Another Look to the Price-Dividend Ratio: A Markov-Switching Approach

This paper analyzes the stationarity of this ratio in the context of a Markov-switching model à la Hamilton (1989) where an asymmetric speed of adjustment is introduced. This particular specification robustly supports a nonlinear reversion process and identifies two relevant episodes: the post-war period from the mid-50’s to the mid-70’s and the so called “90’s boom” period. A three-regime Markov-switching model displays the best regime identification and reveals that only the first part of the 90’s boom (1985-1995) and the post-war period are near-nonstationary states. Interestingly, the last part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a regime featuring a highly reverting process.

加卸载响应比(Load/Unload Response Ratio)、能量加速释放(AE/MR)的临界区尺度及地震预测

加卸载响应比理论的主要思路是 :系统在稳定状态时加载响应与卸载响应的比值与非稳定状态时加载响应与卸载响应的比值是完全不同的。大震前加卸载响应比升高和能量加速释放这两种现象可以用来对地震进行中期预报。同时 ,加卸载响应比理论和能量加速释放可能有相同的物理机制。为了验证这种地震预报方法的可行性 ,我们研究了几例发生在澳大利亚与中国 ,M 5 0～ 7 9之间的地震 ,其中包括破坏严重的澳大利亚纽卡斯尔地震和中国的唐山地震。我们利用以震源中心一定范围内的数据计算了震前的加卸载响应比和能量加速释放的幂律拟合。能量幂律加速释放存在一组最佳的拟合 ,一定范围内加卸载响应比达最大值表明加卸载响应比也有一个临界区尺度。进一步讲 ,加卸载响应比与能量加速释放的临界区尺度是相似的。这些结果表明加卸载响应比与能量加速释放有相同的物理机制。进一步的研究可能会对这种物理机制提供更好的解释 ,同时也能对地震的中期预报提供理论基础

Joannis Clerici ars critica, in qua ad studia linguarum latinae, graecae, et hebraicae via munitur : veterumque emendandorum spuriorum scriptorum a genuinis dignoscendorum, & judicandi de eorum libris ratio traditur

Jean Le Clerc nasceu em Genebra em 1657 e morreu em Amsterdã em 1736. Erudito suíço distinguiu-se como historiador, crítico, teólogo e filósofo. Suas doutrinas filosóficas carecem de unidade e foram, basicamente, fundamentadas em obras de escritores ingleses. Como pastor protestante exerceu o sacerdócio em Londres, tendo aplicado em seus estudos de teologia e exegese bíblica um critério de extrema liberdade, o que o levou a ser acusado de sociniano. Alguns de seus trabalhos foram publicados sob o pseudônimo de Joannes Phereponus. ‘Ars critica’ teve sua primeira edição em 1697. Editado em dois volumes. Contém regras para o estudo dos autores gregos e latinos clássicos, constituindo um tratado de crítica geral e dicionário para o entendimento desses autores. A quarta edição de ‘Ars critica’ foi acrescida de um terceiro volume. Considera-se a edição de 1730 a melhor dentre as publicadas. E uma obra que exigiu uma imensa erudição e grande conhecimento filosófico para sua realização

The Droplet Group Micro-Explosions, Viscosity and Atomization Characteristics of W/O Emulsions

The spray of emulsified fuel, composed of diesel fuel, water and methanol can make micro-explosion under high temperature conditions, and the viscosity and the atomization characteristics of emulsion have significant effects on the micro- explosion of emulsions. To clarify the combustion mechanism of water-in-oil emulsion sprays, combustion bomb experiments were carried out, and the droplet group micro- explosions in W/O fuel emulsion sprays in a high-pressure, high-temperature bomb were observed clearly by a multi-pulsed, off-axis, image-plane ruby laser holocamera and continuously by a high-speed CCD camera.The viscosity and atomization characteristics of emulsions were also studied experimentally. The experimental results show that the higher concentration of the aqueous phase (water-methanol) (<50%) increases the viscosity of the emulsions, especially for higher agent concentration, and higher aqueous phase concentration and higher viscosity results in lager Sauter Mean Diameter (SMD). The experiment results also show that the different kinds of emulsifying agents, with different Hydrophile-Lipophile Balance (HLB) values, have significant influence on the viscosity of the emulsions.

The Influence of Viscosity and Surface Tension on Atomization of Water/Methanol and Diesel Emulsions

This paper shows the result of experimental studies of the influence of viscosities, surface tensions on atomization characteristics of water/methanol and diesel emulsions. Three emulsifying agents Y01, Y02 and Y03, with viscosity of 1.32 ～ 1.5 Pa·s and HLB values of 5.36, 4.83 and 4.51 respectively was produced by Span 80 and Tween 60. In the W/O emulsions, the aqueous phase is between 10% and 50%; the agent concentration added is 0.8 ～ 8.0%. The viscosity of the emulsions is 0.003 ～ 0.02 Pa·s, and the surface tension is 0.04 ～ 0.1 N/m. The types and concentrations of agents and the aqueous phase ( < 50%) significantly influence the viscosity of the emulsions and the Sauter Mean Diameter, measured by Malvern Particle Analyzer SERIES 2600.

Second-to-Fourth Digit Ratio Has a Non-Monotonic Impact on Altruism

Gene-culture co-evolution emphasizes the joint role of culture and genes for the emergence of altruistic and cooperative behaviors and behavioral genetics provides estimates of their relative importance. However, these approaches cannot assess which biological traits determine altruism or how. We analyze the association between altruism in adults and the exposure to prenatal sex hormones, using the second-to-fourth digit ratio. We find an inverted U-shaped relation for left and right hands, which is very consistent for men and less systematic for women. Subjects with both high and low digit ratios give less than individuals with intermediate digit ratios. We repeat the exercise with the same subjects seven months later and find a similar association, even though subjects' behavior differs the second time they play the game. We then construct proxies of the median digit ratio in the population (using more than 1000 different subjects), show that subjects' altruism decreases with the distance of their ratio to these proxies. These results provide direct evidence that prenatal events contribute to the variation of altruistic behavior and that the exposure to fetal hormones is one of the relevant biological factors. In addition, the findings suggest that there might be an optimal level of exposure to these hormones from social perspective.

Measurement of velocity profiles in a rectangular microchannel with aspect ratio α = 0.35

In this work, we measured 14 horizontal velocity profiles along the vertical direction of a rectangular microchannel with aspect ratio alpha = h/w = 0.35 (h is the height of the channel and w is the width of the channel) using microPIV at Re = 1.8 and 3.6. The experimental velocity profiles are compared with the full 3D theoretical solution, and also with a Poiseuille parabolic profile. It is shown that the experimental velocity profiles in the horizontal and vertical planes are in agreement with the theoretical profiles, except for the planes close to the wall. The discrepancies between the experimental data and 3D theoretical results in the center vertical plane are less than 3.6%. But the deviations between experimental data and Poiseuille's results approaches 5%. It indicates that 2D Poiseuille profile is no longer a perfect theoretical approximation since a = 0.35. The experiments also reveal that, very near the hydrophilic wall (z = 0.5-1 mu m), the measured velocities are significantly larger than the theoretical velocity based on the no-slip assumption. A proper discussion on some physical effects influencing the near wall velocity measurement is given.

Influences of Structural Damping and Buoyancy-Weight Ratio on Dynamic Responses of Submerged Floating Tunnel

The recent progress of submerged floating tunnel (SFT) investigation and SFT prototype (SFTP) project in Qiandao Lake (Zhejiang Province, P.R. China) is the background of this research. Structural damping effect is brought into present computation model in terms of Rayleigh damping. Based on the FEM computational results of SFTPs as a function of buoyancy-weight ratio (BWR) under hydrodynamic loads, the effect of BWR on the dynamic response of SFT is illustrated. In addition, human comfort index is adopted to discuss the comfort status of the SFTP.

Complex Transition of Double-Diffusive Convection in a Rectangular Enclosure with Height-to-Length Ratio Equal to 4: Part I

This is the first part of direct numerical simulation (DNS) of double-diffusive convection in a slim rectangular enclosure with horizontal temperature and concentration gradients. We consider the case with the thermal Rayleigh number of 10^5, the Pradtle number of 1, the Lewis number of 2, the buoyancy ratio of composition to temperature being in the range of [0,1], and height-to-width aspect ration of 4. A new 7th order upwind compact scheme was developed for approximation of convective terms, and a three-stage third-order Runge-Kutta method was employed for time advancement. Our DNS suggests that with the buoyancy ratio increasing form 0 to 1, the flow of transition is a complex series changing fromthe steady to periodic, chaotic, periodic, quasi-periodic, and finally back to periodic. There are two types of periodic flow, one is simple periodic flow with single fundamental frequency (FF), and another is complex periodic flow with multiple FFs. This process is illustrated by using time-velocity histories, Fourier frequency spectrum analysis and the phase-space rajectories.

Sex-ratio and fecundity of catfish, Clarias gariepinus in Opa reservoir, Obafemi Awolowo University, Ile-Ife

The sex-ratio of Clarias gariepinus in Opa Reservoir was 2:1 (male/female). The fecundity of C. gariepinus in Opa reservoir ranged between 1,567 and 650,625 egg. The fish species had extended spawning period which probably spreads the risk of predation on the eggs. The population of the fish species could be improved by stocking with the female breeders