Lactobacillus leichmannii (ATCC 4797) was reported by Skeggs et al. (1) to grow in an otherwise complete medium in response to increasing amounts of the “animal protein factor.” The reports of Ott ef al. (2) and Emerson (3) have demonstrated the probable identity of crystalline vitamin Blz with the “animal protein factor.” The use of another strain of L. leichmannii (313) in the microbiological...

We study the efficiency of dealers’ liquidity provision and the desirability of policy intervention in over-the-counter (OTC) markets during crises. Our theory emphasizes two key frictions in OTC markets: finding counterparties takes time, and trade is bilateral, with quantities and prices determined by bargaining. We model a crisis as a negative shock to investors’ asset demands that lasts unt...

——————————————————————————————————— We develop a model where agents can allocate their wealth between a liquid asset, which can be used to purchase consumption goods, and an illiquid asset, which represents a better store of value. Should a consumption opportunity arise, agents may visit a frictional “over-the-counter” secondary asset market where they can exchange illiquid for liquid assets. W...

There is considerable heterogeneity in the development of derivatives markets in different countries. The question is: why? This paper addresses this question in the context of major derivatives markets in Latin America. The largest derivatives exchanges in Latin America are located in Argentina, Brazil, and Mexico. In addition, over-the-counter (OTC) markets exist in Chile and Peru. Excluding ...

Juan G. Restrepo, 2, ∗ Edward Ott, 3 and Brian R. Hunt 4 1 Institute for Research in Electronics and Applied Physics, University of Maryland, College Park, Maryland 20742 2 Department of Mathematics, University of Maryland, College Park, Maryland 20742 3 Department of Physics and Department of Electrical and Computer Engineering, University of Maryland, College Park, Maryland 20742 4 Institute ...

Many sensor applications are interested in computing a function over measurements (e.g., sum, average, max) as opposed to collecting all sensor data. Today, such data aggregation is done in a cluster-head. Sensor nodes transmit their values sequentially to a cluster-head node, which calculates the aggregation function and forwards it to the base station. In contrast, this paper explores the pos...

This paper develops a continuous-time model of the public and private provision of liquidity and its relation to unemployment. We extend the Mortensen-Pissarides model of the labor market by adding an over-the-counter (OTC) market where trades are collateralized with claims on …rms’pro…ts and public liabilities backed by taxes. As a result, the real interest rate is endogenous and depends on th...

Instruments for credit risk transfer arise endogenously from and interact with optimizing behavior of their users. This is particularly true with credit derivatives which are usually OTC contracts between banks as buyers and sellers of credit risk. Recent literature, however, does not account for this fact when analyzing the effects of these instruments on banking. The present paper closes this...

N. Atanov(), V. Baranov(), F. Colao(), M. Cordelli(), G. Corradi(), E. Dané(), Yu. I. Davydov(), K. Flood(), S. Giovannella(), V. Glagolev(), F. Happacher(), D. G. Hitlin(), M. Martini(), S. Miscetti(), T. Miyashita(), L. Morescalchi(), P. Ott(), G. Pezzullo(), A. Saputi(), I. Sarra(), S. R. Soleti(1)(∗), G. Tassielli(), V. Tereshchenko() and A. Thomas() () INFN, Laboratori Nazionali di Frascat...

1. First, a number of financial markets—often called over-the-counter or “OTC” markets—are actually best described by a typical search and bargaining model; in these markets, investors have to locate a counterparty themselves, and once they find a suitable trading partner the two are free to trade at any mutually agreeable price. Hence, these models represent the most natural framework to study...