Essays on the Determinants of International Portfolio Investments

Investors significantly overweight domestic assets in their portfolios. This behavior which is commonly called “home bias” contradicts the prescriptions of portfolio theory. This thesis explores potential reasons for the “home bias” by examining the characteristics of the investing and the target countries and features of the interaction between them. A common theme of the four essays is a focus on the importance of information about foreign markets in explaining the share of these markets in investors’ portfolios. The results indicate that the size of the equity ownership in another country strongly relates to the distance to the financial capital of that country, and to trade in goods with and direct investments (FDI) to that country. The first essay empirically investigates the relationship between trade in real goods and portfolio investments. Overall, the evidence indicates a substantial role for trade in reducing the information cost relating to portfolio investments. The second essay examines the implications of the launch of the European Monetary Union (EMU) on international portfolio investments. The evidence on the allocation of Finnish international portfolio investments is more consistent with an information-based than a diversification motive explanation. The third essay employs new data for a large number of countries and further explores the role of trade on international portfolio investments. The results indicate that trade provides important information especially on firms in countries in which the corporate governance structure and the information environment of firms generate less reliable information. The fourth essay examines the relationship between direct investments (FDI) and portfolio investments. In contrast to the predications of portfolio theory, it provides evidence that FDI is a complement rather than a substitute for portfolio investments.

On the L2 stability of linear multidimensional time varying systems

This paper analyzes the L2 stability of solutions of systems with time-varying coefficients of the form [A + C(t)]x′ = [B + D(t)]x + u, where A, B, C, D are matrices. Following proof of a lemma, the main result is derived, according to which the system is L2 stable if the eigenvalues of the coefficient matrices are related in a simple way. A corollary of the theorem dealing with small periodic perturbations of constant coefficient systems is then proved. The paper concludes with two illustrative examples, both of which deal with the attitude dynamics of a rigid, axisymmetric, spinning satellite in an eccentric orbit, subject to gravity gradient torques.

A multi-station satellite radio beacon study of ionospheric variations during total solar eclipses

Faraday rotation data obtained at Delhi, Kurukshetra, Hyderabad, Bangalore, Waltair, Nagpur and Calcutta during the total solar eclipse of 16 February 1980 and at Delhi during the total solar eclipse of 31 July 1981 have been analysed to detect the gravity waves generated by a total solar eclipse as hypothesized by Chimonas and Hines (1970, J. geophys. Res. 75, 875). It has been found that gravity waves can be generated by a total solar eclipse but their detection at ionospheric heights is critically dependent on the location of the observing station in relation to the eclipse path geometry. The distance of the observing station from the eclipse path should be more than 500 km in order to detect such gravity waves.

Electrical and Dielectric Behaviour at the Critical Point of Binary Liquids: Acetonitrile + Cyclohexane

The electrical capacitance and resistance of the binary liquid mixture cyclohexane + acetonitrile are measured in the one phase and two phase regions at spot frequencies between 5 kHz and 100 kHz. This sample has a very low gravity affected (∼0.6 mK) region. In one phase region the capacitance data show a sharp, ∼0.7% increase above background within 0.5 degrees of Tc whereas the resistance has a smooth increase of ∼1.5% above background in a (T−Tc) range of 4 degrees. Two phase values of capacitance and resistance from the coexisting phases are used to determine the critical parameters Tc (critical temperature), Rc (resistance at Tc) and Cc (capacitance at Tc). A precise knowledge of these parameters reduces the uncertainty on the critical exponent 0 for C and R. The one phase capacitance data fit to an (1 - α) exponent in a limited temperature range of 0.2 degrees. Resistance data strongly support an (1 - α) exponent over the entire 5 degree range.

Grönlannin mannerjäätikön tulevaisuus: merenpinnan nousu maailmanlaajuisesti ja Itämerellä

Sea level rise is among the most worrying consequences of climate change, and the biggest uncertainty of sea level predictions lies in the future behaviour of the ice sheets of Greenland and Antarctica. In this work, a literature review is made concerning the future of the Greenland ice sheet and the effect of its melting on Baltic Sea level. The relation between sea level and ice sheets is also considered more generally from a theoretical and historical point of view. Lately, surprisingly rapid changes in the amount of ice discharging into the sea have been observed along the coastal areas of the ice sheets, and the mass deficit of Greenland and West Antarctic ice sheets which are considered vulnerable to warming has been increasing from the 1990s. The changes are probably related to atmospheric or oceanic temperature variations which affect the flow speed of ice either via meltwater penetrating to the bottom of the ice sheet or via changes in the flow resistance generated by the floating parts of an ice stream. These phenomena are assumed to increase the mass deficit of the ice sheets in the warming climate; however, there is no comprehensive theory to explain and model them. Thus, it is not yet possible to make reliable predictions of the ice sheet contribution to sea level rise. On the grounds of the historical evidence it appears that sea level can rise rather rapidly, 1 2 metres per century, even during warm climate periods. Sea level rise projections of similar magnitude have been made with so-called semiempirical methods that are based on modelling the link between sea level and global mean temperature. Such a rapid rise would require considerable acceleration of the ice sheet flow. Stronger rise appears rather unlikely, among other things because the mountainous coastline restricts ice discharge from Greenland. The upper limit of sea level rise from Greenland alone has been estimated at half a metre by the end of this century. Due to changes in the Earth s gravity field, the sea level rise caused by melting ice is not spatially uniform. Near the melting ice sheet the sea level rise is considerably smaller than the global average, whereas farther away it is slightly greater than the average. Because of this phenomenon, the effect of the Greenland ice sheet on Baltic Sea level will probably be rather small during this century, 15 cm at most. Melting of the Antarctic ice sheet is clearly more dangerous for the Baltic Sea, but also very uncertain. It is likely that the sea level predictions will become more accurate in the near future as the ice sheet models develop.

The Amenability Studies on Beneficiation of Low Grade Phyllite Deposits of Tungsten From Degana, Rajasthan

The phyllite deposit of Degana, Rajasthan, containing tungsten values in the form of wolframite, (Fe, MnWO sub 4 ) finely dispersed in the quartz groundmass, has been quantitatively analysed to give 0.063% WO sub 3 , 6.66% Fe sub 2 O sub 3 , 14.30% Al sub 2 O sub 3 and 67.4% SiO sub 2 . The major gangue minerals identified are quartz, iron oxides and mica along with minor amounts of graphite, fluorite and sulphides. The amenability of the ore to gravity concentration, magnetic separation and a combination of the processes has been studied. A combination of tabling on --100 mesh ground ore and dry magnetic separation of the tabled concentrate gave a final concentrate containing 1.834% WO sub 3 with an overall recovery of only 4.6%. The complex mineralogy combined with fine dispersion of very low W values have contributed to the low recoveries and grades. Graph, photomicrographs. 10 ref.--AA

A possible model for fifth force

Recent reanalysis of the data of the Eötvös experiment suggested the existence of a new force. We show that a negative energy massive scalar field minimally coupled to gravity in a background Schwarzschild metric naturally leads to a potential which can explain the small anomalous effect in the Eötvös experiment.

A Comparative Study of Liapunov Stability Analyses of Flexible Damped Satellites

A literal Liapunov stability analysis of a spacecraft with flexible appendages often requires a division of the associated dynamic potential into as many dependent parts as the number of appendages. First part of this paper exposes the stringency in the stability criteria introduced by such a division and shows it to be removable by a “reunion policy.” The policy enjoins the analyst to piece together the sets of criteria for each part. Employing reunion the paper then compares four methods of the Liapunov stability analysis of hybrid dynamical systems illustrated by an inertially coupled, damped, gravity stabilized, elastic spacecraft with four gravity booms having tip masses and a damper rod, all skewed to the orbital plane. The four methods are the method of test density function, assumed modes, and two and one-integral coordinates. Superiority of one-integral coordinate approach is established here. The design plots demonstrate how elastic effects delimit the satellite boom length.

Atomic fountain of laser-cooled Yb atoms for precision measurements

We demonstrate launching of laser-cooled Yb atoms in a cold atomic fountain. Atoms in a collimated thermal beam are first cooled and captured in a magneto-optical trap (MOT) operating on the strongly allowed S-1(0) -> P-1(1) transition at 399 nm (blue line). They are then transferred to a MOT on the weakly allowed S-1(0) -> P-3(1) transition at 556 nm (green line). Cold atoms from the green MOT are launched against gravity at a velocity of around 2.5 m/s using a pair of green beams. We trap more than 107 atoms in the blue MOT and transfer up to 70% into the green MOT. The temperature for the odd isotope Yb-171 is similar to 1 mK in the blue MOT, and reduces by a factor of 40 in the green MOT.

Strong spin-two interaction and general relativity

The concept of short range strong spin-two (f) field (mediated by massive f-mesons) and interacting directly with hadrons was introduced along with the infinite range (g) field in early seventies. In the present review of this growing area (often referred to as strong gravity) we give a general relativistic treatment in terms of Einstein-type (non-abelian gauge) field equations with a coupling constant Gf reverse similar, equals 1038 GN (GN being the Newtonian constant) and a cosmological term λf ƒ;μν (ƒ;μν is strong gravity metric and λf not, vert, similar 1028 cm− is related to the f-meson mass). The solutions of field equations linearized over de Sitter (uniformly curves) background are capable of having connections with internal symmetries of hadrons and yielding mass formulae of SU(3) or SU(6) type. The hadrons emerge as de Sitter “microuniverses” intensely curved within (radius of curvature not, vert, similar10−14 cm).The study of spinor fields in the context of strong gravity has led to Heisenberg's non-linear spinor equation with a fundamental length not, vert, similar2 × 10−14 cm. Furthermore, one finds repulsive spin-spin interaction when two identical spin-Image particles are in parallel configuration and a connection between weak interaction and strong gravity.Various other consequences of strong gravity embrace black hole (solitonic) solutions representing hadronic bags with possible quark confinement, Regge-like relations between spins and masses, connection with monopoles and dyons, quantum geons and friedmons, hadronic temperature, prevention of gravitational singularities, providing a physical basis for Dirac's two metric and large numbers hypothesis and projected unification with other basic interactions through extended supergravity.

Fractal boundaries of basin of attraction of Newton-Raphson method in helicopter trim

A key problem in helicopter aeroelastic analysis is the enormous computational time required for a numerical solution of the nonlinear system of algebraic equations required for trim, particularly when free wake models are used. Trim requires calculation of the main rotor and tail rotor controls and the vehicle attitude which leads to the six steady forces and moments about the helicopter center of gravity to be zero. An appropriate initial estimate of the trim state is needed for successful helicopter trim. This study aims to determine the control inputs that can have considerable effect on the convergence of trim solution in the aeroelastic analysis of helicopter rotors by investigating the basin of attraction of the nonlinear equations (set of initial guess points from which the nonlinear equations converge). It is illustrated that the three main rotor pitch controls of collective pitch, longitudinal cyclic pitch and lateral cyclic pitch have a significant contribution to the convergence of the trim solution. Trajectories of the Newton iterates are shown and some ideas for accelerating the convergence of a trim solution in the aeroelastic analysis of helicopters are proposed. It is found that the basins of attraction can have fractal boundaries. (C) 2010 Elsevier Ltd. All rights reserved.

Analysis of an Aquifer-water table aquitard system

The problem of pumping an aquifer in an aquifer-water table aquitard system is considered, accounting for the elastic properties of both the aquifer and the aquitard, the gravity drainage in the aquitard and treating the water table as an unknown boundary. The coupled partial differential equations are nondimensionalised, yielding three principal parameters governing the problem. The numerical solution of these equations is obtained for a wide range of parameter values. Type curves are generated and their use is illustrated through a field application.

Analysis of flow near a dug well in an unconfined aquifer

A numerical analysis of flow to a dug well in an unconfined aquifer is made, taking into account well storage, elastic storage release, gravity drainage, anisotropy, partial penetration, vertical flow and seepage surface at the well face, and treating the water table in the aquifer and water level in the well as unknown boundaries. The pumped discharge is maintained constant. The solution is obtained by a two-level iterative scheme. The effects of governing parameters on the drawdown, development of seepage surface and contribution from aquifer flow to the total discharge are discussed. The degree of anisotropy and partial penetration are found to be the parameters which affect the flow characteristics most significantly. The effect of anisotropy on the development of seepage surface is very pronounced.

Optimal explicit guidance of multistage launch vehicle along three-dimensional trajectory

Details of an efficient optimal closed-loop guidance algorithm for a three-dimensional launch are presented with simulation results. Two types of orbital injections, with either true anomaly or argument of perigee being free at injection, are considered. The resulting steering-angle profile under the assumption of uniform gravity lies in a canted plane which transforms a three-dimensional problem into an equivalent two-dimensional one. Effects of thrust are estimated using a series in a recursive way. Encke's method is used to predict the trajectory during powered flight and then to compute the changes due to actual gravity using two gravity-related vectors. Guidance parameters are evaluated using the linear differential correction method. Optimality of the algorithm is tested against a standard ground-based trajectory optimization package. The performance of the algorithm is tested for accuracy, robustness, and efficiency for a sun-synchronous mission involving guidance for a multistage vehicle that requires large pitch and yaw maneuver. To demonstrate applicability of the algorithm to a range of missions, injection into a geostationary transfer orbit is also considered. The performance of the present algorithm is found to be much better than others.

Exact traveling- wave solution for model geophysical systems

Exact traveling-wave solutions of time-dependent nonlinear inhomogeneous PDEs, describing several model systems in geophysical fluid dynamics, are found. The reduced nonlinear ODEs are treated as systems of linear algebraic equations in the derivatives. A variety of solutions are found, depending on the rank of the algebraic systems. The geophysical systems include acoustic gravity waves, inertial waves, and Rossby waves. The solutions describe waves which are, in general, either periodic or monoclinic. The present approach is compared with the earlier one due to Grundland (1974) for finding exact solutions of inhomogeneous systems of nonlinear PDEs.