Equity markets world-wide have seen a proliferation of trading venues and the consequent fragmentation of order flow. In this paper, we examine how fragmentation of trading is affecting the quality of trading in U.S. markets. We propose using newly-available TRF (trade reporting facilities)...

CO2 is a significant greenhouse gas. CO2 emissions result mainly from energy consumption, which is closely related to the rate of economic development, efficiency of energy use and the structure of the energy-supply system. We estimate CO2 emissions in Shanghai for 1990 and 2010 and compare our...

In the past few years, several entropy-based tests have been proposed for testing either single SNP association or gene-gene interaction. These tests are mainly based on Shannon entropy and have higher statistical power when compared to standard χ2 tests. In this paper, we extend some of these...

type="main" <title type="main">ABSTRACT</title> <p>We investigate odd-lot trades in equity markets. Odd lots are increasingly used in algorithmic and high-frequency trading, but are not reported to the consolidated tape or in databases such as TAQ. In our sample, the median number of odd-lot trades is 24% but in some stocks...</p>

In this paper, by using the theories and methods of ecology and ordinary differential equation, an ecological model with impulsive control strategy and distributed time delay is established. By using the theories of impulsive equation, small amplitude perturbation skills and comparison...

We examine how fragmentation is affecting market quality in US equity markets. We use newly available trade reporting facilities (TRFs) data to measure fragmentation, and we use a variety of empirical approaches to compare execution quality and efficiency of stocks with more and less fragmented...