Exchange-traded funds and information asymmetry

This thesis focuses on three main questions. The first uses ExchangeTraded Funds (ETFs) to evaluate estimated adverse selection costs obtained spread decomposition models. The second compares the Probability of Informed Trading (PIN) in Exchange-Traded Funds to control securities. The third examines the intra-day ETF trading patterns. These spread decomposition models evaluated are Glosten and Harris (1988); George, Kaul, and Nimalendran (1991); Lin, Sanger, and Booth (1995); Madhavan, Richardson, and Roomans (1997); Huang and Stoll (1997). Using the characteristics of ETFs it is shown that only the Glosten and Harris (1988) and Madhavan, et al (1997) models provide theoretically consistent results. When the PIN measure is employed ETFs are shown to have greater PINs than control securities. The investigation of the intra-day trading patterns shows that return volatility and trading volume have a U-shaped intra-day pattern. A study of trading systems shows that ETFs on the American Stock Exchange (AMEX) have a U-shaped intra-day pattern of bid-ask spreads, while ETFs on NASDAQ do not. Specifically, ETFs on NASDAQ have higher bid-ask spreads at the market opening, then the lowest bid-ask spread in the middle of the day. At the close of the market, the bid-ask spread of ETFs on NASDAQ slightly elevated when compared to mid-day.

All-optical passive 2R regeneration of dispersion-managed RZ data at 40 and 80 Gbit/s using in-line NOLMs

We demonstrate that the use of in-line nonlinear optical loop mirrors (NOLMs) in dispersion-managed (DM) transmission systems dominated by amplitude noise can achieve passive 2R regeneration of a 40 and 80 Gbit/s RZ data stream. This is an indication that the use of this approach could obviate the need for full-regeneration in high data rate, strong DM systems, when intra-channel four-wave mixing poses serious problems.

LRD : Latent Relation Discovery for vector space expansion and information retrieval

In this paper, we propose a text mining method called LRD (latent relation discovery), which extends the traditional vector space model of document representation in order to improve information retrieval (IR) on documents and document clustering. Our LRD method extracts terms and entities, such as person, organization, or project names, and discovers relationships between them by taking into account their co-occurrence in textual corpora. Given a target entity, LRD discovers other entities closely related to the target effectively and efficiently. With respect to such relatedness, a measure of relation strength between entities is defined. LRD uses relation strength to enhance the vector space model, and uses the enhanced vector space model for query based IR on documents and clustering documents in order to discover complex relationships among terms and entities. Our experiments on a standard dataset for query based IR shows that our LRD method performed significantly better than traditional vector space model and other five standard statistical methods for vector expansion.

TEST:a tropic, embodied, and situated theory of cognition

TEST is a novel taxonomy of knowledge representations based on three distinct hierarchically organized representational features: Tropism, Embodiment, and Situatedness. Tropic representational features reflect constraints of the physical world on the agent's ability to form, reactivate, and enrich embodied (i.e., resulting from the agent's bodily constraints) conceptual representations embedded in situated contexts. The proposed hierarchy entails that representations can, in principle, have tropic features without necessarily having situated and/or embodied features. On the other hand, representations that are situated and/or embodied are likely to be simultaneously tropic. Hence, although we propose tropism as the most general term, the hierarchical relationship between embodiment and situatedness is more on a par, such that the dominance of one component over the other relies on the distinction between offline storage versus online generation as well as on representation-specific properties. © 2013 Cognitive Science Society, Inc.

New developments in library orientation and information literacy:regenerating library services for new students

Over the last six years, Aston University Library & Information Services Induction Team have worked on the Welcome experience for new and returning students to the Library.  The article provides an overview of the Induction programme and how it has evolved to engage students pre and post arrival to the University. 

Multimodal field data entry:performance and usability issues

Mobile technologies have yet to be widely adopted by the Architectural, Engineering, and Construction (AEC) industry despite being one of the major growth areas in computing in recent years. This lack of uptake in the AEC industry is likely due, in large part, to the combination of small screen size and inappropriate interaction demands of current mobile technologies. This paper discusses the scope for multimodal interaction design with a specific focus on speech-based interaction to enhance the suitability of mobile technology use within the AEC industry by broadening the field data input capabilities of such technologies. To investigate the appropriateness of using multimodal technology for field data collection in the AEC industry, we have developed a prototype Multimodal Field Data Entry (MFDE) application. This application, which allows concrete testing technicians to record quality control data in the field, has been designed to support two different modalities of data input speech-based data entry and stylus-based data entry. To compare the effectiveness or usability of, and user preference for, the different input options, we have designed a comprehensive lab-based evaluation of the application. To appropriately reflect the anticipated context of use within the study design, careful consideration had to be given to the key elements of a construction site that would potentially influence a test technician's ability to use the input techniques. These considerations and the resultant evaluation design are discussed in detail in this paper.

Mathematical Packages for Teaching and Research in Internet – Application and Information Support

The paper considers the use and the information support of the most important mathematical Application Packages (AP), such as Maple, Matlab, Mathcad, Mathematica, Statistica and SPSS – mostly used during Calculus tuition in Universities. The main features of the packages and the information support in the sites of the producers are outlined, as well as their capacity for work in Internet, together with educational sites and literature related to them. The most important resources of the TeX system for preparation of mathematical articles and documents are presented.

Introduction to data envelopment analysis and its applications

This chapter provides the theoretical foundation and background on Data Envelopment Analysis (DEA) method and some variants of basic DEA models and applications to various sectors. Some illustrative examples, helpful resources on DEA, including DEA software package, are also presented in this chapter. DEA is useful for measuring relative efficiency for variety of institutions and has its own merits and limitations. This chapter concludes that DEA results should be interpreted with much caution to avoid giving wrong signals and providing inappropriate recommendations.

Understanding the labour–environmental relationship in Britain, 1967–2011:a new narrative using political opportunity structure and coalition theory

Orthodox depictions of a fraught labour–environmental relationship privileging class, ideological and programmatic differences are problematised by newly quantified evidence of British unions' pro-environmental policy-making since 1967. The following narrative blends widely accepted accounts of the fortunes of both movements with an evaluation of Britain's shifting political opportunity structure and coalition theory to identify an alternative range of constraints and opportunities influencing the propensity and capacity of both movements to interact effectively, culminating recently in unions' emergence as environmental actors in their own right.

Students’ Digital Archive at the State University of Library Studies and Information Technologies, Sofia

The paper describes the creation and content of the digital archive of photographs, films and materials from fieldwork (interviews, surveys, and observations) of students from the Information Funds of the Cultural and Historical Heritage program at the State University of Library Studies and Information Technologies, Sofia, Bulgaria. The text discusses the educational opportunities of the archive, and the plans for publishing it as CD and for conversion into an electronic archive on the Internet.

Advanced FBG structures designed and fabricated for optical signal processing

We review our recent research on the design and fabrication of advanced fiber Bragg grating structures for optical signal processing. FBG based processors including optical differentiators, pulse shapers and modulation format converters are discussed. © 2015 OSA.

Statistical Analysis of the Performance Data of Central and Eastern European Water Utilities - International Benchmarking Network for Water and Sanitation Utilities (IBNET)

A Világbank az 1990-es évek végén egy nagyszabású, nemzetközi teljesítmény-értékelési programot indított a víz- és szennyvíz-szolgáltató vállalatok körében. Az International Benchmarking Network for Water and Sanitation Utilities (IBNET) elnevezésű kezdeményezés keretében a szolgáltatók egy szabványosított kérdőíven információt adnak meg működésükről. Az egyedi, cégszintű adatokból egy adatbázis készül, mely lehetővé teszi a vállalatok működésének összehasonlító elemzését, amit teljesítmény-értékelésnek (benchmarking) is szokás nevezni. A programról és eddigi eredményeiről angol nyelvű információ a www.ib-net.org honlapon található. A felmérést eddig több, mint 70 országban végezték el, köztük Magyarországon is. Itthon a REKK kapott megbízást a feladat végrehajtására. Az adatgyűjtésen túl az adatbázisra alapozva Közép és Kelet-Európa országainak víziközmű cégeiről statisztikai elemzést végeztünk az alap adottságok és a költségek összefüggésének feltárására.

A kivonulás-tiltakozás-hűség fogalomhármas közgazdaságtani relevanciája a 21. században = The relevance of "exit, voice and loyalty" theory in 21st-century economics

A dolgozat a politikatudomány és közgazdaság-tudomány határán álló kivonulás-tiltakozás-hűség modell lényegét járja körbe. Az Albert O. Hirschman által felépített gondolati keret szemléleti frissessége és sajátos megközelítési módja rendkívül termékenyítően hatott az elmúlt évtizedekben a társadalomtudományok fejlődésére. Mégis viszonylag periferikus helyet foglal el a közgazdaság-tudományon belül, miközben például a rendszerváltás és az azt követő társadalmi feszültségek megjelenése szempontjából is sokoldalúan használható fogalmi keretről van szó. A válság indukálta turbulens környezet még inkább rávilágít arra, hogy ma is időszerű perspektívát kínál a hanyatlás politikai gazdaságtana, azaz hasznos elemzési kapaszkodó nyújt az úgynevezett Hirschman-trilemma a társadalmi és gazdasági folyamatok értelmezéséhez. ________ The article concerns the "exit, voice, and loyalty" concept, which straddles the border of political science and economics. This theoretical framework, invented by Albert O. Hirschman, has exercised a fruitful influence in the social sciences in the last few decades, through its fresh features and original approach. However, it holds a peripheral position in economics and plays an undervalued role in eco-nomic education in Hungary, even though it can be flexibly applied in analyses of such phenomena as the economic transition and the ensuing social tensions. Moreover the very turbulence of the conditions brought about by the crisis show that the political economy of decline offers a relevant perspective, so that the Hirschman trilemma is a practical analytical tool for understanding social and economic processes.

Design principles of semantic binary database management systems

The Semantic Binary Data Model (SBM) is a viable alternative to the now-dominant relational data model. SBM would be especially advantageous for applications dealing with complex interrelated networks of objects provided that a robust efficient implementation can be achieved. This dissertation presents an implementation design method for SBM, algorithms, and their analytical and empirical evaluation. Our method allows building a robust and flexible database engine with a wider applicability range and improved performance. ^ Extensions to SBM are introduced and an implementation of these extensions is proposed that allows the database engine to efficiently support applications with a predefined set of queries. A New Record data structure is proposed. Trade-offs of employing Fact, Record and Bitmap Data structures for storing information in a semantic database are analyzed. ^ A clustering ID distribution algorithm and an efficient algorithm for object ID encoding are proposed. Mapping to an XML data model is analyzed and a new XML-based XSDL language facilitating interoperability of the system is defined. Solutions to issues associated with making the database engine multi-platform are presented. An improvement to the atomic update algorithm suitable for certain scenarios of database recovery is proposed. ^ Specific guidelines are devised for implementing a robust and well-performing database engine based on the extended Semantic Data Model. ^