Execution Quality Research Articles

Price limit changes and market quality in the Taiwan Stock Exchange

This study examines the relationships between price limit changes and market quality in the Taiwan Stock Exchange taking into account limit hits, order choices, and firm characteristics. Specifically, we investigate whether price limit changes affect firm-level market quality and firm-trader-level order execution quality. Our analysis yields several findings as follows. After the price limit changes, stock traders alter their order choices significantly by increasing order aggressiveness and decreasing trade size, with the firm-level market quality changing as well. In particular, both time-weighted spread and intraday volatility increase significantly, market depth decreases, and order execution quality (i.e., order duration and fill rate) is enhanced. In terms of trader types, professional investors have better order execution quality than other institutions and individuals.

A NEW ANALYTICAL METHODOLOGY TO HANDLE TIME-COST TRADE-OFF PROBLEM WITH CONSIDERING QUALITY LOSS COST UNDER INTERVAL-VALUED FUZZY UNCERTAINTY

This paper proposes a new framework in addressing time-cost trade-off problem (TCTP) under uncertainty. First critical path analysis is carried out based on developing a new interval-valued fuzzy (IVF)-program evaluation and review technique (PERT) approach. Then, non-conformance risks that influence on execution quality of activities are identified and evaluated based on a new approach that considers probability of risk along with impacts on time, cost, and performance. Then, a new mathematical model under IVF uncertainty is presented to decrease project total time while considering time, cost and quality loss cost that is determined in form of rework or modification cost. Finally, the approach categorizes the activities in three groups based on their level of criticality. Outcome of this methodology is a scheduling that addresses time, cost and quality trade-offs in addition to categorizing activities in different groups based on being on the critical path. Therefore, the project manager not only gets a scheduling based on the TCTP with considering quality loss cost but also has a knowledge of activities that require extra attentions. To show the steps of this methodology, an existing application from the literature is adopted and solved.

A Multi-Agent Architecture for Data Analysis

ActoDatA (Actor Data Analysis) is an actor-based software library for the development of distributed data mining applications. It provides a multi-agent architecture with a set of predefined and configurable agents performing the typical tasks of data mining applications. In particular, its architecture can manage different users’ applications; it maintains a high level of execution quality by distributing the agents of the applications on a dynamic set of computational nodes. Moreover, it provides reports about the analysis results and the collected data, which can be accessed through either a web browser or a dedicated mobile APP. After an introduction about the actor model and the software framework used for implementing the software library, this article underlines the main features of ActoDatA and presents its experimentation in some well-known data analysis domains.

*‐Predictable MPSoC execution of real‐time control applications using invasive computing

SummaryThe fulfillment of non‐functional requirements like timing or energy consumption is of utmost importance in many embedded systems and respective applications. Especially, with the introduction of multi‐core architectures, the ability to predict non‐functional execution qualities becomes more and more difficult, as multiple concurrent application programs may interfere in execution when typically sharing all the resources. In this paper, we advocate a novel parallel computing paradigm called invasive computing that allows to isolate application programs on multi‐core targets. For a presented case study of a cyber‐physical real‐time control system, we show that invasive computing enables composability that in fact allows to characterize and analyze each application program statically and independent from each other. More specifically, it is shown that a distributed object detection algorithm for controlling an inverted pendulum and implemented on a heterogeneous invasive multi‐processor SoC (MPSoC) is able to provide real‐time guarantees as well as reliability requirements on demand.

Calibrating Partial Factors – Methodology, Input Data and Case Study of Steel Structures

Partial factors are commonly based on expert judgements and on calibration to previous design formats. This inevitably results in unbalanced structural reliability for different types of construction materials, loads and limit states. Probabilistic calibration makes it possible to account for plentiful requirements on structural performance, environmental conditions, production and execution quality etc. In the light of ongoing revisions of Eurocodes and the development of National Annexes, the study overviews the methodology of probabilistic calibration, provides input data for models of basic variables and illustrates the application by a case study. It appears that the partial factors recommended in the current standards provide for a lower reliability level than that indicated in EN 1990. Different values should be considered for the partial factors for imposed, wind and snow loads, appreciating the distinct nature of uncertainties in their load effects.

Trading aggressiveness, order execution quality, and stock price movements: Evidence from the Taiwan stock exchange

We examine the relationships among stock traders’ trading aggressiveness, order execution quality, and stock price movements in the Taiwan Stock Exchange. Our analyses yield the following findings. Institutional investors have a lower level of trading aggressiveness than individuals. In terms of order immediacy, investment trusts and foreign investors tend to pay higher (lower) prices to buy (sell) stocks. Professional institutions spend much shorter time completing trades per order (<6 min), but obtain higher fill rates (about 99%) than other institutions and individuals. In addition, professional institutions tend to make smart decisions, earning profits for buy orders while reducing losses for sell orders.

Order Cancellations, Fees, and Execution Quality in U.S. Equity Options

We examine the effects of an order cancellation fee on limit order flow and execution quality in the PHLX options market. The cancellation fee on professional order flow is effective in reducing the rate at which limit orders are canceled. While the cancellation fee discourages the submission of non-marketable orders, it encourages the submission of marketable orders. Consequently, non-marketable order fill rates increase, marketable order fill speeds decrease, and bid-ask spreads widen. We also find slight increases in both dollar volume and market share. We explore whether a change in pick-off risk is a potential explanation for these new findings and policy implications.

Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange Market

Focusing on the foreign exchange reaction to macroeconomic announcements, we show that fast trading is positively and significantly correlated with the entropy of the distribution of quoted prices in reaction to news: a larger share of fast trading increases the degree of diversity of quotes in the order book, for given liquidity, order book depth and size of order flows. Exploiting the WM Reuters’ reform of the fixing methodology in February 2015 as a natural experiment, we provide evidence that fast trading raises entropy, rather than reacting to it. While more entropy in quoted prices means noisier information and arguably complicates price discovery from an individual trader’s perspective, we show that, in the aggregate, more entropy actually brings traded prices closer to the random walk hypothesis, and improves indicators of market efficiency and quality of trade execution. We estimate that a 10 percent increase in entropy reduces the negative impact of macro news by over 60% for effective spreads, against over 40% for realized spreads and price impacts. Our findings suggest that the main mechanism by which fast trading may have desirable effects on market performance specifically hinges on enhanced heterogeneity in trading patterns, best captured by entropy.

The history of the formation and development prospects of the institution of bailiffs in Russia

This article is devoted to the study of the history of the formation and prospects for the development of the institution of bailiffs in Russia. The main task of bailiffs at all stages of the development of this service has always included the timely execution of court decisions and acts of other bodies. The authors of the article revealed some problems arising in the sphere of execution of judicial acts, as well as acts of other bodies and officials by bailiffs. The article concludes that the problem of non-execution of court decisions in recent years is quite topical, which undermines citizens' confidence in the entire judicial and law enforcement system on the whole. Therefore, in our opinion, to resolve this problem, it is necessary to introduce the institution of non-state judicial executors, since this could significantly reduce the burden on state executive bodies and improve the quality of execution of judicial acts.

Programme for maintenance and evolution of Eurocodes: Drafting of the future EN 1993-1-9 on fatigue of steel structures

A four-phase six-year programme dedicated to maintenance and evolution of structural Eurocodes has entered its fourth and final phase. The main objectives for all the phases have been "reduction of nationally-determined parameters" and "ease of use". The new versions of the standards are about to be finalized by the designated CEN Project Teams and their publication and mandatory use in construction is expected for 2024.The work on drafting a new version of EN 1993-1-9 belongs to Phase 3. The five-member Project Team responsible for drafting the standard started thus its work in autumn 2018. The Project Team has based its work on several grounds:• Results of the CEN Systematic Review on EN 1993-1-9• Particularities in National Annexes of EN 1993-1-9• Proposals by all 43 official experts, members of CEN/TC 250/SC 3/WG 9 on EN 1993-1-9, and many others, members of ECCS/TC6 on Fatigue and fracture, including:- harmonization with other EN standards- integration of new experimental results- clarified unified fatigue data analysis- integration of execution quality- enlargement in order to follow modern design and execution practices.The aim of the programme is to obtain harmonized and user-friendly design rules able to cover standard cases in steel construction, representing about 80% of all cases. For more complex problems, the new Eurocodes will present a necessary basis for the search of an adapted solution.This paper is exploring all the modifications on EN 1993-1-9 "Fatigue" proposed and integrated in its latest draft.

Análisis preliminar de momias de la Dinastía XXII de Dra Abu el-Naga y sus amuletos asociados

Southwest of the courtyard of TT 11, inside a large tomb from the Twelfth Dynasty, a set of fragmented human mummies were found. All of them were adult male individuals and presented a refined mummification and some remains of burial goods of high quality, which, together with the epigraphic data recovered, suggest that they were a group of priests of the Twenty-Second Dynasty. The torsos of two of these individuals (one between 35 and 45 years old and another adult, older than 25), were open and broken by the thieves. In one, the evisceration incision on the left side of the abdomen is very well preserved. A rectangular metal plaque with a wedjat eye incised on its outer face was firmly attached at the lower edge of the cut. In the other individual, on a package of ochre was located in the anatomical place of the heart, eight small plaques of gold and silver were found strung together to a cord. Each one has a different motif in a set that seems to be related to the contemporary funerary literature. The few documented parallels, the materials used, and the execution quality show the high status of the owner

Distributed tasks-platforms scheduling method to holonic-C2 organization

To solve the problem of distributed tasks-platforms scheduling in holonic command and control (C2) organization, the basic elements of the organization are analyzed firstly and the formal description of organizational elements and structure is provided. Based on the improvement of task execution quality, a single task resource scheduling model is established and the solving method based on the m-best algorithm is proposed. For the problem of tactical decision-holon cannot handle tasks with low priority effectively, a distributed resource scheduling collaboration mechanism based on platform pricing and a platform exchange mechanism based on resource capacities are designed. Finally, a series of experiments are designed to prove the effectiveness of these methods. The results show that the proposed distributed scheduling methods can realize the effective balance of platform resources.

Dynamic Resource Scheduling for C2 Organizations Based on Multi-Objective Optimization

The dynamic resource scheduling problem is a field of intense research in command and control organization mission planning. This paper analyzes the emergencies in the battlefield first and divides them into three categories: the changing of task attributes, reduction of available platforms, and change in the number of tasks. To deal with these emergencies, in this paper, we built a series of multi-objective optimization models that maximizes the task execution quality and minimizes the cost of plan adjustment. To solve the model, we proposed an improved multi-objective evolutionary algorithm. A type of mapping operator and an improved crowding-distance sorting method are designed for the algorithm. Finally, the availability of the model and the solving algorithm were proved through a series of experiments. The Pareto frontier for the multi-objective dynamic resource scheduling problem can be found effectively, and the algorithm proposed in this paper shows better convergence compared with the AMP-NSGA-II algorithm.

Short-term trading skill: An analysis of investor heterogeneity and execution quality

We examine short-horizon return predictability using a novel data set of institutional trades on large-cap U.S. stocks. We estimate investor-specific short-term trading skill and find that there is pronounced heterogeneity in predicting short-term returns among institutional investors. Incorporating short-term predictive ability, our model explains much higher fraction of variation in asset returns. Ignoring the heterogeneity in short-term trading skill can have major implications in modeling price impact. We uncover several stylized trading patterns of skilled trading: skilled investors choose larger trade sizes, avoid dark pools, and trade fewer stocks on any given day, but they do not time high-liquidity periods.

SUSTAINABLE ARCHITECTURE IMPLEMENTATION OF VERNACULAR MOSQUE IN ACEH, INDONESIA

As one of the build environment’s products, the existence of the building has a positive and negative contribution towards the surrounding. Along with the emerging of the environmental problems, the architecture sector offers the implementation of the sustainable architecture concept of each architecture object include the traditional and modern building. The application of this concept is the solution to solve the environment, social and economic problems which keep emerging. The aim of this concept is the improvement of the quality of those three aspects and the life of humanity itself. This research aims to find the implementation of sustainable architecture’s theory on the vernacular mosque in Aceh. Masjid Tuha, Indrapuri, Aceh Besar is the object of the research. The method is descriptive qualitative which describes the result of observation. The observation is based on the research instrument. The result shows that Masjid Tuha, Indrapuri, Aceh Besar applies 20 of 34 sustainable architecture’s indicators. The cultural conservation aspect implements the most numerous signs which mean the existence of the vernacular building itself is one concept of sustainable architecture. However, some other implementations need to be improved to get the best quality of execution.

Tracking control of tomographic image acquisition robotic system based on active disturbance rejection theory with adaptive gains

The aim of this study was to design an output-based automatic controller that solves the trajectory tracking of a tomographic image acquisition robotic system. The technique used to design the controller was the active disturbance rejection control. The design process included the adaptation of controller gains depending on the tracking error. The application of this controller induced a smoother approaching of the tomographic image acquisition robotic system states to the reference trajectories. The output-based controller design offered a better approximation of the non-modeled sections in tomographic image acquisition robotic system yielding a better tracking of the reference states needed in the tomographic acquisition of images with potential application in medical diagnosis or treatment. The introduction of adaptive gains enforced a virtual increment in the number of states included in the extended state observer. The controller used the estimated velocity states calculated by an extended state adaptive observer. A set of numerical evaluations executed over a simulated version of the tomographic image acquisition robotic system proved the efficiency of the adaptive tracking trajectory controller. The quality of control execution was evaluated by determining the root mean square index of the tracking error, and the controller was also evaluated on an experimental platform. This part of the study compared the results of implementing three controllers: a basic proportional–derivative controller, a generalized proportional integral controller based on a constant gain observer, and the controller proposed in this study with time-varying gains. This comparison showed an equally faster convergence for all the three control evaluations but with smaller oscillations in the case of the adaptive version as well as a smaller steady-state error.

Los tapices de la Escuela de Equitación en el Palacio de Dueñas de Sevilla. Los cartones de Jacob Jordaens y el origen de la serie

En este trabajo se reflexiona, en primer lugar, en el número original de cartones que Jacob Jordaens debió realizar con el tema de la Escuela de Equitación. Atendiendo a los cartones y tapices conservados de diferentes series, se hace una aproximación a las composiciones ideadas por Jordaens. En relación con estas escenas se incluyen los tapices de la colección Alba conservados actualmente en el palacio de Dueñas en Sevilla, que en su origen debió contar con doce paños. En segundo lugar, la peculiar bordura de estos tapices, con la parte baja rematada en negro, permite relacionar otros tres paños en colecciones extranjeras con los conservados en Sevilla. Esta nota singular, junto con su calidad en la ejecución de los tapices, hace plantearse su procedencia primera en alguna de las colecciones regias del siglo XVII, puesto que las primeras noticias de la serie de Sevilla se fechan a principios del siglo XVIII.

Chinese guidelines for the assessment and provision of nutrition support therapy in critically ill children.

This document represents the first evidence-based guidelines to describe best practices in nutrition therapy in critically ill children (> 1month and < 18years), who are expected to require a length of stay more than 2 or 3days in a Pediatric Intensive Care Unit admitting medical patients domain. A total of 25,673 articles were scanned for relevance. After careful review, 88 studies appeared to answer the pre-identified questions for the guidelines. We used the grading of recommendations, assessment, development and evaluation criteria to adjust the evidence grade based on the quality of design and execution of each study. The guidelines emphasise the importance of nutritional assessment, particularly the detection of malnourished patients. Indirect calorimetry (IC) is recommended to estimate energy expenditure and there is a creative value in energy expenditure, 50kcal/kg/day for children aged 1-8years during acute phase if IC is unfeasible. Enteral nutrition (EN) and early enteral nutrition remain the preferred routes for nutrient delivery. A minimum protein intake of 1.5g/kg/day is suggested for this patient population. The role of supplemental parenteral nutrition (PN) has been highlighted in patients with low nutritional risk, and a delayed approach appears to be beneficial in this group of patients. Immune-enhancing cannot be currently recommended neither in EN nor PN. Overall, the pediatric critically ill population is heterogeneous, and an individualized nutrition support with the aim of improving clinical outcomes is necessary and important.

PRICE DISCOVERY OF INTERNATIONALLY CROSS‐LISTED STOCKS DURING THE 2008 FINANCIAL CRISIS

AbstractStudies of cross‐listings show home markets dominate price discovery and point to informational advantages of local investors. However, we show price discovery gravitates to markets with better order execution quality and find home markets do not dominate price discovery. Instead, price discovery is more evenly split, especially for emerging markets. Order execution quality determines the dominant market as price discovery shifts 22% when order execution advantages reverse between home and foreign markets. Thus, markets with poor execution quality act more as satellite markets, adjust to more liquid markets, and play a diminished role in the pricing of cross‐listed stocks.

How stigmatized are dismissed chief executives? The role of character questioning causal accounts and executive capital in dismissed CEO reemployment

Research Summary: Despite the prevalence of CEO dismissal, theory only briefly explores its consequences. Past research indicates few fired CEOs regain employment. We suggest dismissal stigmatizes executives; however, stigmatization is greatest when character questioning causal accounts exist, which affect the likelihood of regaining a CEO position. Furthermore, we argue that reputational and social capital provide signals of executive quality that moderate the level of stigmatization experienced when character questioning causal accounts exist. Following 280 dismissed CEOs, we find that social capital increases the likelihood of rehiring for those with character questioning causal accounts, but negatively impacts those without causal accounts. Alternatively, we find reputational capital positively influences those without causal accounts, while having a slight negative relationship for those with causal accounts. Managerial Summary: Dismissed CEOs often desire second chances to run companies; however, few are ever afforded the opportunity. We explore what allows some dismissed CEOs to regain employment as a CEO. We find that reasons surrounding a CEO's dismissal influence such prospects depending on the CEO's prior reputation and social capital. In particular, social capital through elite education increases the likelihood of regaining a position when the CEO's character is called into question. Alternatively, a strong reputation increases the likelihood of regaining a CEO position when a CEO's character has not been called into question. These findings suggest that dismissed CEOs can regain a CEO position; however, this likelihood is strongly influenced by how others perceive the executive and their concerns about prior behavior.