Consumption-Wealth Ratio and Expected Stock Returns: Evidence from Panel Data on G7 Countries

Using the theoretical framework of Lettau and Ludvigson (2001), we perform an empirical investigation on how widespread is the predictability of cay {a modi ed consumption-wealth ratio { once we consider a set of important countries from a global perspective. We chose to work with the set of G7 countries, which represent more than 64% of net global wealth and 46% of global GDP at market exchange rates. We evaluate the forecasting performance of cay using a panel-data approach, since applying cointegration and other time-series techniques is now standard practice in the panel-data literature. Hence, we generalize Lettau and Ludvigson's tests for a panel of important countries. We employ macroeconomic and nancial quarterly data for the group of G7 countries, forming an unbalanced panel. For most countries, data is available from the early 1990s until 2014Q1, but for the U.S. economy it is available from 1981Q1 through 2014Q1. Results of an exhaustive empirical investigation are overwhelmingly in favor of the predictive power of cay in forecasting future stock returns and excess returns.

Investigation of flat spectrum radio sources by the interplanetary scintillation method at 111 MHz

Abstract. Interplanetary scintillation observations of 48 of the 55 Augusto et al. (1998) flat spectrum radio sources were carried out at 111 MHz using the interplanetary scintillation method on the Large Phased Array (LPA) in Russia. Due to the large size of the LPA beam (1◦ × 0.5◦) a careful inspection of all possible confusion sources was made using extant large radio surveys: 37 of the 48 sources are not confused. We were able to estimate the scintillating flux densities of 13 sources, getting upper limits for the remaining 35. Gathering more or improving extant VLBI data on these sources might significantly improve our results. This proof-of-concept project tells us that compact (<1 ) flat spectrum radio sources show strong enough scintillations at 111 MHz to establish/constrain their spectra (low-frequency end). Key words. galaxies: general – galaxies: active – galaxies: quasars: general

Vortex state in a mesoscopic flat disk with rough surface

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Surface finishing of flat pieces when submitted to lapping kinematics on abrasive disc dressed under several overlap factors

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Adaptive filter feature identification for structural health monitoring in an aeronautical panel

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Construction of a river buffalo (Bubalus bubalis) whole-genome radiation hybrid panel and preliminary RH mapping of chromosomes 3 and 10

The buffalo (Bubalus bubalis) not only is a useful source of milk, it also provides meat and works as a natural source of labor and biogas. To establish a project for buffalo genome mapping a 5,000-rad whole genome radiation hybrid panel was constructed for river buffalo and used to build preliminary RH maps from two chromosomes (BBU 3 and BBU10). The preliminary maps contain 66 markers, including coding genes, cattle ESTs and microsatellite loci. The RH maps presented here are the starting point for mapping additional loci, in particular, genes and expressed sequence tags that will allow detailed comparative maps between buffalo, cattle and other species to be constructed. A large quantity of DNA has been prepared from the cell lines forming the RH panel reported here and will be made publicly available to the international community both for the study of chromosome evolution and for the improvement of traits important to the role of buffalo in animal agriculture.

Calculation of the vacuum pressure gradient in field emission displays

The usual design of field-emission displays (FEDs) often results in high vacuum pressure gradients inside the glass plates of the device, and this is the main limitation to the widespread availability of large area FEDs. In this paper, we perform theoretical calculations using the finite element method for determining the pressure distributions in several pumping configurations, including a new FED configuration known as porous FED or pFED. The approach here is capable of clarifying the design issues influencing the final pressure relevant to the field-emission display devices. (C) 2001 Elsevier B.V. B.V. All rights reserved.

Construction of a river buffalo (Bubalus bubalis) whole-genome radiation hybrid panel and preliminary RH mapping of chromosomes 3 and 10

The buffalo (Bubalus bubalis) is a source of milk and meat, and also serves as a draft animal. In this study, a 5000-rad whole-genome radiation hybrid (RH) panel for river buffalo was constructed and used to build preliminary RH maps for BBU3 and BBU10 chromosomes. The preliminary maps contain 66 markers, including coding genes, cattle expressed sequence tags (ESTs) and microsatellite loci. The RH maps presented here are the starting point for mapping additional loci that will allow detailed comparative maps between buffalo, cattle and other species whose genomes may be mapped in the future. A large quantity of DNA has been prepared from the cell lines forming the river buffalo RH panel and will be made publicly available to the international community both for the study of chromosome evolution and for the improvement of traits important to the role of buffalo in animal agriculture.

What do very nearly flat detectable cosmic topologies Rook like?

Recent studies of the delectability of the cosmic topology of nearly flat universes have often concentrated on the range of values of Omega(0) given by current observations. Here we study the consequences of taking a range of bounds satisfying \Omega(0) - 1\ much less than 1, which include those expected from future observations such as the Planck mission, as well as those predicted by inflationary models. We show that in this limit, a generic detectable non-flat manifold is locally indistinguishable from either a cylindrical (R-2 X S) or toroidal (R x T-2) manifold, irrespective of its global shape, with the former being more likely. Importantly, this is compatible with some recent indications of the alignment of the quadrupole and octupole moments, based on the analysis of the first year WMAP data. It also implies that in this limit an observer would not be able to distinguish topologically whether the universe is spherical, hyperbolic or flat. By severely restricting the expected topological signatures of detectable isometries, our results provide an effective theoretical framework for interpreting cosmological observations, and can be used to confine the parameter spaces which realistic search strategies, such as the 'circles in the sky' method, need to concentrate on.

Flat currents in the classical AdS(5) x S-5 pure spinor superstring

It is proven that the classical pure spinor superstring in an AdS(5) X S-5 background has a flat current depending on a continuous parameter. This generalizes the recent result of Bena, et at. for the classical Green-Schwarz superstring.

Population dynamic of Sesarma rectum (Crustacea, Brachyura, Sesarmidae) from a muddy flat under human impact, Paraty, Rio de Janeiro, Brazil

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Genetics of anthracnose panel canker disease resistance and its relationship with yield and growth characters in half-sib progenies of rubber tree (Hevea brasiliensis)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)