Volume-Synchronized Probability of Informed Trading (VPIN), Market Volatility, and High-Frequency Liquidity

We assess the predictive ability of three VPIN metrics on the basis of two highly volatile market events of China, and examine the association between VPIN and toxic-induced volatility through conditional probability analysis and multiple regression. We examine the dynamic relationship on VPIN and high-frequency liquidity using Vector Auto-Regression models, Granger Causality tests, and impulse response analysis. Our results suggest that Bulk Volume VPIN has the best risk-warning effect among major VPIN metrics. VPIN has a positive association with market volatility induced by toxic information flow. Most importantly, we document a positive feedback effect between VPIN and high-frequency liquidity, where a negative liquidity shock boosts up VPIN, which, in turn, leads to further liquidity drain. Our study provides empirical evidence that reflects an intrinsic game between informed traders and market makers when facing toxic information in the high-frequency trading world.

Examining Bullying Intervention Motivations Through a Cost/Benefit Analysis

The purpose of the present study was to examine the role of the bystander in bullying situations. A cost/benefit model was explored in researching factors adolescents consider in deciding whether to intervene when witnessing bullying. Adolescents in the present study (N = 101 (50.5% female), between the ages of 12 to 18, M = 15.37 years; SD = 1.71 years) completed self-report questionnaires, and also responded to bullying scenarios, stating how the bystander would react, while explaining potential personal costs and benefits. Adolescents were able to articulate various personal costs and benefits when making the decision to intervene. Conclusions of the present study include: 1) the evolutionary approach is quite informative in illuminating the decision process of the bystander, 2) adolescents’ beliefs about bullying and the role of bystanders are different from their teachers’, and 3) the rather explicit cost/benefit model could be used to develop more targeted anti-bullying programs.

Handwritten sheet of paper detailing the cost of transporting boxes containing the Gravatt’s level

Handwritten sheet of paper detailing the cost of transporting boxes containing the Gravatt’s level from London to St. Catharines, April 1847.

Handwritten sheet of paper detailing the cost of transporting boxes containing the Gravatt’s level

Handwritten sheet of paper detailing the cost of transporting boxes containing the Gravatt’s level from London to St. Catharines. This sheet is signed by S.D. Woodruff, Jan. 11, 1847.

Approximate cost of completing the railway from Port Dalhousie to St. Catharines and an estimate of the cost of the piers at Port Dalhousie signed by William Hamilton Merritt

Approximate cost of completing the railway from Port Dalhousie to St. Catharines and an estimate of the cost of the piers at Port Dalhousie signed by William Hamilton Merritt (5 pages, handwritten), July 8, 1854.

Approximate estimate of the cost of completing the Port Dalhousie Railway to the Grand Central Railway Station at Lock 12

Approximate estimate of the cost of completing the Port Dalhousie Railway to the Grand Central Railway Station at Lock 12. This document is badly torn and burned but most of the text is legible, July 14, 1854.

Estimated cost of the Port Dalhousie and Thorold Railway sent to George Rykert by S.D. Woodruff

Estimated cost of the Port Dalhousie and Thorold Railway sent to George Rykert by S.D. Woodruff, Aug. 5, 1854.

Approximate estimate of the cost of constructing and completing the Port Dalhousie and Thorold Railway to St. Catharines

Approximate estimate of the cost of constructing and completing the Port Dalhousie and Thorold Railway to St. Catharines signed by S.D. Woodruff (2 pages, handwritten), Jan. 8, 1855.

Cost of the railway from Port Dalhousie to St. Catharines

Cost of the railway from Port Dalhousie to St. Catharines (1 page, handwritten), Jan. 11, 1855.

Approximate estimate of the cost of extending the Port Dalhousie and Thorold Railway from Geneva Street to the Great Western Railway Station at Lock no. 12

Approximate estimate of the cost of extending the Port Dalhousie and Thorold Railway from Geneva Street to the Great Western Railway Station at Lock no. 12 (2 copies) [one appears to be a rough copy] (2 pages, handwritten), Feb. 2, 1855.

Letter of estimate sent to S.D. Woodruff for the total cost of construction and equipment of the extension of the line to Port Colborne

Letter of estimate sent to S.D. Woodruff for the total cost of construction and equipment of the extension of the line to Port Colborne [this is unsigned]. There is an envelope with this letter that suggests that it is from Mr. Shanly, Mar. 12, 1857.

Chart of estimate of cost of Port Dalhousie and Thorold Railway extension Line no. 1

Chart of estimate of cost of Port Dalhousie and Thorold Railway extension Line no. 1 signed by Mr. Shanly, Mar. 12, 1857.

Chart of the estimated cost of Line no. 1

Chart of the estimated cost of Line no. 1, n.d.

Chart outlining Port Dalhousie and Thorold Railway cost of planks, bridge, railway crossing and approaches thereto

Chart outlining Port Dalhousie and Thorold Railway cost of planks, bridge, railway crossing and approaches thereto, n.d.