Modeling Stock Order Flows and Learning Market-Making from Data

Stock markets employ specialized traders, market-makers, designed to provide liquidity and volume to the market by constantly supplying both supply and demand. In this paper, we demonstrate a novel method for modeling the market as a dynamic system and a reinforcement learning algorithm that learns profitable market-making strategies when run on this model. The sequence of buys and sells for a particular stock, the order flow, we model as an Input-Output Hidden Markov Model fit to historical data. When combined with the dynamics of the order book, this creates a highly non-linear and difficult dynamic system. Our reinforcement learning algorithm, based on likelihood ratios, is run on this partially-observable environment. We demonstrate learning results for two separate real stocks.

MicroRNAs Modulate Hematopoietic Lineage Differentiation

MicroRNAs (miRNAs), an abundant class of ~22 nucleotide non-coding RNAs, are thought to play an important regulatory role in animal and plant development at the posttranscriptional level. Many miRNAs cloned from mouse bone marrow cells are differentially regulated in various hematopoietic lineages, suggesting that they might influence hematopoietic lineage differentiation. Some human miRNAs are linked to leukemias: the miR-15a/miR-16 locus is frequently deleted or down-regulated in patients with B-cell chronic lymphocytic leukemia and miR-142 is at a translocation site found in a case of aggressive B-cell leukemia. miR-181, a miRNA upregulated only in the B cell lineage of mouse bone marrow cells, promotes B cell differentiation and inhibits production of CD8⁺ T cells when expressed in hematopoietic stem/progenitor cells. In contrast miR-142s inhibits production of both CD4⁺ and CD8⁺ T cells and does not affect B cells. Collectively, these results indicate that microRNAs are components of the molecular circuitry controlling mouse hematopoiesis and suggest that other microRNAs have similar regulatory roles during other facets of vertebrate development.

The Complexity of Safety Stock Placement in General-Network Supply Chains

We consider the optimization problem of safety stock placement in a supply chain, as formulated in [1]. We prove that this problem is NP-Hard for supply chains modeled as general acyclic networks. Thus, we do not expect to find a polynomial-time algorithm for safety stock placement for a general-network supply chain.

A compositional statistical analysis of capital stock

Most of economic literature has presented its analysis under the assumption of homogeneous capital stock. However, capital composition differs across countries. What has been the pattern of capital composition associated with World economies? We make an exploratory statistical analysis based on compositional data transformed by Aitchinson logratio transformations and we use tools for visualizing and measuring statistical estimators of association among the components. The goal is to detect distinctive patterns in the composition. As initial findings could be cited that: 1. Sectorial components behaved in a correlated way, building industries on one side and , in a less clear view, equipment industries on the other. 2. Full sample estimation shows a negative correlation between durable goods component and other buildings component and between transportation and building industries components. 3. Countries with zeros in some components are mainly low income countries at the bottom of the income category and behaved in a extreme way distorting main results observed in the full sample. 4. After removing these extreme cases, conclusions seem not very sensitive to the presence of another isolated cases

Differentiation of Integrals pdf

Exam questions and solutions in PDF

Differentiation of Integrals

Exam questions and solutions in LaTex

Applications of Partial Differentiation

Exercises and solutions for an applications of partial differentiation course. Diagrams for the questions are all together in the support.zip file, as .eps files

Partial Differentiation

Exercises and solutions about partial differentiation.

Geometric characterization of red blood cells. Differentiation of normal and pathologic samples

Introduction. Fractal geometry measures the irregularity of abstract and natural objects with the fractal dimension. Fractal calculations have been applied to the structures of the human body and to quantifications in physiology from the theory of dynamic systems.Material and Methods. The fractal dimensions were calculated, the number of occupation spaces in the space border of box counting and the area of two red blood cells groups, 7 normal ones, group A, and 7 abnormal, group B, coming from patient and of bags for transfusion, were calculated using the method of box counting and a software developed for such effect. The obtained measures were compared, looking for differences between normal and abnormal red blood cells, with the purpose of differentiating samples.Results. The abnormality characterizes by a number of squares of occupation of the fractal space greater or equal to 180; values of areas between 25.117 and 33.548 correspond to normality. In case that the evaluation according to the number of pictures is of normality, must be confirmed with the value of the area applied to adjacent red blood cells within the sample, that in case of having values by outside established and/or the greater or equal spaces to 180, they suggest abnormality of the sample.Conclusions. The developed methodology is effective to differentiate the red globules alterations and probably useful in the analysis of bags of transfusion for clinical use 

Testing for Stock Market Integration in a Developing Economy: Colombia

This paper examines the linkage between two parallel stock exchanges trading the same shares in Colombia, namely the Bogotá Stock Exchange and the Medellín Stock Exchange. We provide empirical evidence to support the hypothesis that these two markets can be best described as fully integrated over a period of almost four decades, which is consistent with the view that arbitrage opportunities are only possible in the short but not in the long run. In addition, we find evide

Stock return comovements and integration within the Latin American integrated market

Financial integration has been pursued aggressively across the globe in the last fifty years; however, there is no conclusive evidence on the diversification gains (or losses) of such efforts. These gains (or losses) are related to the degree of comovements and synchronization among increasingly integrated global markets. We quantify the degree of comovements within the integrated Latin American market (MILA). We use dynamic correlation models to quantify comovements across securities as well as a direct integration measure. Our results show an increase in comovements when we look at the country indexes, however, the increase in the trend of correlation is previous to the institutional efforts to establish an integrated market in the region. On the other hand, when we look at sector indexes and an integration measure, we find a decreased in comovements among a representative sample of securities form the integrated market.

Veterinary differentiation : how veterinary education can adequately support the developing profession

Resumen basado en el de la publicaci??n

Biochemical differentiation between Ophidion Barbatum and o. Rochei (Pisces, Ophidiidae)

El gènere Ophidion esta representat al Mediterrani per dues espècies, 0. barbatum L. i O. rochei Müller. Són dues espècies molt similars en aspecte i difícils d'identificar només a partir dels seus caràcters morfològics externs. El treball descriu en primer lloc, i a partir de dades obtingudes per tècniques electroforètiques, alguns marcadors bioquímics que permeten diferenciar les dues espècies. En segon lloc, i a partir del càlcul de la 'Distància Genètica de Nei', es fa una estimació del temps de divergència entre O. barbatum i 0. rochei

Differentiation and coordination within a composite training policy providing efficient support namely to isolated museum professionals

In Portugal, namely in municipal museums, the reduced percentage of museum professionals that have a stable administrative position imposes a high degree of polyvalence allowing them to coordinate, often by themselves, the quotidian activities at the museum(s) they run.