The Mice at play in the CALIFA survey. A case study of a gas-rich major merger between first passage and coalescence

We present optical integral field spectroscopy (IFS) observations of the Mice, a major merger between two massive (≳10^11 M_⊙) gas-rich spirals NGC 4676A and B, observed between first passage and final coalescence. The spectra provide stellar and gas kinematics, ionised gas properties, and stellar population diagnostics, over the full optical extent of both galaxies with ~1.6 kpc spatial resolution. The Mice galaxies provide a perfect case study that highlights the importance of IFS data for improving our understanding of local galaxies. The impact of first passage on the kinematics of the stars and gas has been significant, with strong bars most likely induced in both galaxies. The barred spiral NGC 4676B exhibits a strong twist in both its stellar and ionised gas disk. The edge-on disk galaxy NGC 4676A appears to be bulge free, with a strong bar causing its “boxy” light profile. On the other hand, the impact of the merger on the stellar populations has been minimal thus far. By combining the IFS data with archival multiwavelength observations we show that star formation induced by the recent close passage has not contributed significantly to the total star formation rate or stellar mass of the galaxies. Both galaxies show bicones of high ionisation gas extending along their minor axes. In NGC 4676A the high gas velocity dispersion and Seyfert-like line ratios at large scaleheight indicate a powerful outflow. Fast shocks (vs ~ 350 km s^-1) extend to ~6.6 kpc above the disk plane. The measured ram pressure (P/k = 4.8 × 10^6 K cm^-3) and mass outflow rate (~8−20 M_⊙ yr^-1) are similar to superwinds from local ultra-luminous infrared galaxies, although NGC 4676A only has a moderate infrared luminosity of 3 × 10^10 L_⊙. Energy beyond what is provided by the mechanical energy of the starburst appears to be required to drive the outflow. Finally, we compare the observations to mock kinematic and stellar population maps extracted from a hydrodynamical merger simulation. The models show little enhancement in star formation during and following first passage, in agreement with the observations. We highlight areas where IFS data could help further constrain the models.

The ionized gas in the CALIFA early-type galaxies I. Mapping two representative cases: NGC 6762 and NGC 5966

As part of the ongoing CALIFA survey, we have conducted a thorough bidimensional analysis of the ionized gas in two E/S0 galaxies, NGC 6762 and NGC 5966, aiming to shed light on the nature of their warm ionized ISM. Specifically, we present optical (3745–7300 Å) integral field spectroscopy obtained with the PMAS/PPAK integral field spectrophotometer. Its wide field-of-view (1′ × 1′) covers the entire optical extent of each galaxy down to faint continuum surface brightnesses. To recover the nebular lines, we modeled and subtracted the underlying stellar continuum from the observed spectra using the STARLIGHT spectral synthesis code. The pure emission-line spectra were used to investigate the gas properties and determine the possible sources of ionization. We show the advantages of IFU data in interpreting the complex nature of the ionized gas in NGC 6762 and NGC 5966. In NGC 6762, the ionized gas and stellar emission display similar morphologies, while the emission line morphology is elongated in NGC 5966, spanning ~6 kpc, and is oriented roughly orthogonal to the major axis of the stellar continuum ellipsoid. Whereas gas and stars are kinematically aligned in NGC 6762, the gas is kinematically decoupled from the stars in NGC 5966. A decoupled rotating disk or an “ionization cone” are two possible interpretations of the elongated ionized gas structure in NGC 5966. The latter would be the first “ionization cone” of such a dimension detected within a weak emission-line galaxy. Both galaxies have weak emission-lines relative to the continuum[EW(Hα) ≲ 3 Å] and have very low excitation, log([OIII]λ5007/Hβ) ≲ 0.5. Based on optical diagnostic ratios ([OIII]λ5007/Hβ, [NII]λ6584/Hα, [SII]λ6717, 6731/Hα, [OI]λ6300/Hα), both objects contain a LINER nucleus and an extended LINER-like gas emission. The emission line ratios do not vary significantly with radius or aperture, which indicates that the nebular properties are spatially homogeneous. The gas emission in NGC 6762 can be best explained by photoionization by pAGB stars without the need of invoking any other excitation mechanism. In the case of NGC 5966, the presence of a nuclear ionizing source seems to be required to shape the elongated gas emission feature in the “ionization cone” scenario, although ionization by pAGB stars cannot be ruled out. Further study of this object is needed to clarify the nature of its elongated gas structure.

Testing co-volatility spillovers for natural gas spot, futures and ETF spot using dynamic conditional covariances

There is substantial empirical evidence that energy and financial markets are closely connected. As one of the most widely-used energy resources worldwide, natural gas has a large daily trading volume. In order to hedge the risk of natural gas spot markets, a large number of hedging strategies can be used, especially with the rapid development of natural gas derivatives markets. These hedging instruments include natural gas futures and options, as well as Exchange Traded Fund (ETF) prices that are related to natural gas stock prices. The volatility spillover effect is the delayed effect of a returns shock in one physical, biological or financial asset on the subsequent volatility or co-volatility of another physical, biological or financial asset. Investigating volatility spillovers within and across energy and financial markets is a crucial aspect of constructing optimal dynamic hedging strategies. The paper tests and calculates spillover effects among natural gas spot, futures and ETF markets using the multivariate conditional volatility diagonal BEKK model. The data used include natural gas spot and futures returns data from two major international natural gas derivatives markets, namely NYMEX (USA) and ICE (UK), as well as ETF data of natural gas companies from the stock markets in the USA and UK. The empirical results show that there are significant spillover effects in natural gas spot, futures and ETF markets for both USA and UK. Such a result suggests that both natural gas futures and ETF products within and beyond the country might be considered when constructing optimal dynamic hedging strategies for natural gas spot prices.