Commonality in Returns, Order Flows, and Liquidity in the Greek Stock Market

Using a unique high-frequency data-set on a comprehensive sample of Greek blue-chip stocks, spanning from September 2003 through March 2006, this note assesses the extent and role of commonality in returns, order flows (OFs), and liquidity. It also formally models aggregate equity returns in terms of aggregate equity OF, in an effort to clarify OF's importance in explaining returns for the Athens Exchange market. Almost a quarter of the daily returns in the FTSE/ATHEX20 index is explained by aggregate own OF. In a second step, using principal components and canonical correlation analyses, we document substantial common movements in returns, OFs, and liquidity, both on a market-wide basis and on an individual security basis. These results emphasize that asset pricing and liquidity cannot be analyzed in isolation from each other.

Quasi-classical model of non-destructive wavepacket manipulation by intense ultrashort nonresonant laser pulses

A quasi-classical model (QCM) of nuclear wavepacket generation, modification and imaging by three intense ultrafast near-infrared laser pulses has been developed. Intensities in excess of 10(13) W cm(-2) are studied, the laser radiation is non-resonant and pulse durations are in the few-cycle regime, hence significantly removed from the conditions typical of coherent control and femtochemistry. The 1s sigma ground state of the D-2 precursor is projected onto the available electronic states in D-2(+) (1s sigma(g) ground and 2p sigma(u) dissociative) and D+ + D+ (Coulomb explosion) by tunnel ionization by an ultrashort 'pump' pulse, and relative populations are found numerically. A generalized non-adiabatic treatment allows the dependence of the initial vibrational population distribution on laser intensity to be calculated. The wavepacket is approximated as a classical ensemble of particles moving on the 1s sigma(g) potential energy surface (PES), and hence follow trajectories of different amplitudes and frequencies depending on the initial vibrational state. The 'control' pulse introduces a time-dependent polarization of the molecular orbital, causing the PES to be modified according to the dynamic Stark effect and the transition dipole. The trajectories adjust in amplitude, frequency and phase-offset as work is done on or by the resulting force; comparing the perturbed and unperturbed trajectories allows the final vibrational state populations and phases to be determined. The action of the 'probe' pulse is represented by a discrete internuclear boundary, such that elements of the ensemble at a larger internuclear separation are assumed to be photodissociated. The vibrational populations predicted by the QCM are compared to recent quantum simulations (Niederhausen and Thumm 2008 Phys. Rev. A 77 013404), and a remarkable agreement has been found. The applicability of this model to femtosecond and attosecond time-scale experiments is discussed and the relation to established femtochemistry and coherent control techniques are explored.

“Superluminal” transmission via entanglement, superoscillations, and quasi-Dirac distributions

We analyze a system inwhich, due to entanglement between the spin and spatial degrees of freedom, the reduced transmitted state has the shape of the freely propagating pulse translated in the complex coordinate plane. In the case an apparently “superluminal” advancement of the pulse, the delay amplitude distribution is found to be a peculiar approximation to the Dirac d function, and the transmission coefficient exhibits a well-defined superoscillatory window. Analogies with potential tunneling and Wheeler’s delayed choice experiment are highlighted.

Netwar Geopolitics: Security, Failed States and Illicit Flows

Recent and emerging security policies and practices claim a mutual vulnerability that closely links human insecurity in failed states with the threat to powerful states from illicit flows. This article first examines this ‘emerging orthodoxy’ of transnational security issues that reinforces the securitisation of poverty and the poor. It then subjects this orthodoxy to theoretical and empirical critique. Theoretically it shows that this orthodoxy is formed as a ‘geopolitical imagination’ that associates and stabilises particular views of weak states and illicit flows in a ‘netwar imagination’ by reasserting and reconfiguring traditional assumptions of the spatiality and nature of threats. A final empirical section, focusing on drug production and nuclear smuggling, argues that those assumptions and their assemblage are a partial, incomplete and often self-referential reading of illicit flows.