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.

Employment of young people in the province of trento

It is with deep conviction and satisfaction that we have accepted the invitation to take part in this meeting, an occasion which enables us to reflect together on such a delicate and important question and at the same time to get to know our mutual environments,different geographically and culturally often distant but drawn to face together problems of European dimensions, such as the question of youth employment.

Environmental Concerns in Water Pricing Policy: an Application of Data Envelopment Analysis (DEA)

25 p.

Serological and Genetic Evidence for Altered Complement System Functionality in Systemic Lupus Erythematosus: Findings of the GAPAID Consortium

Systemic lupus erythematosus is a chronic autoimmune disease with multifactorial ethiopathogenesis. The complement system is involved in both the early and late stages of disease development and organ damage. To better understand autoantibody mediated complement consumption we examined ex vivo immune complex formation on autoantigen arrays. We recruited patients with SLE (n = 211), with other systemic autoimmune diseases (n = 65) and non-autoimmune control subjects (n = 149). Standard clinical and laboratory data were collected and serum complement levels were determined. The genotype of SNP rs1143679 in the ITGAM gene was also determined. Ex vivo formation of immune complexes, with respect to IgM, IgG, complement C4 and C3 binding, was examined using a functional immunoassay on autoantigen microarray comprising nucleic acids, proteins and lipids. Complement consumption of nucleic acids increased upon binding of IgM and IgG even when serum complement levels were decreased due to consumption in SLE patients. A negative correlation between serum complement levels and ex vivo complement deposition on nucleic acid autoantigens is demonstrated. On the contrary, complement deposition on tested protein and lipid autoantigens showed positive correlation with C4 levels. Genetic analysis revealed that the non-synonymous variant rs1143679 in complement receptor type 3 is associated with an increased production of anti-dsDNA IgG antibodies. Notwithstanding, homozygous carriers of the previously reported susceptible allele (AA) had lower levels of dsDNA specific IgM among SLE patients. Both the non-synonymous variant rs1143679 and the high ratio of nucleic acid specific IgG/IgM were associated with multiple organ involvement. In summary, secondary complement deficiency in SLE does not impair opsonization of nucleic-acid-containing autoantigens but does affect other antigens and potentially other complement dependent processes. Dysfunction of the receptor recognizing complement opsonized immune complexes promotes the development of class-switched autoantibodies targeting nucleic acids.

Una imagen vale más que mil palabras: efectos de las advertencias sanitarias visuales en el descenso del consumo de tabaco: un estudio desde la perspectiva del marketing social

[ES] El tabaco está reconocido hoy día como un factor de riesgo muy importante en multitud de enfermedades, representando un grave riesgo para la salud pública. Entre las medidas previstas por la Organización Mundial de la Salud y por la Comisión Europea está la utilización de advertencias sanitarias sobre los efectos del tabaco en las personas. En España actualmente esas advertencias contienen solo texto.

Una propuesta metodológica para evaluar la imagen de una ciudad a través de los mapas asociativos

[ES] Esta investigación ha propuesto un método sencillo, razonablemente económico y fácil de implementar para estudiar la imagen de marca de una ciudad empleando los mapas asociativos (Henderson, Iacobucci y Calder, 1998). Utilizando una combinación de criterios estadísticos e interpretativos se llega a construir un mapa de consenso que refleja las señas de identidad de una ciudad, es decir, las principales asociaciones que realizan sus habitantes cuando piensan en su localidad. Se proporcionan, además, claras orientaciones sobre cómo aplicar este método, el cual debe realizarse periódicamente, con el fin de estudiar la dinámica de las asociaciones mencionadas en función de las acciones estratégicas y tácticas realizadas por los gobernantes y del momento del tiempo en el que se ejecuta. Además, se ilustra su uso con una investigación real, aplicada a la ciudad de Cartagena, y realizada empleando una muestra aleatoria de 195 ciudadanos.