In a market with symmetric information about fundamentals, can information-based trade still arise?Consider bond and FX markets, where private information about nominal cash flows is generally absent, but participants are convinced that superior information exists. We analyze a class of asymmetric information -inventory information -that is unrelated to fundamentals, but still forecasts future price (by forecasting future discount factors). Empirical work based on the analysis shows that inventory information in FX does indeed forecast discount factors, and does so over both short and long horizons. The immediate price impact of shocks to inventory information is large, roughly 50 percent of that from public information shocks (the latter being the whole story under symmetric information). Within about 30 minutes the transitory effect dies out, and prices reflect a permanent effect from inventory information that ranges between 15 and 30 percent of that from public information.In a market with symmetric information about fundamentals, can information-based trade still arise? The question is central to our understanding of some important markets, e.g., government bond and FX markets, where the premise of symmetric information about fundamentals is natural, yet participants are convinced that superior information exists (see, e.g., Cheung and Wong 2000, Ciccotello and Hatheway, 2000, Massa and Simonov 2003, Green 2002. To resolve the puzzle we address a class of information that we call inventory information. Inventory information is orthogonal to fundamentals (that is, orthogonal to cash flows from holding the asset, e.g., future coupons and principal in the case of a bond and future interest differentials in the case of FX). At the same time, inventory information has the power to forecast future price. It does so by forecasting future discount factors (over both short and long horizons). 1 Inventory information is also asymmetric: initially it manifests in marketmaker positions, which are privately observed, and is only subsequently impounded in price. These two features-ability to forecast price and private observation-provide the basis for information-based trade.Beyond clarifying this information-based trade, our analysis shows that price effects from non-fundamental trades are of three distinct types. The first is idiosyncratic to individual marketmaker prices and is transitory-the so-called inventory effects from microstructure theory.The second type is common to all marketmaker prices (intraday risk premia) and is also transitory. In traditional models with a single marketmaker, the first and second of these are effectively the same. The third type of price effect from non-fundamental trade is common to all marketmaker prices and is permanent. This third price effect persists even after marketmaker inventories are fully shared economy-wide (e.g., permanent portfolio effects across assets that are imperfect substitutes; see, e.g., Scholes 1972 andBranson andHenderson 1985). Traditional models of securities ...

Since the early 2000s, information systems have been widely employed across hospitals in China, changing the way in which processes are managed, improving customer satisfaction and strengthening business competence. Intelligent Guidance Systems for Patients (IGSP), which resemble humanoid characteristics using Artificial Intelligence (AI), assist patients in wayfinding, obtaining medical guidance, consultations, and other medical services, and can improve user experiences before, during and after hospital visits. However, despite their widespread adoption, usability studies on such systems are scarce. To date, there is no practical or standardized measurement for system usability, leading to difficult inspection, maintenance and servicing processes. This study aims to determine the usability deficiency of IGSP and understand how various factors influence user satisfaction during their use. We employ the requirements set out in the ISO9241-11:2018 standard, using two inspection methods with 3 experts and 346 valid end-users. First, a Heuristic evaluation method was employed to detect usability problems and to demonstrate violations of Nielsen's 10 heuristic principles. Second, a System Usability Scale (SUS) was applied to evaluate participants' satisfaction towards IGSP.Finally, analysis of variance tests and a multiple linear regression analysis was performed to establish correlations between user satisfaction and characteristics.

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BACKGROUND Hospital information systems have been widely adopted across China, in recent years, significantly changing the way in which hospitals manage their processes and patient visits. Intelligent Guidance Systems for Patients (IGSP), which resemble humanoid characteristics using Artificial Intelligence (AI), assist patients in navigating hospital visits, obtaining medical guidance, consultation, and other medical services. Despite their widespread adoption in tertiary transfer hospitals in China, usability studies on such systems are scarce. To date, there is no practical or standardized measurement of system usability, leading to difficult inspection, maintenance and servicing processes. OBJECTIVE IGSP can improve user experiences pre, during and post hospital visits. This study aims to determine the usability deficiency of IGSP and understand how various factors influence users’ satisfaction during use. METHODS Employing the requirements set out in the ISO9214-11:2018 standard, two inspection methods were used with 3 experts and 360 recruited end-users. First, the Heuristic evaluation method was employed to detect usability problems and to demonstrate any violations of Nielsen’s 10 heuristic principles. Second, the System Usability Scale (SUS) was applied to evaluate participants’ satisfaction towards IGSP. Finally, analysis of variance tests and a multiple linear regression analysis was performed to establish correlations between user satisfaction and various characteristics. RESULTS A total of 78 problems violated the heuristic principles for 169 times. These problems were divided into five categories: voice interaction, in-hospital navigation, medical consultation, interactive interface design, and miscellaneous. The average SUS score for IGSP was 72.8 (SD 14.69), indicating a good usability level. User satisfaction scores differed among hospitals (F=3.513, P=.031), age of user (F=6.010, P=.000), and smartphone usage time (F=4.781, P=.000). The multiple linear regression model reflected participants’ education level (t=-2.41, p= .016) and gender (t=-2.080, p=.038), while medical industry (t=-2.074, p=0.039) had a negative effect on user satisfaction scores. Conversely, daily smartphone usage times (t= 2.470, p=.014) helped to increase user satisfaction scores. CONCLUSIONS This study demonstrates that IGSP can improve user experiences during interaction between patient and hospital. However, system usability deficiencies did exist; some of which must be addressed. Our findings are considered conducive to tertiary transfer hospitals in developing user-friendly IGSP for improving patient experiences. Tertiary hospitals should take full advantage of IGSP to help reduce waiting times and meet the various needs of patients pre, during and post hospital visit. User-centered conception should be integrated into the process of design and modification of IGSP.