This paper provides a numerical method for demonstrating that bid-ask spreads increase with information asymmetry or the probability of insider trading. These spreads also decrease throughout the trading day. Average daily spreads are a non-monotone function of information asymmetry. This result brings into question empirical results showing that higher levels of inside information lead to higher expected returns.

The first topic of this thesis is a C-less and R-less ASK (Amplitude Shift Keying) demodulator design for wireless implantable devices. Lots of prior ASK demodulators were composed of one or more capacitors which might be integrated in a chip or positioned off-chip on a PCB (Printed Circuit Board). The capacitor increases the area of the implantable system regardless of on-chip or off-chip, which violates the small-scale requirement for implanted applications. Thus, this work proposes a miniature ASK demodulator without any passive elements, i.e., R or C. The noise margin of the envelope detector in the C-less ASK demodulator is enlarged such that any Schmitt trigger or current limiting resistor is no longer needed. It results in the number of transistors required for the ASK demodulator circuit is reduced to 12. The second topic of this thesis is a design of a low-power 2-dimensional bypassing multiplier. The proposed bypassing cells constituting the multiplier skip redundant signal transitions when the horizontally (row) partial product or the vertically (column) operand is zero. Thorough post-layout simulations show that the power dissipation of the proposed design is reduced by more than 41% compared to the prior design with obscure penalty of delay and area.

The purpose of this thesis was to test the hypothesis that multiple-listing of equity options leads to lower bid-ask spreads because of increased competition. This competition can come in two forms, actual or potential, both of which are theorized to have the same effect on spreads. A model of the determinants of the bid-ask spread was formulated. Separate tests were conducted on 1985 and on 1992 CBOE data. The first test arose from the fact that in 1985, only a certain number of options were multiple-listed, or eligible to be multiple-listed. Spreads for multiple-listed options were conjectured to be below spreads for single-listed options across low levels of volume, and equal to single-listed option spreads at higher levels of volume. The evidence for this was mixed based on several regressions with different functional forms. The second test arose from the fact that in 1992, because of an SEC rule change, all options were eligible to be multiple-listed but still only a few were. Spreads for multiple-listed options were conjectured to be equal to spreads for single-listed options because the single-listed options had the potential to become multiple-listed. Again, the evidence for this was mixed. It appears that the actual and potential competitive effects from multiple-listing had yet to come to fruition as of 1992. Further testing revealed that, on an option-by-option basis, spreads generally rose from 1985 to 1992. / Master of Arts

In this paper, we use the high frequency trading data of New York Stock Exchange to analyze the bid-ask spread components. It is found that there is an exponential relationship between the log returns of quoted midpoints and the trade volume. We also observe a negative linear correlation between the changes of quoted depth and the trade volume. Furthermore, changes of the quoted ask depth and the quoted bid depth are asymmetric due to the trading direction. Furthermore, statistical quality control charts, p-charts, are built for fixed number of trades to monitor unusual trades entering the market. Finally, logistic regression models are established to predict the probabilities of unusual trades entering the market based on the quotes and the quoted depth adjustments of the market makers.

Background: Smoking is the leading cause of preventable deaths in the United States. The rates of smoking remain elevated in rural, low income populations in comparison with the rest of the United States. Thus, prompting the process improvement project of implementing the Ask–Advise–Connect (AAC) method to the national quitline in a nurse practitioner–managed clinic for an automotive manufacturing plant in rural Tennessee. Methods: Ask–Advise–Connect method was added to the current smoking cessation program. The employees who utilized the clinic were assessed for smoking status at each visit and subsequently counseled on cessation. Individuals interested in cessation were connected to the national quitline with the AAC method. Pharmaceutical options and nicotine replacement therapy was also offered at no cost to the employee. Findings: In the 4-month period, the clinic provided 102 tobacco cessation counseling visits to workers who smoke. Twenty-four employees enrolled in the cessation program. The participants reported a cessation rate of 12.5% and 21% had a significant decrease in the number of cigarettes smoked. Of the participants, 12.5% (n = 3) engaged in behavioral counseling with the quitline. Conclusion/application to practice: The addition of the AAC method as part of the smoking cessation program had limited success. As smoking cessation is difficult to achieve, any success greater than 7% can be considered an achievement. The 12.5% cessation rate of the participants was above the national average. Thus, demonstrating the benefit of having a workplace cessation program and incorporating the AAC method to the current smoking cessation program.

No description available.

Previous studies (e.g. Benston and Hagerman, 1974, Bagehot, 1971 and Stoll, 1978) suggest that the bid-ask spread consists of three components: asymmetric information cost, inventory holding cost, and order processing cost. Other literature (e.g. Brock and Kleidon, 1992, Hef-lin et al, 2007, and McInish and Van Ness, 2002) reports that the bid-ask spread varies during a trading day following a U-shaped pattern. One explanation for this observation is that it is the result of changes in information asymmetry costs over the trading hours, assuming the other costs are fixed. However, no empirical study directly measures how information asym-metry changes over the trading day. We explore how this measure relates to the spread as well as the quote depth.<p> Our research divides a trading day into 13 half-hour trading intervals and measures in-formation asymmetry during each interval following the model developed by Madhavan and Smidt (1991) and Noronha et al (1996). Their model can directly estimate the level of infor-mation asymmetry in each interval. This enables us to observe the intraday pattern of infor-mation asymmetry directly and compare it to the patterns of the spread and the quote depth. Furthermore, we test the relationship between the spread and the information asymmetry and the relationship between the depth and the information asymmetry in a dynamic context to see how market makers manage information risk over trading hours.<p> We find that the risk of information asymmetry varies significantly during the trading day. There is a large drop over the first interval, and another large drop over the last interval, with smaller fluctuations over the remaining intervals. Moreover, we show that the spread is consistent with an L-shaped pattern as opposed to the U-shaped pattern proposed by previous studies while the depth is increasing throughout the 13 trading intervals. Furthermore, we ob-serve that the variations of the spread and the depth are respectively positively and negatively related to the intraday variations in the degree of information asymmetry across the trading intervals. In particular, a large decline in information asymmetry at the beginning of the day is associated with a large reduction in the spread, whereas a large decline in information asymmetry at the end of the day is associated with a large increase in the quote depth. This emphasises the importance of studying both measures of liquidity simultaneously.

Several outcome tools have been developed to measure physical functioning in pediatric orthopedic patients. One such tool, the Activities Scale for Kids (ASK), allows assessment of physical functioning in the community in 5-to 15-year-olds. Previous validation of the ASK showed a significant difference in scores according to global ratings of disability. In this study, the ASK was administered to children without musculoskeletal disability to determine how normal respondents scored. ASK questionnaires were distributed to 137 children and 122 (89%) were returned. Normal children scored quite high, with a mean summary score of 93.12 (SD 6.45). This score differs significantly from the mean summary score for children with mild disabilities as determined in previous studies of disability (P = 0.005). / Study conducted at the Children’s Hospital of Eastern Ontario, Universityof Ottawa, Ottawa, Ontario, Canada. / Dr. Plint is supported in part by a Junior Clinical Investigator Award from the Children’s Hospital of Eastern Ontario Research Institute.

Previous studies (e.g. Benston and Hagerman, 1974, Bagehot, 1971 and Stoll, 1978) suggest that the bid-ask spread consists of three components: asymmetric information cost, inventory holding cost, and order processing cost. Other literature (e.g. Brock and Kleidon, 1992, Hef-lin et al, 2007, and McInish and Van Ness, 2002) reports that the bid-ask spread varies during a trading day following a U-shaped pattern. One explanation for this observation is that it is the result of changes in information asymmetry costs over the trading hours, assuming the other costs are fixed. However, no empirical study directly measures how information asym-metry changes over the trading day. We explore how this measure relates to the spread as well as the quote depth.<p> Our research divides a trading day into 13 half-hour trading intervals and measures in-formation asymmetry during each interval following the model developed by Madhavan and Smidt (1991) and Noronha et al (1996). Their model can directly estimate the level of infor-mation asymmetry in each interval. This enables us to observe the intraday pattern of infor-mation asymmetry directly and compare it to the patterns of the spread and the quote depth. Furthermore, we test the relationship between the spread and the information asymmetry and the relationship between the depth and the information asymmetry in a dynamic context to see how market makers manage information risk over trading hours.<p> We find that the risk of information asymmetry varies significantly during the trading day. There is a large drop over the first interval, and another large drop over the last interval, with smaller fluctuations over the remaining intervals. Moreover, we show that the spread is consistent with an L-shaped pattern as opposed to the U-shaped pattern proposed by previous studies while the depth is increasing throughout the 13 trading intervals. Furthermore, we ob-serve that the variations of the spread and the depth are respectively positively and negatively related to the intraday variations in the degree of information asymmetry across the trading intervals. In particular, a large decline in information asymmetry at the beginning of the day is associated with a large reduction in the spread, whereas a large decline in information asymmetry at the end of the day is associated with a large increase in the quote depth. This emphasises the importance of studying both measures of liquidity simultaneously.

This thesis includes two topics, which are a Self-sampled ALL-MOS ASK Demodulator and a Synchronous DAC with Self-calibration. An all-MOS ASK demodulator with a wide bandwidth for lower ISM band applications is presented in the first half of this thesis. The chip area is reduced without using any passive element. It is very compact to be integrated in an SOC (system-on-chip) for wireless biomedical applications, particularly in biomedical implants. Because of low area cost and low power consumption, the proposed design is also easily to be integrated in other mobile medical devices. The self-sampled loop with a MOS equivalent capacitor compensation mechanism enlarges the bandwidth, which is more than enough to be adopted in any application using lower ISM bands. To demonstrate this technique, an ASK demodulator prototype is implemented and measured using a TSMC 0.35 £gm standard CMOS process. The second topic reveals a synchronous DAC with self-calibration. The main idea is to use a calibration circuit to overcome large error of output voltage caused by the variation of the unit capacitor. When DAC is not calibrated, INL is larger than 1.7 LSB. After calibrated, INL is improved to be smaller than 0.5 LSB. To demonstrate this technique, a DAC prototype is implemented and measured using a TSMC 0.18 £gm standard CMOS process.