This paper evaluates alternative methods for classifying individual trades as market buy or market sell orders using intraday trade and quote data. We document two potential problems with quote-based ...methods of trade classification: quotes may be recorded ahead of trades that triggered them, and trades inside the spread are not readily classifiable. These problems are analyzed in the context of the interaction between exchange floor agents. We then propose and test relatively simple procedures for improving trade classifications.
Emission-line and UV continuum observations of the type I Seyfert galaxy NGC 5548 were carried out for a period of 8 months with the IUE satellite. It was found that both the continuum shape and the ...line ratios of NGC 5548, while being not unusual for type I Seyfert galaxies, are strongly variable. The UV continuum flux and broad emission line fluxed went through three large maxima and three deep minima; the ratio of miximum to minimum flux was about 4.5 for the continuum at 1350 A. The N V and the He II emission lines exhibited maximum-to-minimum flux ratios as high as those of the continuum; other ionization lines (Ly-alpha, C IV, and C III) exhibited smaller amplitude fluctuations, with the smallest being recorded for the Mg II line (about 1.3). It was found that, except for Mg II, the emission-line variations correlated extremely well with those of the 1350-A continuum.
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