analizar la adecuación de la calibración del riesgo de crédito de la contraparte mediante los modelos que se proponen en los últimos informes de impacto cuantitativo (cuarto y quinto). Para ello comparamos las necesidades de capital que se obtienen por ambas alternativas, frente a las que resultarían de aplicar un modelo de simulación basado en el enfoque estructural. Los resultados obtenidos muestran que el uso de probabilidades basadas en la metodología de Merton frente a aquellas basadas en ratings, dan lugar a requerimientos de capital sustancialmente mayores. Además, el modelo propuesto en QIS4 basado en la distribución de Vasicek no es adecuado cuando el número de contrapartes es reducido, situación habitual en el sector asegurador europeo. Por otra parte, la nueva propuesta (QIS5 o modelo de Ter Berg) es más versátil y adecuada que su antecesora pero requiere analizar con más detenimiento las hipótesis de calibración para de este modo aproximar mejor las estimaciones al riesgo realmente asumido.

Gain Scheduling Control of an Islanded Microgrid Voltage

The aim of this research study has been to design a gain scheduling (GS) digital controller in order to control the voltage of an islanded microgrid in the presence of fast varying loads (FVLs), and to compare it to a robust controller. The inverter which feeds the microgrid is connected to it through an inductance-capacitor-inductance (LCL) filter. The oscillatory and nonlinear behaviour of the plant is analyzed in the whole operating zone. Afterwards, the design of the controllers which contain two loops in cascade are described. The first loop concerns the current control, while the second is linked to the voltage regulation. Two controllers, one defined as Robust and another one as GS controller, are designed for the two loops, emphasizing in their robustness and their ability to damp the oscillatory plant behaviour. To finish, some simulations are carried out to study and compare the two kinds of controllers in different operating points. The results show that both controllers damp the oscillatory behaviour of the plant in closed loop (CL), and that the GS controller ensures a better rejection of current disturbances from FVLs.

Higher order vortex gyrotropic modes in circular ferromagnetic nanodots

Magnetic vortex that consists of an in-plane curling magnetization configuration and a needle-like core region with out-of-plane magnetization is known to be the ground state of geometrically confined submicron soft magnetic elements. Here magnetodynamics of relatively thick (50-100 nm) circular Ni80Fe20 dots were probed by broadband ferromagnetic resonance in the absence of external magnetic field. Spin excitation modes related to the thickness dependent vortex core gyrotropic dynamics were detected experimentally in the gigahertz frequency range. Both analytical theory and micromagnetic simulations revealed that these exchange dominated modes are flexure oscillations of the vortex core string with n = 0,1,2 nodes along the dot thickness. The intensity of the mode with n = 1 depends significantly on both dot thickness and diameter and in some cases is higher than the one of the uniform mode with n = 0. This opens promising perspectives in the area of spin transfer torque oscillators.