Modeling equity market integration using smooth transition analysis:a study of Eastern European stock markets

This paper assesses the extent to which the equity markets of Hungary, Poland the Czech Republic and Russia have become less segmented. Using a variety of tests it is shown there has been a consistent increase in the co-movement of some Eastern European markets and developed markets. Using the variance decompositions from a vector autoregressive representation of returns it is shown that for Poland and Hungary global factors are having an increasing influence on equity returns, suggestive of increased equity market integration. In this paper we model a system of bivariate equity market correlations as a smooth transition logistic trend model in order to establish how rapidly the countries of Eastern Europe are moving away from market segmentation. We find that Hungary is the country which is becoming integrated the most quickly. © 2005 ELsevier Ltd. All rights reserved.

Long period grating in multicore optical fiber:an ultra-sensitive vector bending sensor for low curvatures

Long period grating was UV inscribed into a multicore fiber consisting of 120 single mode cores. The multicore fiber that hosts the grating was fusion spliced into a single mode fiber at both ends. The splice creates a taper transition between the two types of fiber that produces a nonadiabatic mode evolution; this results in the illumination of all the modes in the multicore fiber. The spectral characteristics of this fiber device as a function of curvature were investigated. The device yielded a significant spectral sensitivity as high as 1.23 nm/m-1 and 3.57 dB/m-1 to the ultra-low curvature values from 0 to 1 m-1. This fiber device can also distinguish the orientation of curvature experienced by the fiber as the long period grating attenuation bands producing either a blue or red wavelength shift. The finite element method (FEM) model was used to investigate the modal behavior in multicore fiber and to predict the phase-matching curves of the long period grating inscribed into multicore fiber. © 2014 Optical Society of America.