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- Competition/fragmentation in equities markets: a literature survey (2013)
- Advances in technology and several regulatory initiatives have led to the emergence of a competitive but fragmented equity trading landscape in the US and Europe. While these changes have brought about several benefits like reduced transaction costs, regulators and market participants have also raised concerns about the potential adverse effects associated with increased execution complexity and the impact on market quality of new types of venues like dark pools. In this article we review the theoretical and empirical literature examining the economic arguments and motivations underlying market fragmentation, as well as the resulting implications for investors' welfare. We start with the literature that views exchanges as natural monopolies due to presence of network externalities, and then examine studies which challenge this view by focusing on trader heterogeneity and other aspects of the microstructure of equity markets.
- Gender differences in associations of glutamate decarboxylase 1 gene (GAD1) variants with panic disorder (2012)
- Background: Panic disorder is common (5% prevalence) and females are twice as likely to be affected as males. The heritable component of panic disorder is estimated at 48%. Glutamic acid dehydrogenase GAD1, the key enzyme for the synthesis of the inhibitory and anxiolytic neurotransmitter GABA, is supposed to influence various mental disorders, including mood and anxiety disorders. In a recent association study in depression, which is highly comorbid with panic disorder, GAD1 risk allele associations were restricted to females. Methodology/Principal Findings: Nineteen single nucleotide polymorphisms (SNPs) tagging the common variation in GAD1 were genotyped in two independent gender and age matched case-control samples (discovery sample n = 478; replication sample n = 584). Thirteen SNPs passed quality control and were examined for gender-specific enrichment of risk alleles associated with panic disorder by using logistic regression including a genotype×gender interaction term. The latter was found to be nominally significant for four SNPs (rs1978340, rs3762555, rs3749034, rs2241165) in the discovery sample; of note, the respective minor/risk alleles were associated with panic disorder only in females. These findings were not confirmed in the replication sample; however, the genotype×gender interaction of rs3749034 remained significant in the combined sample. Furthermore, this polymorphism showed a nominally significant association with the Agoraphobic Cognitions Questionnaire sum score. Conclusions/Significance: The present study represents the first systematic evaluation of gender-specific enrichment of risk alleles of the common SNP variation in the panic disorder candidate gene GAD1. Our tentative results provide a possible explanation for the higher susceptibility of females to panic disorder.
- Chemical freeze-out parameters at RHIC from microscopic model calculations (2001)
- The relaxation of hot nuclear matter to an equilibrated state in the central zone of heavy-ion collisions at energies from AGS to RHIC is studied within the microscopic UrQMD model. It is found that the system reaches the (quasi)equilibrium stage for the period of 10-15 fm/c. Within this time the matter in the cell expands nearly isentropically with the entropy to baryon ratio S/A = 150 - 170. Thermodynamic characteristics of the system at AGS and at SPS energies at the endpoints of this stage are very close to the parameters of chemical and thermal freeze-out extracted from the thermal fit to experimental data. Predictions are made for the full RHIC energy square root s = 200$ AGeV. The formation of a resonance-rich state at RHIC energies is discussed.
- Extracting the equation of state from a microscopic non-equilibrium model (1996)
- We study the thermodynamic properties of infinite nuclear matter with the Ultrarelativistic Quantum Molecular Dynamics (URQMD), a semiclassical transport model, running in a box with periodic boundary conditions. It appears that the energy density rises faster than T4 at high temperatures of T approx. 200 - 300 MeV. This indicates an increase in the number of degrees of freedom. Moreover, We have calculated direct photon production in Pb+Pb collisions at 160 GeV/u within this model. The direct photon slope from the microscopic calculation equals that from a hydrodynamical calculation without a phase transition in the equation of state of the photon source.
- Signatures of dense hadronic matter in ultrarelativistic heavy ion reactions (1996)
- The behavior of hadronic matter at high baryon densities is studied within Ultrarelativistic Quantum Molecular Dynamics (URQMD). Baryonic stopping is observed for Au+Au collisions from SIS up to SPS energies. The excitation function of flow shows strong sensitivities to the underlying equation of state (EOS), allowing for systematic studies of the EOS. Dilepton spectra are calculated with and without shifting the rho pole. Except for S+Au collisions our calculations reproduce the CERES data.
- Reaction dynamics in Pb+Pb at the CERN/SPS: from partonic degrees of freedom to freeze-out (1998)
- We analyze the reaction dynamics of central Pb+Pb collisions at 160 GeV/nucleon. First we estimate the energy density pile-up at mid-rapidity and calculate its excitation function: The energy density is decomposed into hadronic and partonic contributions. A detailed analysis of the collision dynamics in the framework of a microscopic transport model shows the importance of partonic degrees of freedom and rescattering of leading (di)quarks in the early phase of the reaction for E >= 30 GeV/nucleon. The energy density reaches up to 4 GeV/fm 3, 95% of which are contained in partonic degrees of freedom. It is shown that cells of hadronic matter, after the early reaction phase, can be viewed as nearly chemically equilibrated. This matter never exceeds energy densities of 0.4 GeV/fm 3, i.e. a density above which the notion of separated hadrons loses its meaning. The final reaction stage is analyzed in terms of hadron ratios, freeze-out distributions and a source analysis for final state pions.
- Microscopic analysis of thermodynamic parameters from 160 MeV/n - 160 GeV/n (1997)
- Microscopic calculations of central collisions between heavy nuclei are used to study fragment production and the creation of collective flow. It is shown that the final phase space distributions are compatible with the expectations from a thermally equilibrated source, which in addition exhibits a collective transverse expansion. However, the microscopic analyses of the transient states in the reaction stages of highest density and during the expansion show that the system does not reach global equilibrium. Even if a considerable amount of equilibration is assumed, the connection of the measurable final state to the macroscopic parameters, e.g. the temperature, of the transient ''equilibrium'' state remains ambiguous.
- Collective flow in heavy ion reactions and the properties of excited nuclear matter (1996)
- Quantum Molecular Dynamics (QMD) calculations of central collisions between heavy nuclei are used to study fragment production and the creation of collective flow. It is shown that the final phase space distributions are compatible with the expectations from a thermally equilibrated source, which in addition exhibits a collective transverse expansion. However, the microscopic analyses of the transient states in the intermediate reaction stages show that the event shapes are more complex and that equilibrium is reached only in very special cases but not in event samples which cover a wide range of impact parameters as it is the case in experiments. The basic features of a new molecular dynamics model (UQMD) for heavy ion collisions from the Fermi energy regime up to the highest presently available energies are outlined.
- Microscopic calculations of stopping and flow from 160AMeV to 160AGeV (1996)
- The behavior of hadronic matter at high baryon densities is studied within Ultrarelativistic Quantum Molecular Dynamics (URQMD). Baryonic stopping is observed for Au+Au collisions from SIS up to SPS energies. The excitation function of flow shows strong sensitivities to the underlying equation of state (EOS), allowing for systematic studies of the EOS. Effects of a density dependent pole of the rho-meson propagator on dilepton spectra are studied for different systems and centralities at CERN energies.
- The Inhibition of Stat5 by a Peptide Aptamer Ligand Specific for the DNA Binding Domain Prevents Target Gene Transactivation and the Growth of Breast and Prostate Tumor Cells (2013)
- The signal transducer and activator of transcription Stat5 is transiently activated by growth factor and cytokine signals in normal cells, but its persistent activation has been observed in a wide range of human tumors. Aberrant Stat5 activity was initially observed in leukemias, but subsequently also found in carcinomas. We investigated the importance of Stat5 in human tumor cell lines. shRNA mediated downregulation of Stat5 revealed the dependence of prostate and breast cancer cells on the expression of this transcription factor. We extended these inhibition studies and derived a peptide aptamer (PA) ligand, which directly interacts with the DNA-binding domain of Stat5 in a yeast-two-hybrid screen. The Stat5 specific PA sequence is embedded in a thioredoxin (hTRX) scaffold protein. The resulting recombinant protein S5-DBD-PA was expressed in bacteria, purified and introduced into tumor cells by protein transduction. Alternatively, S5-DBD-PA was expressed in the tumor cells after infection with a S5-DBD-PA encoding gene transfer vector. Both strategies impaired the DNA-binding ability of Stat5, suppressed Stat5 dependent transactivation and caused its intracellular degradation. Our experiments describe a peptide based inhibitor of Stat5 protein activity which can serve as a lead for the development of a clinically useful compound for cancer treatment.