Commonality in Returns, Order Flows, and Liquidity in the Greek Stock Market

Using a unique high-frequency data-set on a comprehensive sample of Greek blue-chip stocks, spanning from September 2003 through March 2006, this note assesses the extent and role of commonality in returns, order flows (OFs), and liquidity. It also formally models aggregate equity returns in terms of aggregate equity OF, in an effort to clarify OF's importance in explaining returns for the Athens Exchange market. Almost a quarter of the daily returns in the FTSE/ATHEX20 index is explained by aggregate own OF. In a second step, using principal components and canonical correlation analyses, we document substantial common movements in returns, OFs, and liquidity, both on a market-wide basis and on an individual security basis. These results emphasize that asset pricing and liquidity cannot be analyzed in isolation from each other.

Netwar Geopolitics: Security, Failed States and Illicit Flows

Recent and emerging security policies and practices claim a mutual vulnerability that closely links human insecurity in failed states with the threat to powerful states from illicit flows. This article first examines this ‘emerging orthodoxy’ of transnational security issues that reinforces the securitisation of poverty and the poor. It then subjects this orthodoxy to theoretical and empirical critique. Theoretically it shows that this orthodoxy is formed as a ‘geopolitical imagination’ that associates and stabilises particular views of weak states and illicit flows in a ‘netwar imagination’ by reasserting and reconfiguring traditional assumptions of the spatiality and nature of threats. A final empirical section, focusing on drug production and nuclear smuggling, argues that those assumptions and their assemblage are a partial, incomplete and often self-referential reading of illicit flows.

Simulation of relativistically colliding laser-generated electron flows

The plasma dynamics resulting from the simultaneous impact, of two equal, ultra-intense laser pulses, in two spatially separated spots, onto a dense target is studied via particle-in-cell simulations. The simulations show that electrons accelerated to relativistic speeds cross the target and exit at its rear surface. Most energetic electrons are bound to the rear surface by the ambipolar electric field and expand along it. Their current is closed by a return current in the target, and this current configuration generates strong surface magnetic fields. The two electron sheaths collide at the midplane between the laser impact points. The magnetic repulsion between the counter-streaming electron beams separates them along the surface normal direction, before they can thermalize through other beam instabilities. This magnetic repulsion is also the driving mechanism for the beam-Weibel (filamentation) instability, which is thought to be responsible for magnetic field growth close to the internal shocks of gamma-ray burst jets. The relative strength of this repulsion compared to the competing electrostatic interactions, which is evidenced by the simulations, suggests that the filamentation instability can be examined in an experimental setting. (C) 2012 American Institute of Physics. [http://dx.doi.org/10.1063/1.4768426]

Flow patterns and pressure drop of ionic liquid-water two-phase flows in microchannels

The two-phase flow of a hydrophobic ionic liquid and water was studied in capillaries made of three different materials (two types of Teflon, FEP and Tefzel, and glass) with sizes between 200µm and 270µm. The ionic liquid was 1-butyl-3-methylimidazolium bis{(trifluoromethyl)sulfonyl}amide, with density and viscosity of 1420kgm and 0.041kgms, respectively. Flow patterns and pressure drop were measured for two inlet configurations (T- and Y-junction), for total flow rates of 0.065-214.9cmh and ionic liquid volume fractions from 0.05 to 0.8. The continuous phase in the glass capillary depended on the fluid that initially filled the channel. When water was introduced first, it became the continuous phase with the ionic liquid forming plugs or a mixture of plugs and drops within it. In the Teflon microchannels, the order that fluids were introduced did not affect the results and the ionic liquid was always the continuous phase. The main patterns observed were annular, plug, and drop flow. Pressure drop in the Teflon microchannels at a constant ionic liquid flow rate, was found to increase as the ionic liquid volume fraction decreased, and was always higher than the single phase ionic liquid value at the same flow rate as in the two-phase mixture. However, in the glass microchannel during plug flow with water as the continuous phase, pressure drop for a constant ionic liquid flow rate was always lower than the single phase ionic liquid value. A modified plug flow pressure drop model using a correlation for film thickness derived for the current fluids pair showed very good agreement with the experimental data. © 2013 Elsevier Ltd.