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.)

Illustrated key to the genera of free-living marine nematodes of the Order Enoplida

A pictorial key to US genera of free-living marine nematodes in the order Enoplida is presented. Specific morphological and anatomical features are iUustrated to facilitate use of the key. The purpose of this work is to provide a single key to the genera of enoplid nematodes to facilitate identification of these organisms by nematologists and marine biologists working with meiofauna. (PDF file contains 32 pages.)

Short-range-order effects on intrinsic plasticity of metallic glasses

Through a systematical analysis of the elastic moduli for 137 metallic glasses (MGs) and 56 polycrystalline metals, we use a simple model developed by Knuyt et al. [J. Phys. F: Met. Phys. 16 (1986) p.1989; Phil. Mag. B 64 (1991) p.299] based on a Gaussian distribution for the first-neighbor distance to reveal the short-range-order (SRO) structural conditions for plasticity of MGs. It is found that the SRO structure with dense atomic packing, large packing dispersion and a significant anharmonicity of atomic interaction within an MG is favorable for its global plasticity. Although these conditions seem paradoxical, their perfect matching is believed to be a key for designing large plastic bulk MGs not only in compression but also in tension.