Episodic star formation in a group of LAEs at z=5.07

We are undertaking a search for high-redshift low-luminosity Lyman Alpha sources in the SHARDS (Survey for High-z Absorption Red and Dead Sources) survey. Among the pre-selected Lyman Alpha sources two candidates were spotted, located 3.19 arcsec apart, and tentatively at the same redshift. Here, we report on the spectroscopic confirmation with Gran Telescopio Canarias of the Lyman Alpha emission from this pair of galaxies at a confirmed spectroscopic redshifts of z=5.07. Furthermore, one of the sources is interacting/merging with another close companion that looks distorted. Based on the analysis of the spectroscopy and additional photometric data, we infer that most of the stellar mass of these objects was assembled in a burst of star formation 100 Myr ago. A more recent burst (2 Myr old) is necessary to account for the measured Lyman Alpha flux. We claim that these two galaxies are good examples of Lyman Alpha sources undergoing episodic star formation. Besides, these sources very likely constitute a group of interacting Lyman Alpha emitters (LAEs).

On the forecast accuracy and consistency of exchange rate expectations: The Spanish PwC Survey.

We examine the predictive ability and consistency properties of exchange rate expectations for the dollar/euro using a survey conducted in Spain by PwC among a panel of experts and entrepreneurs. Our results suggest that the PwC panel have some forecasting ability for time horizons from 3 to 9 months, although only for the 3-month ahead expectations we obtain marginal evidence of unbiasedness and efficiency in the forecasts. As for the consistency properties of the exchange rate expectations formation process, we find that survey participants form stabilising expectations in the short-run and destabilising expectations in the long- run and that the expectation formation process is closer to fundamentalists than chartists.