The interaction between the equity premium and the risk-free rate

The equity premium arises from the interaction between the atemporal risk premium for equity, the risk-free rate of intertemporal substitution and the impact of risk on the precautionary motive for saving. Depending on parameter values, the equity premium may either be increased or reduced by the presence of undiversifiable background risk. (C) 2000 Elsevier Science S.A. All rights reserved.

Osmolarity effects on observed insect cell size after baculovirus infection are avoided using growth medium for sample dilution

Rates of cell size increase are an important measure of success during the baculovirus infection process. Batch and fed batch cultures sustain large fluctuations in osmolarity that can affect the measured cell volume if this parameter is not considered during the sizing protocol. Where osmolarity differences between the sizing diluent and the culture broth exist, biased measurements of size are obtained as a result of the cell osmometer response. Spodoptera frugiperda (Sf9) cells are highly sensitive to volume change when subjected to a change in osmolarity. Use of the modified protocol with culture supernatants for sample dilution prior to sizing removed the observed error during measurement.

Adsorption of flavour esters on granular activated carbon

This article reports on the liquid phase adsorption of flavour esters onto granular activated carbon. Ethyl propionate, ethyl butyrate, and ethyl isovalerate were used as adsorbates, and Filtrasorb 400 activated carbon was chosen as the adsorbent. Sips, Toth, Unilan, and Dubinin-Radushkevich isotherm equations which are generally used for heterogeneous adsorbents were used to fit the data. Although satisfactory in fitting the data, inconsistency in parameter values indicated these models to be inadequate. On the other hand the Dubinin-Radushkevich model gave more consistent and meaningful parameter values and adsorption capacities. By employing the Dubinin-Radushkevich equation, the limiting volume of the adsorbed space, which equals the accessible micropore volume, was determined, and found to correlate with the value from carbon dioxide adsorption.

Residence time distributions of gas flowing through rotating drum bioreactors

Residence time distribution studies of gas through a rotating drum bioreactor for solid-state fermentation were performed using carbon monoxide as a tracer gas. The exit concentration as a function of time differed considerably from profiles expected for plug flow, plug flow with axial dispersion, and continuous stirred tank reactor (CSTR) models. The data were then fitted by least-squares analysis to mathematical models describing a central plug flow region surrounded by either one dead region (a three-parameter model) or two dead regions (a five-parameter model). Model parameters were the dispersion coefficient in the central plug flow region, the volumes of the dead regions, and the exchange rates between the different regions. The superficial velocity of the gas through the reactor has a large effect on parameter values. Increased superficial velocity tends to decrease dead region volumes, interregion transfer rates, and axial dispersion. The significant deviation from CSTR, plug flow, and plug flow with axial dispersion of the residence time distribution of gas within small-scale reactors can lead to underestimation of the calculation of mass and heat transfer coefficients and hence has implications for reactor design and scaleup. (C) 2001 John Wiley & Sons, Inc.

Heat flow for the Yang-Mills-Higgs field and the Hermitian Yang-Mills-Higgs metric

For a parameter lambda > 0, we study a type of vortex equations, which generalize the well-known Hermitian-Einstein equation, for a connection A and a section phi of a holomorphic vector bundle E over a Kahler manifold X. We establish a global existence of smooth solutions to heat flow for a self-dual Yang-Mills-Higgs field on E. Assuming the lambda -stability of (E, phi), we prove the existence of the Hermitian Yang-Mills-Higgs metric on the holomorphic bundle E by studying the limiting behaviour of the gauge flow.

A new formation model for M32: a threshed early-type spiral galaxy?

The origin of M32, the closest compact elliptical galaxy (cE), is a long-standing puzzle of galaxy fort-nation in the Local Group. Our N-body/smoothed particle hydrodynamics simulations suggest a new scenario in which the strong tidal field of M31 can transform a spiral galaxy into a compact elliptical galaxy. As a low-luminosity spiral galaxy plunges into the central region of M31, most of the outer stellar and gaseous components of its disk are dramatically stripped as a result of M31's tidal field. The central bulge component, on the other hand, is just weakly influenced by the tidal field, owing to its compact configuration, and retains its morphology. M31's strong tidal field also induces rapid gas transfer to the central region, triggers a nuclear starburst, and consequently forms the central high-density and more metal-rich stellar populations with relatively young ages. Thus, in this scenario, M32 was previously the bulge of a spiral galaxy tidally interacting with M31 several gigayears ago. Furthermore, we suggest that cE's like M32 are rare, the result of both the rather narrow parameter space for tidal interactions that morphologically transform spiral galaxies into cE's and the very short timescale (less than a few times 10(9) yr) for cE's to be swallowed by their giant host galaxies (via dynamical friction) after their formation.

The neutral hydrogen content of Fornax cluster galaxies

We present a new set of deep H I observations of member galaxies of the Fornax cluster. We detected 35 cluster galaxies in H I. The resulting sample, the most comprehensive to date, is used to investigate the distribution of neutral hydrogen in the cluster galaxies. We compare the H I content of the detected cluster galaxies with that of field galaxies by measuring H I mass-to-light ratios and the H I deficiency parameter of Solanes et al. (1996). The mean H I mass-to-light ratio of the cluster galaxies is 0.68 +/- 0.15, significantly lower than for a sample of H I-selected field galaxies (1.15 +/- 0.10), although not as low as in the Virgo cluster (0.45 +/- 0.03). In addition, the H I content of two cluster galaxies (NGC1316C and NGC1326B) appears to have been affected by interactions. The mean H I deficiency for the cluster is 0.38 +/- 0.09 (for galaxy types T = 1-6), significantly greater than for the field sample (0.05 +/- 0.03). Both these tests show that Fornax cluster galaxies are H I-deficient compared to field galaxies. The kinematics of the cluster galaxies suggests that the H I deficiency may be caused by ram-pressure stripping of galaxies on orbits that pass close to the cluster core. We also derive the most complete B-band Tully-Fisher relation of inclined spiral galaxies in Fornax. A subcluster in the South-West of the main cluster contributes considerably to the scatter. The scatter for galaxies in the main cluster alone is 0.50 mag, which is slightly larger than the intrinsic scatter of 0.4 mag. We use the Tully-Fisher relation to derive a distance modulus of Fornax relative to the Virgo cluster of -0.38 +/- 0.14 mag. The galaxies in the subcluster are (1.0 +/- 0.5) mag brighter than the galaxies of the main cluster, indicating that they are situated in the foreground. With their mean velocity 95 km s(-1) higher than that of the main cluster we conclude that the subcluster is falling into the main Fornax cluster.

Ultrasound evaluation of polymer gel dosimeters

A new method for the evaluation of radiotherapy 3D polymer gel dosimeters has been developed using ultrasound to assess the significant structural changes that occur following irradiation of the dosimeters. The ultrasonic parameters of acoustic speed of propagation, attenuation and transmitted signal intensity were measured as a function of absorbed radiation dose. The dose sensitivities for each parameter were determined as 1.8 x 10(-4) s m(-1) Gy(-1), 3.9 dB m(-1) Gy(-1) and 3.2 V-1 Gy(-1) respectively. All parameters displayed a strong variation with absorbed dose that continued beyond absorbed doses of 15 Gy. The ultrasonic measurements demonstrated a significantly larger dynamic range in dose response curves than that achieved with previously published magnetic resonance imaging (MRI) dose response data. It is concluded that ultrasound shows great potential as a technique for the evaluation of polymer gel dosimeters.

General properties of cosmological models with an isotropic singularity

Much of the published work regarding the Isotropic Singularity is performed under the assumption that the matter source for the cosmological model is a barotropic perfect fluid, or even a perfect fluid with a gamma-law equation of state. There are, however, some general properties of cosmological models which admit an Isotropic Singularity, irrespective of the matter source. In particular, we show that the Isotropic Singularity is a point-like singularity and that vacuum space-times cannot admit an Isotropic Singularity. The relationships between the Isotropic Singularity, and the energy conditions, and the Hubble parameter is explored. A review of work by the authors, regarding the Isotropic Singularity, is presented.

Large amplitude folding in finely layered viscoelastic rock structures

We analyze folding phenomena in finely layered viscoelastic rock. Fine is meant in the sense that the thickness of each layer is considerably smaller than characteristic structural dimensions. For this purpose we derive constitutive relations and apply a computational simulation scheme (a finite-element based particle advection scheme; see MORESI et al., 2001) suitable for problems involving very large deformations of layered viscous and viscoelastic rocks. An algorithm for the time integration of the governing equations as well as details of the finite-element implementation is also given. We then consider buckling instabilities in a finite, rectangular domain. Embedded within this domain, parallel to the longer dimension we consider a stiff, layered plate. The domain is compressed along the layer axis by prescribing velocities along the sides. First, for the viscous limit we consider the response to a series of harmonic perturbations of the director orientation. The Fourier spectra of the initial folding velocity are compared for different viscosity ratios. Turning to the nonlinear regime we analyze viscoelastic folding histories up to 40% shortening. The effect of layering manifests itself in that appreciable buckling instabilities are obtained at much lower viscosity ratios (1:10) as is required for the buckling of isotropic plates (1:500). The wavelength induced by the initial harmonic perturbation of the director orientation seems to be persistent. In the section of the parameter space considered here elasticity seems to delay or inhibit the occurrence of a second, larger wavelength. Finally, in a linear instability analysis we undertake a brief excursion into the potential role of couple stresses on the folding process. The linear instability analysis also provides insight into the expected modes of deformation at the onset of instability, and the different regimes of behavior one might expect to observe.

Genetic algorithms for design of liquid retaining structure

In this paper, genetic algorithm (GA) is applied to the optimum design of reinforced concrete liquid retaining structures, which comprise three discrete design variables, including slab thickness, reinforcement diameter and reinforcement spacing. GA, being a search technique based on the mechanics of natural genetics, couples a Darwinian survival-of-the-fittest principle with a random yet structured information exchange amongst a population of artificial chromosomes. As a first step, a penalty-based strategy is entailed to transform the constrained design problem into an unconstrained problem, which is appropriate for GA application. A numerical example is then used to demonstrate strength and capability of the GA in this domain problem. It is shown that, only after the exploration of a minute portion of the search space, near-optimal solutions are obtained at an extremely converging speed. The method can be extended to application of even more complex optimization problems in other domains.

Integrability and exact solution of an electronic model with long range interactions

We present an electronic model with long range interactions. Through the quantum inverse scattering method, integrability of the model is established using a one-parameter family of typical irreducible representations of gl(211). The eigenvalues of the conserved operators are derived in terms of the Bethe ansatz, from which the energy eigenvalues of the Hamiltonian are obtained.

Bayesian analysis of the error correction model

This paper presents a method for estimating the posterior probability density of the cointegrating rank of a multivariate error correction model. A second contribution is the careful elicitation of the prior for the cointegrating vectors derived from a prior on the cointegrating space. This prior obtains naturally from treating the cointegrating space as the parameter of interest in inference and overcomes problems previously encountered in Bayesian cointegration analysis. Using this new prior and Laplace approximation, an estimator for the posterior probability of the rank is given. The approach performs well compared with information criteria in Monte Carlo experiments. (C) 2003 Elsevier B.V. All rights reserved.

Parity measurement of one- and two-electron double well systems

We outline a scheme to accomplish measurements of a solid state double well system (DWS) with both one and two electrons in nonlocalized bases. We show that, for a single particle, measuring the local charge distribution at the midpoint of a DWS using a SET as a sensitive electrometer amounts to performing a projective measurement in the parity (symmetric/antisymmetric) eigenbasis. For two-electrons in a DWS, a similar configuration of SET results in close-to-projective measurement in the singlet/triplet basis. We analyze the sensitivity of the scheme to asymmetry in the SET position for some experimentally relevant parameter, and show that it is experimentally realizable.

Non-diagonal solutions of the reflection equation for the trigonometric A((1)) (n-1) vertex model

We obtain a class of non-diagonal solutions of the reflection equation for the trigonometric A(n-1)((1)) vertex model. The solutions can be expressed in terms of intertwinner matrix and its inverse, which intertwine two trigonometric R-matrices. In addition to a discrete (positive integer) parameter l, 1 less than or equal to l less than or equal to n, the solution contains n + 2 continuous boundary parameters.