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We examine the effects of S&P 500 index composition changes on the trading environment from 2001 to 2010. We find that the adverse selection cost of trading significantly decreases post addition and increases post deletion. However, the intraday price dynamics of additions to the index seem to be distinct from those of deletions from the index. The event period cumulative abnormal returns for additions are significantly associated with the change in the adverse selection cost of trading while this association is non-significant for deletions. However, the cumulative abnormal returns for deletion event periods are found to be significantly associated with the change in realized spreads. Realized spreads may be interpreted as a measure of revenue earned by the liquidity providers in the market.

School of Graduate StudiesThis is to certify that the thesis prepared By:Youna HongEntitled: Information Asymmetry Around S&P 500 Index Changes and submitted in partial fulfillment of the requirements for the degree of Master of Science in Administration (Finance Option)complies with the regulations of the University and meets the accepted standards with respect to originality and quality.We examine the effects of S&P 500 index composition changes on the trading environment from 2001 to 2010. We find that the adverse selection cost of trading significantly decreases post addition and increases post deletion. However, the intraday price dynamics of additions to the index seem to be distinct from those of deletions from the index. The event period cumulative abnormal returns for additions are significantly associated with the change in the adverse selection cost of trading while this association is non-significant for deletions. However, the cumulative abnormal returns for deletion event periods are found to be significantly associated with the change in realized spreads.Realized spreads may be interpreted as a measure of revenue earned by the liquidity providers in the market.iv ACKNOWLEDGEMENT I thank my supervisor Dr. Rahul Ravi for his insightful advice, heartfelt encouragement and support throughout this work. Through his guidance, I gained a better understanding of market microstructure, and confidence to conduct more imposing work.

Background and Objectives: This systematic review and meta-analysis was conducted to analyze the treatment outcomes of shock wave lithotripsy (SWL) and ureteroscopic lithotripsy (URSL) according to the ureteral stone size. Materials and Methods: In this systematic review, relevant articles that compared SWL and URSL for treatment of ureteral stones were identified. Articles were selected from four English databases including Ovid-Medline, Ovid-EMBASE, the Cochrane Central Register of controlled Trials (Central), and Google Scholar. A quality assessment was carried out by our researchers independently using the Scottish Intercollegiate Guidelines Network (SIGN). A total of 1325 studies were identified, but after removing duplicates, there remained 733 studies. Of these studies, 439 were excluded, 294 were screened, and 18 met the study eligibility criteria. Results: In randomized control trial (RCT) studies, URSL showed significantly higher SFR than SWL (p < 0.01, OR= 0.40, 95% CI 0.30–0.55, I² = 29%). The same results were shown in sub-group analysis according to the size of the stone (<1 cm: p < 0.01, OR = 0.40, 95% CI 0.25–0.63; >1 cm: p < 0.01, OR = 0.38, 95% CI 0.19–0.74, I² = 55%; not specified: p < 0.01, OR = 0.43, 95% CI 0.25–0.72, I² = 70%). In the non-RCT studies, the effectiveness of the URSL was significantly superior to that of SWL (p < 0.01, OR = 0.33, 95% CI 0.21–0.52, I² = 83%). Retreatment rate was significantly lower in URSL than in SWL regardless of stone size (p < 0.01, OR = 10.22, 95% CI 6.76–15.43, I² = 54%). Conclusions: Meta-analysis results show that SFR was higher than SWL in URSL and that URSL was superior to SWL in retreatment rate. However, more randomized trials are required to identify definitive conclusions.