The role of an illiquidity factor in the Portuguese stock market

This study examines the role of illiquidity (proxied by the proportion of zero returns) as an additional risk factor in asset pricing. We use Portuguese monthly data, covering the period between January 1988 and December 2008. We compute an illiquidity factor using the Fama and French [Fama, E. F., and K. R. French (1993), "Common risk factors in the returns on stocks and bonds", Journal of Financial Economics, Vol. 33, Nº. 1, pp. 3-56] procedure and analyze the performance of CAPM, Fama-French three-factor model and illiquidity-augmented versions of these models in explaining both the time-series and the cross-section of returns. Our results reveal that the effect of characteristic liquidity is subsumed by the models considered, but the risk of illiquidity is not priced in the Portuguese stock market.

Viability of the use of an A-SiC:H multiplayer device in a domestic VLC application

In this paper the viability of an integrated wavelength optical filter and photodetector for visible light communication (VLC) is discussed. The proposed application uses indoor warm light lamps lighting accomplished by ultra-bright light-emitting diodes (LEDs) pulsed at frequencies higher than the ones perceived by the human eye. The system was analyzed at two different wavelengths in the visible spectrum (430 nm and 626 nm) with variable optical intensities. The signals were transmitted into free space and measured using a multilayered photodetector based on a-SiC:H/a-Si:H. The detector works as an optical filter with controlled wavelength sensitivity through the use of optical bias. The output photocurrent was measured for different optical intensities of the transmitted optical signal and the extent of each signal was tested. The influence of environmental fluorescent lighting was also analysed in order to test the strength of the system. © 2014 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.

What is the shape of an air bubble on a liquid surface?

We have calculated the equilibrium shape of the axially symmetric meniscus along which a spherical bubble contacts a flat liquid surface by analytically integrating the Young-Laplace equation in the presence of gravity, in the limit of large Bond numbers. This method has the advantage that it provides semianalytical expressions for key geometrical properties of the bubble in terms of the Bond number. Results are in good overall agreement with experimental data and are consistent with fully numerical (Surface Evolver) calculations. In particular, we are able to describe how the bubble shape changes from hemispherical, with a flat, shallow bottom, to lenticular, with a deeper, curved bottom, as the Bond number is decreased.