We study pre-trade transparency by looking at the introduction of NYSE's OpenBook service that provides limit order book information to traders off the exchange floor. We find that traders attempt to manage limit order exposure: they submit smaller orders and cancel orders faster. Specialists'...

We study pre-trade transparency by looking at the introduction of NYSE's OpenBook service that provides limit order book information to traders off the exchange floor. We find that traders attempt to manage limit order exposure: They submit smaller orders and cancel orders faster. Specialists'...

This paper investigates an important feature of market design: pre-trade transparency, defined as the availability of information about pending trading interest in the market. We look at how the NYSE s introduction of OpenBook, which enables traders off the exchange floor to observe depth in the...

Improving the reliability of bus service has the potential to increase the attractiveness of public transit to current and prospective riders. An understanding of service reliability is necessary to develop strategies that help transit agencies provide better services. However, few studies have...

This paper develops a mathematical model to calculate the average waiting time for passengers transferring from rail transit to buses based on the statistical analysis of primary data collected in Beijing. An important part of the average waiting time modelling is to analyse the distributions of...

Convergence speed and diversity of nondominated solutions are two important performance indicators for Multi-Objective Evolutionary Algorithms (MOEAs). In this paper, we propose a Resource Allocation (RA) model based on Game Theory to accelerate the convergence speed of MOEAs, and a novel...

Prior studies on errors in reserve estimation suggest that insurers manage loss reserves to achieve corporate goals, including tax minimisation and income smoothing. Analysing U.S. property and casualty insurance industry data, we find a relationship between reserve errors and the purchase of...

Primary PM2.5 emissions contributed significantly to poor air quality in China. We present an interdisciplinary study to measure the magnitudes of socioeconomic factors in driving primary PM2.5 emission changes in China between 1997?2010, by using a regional emission inventory as input into an...

China is the largest coke producer in the world, accounting for over 60% of the world coke production, which makes the coke industry in China a significant coal consumer and air pollutant emitter. Recently, China has taken a series of measures to improve energy efficiency and reduce emissions...

Prior literature has indicated some advantage to physician-directed insurers in the medical malpractice insurance market (Lei and Browne, 2008, and Lei and Schmit, 2008, 2010). We anticipate that these advantages lead to enhanced financial performance, and test that hypothesis. We note, however,...