Do uninformed crossed and internalized trades tap into unexpressed liquidity? The case of Nokia

Crossed and internalized upstairs trades are analysed in a dataset in which institutional investors can be identified. Earlier findings that upstairs trading is uninformed, taps into unexpressed liquidity, and does not affect market quality are revisited. The permanent price effect of crossings and internalized upstairs trades is significantly lower than that of limit order book trades due to the fact that the least informed institutional trades are routed upstairs. Crossed and internalized trades affect the depth and transaction costs in the limit order book and a greater reliance is placed on the upstairs market when liquidity is low and volatility is high.     

Commonalities in the order book

This paper uses data from one of the most important European stock markets and shows that, in line with predictions from theoretical market microstructure, a small number of latent factors captures most of the variation in stock specific order books. We show that these order book commonalities are much stronger than liquidity commonality across stocks. The result that bid and ask side as well as the visible and hidden parts of the order book exhibit quite specific dynamics is interpreted as evidence that open order book markets attract a heterogeneous trader population in terms of asset valuations and impatience. Quantifying the informational content of the extracted factors with respect to the evolution of the asset price, we find that the factor information shares are highest (about 10%) for less frequently traded stocks. We also show that the informational content of hidden orders is limited.

论大学图书馆电子阅览室建设

信息时代的发展,对我国大学图书馆的发展提出了更高的要求,大学图书馆的管理者需着手建立电子阅览室,在规划中要遵循渐进性、先进性、可扩展性原则,重视技术人才的培养,做好电子阅览室的宣传、管理工作。     

专科大学生英语阅读策略初探

本文研究了山西省财政税务专科学校非英语专业二年级的100名学生使用阅读策略的情况,旨在分析：1．学习成功者和不成功者在运用阅读策略上是否存在差异;2．语言水平各异的学习者的阅读策略取向特征。     

英语专业教学中写作与阅读的互动模式

从ESL写作理论有关阅读和写作的相互关系出发,我国英语专业教学应加强读写教学的联系,建立读写互动模式。由读到写,从写作者角度阅读;以写促学,从读者角度写作。     

认知方式差异与英语阅读的因材施教

个体差异是影响教学活动的一个重要因素。在学习过程中共性和个体差异之间寻求一种合理、有效的途径一直是教学研究的重要内容。教师应了解学生的认知方式及其特点并因势利导,以提高学生英语阅读能力。     

可拓综合评价方法在图书供应商选择中的运用

本文综合分析供应商的供应能力、服务能力、价格、影响力和交货能力五个因素,构建高校图书馆图书供应商的评价指标体系,运用可拓综合评价方法选择最佳供应商,最后通过算例验证评价指标体系的可行性。     

英语阅读的认知观

英语阅读过程中陈述性知识和程序性知识相互依赖、相互作用,对意义理解具有重要作用。文章指出,知识是构成英语阅读能力的认知元素,是学习者解读意义的媒介、技能和策略。信息的编码与解码是学习者运用知识准确理解语言、文化和情感意义的能动的认知过程。     

谈高校图书馆专题阅览室与构建

高校图书馆阅览室在多媒体技术、网络技术的迅猛发展下,面临同质化竞争,如何融合不利因素变为自身发展需要,充分发挥阅览室的作用。高校图书馆阅览室就应建立起专题阅览室,实施以人为本的个性化信息服务理念,以专业性和个性化来吸引读者。     

浅谈未来图书馆电子阅览室发展对策

高校电子阅览室发展至今,"上座率低"和"网吧化"的现象已越来越严重,要想进一步发展,在以往的模式下已不能实现。对实际工作中出现问题加以总结和思考后发现,只有打破原有观念改变现有模式,才能实现电子阅览室的可持续发展。