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This paper analyzes liquidity in an order driven market. We only investigate the best limits in the limit order book, but also take into account the book behind these inside prices. When subsequent prices are close to the best ones and depth at them is substantial, larger orders can be executed without an extensive price impact and without deterring liquidity. We develop and estimate several econometric models, based on depth and prices in the book, as well as on the slopes of the limit order book. The dynamics of different dimensions of liquidity are analyzed: prices, depth at and beyond the best prices, as well as resiliency, i.e. how fast the different liquidity measures recover after a liquidity shock. Our results show a somewhat less favorable image of liquidity than often found in the literature. After a liquidity shock (in the spread or depth or in the book beyond the best limits), several dimension of liquidity deteriorate at the same time. Not only does the inside spread increase, and depth at the best prices decrease, also the difference between subsequent bid and ask prices may become larger and depth provided at them decreases. The impacts are both econometrically and economically significant. Also, our findings point to an interaction between different measures of liquidity, between liquidity at the best prices and beyond in the book, and between ask and bid side of the market.
We report evidence that the presence of hidden liquidity is associated with greater liquidity in the order books, greater trading volume, and smaller price impact. Limit and market order submission behavior changes when hidden liquidity is present consistent with at least some traders being able to detect hidden liquidity. We estimate a model of liquidity provision that allows us to measure variations in the marginal and total payoffs from liquidity provision in states with and without hidden liquidity. Our estimates of the expected surplus to providers of visible and hidden liquidity are positive and typically of the order of one-half to one basis points per trade. The positive liquidity provider surpluses combined with the increased trading volume when hidden liquidity is present are both consistent with liquidity externalities.
The impact of European integration on the German system of pharmaceutical product authorization
(2008)
The European Union has evolved since 1965 into an influential political player in the regulation of pharmaceutical safety standards. The objective of establishing a single European market for pharmaceuticals makes it necessary for member-states to adopt uniform safety standards and marketing authorization procedures. This article investigates the impact of the European integration process on the German marketing authorization system for pharmaceuticals. The analysis shows that the main focal points and objectives of European regulation of pharmaceutical safety have shifted since 1965. The initial phase saw the introduction of uniform European safety standards as a result of which Germany was obliged to undertake “catch-up” modernization. From the mid-1970s, these standards were extended and specified in greater detail. Since the mid-1990s, a process of reorientation has been under way. The formation of the European Agency for the Evaluation of Medicinal Products (EMEA) and the growing importance of the European authorization procedure, combined with intensified global competition on pharmaceutical markets, are exerting indirect pressure for EU member-states to adjust their medicines policies. Consequently, over the past few years Germany has been engaged in a competition-oriented reorganization of its pharmaceutical product authorization system the outcome of which will be to give higher priority to economic interests.
The House of Falling Women
(2008)
House of Falling Women is the story of a young woman with quixotic ideas about improving the lot of women who finds out that the crusader's cloak is an uncomfortable one. Martha Elive, armed with a university education and a substantial legacy from a Dutchwoman she meets while studying abroad on a scholarship, decides to create an institute for the empowerment of women, only to find that the contradictions to be resolved are more firmly anchored in her psyche than elsewhere. In addition to her unexorcised ghosts and the legacies of a chequered love life, she has to contend with recalcitrant public opinion and moral inertia, the opposition of old-guard reactionaries, and the incomprehension of her small-town parents. House of Falling Women is a poignant, often hilarious story of the search by a group of women for a new place in society in a world where women are dissatisfied with the old values and bewildered by the new.
Histone deacetylase (HDAC) inhibitors represent a promising class of antineoplastic agents which affect tumour growth, differentiation and invasion. The effects of the HDAC inhibitor valproic acid (VPA) were tested in vitro and in vivo on pre-clinical renal cell carcinoma (RCC) models. Caki-1, KTC-26 or A498 cells were treated with various concentrations of VPA during in vitro cell proliferation 3-(4,5-dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide assays and to evaluate cell cycle manipulation. In vivo tumour growth was conducted in subcutaneous xenograft mouse models. The anti-tumoural potential of VPA combined with low-dosed interferon-α (IFN-α) was also investigated. VPA significantly and dose-dependently up-regulated histones H3 and H4 acetylation and caused growth arrest in RCC cells. VPA altered cell cycle regulating proteins, in particular CDK2, cyclin B, cyclin D3, p21 and Rb. In vivo, VPA significantly inhibited the growth of Caki-1 in subcutaneous xenografts, accompanied by a strong accumulation of p21 and bax in tissue specimens of VPA-treated animals. VPA–IFN-α combination markedly enhanced the effects of VPA monotherapy on RCC proliferation in vitro, but did not further enhance the anti-tumoural potential of VPA in vivo. VPA was found to have profound effects on RCC cell growth, lending support to the initiation of clinical testing of VPA for treating advanced RCC.
We determine the hard-loop resummed propagator in an anisotropic QCD plasma in general covariant gauges and define a potential between heavy quarks from the Fourier transform of its static limit. We find that there is stronger attraction on distance scales on the order of the inverse Debye mass for quark pairs aligned along the direction of anisotropy than for transverse alignment.
Rising atmospheric CO2 is regarded as the main driver of global warming (Crowley, 2000). While temperature changes directly affect plants and animals (Root et al., 2003; Parmesan, 2006), the effects of CO2 on herbivores are mediated through changes in nutrient quality. Elevated concentrations of atmospheric CO2 are likely to increase photosynthetic activity and thus provide more C-based compounds which may alter plant chemical profiles and plant–herbivore–natural enemy interactions. There are several scenarios how insects will react when confronted with a different food quality. A nutrient poor diet, induced by nitrogen dilution, may result in compensatory feeding with either no adverse effects on insect performance or with negative effects on insect growth due to low digestibility of plant structural compounds (e.g. lignin) or toxic effects of secondary metabolites (e.g. tannins). Here we present data from on-tree feeding trials with larvae of the generalist herbivore Lymantria dispar and one of its natural enemies, the hymenopteran endoparasitoid Glyptapanteles liparidis, studied in 2005. The experiments were conducted at the Swiss free-air CO2 enrichment (FACE) site near Basel, in an approximately 80-100-yr-old, mixed-species forest. The data link changes in foliar chemistry of three tree species (Quercus petraea, Fagus sylvatica, Carpinus betulus) exposed to 540 ppm CO2 with herbivore and parasitoid performance.
A new global crop water model was developed to compute blue (irrigation) water requirements and crop evapotranspiration from green (precipitation) water at a spatial resolution of 5 arc minutes by 5 arc minutes for 26 different crop classes. The model is based on soil water balances performed for each crop and each grid cell. For the first time a new global data set was applied consisting of monthly growing areas of irrigated crops and related cropping calendars. Crop water use was computed for irrigated land and the period 1998 – 2002. In this documentation report the data sets used as model input and methods used in the model calculations are described, followed by a presentation of the first results for blue and green water use at the global scale, for countries and specific crops. Additionally the simulated seasonal distribution of water use on irrigated land is presented. The computed model results are compared to census based statistical information on irrigation water use and to results of another crop water model developed at FAO.
In the eastern United States, the genus Cotinis Burmeister previously contained only C. nitida (L.), the common economic pest known as the "Green June Beetle". A new species from the Florida Keys, Cotinis aliena, is here described and illustrated. A checklist is provided for the genus, which includes 27 valid New World species, and 44 synonyms.
The future of securitization
(2008)
Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that misaligned incentives along the value chain are the primary cause of the problems. The illiquidity of asset and interbank markets, in this view, is a market failure derived from ill-designed mechanisms of coordinating financial intermediaries and investors. Thus, illiquidity is closely related to the design of the financial chains. Our policy conclusions emphasize crisis prevention rather than crisis management, and the objective is to restore a “comprehensive incentive alignment”. The toe-hold for strengthening regulation is surprisingly small. First, we emphasize the importance of equity piece retention for the long-term quality of the underlying asset pool. As a consequence, equity piece allocation needs to be publicly known, alleviating market pricing. Second, on a micro level, accountability of managers can be improved by compensation packages aiming at long term incentives, and penalizing policies with destabilizing effects on financial markets. Third, on a macro level, increased transparency relating to effective risk transfer, risk-related management compensation, and credible measurement of rating performance stabilizes the valuation of financial assets and, hence, improves the solvency of financial intermediaries. Fourth, financial intermediaries, whose risk is opaque, may be subjected to higher capital requirements.
The function of APOBEC3G in the innate immune response against the HIV infection of primary cells
(2008)
In the past few years the regulation of HIV-1 replication by cellular cofactors has been a major topic of ongoing research. These factors potentially represent new targets for antiviral therapy as resistance will be minimized. However this requires a better understanding of the interaction of HIV-1 with these cellular factors and the immune system. The virus infects the cells of the immune system, beginning with macrophages and dendritic cells as primary target cells during transmission. The cellular cofactor, APOBEC3G was found to be an antiviral factor in macrophages, dendritic cells and primary T cells. APOBEC3G is a cytidindeaminase which causes G->A hypermutations in the HIV-Genome. Another protein which has a strong inhibitory effect on the HIV infection is Interferon alpha (IFN-alpha), however the exact reason for this has not yet been elucidated. The bacterial protein, Lipopolysaccharide (LPS) also induces a strong antiviral state in macrophages. In micro-array analysis it was shown that APOBEC3G was upregulated after the stimulation with both IFN-alpha and LPS in macrophages. The goal of this work was to investigate the role of APOBEC3G in the innate immune response to APOBEC3G. For this, the expression of APOBEC3G was examined in HIV-1 target cells after stimulation with IFN-alpha or LPS and the effect of the protein on the viral infection was examined. In the first experiments it could be shown through real time quantitative PCR that APOBEC3G was overexpressed after the stimulation with IFN-alpha or LPS. This result could be shown in monocytes derived macrophages from different blood donors. It was also shown that the overexpression of APOBEC3G correlated directly with the concentration of IFN-alpha. Through mutational analysis it could be then shown that the overexpressed APOBEC3G protein was also functional in the cells. In order to show that this was the result of APOBEC3G, the protein was the regulated through lentiviral vectors. After transduction of cell lines with lentiviral vectors containing APOBEC3G, the infection was inhibited by up to 70%. The infection was restored after the addition of shRNAs against APOBEC3G. For the further experiments, CD34+ stem cells were used. The cells were transduced the day after thawing with lentiviral vectors containing an eGFP marker gene and either APOBEC3G or shRNAs against APOBEC3G. The CD34+ cells were then cultivated and differentiated to macrophages. The cells transduced with Lentiviral vectors containing APOBEC3G had a very high expression of APOBEC3G in the cells, however the cells transduced with shRNA against APOBEC3G did not show a reduction in the protein expression. The infectivity of the transduced CD34+ and CD34 derived macrophages was then examined. It was expected that the cells transduced with APOBEC3G would show a reduced HIV-1 infection, and the cells transduced with shRNA against APOBEC3G would show an increase in infection. After the transduction and differentiation the CD34+ cells from the 3 donors were stimulated and infected with wild type HIV-1 and Vif defective HIV-1 virus. Vif is a viral protein that can bind to APOBEC3G leading it to the proteasome for degradation. The cells from the first donor transduced with APOBEC3G, were very difficult to infect. In general the shRNA against APOBEC3G had little effect on the course of infection; presumably, the shRNA against APOBEC3G was not active in most of these cells. Only the cells from the first donor showed an increase in HIV infection after the transduction with the shRNAs against APOBEC3G, this was most notably the case in the cells stimulated with IFN-alpha, which usually show very little infection. This work showed that APOBEC3G plays an important role in the innate immune response to HIV-1. The effect of APOBEC3G is both cell type as well as donor dependent. Recently, an interesting study also showed that there is a correlation between the expression of APOBEC3G in HIV infected individuals and their progression to AIDS. A better understanding of the role that APOBEC3G plays in the innate immune response would help in the search of new therapeutic possibilities. This could be done by inhibiting the Vif-APOBEC3G interaction in order to increase the amount of active APOBEC3G in the cells or increasing the APOBEC3G concentration in the cells in some manner.
The Fire Within
(2008)
In Africa, there is unrest, and possibly tragedy, when new trends clash with traditional values. With a curmudgeonly stepmother who harasses her even as she spoils her own biological daughter, Mungeu', the protagonist, blazes a path for herself in the face of many odds. But things go terribly wrong when she falls pregnant. The dilemma of whether or not to keep the pregnancy, given society's expectations, flings this young woman into direct confrontation with a life that is beyond her years. She is bent on succeeding: she will keep her baby, and with her training at a girls' craft center, start a business and bring up her illegitimate child. But Mungeu' can only make plans as she realises before long that the authority to dispose of them does not rest with her alone; there are other powerful forces out there.
We report progress in our exploration of the finite-temperature phase structure of two-flavour lattice
QCD with twisted-mass Wilson fermions and a tree-level Symanzik-improved gauge action
for a temporal lattice size Nt = 8. Extending our investigations to a wider region of parameter
space we gain a global view of the rich phase structure. We identify the finite temperature transition/
crossover for a non-vanishing twisted-mass parameter in the neighbourhood of the zerotemperature
critical line at sufficiently high b . Our findings are consistent with Creutz’s conjecture
of a conical shape of the finite temperature transition surface. Comparing with NLO lattice
cPT we achieve an improved understanding of this shape.
The term cephalic sensory organ (CSO) is used for specialised structures in the head region of adult Opisthobranchia. These sensory organs show a high diversity in form and function, and the gross morphology of these organs differs considerably among taxa. They can be identified as cephalic shields, oral veils, Hancocks organs, lip organs, rhinophores or oral tentacles. Because of this extremely high diversity, the homology and the evolution of these organs have not been clarified yet. My intention was to use neuroanatomical data sets in order to find putative homologous CSOs. In this study, I will show data about immunohistochemical neurotransmitter content and cellular innervation patterns and their applicability as morphological characters for the homologisation of structures. I support earlier investigations that neurotransmitter content is often related to function. In contrast, axonal tracing patterns can be used to homologise nerves. Overall the aim of this study was to reconstruct the evolution of the CSOs of the Opisthobranchia, by projecting our neuroanatomical data sets onto a molecular phylogeny.
On 27 and 28 September 2007, a commission formed on the initiative of the authors held its first meeting in Aarhus, Denmark to deliberate on its goal of drafting a "European Model Company Law Act" (EMCLA). This project, outlined in the following pages, aims neither to force a mandatory harmonization of national company law nor to create a further, European corporate form. The goal is rather to draft model rules for a corporation that national legislatures would be free to adopt in whole or in part. Thus, the project is thought as an alternative and supplement to the existing EU instruments for the convergence of company law. The present EU instruments, their prerequisites and limits will be discussed in more detail in Part II, below. Part III will examine the US experience with such "model acts" in the area of company law. Part IV will then conclude by discussing several topics concerning the content of an EMCLA, introducing the members of the EMCLA Working Group, and explaining the Group's preliminary working plan.