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We propose a microstructural model for the order flow in financial markets that distinguishes between {\it core orders} and {\it reaction flow}, both modeled as Hawkes processes. This model has a natural scaling limit that reconciles a…

Statistical Finance · Quantitative Finance 2026-02-03 Johannes Muhle-Karbe , Youssef Ouazzani Chahdi , Mathieu Rosenbaum , Grégoire Szymanski

We combine replica exchange (parallel tempering) with normalizing flows, a class of deep generative models. These two sampling strategies complement each other, resulting in an efficient strategy for sampling molecular systems characterized…

Computational Physics · Physics 2022-12-14 Michele Invernizzi , Andreas Krämer , Cecilia Clementi , Frank Noé

The estimation of fill probabilities for trade orders represents a key ingredient in the optimization of algorithmic trading strategies. It is bound by the complex dynamics of financial markets with inherent uncertainties, and the…

We conduct modeling of the price dynamics following order flow imbalance in market microstructure and apply the model to the analysis of Chinese CSI 300 Index Futures. There are three findings. The first is that the order flow imbalance is…

Mathematical Finance · Quantitative Finance 2025-05-26 Chen Hu , Kouxiao Zhang

We propose a robust aggregation method for model parameters in federated learning (FL) under noisy communications. FL is a distributed machine learning paradigm in which a central server aggregates local model parameters from multiple…

Machine Learning · Computer Science 2025-05-20 Tsutahiro Fukuhara , Junya Hara , Hiroshi Higashi , Yuichi Tanaka

Analyzing big data in a highly dynamic environment becomes more and more critical because of the increasingly need for end-to-end processing of this data. Modern data flows are quite complex and there are not efficient, cost-based,…

Databases · Computer Science 2015-07-31 Georgia Kougka , Anastasios Gounaris

Considering that a trader or a trading algorithm interacting with markets during continuous auctions can be modeled by an iterating procedure adjusting the price at which he posts orders at a given rhythm, this paper proposes a procedure…

Trading and Market Microstructure · Quantitative Finance 2012-09-12 Sophie Laruelle , Charles-Albert Lehalle , Gilles Pagès

The aim of the present study is to detect abrupt trend changes in the mean of a multidimensional sequential signal. Directly inspired by papers of Fernhead and Liu ([4] and [5]), this work describes the signal in a hierarchical manner : the…

Machine Learning · Computer Science 2021-06-11 Olivier Sorba , C Geissler

This text describes a method to simultaneously reconstruct flow states and determine particle properties from Lagrangian particle tracking (LPT) data. LPT is a popular measurement strategy for fluids in which particles in a flow are…

Fluid Dynamics · Physics 2023-11-16 Ke Zhou , Samuel J. Grauer

The online portfolio selection (OLPS) problem differs from classical portfolio model problems, as it involves making sequential investment decisions. Many OLPS strategies described in the literature capture market movement based on various…

Portfolio Management · Quantitative Finance 2022-06-03 Man Yiu Tsang , Tony Sit , Hoi Ying Wong

We introduce systematic tests exploiting robust statistical and behavioral patterns in trading to detect fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns consistently observed in financial markets and…

General Economics · Economics 2021-08-26 Lin William Cong , Xi Li , Ke Tang , Yang Yang

We propose Hybrid Transactional Replication (HTR), a novel replication scheme for highly dependable services. It combines two schemes: a transaction is executed either optimistically by only one service replica in the deferred update mode…

Distributed, Parallel, and Cluster Computing · Computer Science 2018-01-26 Tadeusz Kobus , Maciej Kokociński , Paweł T. Wojciechowski

Modeling the impact of the order flow on asset prices is of primary importance to understand the behavior of financial markets. Part I of this paper reported the remarkable improvements in the description of the price dynamics which can be…

Trading and Market Microstructure · Quantitative Finance 2016-04-27 Damian Eduardo Taranto , Giacomo Bormetti , Jean-Philippe Bouchaud , Fabrizio Lillo , Bence Toth

This paper introduces a graph-based algorithm for solving single-item, single-location inventory lot-sizing problems under non-stationary stochastic demand using the $(R_t, S_t)$ policy and a penalty cost scheme. The proposed method relaxes…

Optimization and Control · Mathematics 2024-11-01 Xiyuan Ma , Roberto Rossi , Thomas Archibald

While graph-derived signals are widely used in tabular learning, existing studies typically rely on limited experimental setups and average performance comparisons, leaving the statistical reliability and robustness of observed gains…

Artificial Intelligence · Computer Science 2026-03-17 Mario Heidrich , Jeffrey Heidemann , Rüdiger Buchkremer , Gonzalo Wandosell Fernández de Bobadilla

It has been shown that for a certain special type of quantum graphs the random-matrix form factor can be recovered to at least third order in the scaled time \tau using periodic-orbit theory. Two types of contributing pairs of orbits were…

Chaotic Dynamics · Physics 2007-05-23 G. Berkolaiko

Events in spatiotemporal systems are ubiquitous, yet modeling their complex distributions remains challenging. Existing point process models often rely on strong structural assumptions and are typically limited to autoregressive,…

Machine Learning · Computer Science 2026-05-05 Keyan Chen , Qiwei Yuan , Zhitong Xu , Bin Shen , Shandian Zhe

A new algorithm is developed to jointly recover a temporal sequence of images from noisy and under-sampled Fourier data. Specifically, we consider the case where each data set is missing vital information that prevents its (individual)…

Numerical Analysis · Mathematics 2022-05-13 Yao Xiao , Jan Glaubitz , Anne Gelb , Guohui Song

We consider settings for which one needs to perform multiple flow simulations based on the Navier-Stokes equations, each having different values for the physical parameters and/or different initial condition data, boundary conditions data,…

Numerical Analysis · Mathematics 2017-06-14 Max Gunzburger , Nan Jiang , Zhu Wang

We investigate the relative information efficiency of financial markets by measuring the entropy of the time series of high frequency data. Our tool to measure efficiency is the Shannon entropy, applied to 2-symbol and 3-symbol…

Statistical Finance · Quantitative Finance 2016-09-15 Lucio Maria Calcagnile , Fulvio Corsi , Stefano Marmi