Thermodynamic Analysis of Financial Markets: Measuring Order Book Dynamics with Temperature and Entropy.

This study bridges finance and physics by applying thermodynamic concepts to model the limit order book (LOB) with high-frequency trading data on the Bitcoin spot. We derive the measures of Market Temperature and Market Entropy from the kinetic and potential energies in the LOB to provide a deeper understanding of order activities and market participant behavior. Market Temperature emerges as a robust indicator of market liquidity, correlating with liquidity measures such as Active Quote Volume, bid-ask spread and match volume. Market Entropy, on the other hand, quantifies the degree of disorder or randomness in the LOB, providing insights into the instantaneous volatility of price in the high-frequency trading market. Our empirical findings not only broaden the theoretical framework of econophysics but also enhance comprehensive understanding of the market microstructure and order book dynamics.

Characterization of monovarietal olive oils obtained from mills of Calabria region (Southern Italy).

The qualitative characteristics of four monovarietal olive oils produced in Calabria region (Southern Italy) were evaluated. The aim of this work was to evidence the differences on chemical parameters due to variety and to growing environment. Results demonstrated a large variability in qualitative indexes according to the variety. Most of the Grossa di Gerace oils sampled in Ionian Southern coast revealed a high total acidity (percentage upper 0.8% of oleic acid). Fatty acid composition showed some varietal characters: in Grossa di Gerace oils possessed a low content of oleic acid and many Carolea oils showed a heptadecenoic acid level higher than 0.3% as European Rules requires for the extra virgin olive oil category. Carolea cultivar is widely grown in different sites of Calabria and so it is influenced by the different climatic conditions: the obtained oils strongly differed according to the production area.

Data on some qualitative parameters of Carolea olive oils obtained in different areas of Calabria (Southern Italy).

This data article contains complementary results related to the paper "Characterization of monovarietal olive oils obtained from mills of Calabria region (Southern Italy)" (Piscopo et al., 2016) [1]. Data was obtained by capillary-column gas chromatography, analyzing sterols and triterpene dialcohols and ethyl esters in the composition of Carolea olive oils. They were produced in different areas of Calabria region (Southern Italy), named: the Sibari׳s plateau (SP), the Valley of Sant׳ Eufemia (VSE), the Tyrrhenian southern area (TSA), the Ionian southern coast (ISC) and the Ionian area of Catanzaro (IAC). Specifically the characterized samples were 24 in the SP; 43 in the VSE; 15 in the TSA; 30 in the ISC, and 34 in the IAC, for a total amount of 146 olive oils. The differences in some compositional characteristics denoted the effect of the environmental and could be considered to improve the local productions. The compilation of this data provides a resource for the wider research community and the interpretation of this data could be found in the research article noted above.