THE OVER-THE-COUNTER MARKET AND NEW YORK STOCK EXCHANGE TRADING HALTS

This paper examines the over-the-counter (OTC) market activities for stocks temporarily suspended by the New York Stock Exchange (NYSE). Unlike previous studies, we use transaction-to-transaction data on the NASDAQ during NYSE trading halts to investigate the price adjustment process between market equilibria. The evidence indicates that while being halted by the NYSE, the same stocks have exhibited significantly greater volatility in the OTC market. Since the volatile price movement is mainly random and provides no arbitraging opportunities for the OTC market traders, we do not find support for the proposal that trading halts should be mandatory for all trading locations.     

Queueing with reneging

Summary In this paper we consider a queue in which a person, having joined, may decide to leave and give up service if it appears that the time consumed will exceed some maximum which he has available. Specifically, three problems are treated: a) How to make a rational (sequential) decision while waiting in the queue, b) the probable effect of this decision, and c) the behavior of a queue in which all persons are employing such a procedure.

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Zusammenfassung Dieser Bericht behandelt eine “Schlange”, in der ein sich dieser “Schlange” angeschlossener Mensch entschlie?t, seinen Platz und die Bedienung aufzugeben wenn es ihm scheint, da? die notwendige Zeit ein ihm zur Verfügung stehendes Maximum überschreiten wird. Insbesondere werden drei Probleme diskutiert: a) Wie man eine rationale (sequentielle) Entscheidung trifft, w?hrend man in einer “Schlange” wartet, b) der wahrscheinliche Effekt einer solchen Entscheidung, c) das Benehmen einer “Schlange”, in dem alle Menschen ein solches Verfahren gebrauchen würden.

     

Exponential inequalities for tail probabilities of generalized order statistics

We establish exponential bounds for the probability that a generalized order statistic exceeds a given threshold or falls below a given threshold. As a main tool we apply the Bernstein inequality for sums of independent random variables.Received May 2003     

Cranial artery dissection

Stroke is a very common cause for mortality and morbidity, especially in the elderly where the cause is usually generalized arteriosclerosis. In persons less than 45 years of age with stroke, there is a group of uncommon illnesses that are often identified. This includes cranial artery dissection, accounting for approximately 20% of these acute neurological events. Cranial artery dissection can involve the carotids or vertebral system, and symptoms can be quite diverse depending on the area of brain ischemia. Anticoagulation is the usual treatment, and overall there is a good long-term prognosis from this entity.     

A new interpretation of the “normalizing” or “balancing” factors of gravity-type spatial models

As the title implies, this paper provides a new way of viewing the so-called “normalizing” or “balancing” factors of generalized gravity-type spatial models. This new interpretation—a more precise version of an earlier interpretation offered by Wilson—is made in terms of the notions of origin and destination accessibilities which are shown to implicitly underly the model.The first part of the paper discusses several previous interpretations of balancing factors. The notions of origin and destination accessibilities are presented in the second section. The third section provides new interpretations of balancing factors in terms of these accessibility notions. The fourth section presents some new modeling results which are made possible by this new interpretation of balancing factors. The fifth and final section of the paper discusses a potentially fruitful direction for further research.