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  • Terrence Hendershott, Ryan Riordan, Álvaro Cartea, Richard Gorelick, Charles Jones, Albert Menkveld +5 others
  • 2011
We examine the role of high-frequency traders (HFT) in price discovery. Overall HFT play a positive role in price efficiency by trading in the direction of permanent price changes and in the opposite direction of transitory pricing errors on average days and the highest volatility days. This is done through their marketable orders. In contrast, HFT passive(More)
Active neuronal-glial interaction is important in the maintenance of brain homeostasis and is vital for neuronal survival following brain injury. The time course of post-ischemic astroglial dysfunction and neuronal death was studied in the spontaneously hypertensive rat (SHR) brain following permanent middle cerebral artery occlusion (MCAO). In situ(More)
A small depression is created in a straight optical fiber taper to form a local probe suitable for studying closely spaced, planar micropho-tonic devices. The tension of the " dimpled " taper controls the probe-sample interaction length and the level of noise present during coupling measurements. Practical demonstrations with high-Q silicon microcavities(More)
Optical fiber tapers are used to collect photoluminescence emission at ~1.5 µm from photonic crystal cavities fabricated in erbium doped silicon nitride on silicon. In the experiment, photoluminescence collection via one arm of the fiber taper is enhanced 2.5 times relative to free space collection, corresponding to a net collection efficiency of 4%.(More)
Mode coupling phenomena, manifested by transmission "ministopbands", occur in two-dimensional photonic crystal channel waveguides. The huge difference in the group velocities of the coupled modes is a new feature with respect to the classical Bragg reflection occurring, e.g., in distributed feedback lasers. We show that an adequate ansatz of the classical(More)
  • Jonathan Brogaard, Terrence Hendershott, Ryan Riordan, De Jong, Richard Gorelick, Charles Jones +10 others
  • 2014
We examine the role of high-frequency traders (HFTs) in price discovery and price efficiency. Overall HFTs facilitate price efficiency by trading in the direction of permanent price changes and in the opposite direction of transitory pricing errors, both on average and on the highest volatility days. This is done through their liquidity demanding orders. In(More)
Schopenhauer argues, strikingly, that it would have been better if life had not come into existence. In this essay I consider this pessimistic judgment from a philosophical perspective. I take on the following three tasks. First, I consider whether such judgments, apparently products of temperament rather than reason, can be the subject of productive(More)
The tight binding approximation (TBA) is used to relate the intrinsic, radiation loss of a coupled resonator optical waveguide (CROW) to that of a single constituent resonator within a light cone picture. We verify the validity of the TBA via direct, full-field simulation of CROWs based on the L2 photonic crystal cavity. The TBA predicts that the quality(More)
Enhanced control of diffraction through transparent substrates is achieved via disordered gratings in a silica sol-gel film. Tailoring the degree of disorder allows tuning of the diffractive behavior from discrete orders into broad distributions over large angular range. Gratings of optical quality are formed by silica sol-gel nanoimprint lithography and an(More)
We thank the Island ECN for providing us with the data for this study, and are especially grateful for the help of Abstract The usual economic perspective on a limit order emphasizes its role in supplying liquidity. We investigate the trading of 300 Nasdaq-listed stocks on the Island ECN, an electronic communication network organized as a limit order book.(More)
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