Submission Strategies Research Articles

Violations of Reproductive Rights during Hospital Births in Mexico

Denouncing all types of of womens human rights that occur in health care institutions is clearly indispensable for achieving gender equity. But complaints and legal actions alone cannot bring about change. A sociological study of the mechanism that operate between health care providers and their patients and how they contribute to of rights is also necessary. Additionally patterns of interaction and communication as well as submission strategies that characterize physician-patient encounters must be explored. The physician-patient relationship plays a central role in what we call violations of reproductive rights during birth. This article is based on a research project whose general objective has been to identify and examine physical and psychological aspects of abuse that women have suffered. Characterizing dimensions of abuse can help to identify of reproductive rights and formulate interventions that may diminish the problem and help to empower women to defend and protect their reproductive rights. (excerpt)

Part two: Hold the emails: “Senior academic caught by new anti‐plagiarism software”

The previous article, entitled “Part One: Turnitin and the Perils of Entering the Evil House of Cheat at Cheathouse.com” was constructed entirely from the unmodified parts of other academic work. The plagiarised article was sent to the Turnitin anti‐plagiarism site; this article analyses the subsequent results. Plagiarism is a perennial problem for lecturers as the sheer amount of information available on the Internet is making the process of marking a laborious one. The new so‐called plagiarism‐busting software adds a new weapon to the armoury of the lecturer at war with the student plagiarist. It is proposed that Turnitin can provide a valuable service to lecturers, the software being best used as a teaching tool to raise student awareness. A bulk marking academic may well encounter problems when using this piece of software for large amounts of marking. Turnitin is only likely to bring victory if used in conjunction with digital submission and other plagiarism prevention strategies.

Dynamic Order Submission Strategies with Competition between a Dealer Market and a Crossing Network

We present a dynamic microstructure model where a dealer market (DM) and a crossing network (CN) interact. We consider sequentially arriving agents having different valuations for an asset. Agents maximize their profits by either trading at a DM or by submitting an order for (possibly) uncertain execution at a CN. We develop the analysis for three different informational settings: transparency, “complete” opaqueness of all order flow, and “partial” opaqueness (with observable DM trades). We find that a CN and a DM cater for different types of traders. Investors with a high eagerness to trade are more likely to prefer a DM. The introduction of a CN increases overall order flow by attracting traders who would not otherwise submit orders (“order creation”). It also diverts trades from the DM. The transparency and “partial” opaqueness settings generate systematic patterns in order flow. With transparency, the probability of observing a CN order at the same side of the market is smaller after such an order than if it was not. Buy (sell) orders at a CN are also less likely to attract subsequent sell (buy) orders at the DM.

Order Submission Strategy and the Curious Case of Marketable Limit Orders

We provide empirical evidence on order submission strategy of investors with similar commitments to trade by comparing the execution costs of market orders and marketable limit orders (i.e., limit orders with the same trading priority as market orders). The results indicate the unconditional trading costs of marketable limit orders are significantly greater than market orders. We attribute the difference in costs to a selection bias and provide evidence suggesting the order submission strategy decision is based on prevailing market conditions and stock characteristics. After correcting for the selection bias, the results show the average trader chooses the order type with lower conditional trading costs.

The Toronto Stock Exchange preopening session

This paper documents order submission strategies during the Toronto Stock Exchange preopening session. I find that the registered trader (RT) actively participates in the market opening, even though he cannot set the opening price directly, and has no apparent informational advantage. RT opening trades are profitable, moderate overnight price changes, and appear to be motivated, in part, by inventory adjustment concerns. I examine interlisted stocks that simultaneously open for trading under two different mechanisms and show how the comparative levels of pre-trade market transparency of each exchange impacts RT profits and participation.

The Development of Secondary Market Liquidity for NYSE-Listed IPOs

For NYSE-listed IPOs, limit order submissions and depth relative to volume are unusually low on the first trading day. Initial buy-side liquidity is higher for IPOs with high quality underwriters, large syndicates, low insider sales, and high pre-market demand, while sell-side liquidity is higher for IPOs that represent a large fraction of outstanding shares and have low pre-market demand. Our results suggest that uncertainty and offer design affect initial liquidity, though order flow stabilizes quickly. We also find that submission strategies are influenced by expected underwriter stabilization and pre-opening order flow contains information about both initial prices and subsequent returns.

Does the Limit Order Routing Decision Matter?

We examine the impact deciding to route limit orders away from the New York Stock Exchange (NYSE) has on three dimensions of execution quality with methodologies controlling for market conditions and order submission strategies. Overall differences in limit order execution quality between regional stock exchanges and the NYSE are small, suggesting that the order routing decision may not affect retail limit order traders substantively. Conditioning on the distance between the limit order's price and prevailing quotes, however, reveals systematic differences in execution quality. This implies that brokers can strategically route limit orders to improve retail limit order execution quality. Copyright 2002, Oxford University Press.

Empirical Analysis of Limit Order Markets

We provide empirical restrictions of a model of optimal order submissions in a limit order market. A trader’s optimal order submission in our model depends on the trader’s valuation for the asset and the trade os between order prices, execution probabilities and picking o risks. The optimal order submission strategy is a monotone function of a trader’s valuation for the asset. We use the monotonicity restriction to test if the traders follow the optimal order submission strategy in our sample, using the order prices, execution probabilities and picking o risks of the orders chosen by the traders in the sample. We compute a semiparametric test using a sample of order submissions from the Stockholm Stock Exchange. We do not reject the monotonicity restriction for buy orders or sell orders separately, but do reject the monotonicity restriction when we combine buy and sell orders. The expected payos from submitting limit orders away from the quotes are too low relative to the expected payos from submitting limit orders close to the quotes to rationalize all the observed order submissions in our sample.

The Research Assessment Exercise: Strategies and Trade‐Offs

The funds provided by HEFCE for research are distributed to the universities as a block grant; which the universities in turn distribute to the departments. This ‘research grant’ is a function of the quality of the research undertaken (as measured by the research assessment exercise) and the number of (submitted) research active staff for each unit of assessment (subject area). Hence universities have to take strategic funding positions in regard to trade‐offs between volume and quality.The Research Assessment Exercise is therefore a budgeting exercise tool to measure past performance benchmarked against the other ‘units’, upon which future budgets are based. The total resources available are allocated based on ex‐post reported performance. The ‘units’ (i.e. universities) participate in the budgetting exercise by having the managerial choice of selective submission of their past performance. The properties of the budget allocation for higher education means any ‘signal’ is accepted; as submissions under the research assessment exercise allow the manager (the university department) to decide on the contents of submission in as far as whom to submit.The ‘submission strategy’ for the research assessment exercise (RAE) is the primary locus of this paper. The paper provides a brief description of the research funding process and introduces the research funding formula in the first section. A maximisation formula is then derived for optimum coalition of staff submissions. The marginal analysis of the optimum coalition is discussed. If 2/3 (two thirds) of the staff submitted are in a higher category than current rating then partial submission is optimal. The marginal analysis impact on human resource management strategies is described; in particular the value of the mentor type ‘star’ researcher.

Submission strategies as an expression of the ideology of politeness

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Optimal Dynamic Order Submission Strategies in Some Stylized Trading Problems

This study derives optimal dynamic order submission strategies for trading problems faced by three stylized traders: an uninformed liquidity trader, an informed trader and a value‐motivated trader. Separate solutions are obtained for quote‐ and order‐driven markets. The results provide practicable rules for how to trade small orders and how to manage traders. Transaction cost measurement methods based on implementation shortfall are proven to dominate other methods.Since investors demand liquidity when they submit market orders and supply liquidity when they submit limit orders, the results improve our understanding of market liquidity. In particular, the models illustrate the role of time in the search for liquidity by characterizing the demand for and supply of immediacy.

A Simple Cost Reduction Strategy for Small Liquidity Traders: Trade at the Opening

We extend the market microstructure literature by examining trading strategies of a small discretionary liquidity trader in call and continuous markets. Our investigation of trading strategies uses intraday market and limit orders, and introduces the market-at-open order as an alternative strategy for a small liquidity trader. We find that a small trader can reduce transaction costs by trading at the opening. Using tick-by-tick transaction data, we demonstrate that the market-at-open order consistently produces better prices than market and limit orders executed during the trading day. I. Introduction Traders have an economic incentive to act strategically. In this study, we examine three types of submission strategies for small liquidity traders: the marketat-open order, intraday market orders, and intraday limit orders. Our objective is to determine if any particular strategy consistently outperforms the other strategies in receiving better prices for a small discretionary liquidity trader. We use tickby-tick transaction data to simulate order executions. Our results demonstrate that the market-at-open strategy benefits a small liquidity trader. We contribute to the existing literature in that we empirically contrast trading strategies in a continuous market and a call market and provide empirical support for the theoretical trading models that show liquidity traders have a preference to band together when submitting orders to trade. The first set of strategic trading models concentrates on the optimal trading behavior of informed traders. For example, Kyle (1985) looks at a sequential batchtrading market in which informed traders and liquidity traders submit orders to a risk-neutral market maker. Attention is paid to the strategic trading patterns of

Transactions costs and investment style: an inter-exchange analysis of institutional equity trades

This paper examines the magnitude and determinants of transactions costs for a sample of institutional traders with different investment styles. Using order-level data for recent equity transactions totaling $83 billion, we find that trading costs are economically significant and increase with trade difficulty. In addition, costs vary with traderspecific factors such as investment style and order submission strategy, as well as stock-specific factors such as exchange listing. We find evidence that institutional trades in exchange-listed stocks have lower costs than in comparable Nasdaq stocks.

Market vs. Limit Orders: The SuperDOT Evidence on Order Submission Strategy

Market vs. Limit Orders: The SuperDOT Evidence on Order Submission Strategy

Market vs. Limit Orders: The SuperDOT Evidence on Order Submission Strategy

This paper discusses performance measures for market and limit orders. We suggest two measures: one for precommitted traders (who must trade) and another for passive traders (who are indifferent to trading). We compute these measures for a sample of NYSE Super? DOT orders. The results suggest that the limit order placement strategies most commonly used by NYSE SuperDOT traders do in fact perform best. Limit orders placed at or better than the prevailing quote perform better than do market orders, even after imputing a penalty for unexecuted orders, and after taking into account market order price improvement. Un? conditional order submission strategies that use SuperDOT to offer liquidity in competition with the specialist do not appear to be profitable.