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coherence, and critical analysis adds another layer of complexity. Researchers must demonstrate a
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White Paper. Drehmann M. and Tarashev N., (2011). Measuring the systemic importance of
interconnected banks. Social Posts Create on-brand social posts and Articles in minutes. Ensure that
your ideas flow logically, and use clear language to communicate complex concepts. Subgroup
analyses and the consideration of potential confounders (Glossary) are often impossible, or only
possible to a limited extent ( 1, 19 ). Depending on the nature of the factors and target parameters
(binary, categorical or continuous variables), a logistic or a linear regression model is used to
calculate the effect estimates of the individual studies in the meta-analyses of published data (C) and
pooled reanalyses (D). In the interpretation of the results, possible limitations should be discussed
and considered. The disadvantages of pooled reanalysis are that it demands a great deal of time and
money and that it is dependent on the willingness of the authors of the individual studies to
cooperate. Working paper. Lee S.S. and Mykland P.A., (2008). Jumps in Financial Markets: A New
Nonparametric Test and Jump Dynamics. Journal of Research and Practice for Adult Literacy,
Secondary, and Basic Education, 4(1), 21-35. Firms not included are those that also act as brokers
for customers and engage in proprietary lower-frequency trading strategies, e.g., Goldman Sachs,
Morgan Stanley, and other large integrated firms. HFT who route their orders through these large
integrated firms cannot be clearly identified so they are also excluded. In the upper funnel plot
(Figure 2a), there is a roughly funnel shaped distribution of the effect estimates of the individual
studies around the pooled effect estimates (middle broken line). HFTs typically do not carry
significant, unhedged positions overnight, trying to end the trading day as close to a flat position as
possible; Short time frame for trading for establishing and liquidating positions. Thematic Approach
This approach categorizes your review based on themes or key concepts related to your topic. The
individual data must then be coded according to standard specifications, compiled in a combined
database and analyzed. 5. Was a descriptive analysis of the data performed. In addition, the results
are quantitatively summarized using statistical methods and pooled effect estimates ( Glossary gif
ppt ) are calculated ( 1 ). Systematic literature reviews, meta-analyses of published data, and meta-
analyses of individual data (pooled reanalyses) are now being published with increasing frequency.
Theoretical Approach This approach focuses on organizing your review around different theoretical
frameworks or perspectives relevant to your topic. A value in the top quartile was assigned four
points, a value in the third quartile was assigned three points, and so on. It also must do so for at
least 50% of the trading days in which it was active. Other examples of predefined agent types in
data come from datasets from EBS and Xetra, which divided all agents into algorithmic trading
agents (AT) and human agents (HA) (Chaboud, Chiquoine, Hjalmarsson, Vega, 2009; Hendershott
and Riordan, 2012). Also, make sure the sources are trustworthy and come from respected places.
White Paper. Danielsson J. and Zer I., (2012). Systemic risk arising from computer based trading and
connection to the empirical literature on systemic risk. The authors found that the literature lacks
clarity about how naturalness is defined and measured, but also found that food consumption is
significantly influenced by perceived naturalness of goods. Download Free PDF View PDF
Incorporating Evidence-Based Practices Into Faith-Based Organization Service Programs Terry
Wolfer, Peter Warren Faith-based organizations (FBOs) are increasingly involved in providing a
range of services in communities and research indicates that such involvement will increase in the
future. Investment Industry Regulatory Organization of Canada (IIROC), (2012). It should give a
theoretical base for the research and help you (the author) determine the nature of your research.
What has the literature revealed? (not what do you seek to discuss). It involves a detailed and
comprehensive plan and search strategy derived from a set of specified research questions. Figure 3
shows a scatter plot of orders-to-trades ratio versus the number of trades for both high-frequency
traders and all other traders across a large number of securities during a period from 2 to 6 July 2012.
Figure 3. Order-to-trade plot of the Australian market by account (ASIC, 2013) The main drawback
of ASIC methodology is that the threshold (top 15%) seems quite arbitrary and it is not well
justified. Seek professional input on your specific circumstances.
Other examples of predefined agent types in data come from datasets from EBS and Xetra, which
divided all agents into algorithmic trading agents (AT) and human agents (HA) (Chaboud,
Chiquoine, Hjalmarsson, Vega, 2009; Hendershott and Riordan, 2012). Reference and respond to
existing research, showcasing your awareness of ongoing academic discussions. The advantage of
classification with respect to the US dataset is that, along with the HFT group, they also identify a
group that is free from HFT activities (members who primarily trade for clients). It involves a
detailed and comprehensive plan and search strategy derived from a set of specified research
questions. White Paper. Danielsson J. and Zer I., (2012). Systemic risk arising from computer based
trading and connection to the empirical literature on systemic risk. Step 5: Begin The Writing Process
Upon gathering and organizing sources, begin the writing phase: Introduction: Begin by stating your
research question and explaining why your review is important. How were the effect estimates of the
individual studies calculated?—Systematic review articles (B) usually contain tables with the effect
estimates of the individual studies. For example, there is a large set of studies analyzing data
provided by NASDAQ OMX and New York Stock Exchange (NYSE). Download Free PDF View
PDF Canadian journal of psychiatry. Example: If reviewing the development of technology in the
last decade, you might organize your sections based on each year or significant milestones. This
helps create a coherent narrative and highlights the connections between different works. Technical
Report. Bank for International Settlements (BIS), (1999). The WHO collaborative study of neoplasia
and steroid contraceptives. For each source, consider the following: What's the Author Trying to Do.
The Significance of an Effective Literature Review A strong review plays a crucial role in research
papers, offering several key advantages: Serves Context and Relevance: It provides background and
context for your research, showing its importance within existing knowledge. Presentation by the
CFTC Technology Advisory Committee, Sub-Committee on Automated and High Frequency
Trading — Working Group 2. It can be undertaken as stand-alone projects in their own right, or as a
precursor to a systematic review. WHO collaborative study of neoplasia and steroid contraceptives.
In fact, in December of 2006, the Deutsche Borse (DB) introduced its fee rebate program for
automated traders. Results: Systematic literature reviews provide an overview of the state of
research on a given topic and enable an assessment of the quality of individual studies. Working
paper. Giesecke K. and Kim B., (2011). Risk Analysis of Collateralized Debt Obligations. An
extensive literature search must be performed for studies on the topic. We observed differences in
pathways to care across the 3 groups. Offers Methodological Guidance: Helps choose appropriate
research methods for quality outcomes. World Scientific, Berlin. Kritzman M., and Li Y., (2010).
Skulls, Financial Turbulence, and Risk Management. This is common in the social sciences and
humanities. Guidelines have also been drawn up for the publication of meta-analyses on randomized
clinical studies ( 4 ) and on observational studies ( 5 ). However, like other types of organizations,
FBOs generally have been slow to embrace evidence-based practices (EBPs)—those that have
scientific evidence of being beneficial. Best practice is to number them based on the chapter (Table
2.1, Table 2.2 while in Chapter 2). In this review, the architecture of FC, its various deployment
models, recent IoT applications where FC is utilized, advantages of FC rather than Cloud are
revealed.
In fact, in December of 2006, the Deutsche Borse (DB) introduced its fee rebate program for
automated traders. Predefined HFT identification There are many studies examining the behavior
and impact of HFT on the financial market. Resource document. Karpoff J., (1987). The relation
between price change and trading volume: A survey. We'll show you how to make this tough task
simpler. Adobe InDesign Design pixel-perfect content like flyers, magazines and more with Adobe
InDesign. Avoid making uncited or overly generalized claims. If you feel a generalization is
warranted, you must follow it up with multiple, specific examples to justify such generalization. The
Education Professional Practice Doctorate and the Impact of the Carnegie Project on the Education
Doctorate Consortium Kristina A Hesbol, Valerie A Storey Download Free PDF View PDF The
History Teacher Recasting the History Textbook as the Collaborative Creation of Student-Authored
Interactive Texts. Think of your literature review as an explanation of how your research fits into the
broader conversation on this topic. Expand 98 Highly Influential 5 Excerpts Save. 1 2 3 4 5. Related
Papers Showing 1 through 3 of 0 Related Papers Figures 1,159 Citations 83 References Related
Papers Stay Connected With Semantic Scholar Sign Up What Is Semantic Scholar. Intermediaries
accounts are identified with the following two thresholds: 1) net holdings fluctuate within 1.5% of
its end of day level, and 2) end of day net position is no more than 5% of its daily trading volume.
This is why it is necessary to summarize and critically analyze individual studies on the same theme.
Each trader was scored on its relative position within the distribution of each metric. They use
different classification techniques based on the learned reward functions i.e. Linear Discriminant
Analysis (LDA), Quadratic Discriminant Analysis (QDA), and Multi-Gaussian Discriminant
Analysis (MDA) to distinguish HFT from other trading strategies. Working Paper. Zhou C., (2010).
Are banks too big to fail. Through surveys and interviews, we discovered that desire was the key
factor for success. Knowledge of the identities of the counterparties in their sample allows
identifying HFTs. In addition, the heterogeneity between the studies should be examined by
subgroup analysis (Glossary). They also allow the results of different studies to be evaluated together
when these are inconsistent. The period analyzed was from 1 January to 30 September 2012. These
figures make it clear how increasingly difficult it is for physicians in private practice, clinicians and
scientists to obtain comprehensive current information on any given medical topic. Summing all
scores for each trader gave a high-frequency trading index for that trader for that day. To browse
Academia.edu and the wider internet faster and more securely, please take a few seconds to upgrade
your browser. This table shows that the study methods were heterogenous (Glossary); for example,
HPV was detected in different ways (Table 2). The authors of each study included in the analysis
then provide individual data (Glossary). It is suitable when your topic has a clear historical
development or when you want to showcase the evolution of ideas over time. More Features
Connections Canva Create professional content with Canva, including presentations, catalogs, and
more. World Scientific, Berlin. Kritzman M., and Li Y., (2010). Skulls, Financial Turbulence, and
Risk Management. They find that the literature compellingly demonstrates that low-density
lipoprotein cholesterol (LDL-C) levels significantly influence the development of Alzheimer’s
disease. Ait-Sahalia Y. and Jacod J., (2009a). Testing for Jumps in a Discretely Observed Process.
Hirshleifer D. and Teoh S.H., (2003). Herd behaviour and cascading in capital markets: a review and
synthesis.
These are then compiled in a combined database and analyzed according to standard criteria fixed in
advance. Results and Why They Matter Sum up what the study found. Hendershott T. and Riordan
R., (2009). Algorithmic Trading and Information. Expand 1,428 Highly Influential PDF 17 Excerpts
Save Guidance on the conduct of narrative synthesis in systematic Reviews. Does it really match up
with what you're trying to find out. Chronological Approach This approach organizes your review
based on the temporal progression of events, theories, or studies. Automobile weird having these
types of feelings of being well prepared but feeling like you do not know anything. WHO
collaborative study of neoplasia and steroid contraceptives. It is useful when emphasizing the
methodologies used by researchers and their implications for the findings. The clouds of points in the
plane are then clustered in the 5 groups of large trader described above. Australian Securities and
Investments Commission (ASIC), (2013). Seek professional input on your specific circumstances.
Working paper. Brogaard J., Hendershott T., and Riordan R., (2013), High frequency trading and
price discovery. NBER Working Paper 16223. Bisias D., Flood, M., Lo A. W., and Valavanis, S.,
(2012). A Survey of Systemic Risk Analytics. Apart from the issues in the implementation of FC
hardware platform, number of issues in service deployment and service provision in FC which are
addressed at the end of this survey. In the upper funnel plot (Figure 2a), there is a roughly funnel
shaped distribution of the effect estimates of the individual studies around the pooled effect
estimates (middle broken line). In: Ahrens W, Pigeot I (Hrsg.): Handbook of epidemiology.
Manuscript received on 9 June 2008, revised version accepted on 10 March 2009. Using relevant
keywords and phrases in your search is essential, experimenting with diverse combinations for a
thorough collection of relevant sources. Firms are categorized as HFT based on NASDAQ OMX
knowledge of their customers and analysis of firms’ trading, such as how often their net trading in a
day crosses zero, their order duration, and their order to trade ratio (i.e. NASDAQ OMX cannot
identify all HFTs). We contend that incorporating EBPs into both new and existing FBOs’ service
programs can enhance their effectiveness. Expand 6,467 Highly Influential PDF 3 Excerpts Save
Scoping studies: towards a methodological framework H. Arksey L. O’Malley Psychology, Medicine
2005 TLDR A framework for conducting a scoping study is outlined based on recent experiences of
reviewing the literature on services for carers for people with mental health problems and it is
suggested that a wider debate is called for about the role of the scoped study in relation to other
types of literature reviews. A value in the top quartile was assigned four points, a value in the third
quartile was assigned three points, and so on. White Paper. Andersen T. G., Bollerslev T., and
Diebold, F. X., (2002). Parametric and Nonparametric Volatility Measurement. In Y. Ait-Sahalia and
L.P. Hansen (eds.), Handbook of Financial Econometrics. Step 3: Identify Connections Synthesize
information from selected sources, identifying common themes, patterns, and trends. As a result,
agents with more than 20% market-making presence on average across stocks are likely to have
market making as their main business model. Scandinavian Journal of Management, 31(3), 387-408.
The period analyzed was from 1 January to 30 September 2012. Technical Report Foresight Driver
Review, DR 29, Foresight. It should not merely be descriptive—it should present definitions,
theories, debates, and research data in the field of interest.
Apart from the issues in the implementation of FC hardware platform, number of issues in service
deployment and service provision in FC which are addressed at the end of this survey. Embed Host
your publication on your website or blog with just a few clicks. The Future of Computer Trading in
Financial Markets (Final Project Report). For example, the literature database PubMed registered
361 000 new publications in 1987, with 448 000 in 1997 and 766 000 in 2007 (research in Medline,
last updated in January 2009). Their overview table contained a variety of information on the
individual studies. Market Commentary, Credit Suisse: AES Analysis. Tse J., Lin X., and Vincent D.,
(2012b). What does “bad” HFT look like, how often does it happen, and how do we detect it.
Working Paper 1002, Federal Reserve Bank of Cleveland. Adrian T. and Brunnermeier M., (2010).
CoVaR. Staff Report 348, Federal Reserve Bank of New York. Assess the methodology, findings,
and limitations of each study to showcase your analytical skills. Don't worry! This blog is your guide
for writing a literature review. To date, however, there has not been an attempt to systematically
review the state o f current research concerning this relationship. Firstly, it has not been clearly
defined what is the maximum order of heterogeneity between the studies which is negligible and
which then allows a meaningful calculation of a pooled effect estimate ( 1, 19 ). Additionally, the
quality o f literature on this topic has not been evaluated. Step 2: Analyze and Select Sources In the
second phase of your research, it is essential to carefully evaluate and select sources that directly
contribute to your research question. A literature review does not demonstrate what you know but
what you have learned from your analysis of the topic or field. Hirshleifer D. and Teoh S.H., (2003).
Herd behaviour and cascading in capital markets: a review and synthesis. The literature review must
be defined by a guiding concept (eventually your research objective, the problem or issue you are
discussing, or your argumentative thesis). Working paper. Gomber P. and Schweickert U., (2002).
The market impact — liquidity measure in electronic securities trading. This is achieved by
simplifying or omitting stages of the systematic review process. International journal of clinical
practice, 69 (11), 1257-1267. Nevertheless, here too it is necessary to consider that the individual
data (Glossary) are derived from different studies. Was the heterogeneity between the estimates
considered?—There may be marked differences between the estimates in the individual studies. In
the upper funnel plot (Figure 2a), there is a roughly funnel shaped distribution of the effect estimates
of the individual studies around the pooled effect estimates (middle broken line). Thematic
Approach This approach categorizes your review based on themes or key concepts related to your
topic. Here is a simple example: Smith (2023) examined the relationship between peer review and
final grades in a first year writing course across multiple universities and colleges and found that xxx.
Reference and respond to existing research, showcasing your awareness of ongoing academic
discussions. Frank, David A. “Promoting Religious Pluralism and Tolerance through Debate and
Argument.” Speech and Debate as Civic Education. Figure 2 shows the scatter plot of order-to-trade
ratio vs the number of trades for each account in the period from 1 August to 31 October 2011. It is
useful when emphasizing the methodologies used by researchers and their implications for the
findings. They are also necessary for the development of S2 and S3 guidelines for formal evidence-
based research ( 25 ). For each account for each month, the number of trades is plotted against the
number of new and amended orders.
This is achieved by simplifying or omitting stages of the systematic review process. It is useful when
emphasizing the methodologies used by researchers and their implications for the findings. With the
individual data, the outcome parameters, risk factors, and confounders used in the analysis can be
categorized in a standard manner and properly incorporated in the analysis. Embed Host your
publication on your website or blog with just a few clicks. Figure 3 shows a scatter plot of orders-to-
trades ratio versus the number of trades for both high-frequency traders and all other traders across a
large number of securities during a period from 2 to 6 July 2012. Figure 3. Order-to-trade plot of the
Australian market by account (ASIC, 2013) The main drawback of ASIC methodology is that the
threshold (top 15%) seems quite arbitrary and it is not well justified. Researchers conducted a
systematic search of meta-analyses and reviewed several databases, collecting 100 primary studies
and five meta-analyses to analyze the connection between cholesterol and Alzheimer’s disease. This
landscape informs the reader that the author has indeed assimilated all (or the vast majority of)
previous, significant works in the field into her or his research. Moreover, dynamically defined
classification may result in the inconsistency of the HFT group in time, since population stability of
the group is not controlled. 4 HFT classification Various studies propose approaches to build HFT
classification based on their anticipated strategies. For a systematic review article (B) and for a
meta-analysis of published data (C), relevant information should be extracted from the publications.
Yet, if you find yourself facing challenges or needing additional support, our expert essay writing
service is here for you. Working Paper, Northwestern University. Brogaard J., (2011a). High
frequency trading and market quality. WHO collaborative study of neoplasia and steroid
contraceptives. Are all the key ideas, findings and trends presented backed up by multiple sources.
In pooled reanalyses (D), the pooled effect estimates are mostly calculated by logistic or linear
regression. Dr. rer. nat. Blettner, PD Dr. rer. nat. et med. habil. Klug. Think about why this is
important for your research. Working paper. Brogaard J., Hendershott T., and Riordan R., (2013),
High frequency trading and price discovery. However, the statistical analysis must adequately allow
for the origin of the data sets from different studies. Semantic Scholar is a free, AI-powered research
tool for scientific literature, based at the Allen Institute for AI. To do that, they use press reports and
the companies’ websites to see which of them are described as HFTs or define themselves as such.
Their overview table contained a variety of information on the individual studies. Example: In a
review of psychological studies on memory, sections could be organized around cognitive,
behavioral, and neuroscientific theories. Discussion Systematic review articles (B) can provide a
comprehensive overview of the current state of research ( 1 ). Theoretical Approach This approach
focuses on organizing your review around different theoretical frameworks or perspectives relevant
to your topic. But it can be feasibly done through following a structured approach to data collection
and analysis. Here are some key tips to help you create an exceptional literary analysis: Define Your
Scope Clearly outline the boundaries of your literature review. In a critical review, the reviewer not
only summarizes the existing literature, but also evaluates its strengths and weaknesses. Simply
indicating what an author claims or has found is not sufficient. Expand 98 Highly Influential 5
Excerpts Save. 1 2 3 4 5. Related Papers Showing 1 through 3 of 0 Related Papers Figures 1,159
Citations 83 References Related Papers Stay Connected With Semantic Scholar Sign Up What Is
Semantic Scholar. Issuu turns PDFs and other files into interactive flipbooks and engaging content
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