Latency and liquidity provision in a limit order book

We use a recent, high-quality data set from Nasdaq to perform an empirical analysis of order flow in a limit order book before and after the arrival of a market order. For each of the stocks that we study, we identify a sequence of distinct phases across which the net flow of orders differs considerably. We note that some of our results are consistent with the widely reported phenomenon of stimulated refill, but that others are not. We therefore propose alternative mechanical and strategic motivations for the behaviour that we observe. Based on our findings, we argue that strategic liquidity providers consider both adverse selection and expected waiting costs when deciding how to act.     

New Zealand’s transformed adventure: from hero myth to accessible tourism experience

Sir Edmund Hillary’s first ascent of Mt Everest in 1953 provided New Zealand with a global adventure representation. His image aligned to a mythologised pioneering cultural identity. Although the privileged masculine, white, class and imperialist features of this cultural myth have been critiqued, adventure remains a positively valued social tenet in New Zealand. Since 1953 socially recognised ‘adventure-makers’ have sustained traditional adventure practices and narratives. In the 1990s, however, bungy jumping became the prominent representation of New Zealand adventure. This challenged traditional understandings, providing an avenue to explore the contested social space and features underpinning understandings of adventure. Guided by Bourdieu’s conceptualisation of social life, the paper examines the practices and stories of 12 New Zealand ‘adventure-makers’ with sustained distinction. The interpretation draws on discursive data from newspapers, magazines, websites, biographies, auto-biographies and research interviews. The rule-changing social distinction afforded bungy jumping is not a rupture of New Zealand’s adventure habitus. It does, however, highlight a collective self-deception in negotiation of the understandings of adventure in relation to the features of ‘misadventure’, ‘exclusivity’ and the ‘extraordinary’. The bungy jumping leap innovatively transforms the danger, myth and extraordinary into a recognisable, individually inclusive experience of adventure.     

The bidder exclusion effect

We introduce a new, simple‐to‐compute test of independence of valuations and the number of bidders for ascending button auctions with symmetric, conditionally independent private values. The test involves estimating the expected revenue drop from excluding a bidder at random, which can be computed as a scaled sample average of a difference of order statistics. This object also provides a bound on counterfactual revenue changes from optimal reserve pricing or bidder mergers. We illustrate the approach using data from timber auctions, where we find some evidence that bidder valuations and the number of participants are not independent.     

Racial Test Score Differences as Evidence of Reverse Discrimination: Less than Meets the Eye

Herrnstein and Murray assume that test score gaps between blacks and whites attending the same schools or in the same jobs must result from the application of different selection criteria to blacks and whites. To the contrary, we show that race-blind screening processes normally will produce large gaps between the test scores of blacks and whites.     

Oppenheimer und seine Kritiker

Ohne Zusammenfassung     

Die Gossenschen Gesetze

Ohne Zusammenfassung     

Herziening der Drankwet

Dit rapport wordt door het hoofdbestuur van den Volksbond, Vereeniging tegen Drankmisbruik, in overleg met de Commissie, die het samenstelde, openbaar gemaakt in de Economist.     

An alternative approach to expatriate allowances: An “international citizen”

Competitive advantages for an organization that may be realized through the use of expatriates often are diminished due to excessive compensation and the costs associated with expatriate failure. This article addresses an approach for determining expatriate allowances that uses a worldwide standard as the basis for establishing such allowances. It also provides the philosophy and rationale behind such an approach and differentiates it from traditional “balance sheet” or parent-country equivalency approaches. The relative merits of this approach are systematically assessed using a set of objectives for international compensation. © 1995 John Wiley & Sons, Inc.