Consumer confidence indices and stock markets’ meltdowns

Consumer confidence indices (CCIs) are a closely monitored barometer of countries’ economic health and an informative forecasting tool. Using European and US data, we provide a case study of the two recent stock market meltdowns (the post-dotcom bubble correction of 2000–2002 and the 2007–2009 decline at the beginning of the financial crisis) to contribute to the discussion on their appropriateness as proxies for stock markets’ investor sentiment. Investor sentiment should positively covary with stock market movements (DeLong, Shleifer, Summers, and Waldmann 1990); however, we find that the CCI–stock market relationship is not universally positive.We also do not find support for the information effect documented in the previous literature, but identify a more subtle relationship between consumer expectations about future household finances and stock market fluctuations.

Example-Based Face Shape Recovery Using the Zenith Angle of the Surface Normal

We present a method for recovering facial shape using an image of a face and a reference model. The zenith angle of the surface normal is recovered directly from the intensities of the image. The azimuth angle of the reference model is then combined with the calculated zenith angle in order to get a new field of surface normals. After integration of the needle map, the recovered surface has the effect of mapped facial features over the reference model. Experiments demonstrate that for the lambertian case, surface recovery is achieved with high accuracy. For non-Lambertian cases, experiments suggest potential for face recognition applications.