The flash crash: An examination of shareholder wealth and market quality

We investigate stock returns, market quality, and options market activity around the flash crash of May 6, 2010. Abnormal returns are negative on the day of and the day after the flash crash for stocks that had trades that executed during the crash subsequently cancelled by either Nasdaq or NYSE Arca. Consistent with studies that suggest that other sources of liquidity withdrew from the markets during the flash crash, we find that the fraction of trades executed by the NYSE increases during this volatile period. Market quality deteriorates following the flash crash as bid-ask spreads increase and quote depths decrease. Evidence from the options markets indicates that investor uncertainty increased around the time of the crash and remained elevated for several days.     

On the efficacy of stop-loss rules in the presence of overnight gaps

A stop-loss rule is a risk management tool whereby the investor predefines some condition that, upon being triggered by market dynamics, implies the liquidation of her outstanding position. Such a tool is widely used by practitioners in financial markets with the hope of improving their investment performance by cutting losses and consolidating gains. We analyze in this work the performance of four popular implementations of stop-loss rules applied to asset prices whose returns are modeled with consideration of overnight gaps, that is, jumps from the closing price of one day to the opening price of the next trading day. In addition, our models include acute momentary price drops (flash crashes), which are often believed to erode the performance gains that might be derived from stop-loss rules. For this analysis we consider different models of asset returns: random walk, autoregressive and regime-switching models. In addition, we test the performance of the considered stop-loss rules in a non-parametric, data-driven framework based on the stationary bootstrap. As a general conclusion we find that, even when including overnight gaps and flash crashes in our price models, in rising markets stop-loss rules improve the expected risk-adjusted return according to most metrics, while improving absolute expected return in falling markets. Furthermore, we find that in general the simple fixed percentage stop-loss rule may be, in risk-adjusted terms, the most powerful among the popular rules that this work considers.     

基于Authorware环境下的《四边形》课件的设计与开发

利用Authorware等技术开发《四边形》课件,不同于以往的《四边形》课件开发设计思想,完全抛弃了旧的四边形变换思想,能够更加形象地、具体地给学生们演示四边形的变换过程。     

论FLASH动画在多媒体教学中的应用

Flash动画是网络上流行的一种动画制作工具.由于其具有良好的交互性等优点,所以在教学中的应用也日趋广泛.使用Flash制作课件主要有以下几种方法：顺序动画、输入数据、设置元件属性、复制元件.     

Flash3D在网络三维课件制作中的探索

本文尝试以Flash三维场景显示的实例,为网络三维课件的制作提供参考和经验。     

如何自学并精通Flash

文章主要以Flash为例,阐述了学习应用软件,如何省时、省力、省钱的方法.在具体的实施过程中验证了这些方法的优越性.大家可以触类旁通、举一反三地依此方法自学其他软件的应用,如3ds-max、photoshop等.     

基于.NET平台的Flash应用集成开发

本文介绍了基于.NET平台的Flash动画的集成开发方法,以实例说明利用Flash ActiveX如何实现基于.NET平台与Flash的多媒体应用程序集成开发。     

Flash Action Script 使多媒体教学软件易更新

Action Script 作为Flash内置的脚本编写语言,可使flash教学软件开发效率提升到全新程度,本文以"flash 教学软件"的开发过程为例,讨论通过合理的组织软件架构,并运用脚本语言中的外部调用命令,来开发好管理、易更新的教学软件.     

基于Flash的车站作业可视化仿真

以客运专线车站基本站型为例,基于Flash软件以及Action Script编程语言,随机编制列车运行图,并模拟列车按图运行,最终在静态的平面布置示意图上,动态演示客运站列车到发全过程,进而探讨Flash在车站作业可视化仿真,以及随机模拟中的应用.