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.

Radiotherapy plus nimotuzumab or placebo in the treatment of high grade glioma patients: results from a randomized, double blind trial

Background The prognosis of patients bearing high grade glioma remains dismal. Epidermal Growth Factor Receptor (EGFR) is well validated as a primary contributor of glioma initiation and progression. Nimotuzumab is a humanized monoclonal antibody that recognizes the EGFR extracellular domain and reaches Central Nervous System tumors, in nonclinical and clinical setting. While it has similar activity when compared to other anti-EGFR antibodies, it does not induce skin toxicity or hypomagnesemia. Methods A randomized, double blind, multicentric clinical trial was conducted in high grade glioma patients (41 anaplastic astrocytoma and 29 glioblastoma multiforme) that received radiotherapy plus nimotuzumab or placebo. Treatment and placebo groups were well-balanced for the most important prognostic variables. Patients received 6 weekly doses of 200 mg nimotuzumab or placebo together with irradiation as induction therapy. Maintenance treatment was given for 1 year with subsequent doses administered every 3 weeks. The objectives of this study were to assess the comparative overall survival, progression free survival, response rate, immunogenicity and safety. Results The median cumulative dose was 3200 mg of nimotuzumab given over a median number of 16 doses. The combination of nimotuzumab and RT was well-tolerated. The most prevalent related adverse reactions included nausea, fever, tremors, anorexia and hepatic test alteration. No anti-idiotypic response was detected, confirming the antibody low immunogenicity. The mean and median survival time for subjects treated with nimotuzumab was 31.06 and 17.76 vs. 21.07 and 12.63 months for the control group. Conclusions In this randomized trial, nimotuzumab showed an excellent safety profile and significant survival benefit in combination with irradiation.

Global and local challenges for best practices in assessment. The 9th Conference on the International Test Commission. Book of abstracts

The 9th International Test Commission Conference (ITC) took place at the Miramar Palace in San Sebastian, Spain, between the 2nd and 5th of July, 2014. The Conference was titled, “Global and Local Challenges for Best Practices in Assessment.” The International Test Commission, ITC (www.intestcom.org), is an association of national psychological associations, test commissions, publishers, and other organizations, as well as individuals who are committed to the promotion of effective testing and assessment policies and to the proper development, evaluation, and uses of educational and psychological instruments. The ITC facilitates the exchange of information among members and stimulates their cooperation on problems related to the construction, distribution, and uses of psychological and educational tests and other psychodiagnostic tools. This volume contains the abstracts of the contributions presented at the 9th International Test Commission Conference. The four themes of the Conference were closely linked to the goals of the ITC: - Challenges and Opportunities in International Assessment. - Application of New Technoloogies and New Psychometric Models in Testing. - Standards and Guidelines for Best Testing Practices. - Testing in Multilingual and Multicultural Contexts.