We analyze the structural determinants of two widely used measures of price discovery between multiple markets that trade closely-related securities. Using a structural cointegration model, we show that both the information share (IS) and component share (CS) measures account for the relative avoidance of noise trading and liquidity shocks, but that only the IS can provide information on the relative informativeness of individual markets. In particular, the IS of one market is higher if it incorporates more new information and/or impounds less liquidity shocks. Use of the CS in conjunction with the IS can help sort out the confounding effects of the two types of shocks. Furthermore, we find that the IS only accounts for the immediate (one-period) responses of market prices to the news innovation which implies that the IS estimates based on high sampling frequencies may be distorted by transitory frictions and may miss important price discovery dynamics. * We thank

We analyze the structural determinants of two widely used measures of price discovery between multiple markets that trade closely-related securities. Using a structural cointegration model, we show that both the information share (IS) and component share (CS) measures account for the relative avoidance of noise trading and liquidity shocks, but that only the IS can provide information on the relative informativeness of individual markets. In particular, the IS of one market is higher if it incorporates more new information and/or impounds less liquidity shocks. Use of the CS in conjunction with the IS can help sort out the confounding effects of the two types of shocks. Furthermore, we find that the IS only accounts for the immediate (one-period) responses of market prices to the news innovation which implies that the IS estimates based on high sampling frequencies may be distorted by transitory frictions and may miss important price discovery dynamics. * We thank

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By reacting N,Nʹ-bis(3,5-dicarboxyphenyl)oxalamide (H4BDPO) with d10 electronic configuration Cd2+ ion under solvothermal conditions to produce a two-dimensional (2D) metal-organic framework (MOF), {[Cd3(HBDPO)2(H2O)7]·4H2O}n (1), which has been further characterized by different...

Although study of the toxicity of metallic nanoparticles in aquatic organisms is increasing, there is still little known about their combined toxicity, especially in a comparative and integrated approach. The objective of this study is to compare the toxicity of copper nanoparticles (CuNP), chromium nanoparticles (CrNP), and their mixtures to crucian carp (Carassius auratus) through a comprehensive approach. A high median lethal concentration of CuNP (390.75 mg/L) and CrNP (551.03 mg/L) was calculated from the acute toxicity, indicative of low toxicity to crucian carp. After exposure for 10 d at sublethal concentrations, several biomarker responses, including the activities of brain acetylcholinesterase (AChE), gill sodium/ potassium-activated ATP (Na + /K + -ATP), liver superoxide dismutase (SOD), and catalase (CAT) were significantly inhibited by all nanoparticles in most cases, implying the neurotoxicity, osmoregulatory toxicity, and oxidative damage of metallic nanoparticles. Thereafter, the integrated biomarker response version 2 (IBRv2) integrating all biomarker responses was applied to compare the toxicity, and therefore the toxicity order was tentatively proposed as: the mixtures ≈ CuNP＞CrNP, suggesting a synergistic effect in the mixtures. The findings will help to understand the ecological impacts of metallic nanoparticles in an aquatic environment in a more complete and accurate picture.