Explaining volatility and serial correlation in opening and closing returns:a study of the FT-30 components

In this paper the performance of opening and closing returns, for the components of the FT-30 will be studied. It will be shown that for these stocks opening returns have higher volatility and a greater tendency towards negative serial correlation than closing returns. Unlike previous studies this contrasting performance cannot solely be attributed to differences in the trading mechanism across the trading day. All the stocks used in our sample trade thought the day using a uniform trading mechanism. In this paper, we suggest that it is differences in the speed that closing and opening returns adjust to new information that causes differences in return performance. By estimating the Amihud and Mendelson (1987) [Amihud, Yakov, & Mendelson, Haim (1987). Trading mechanisms and stock returns: An empirical investigation, Journal of Finance, 62 533-553.] partial adjustment model with noise, we show that opening returns have a tendency towards over-reaction, while closing returns have a tendency towards under-reaction. We suggest that it is these differences that cause a substantial proportion (although not all) of the asymmetric return patterns associated with opening and closing returns. © 2005 Elsevier Inc. All rights reserved.

Q parameter estimation using numerical simulations for linear and nonlinear transmission systems

We compare the Q parameter obtained from scalar, semi-analytical and full vector models for realistic transmission systems. One set of systems is operated in the linear regime, while another is using solitons at high peak power. We report in detail on the different results obtained for the same system using different models. Polarisation mode dispersion is also taken into account and a novel method to average Q parameters over several independent simulation runs is described. © 2006 Elsevier B.V. All rights reserved.

Soliton transmission at 10 Gbit/s over 2022 km of standard fibre with dispersion compensation

We present experimental results of 10 Gbit/s, 20 ps soliton data transmission over standard fibre, dispersion compensated to 0.5 ps/nm/km. Acceptable Q values were measured to a distance of 2022 km.

Typical kernel size and number of sparse random matrices over Galois fields: a statistical physics approach

Using methods of statistical physics, we study the average number and kernel size of general sparse random matrices over GF(q), with a given connectivity profile, in the thermodynamical limit of large matrices. We introduce a mapping of GF(q) matrices onto spin systems using the representation of the cyclic group of order q as the q-th complex roots of unity. This representation facilitates the derivation of the average kernel size of random matrices using the replica approach, under the replica symmetric ansatz, resulting in saddle point equations for general connectivity distributions. Numerical solutions are then obtained for particular cases by population dynamics. Similar techniques also allow us to obtain an expression for the exact and average number of random matrices for any general connectivity profile. We present numerical results for particular distributions.

Properties of sparse random matrices over finite fields

Typical properties of sparse random matrices over finite (Galois) fields are studied, in the limit of large matrices, using techniques from the physics of disordered systems. For the case of a finite field GF(q) with prime order q, we present results for the average kernel dimension, average dimension of the eigenvector spaces and the distribution of the eigenvalues. The number of matrices for a given distribution of entries is also calculated for the general case. The significance of these results to error-correcting codes and random graphs is also discussed.

Asynchrony and the grouping of vowel components:captor tones revisited

Asynchrony is an important grouping cue for separating sound mixtures. A harmonic incremented in level makes a reduced contribution to vowel timbre when it begins before the other components. This contribution can be partly restored by adding a captor tone in synchrony with, and one octave above, the leading portion of the incremented harmonic [Darwin and Sutherland, Q. J. Exp. Psychol. A 36, 193-208 (1984)]. The captor is too remote to evoke adaptation in peripheral channels tuned to the incremented harmonic, and so the restoration effect is usually attributed to the grouping of the leading portion with the captor. However, results are presented that contradict this interpretation. Captor efficacy does not depend on a common onset, or harmonic relations, with the leading component. Rather, captor efficacy is influenced by frequency separation, and extends to about 1.5 oct above the leading component. Below this cutoff, the captor effect is equivalent to attenuating the leading portion of the incremented harmonic by about 6 dB. These results indicate that high-level grouping does not govern the captor effect. Instead, it is proposed that the partial restoration of the contribution of an asynchronous component to vowel timbre depends on broadband inhibition within the central auditory system. © 2006 Acoustical Society of America.

Spiral mechanisms are required to account for summation of complex motion components

Stimuli from one family of complex motions are defined by their spiral pitch, where cardinal axes represent signed expansion and rotation. Intermediate spirals are represented by intermediate pitches. It is well established that vision contains mechanisms that sum over space and direction to detect these stimuli (Morrone et al., Nature 376 (1995) 507) and one possibility is that four cardinal mechanisms encode the entire family. We extended earlier work (Meese & Harris, Vision Research 41 (2001) 1901) using subthreshold summation of random dot kinematograms and a two-interval forced choice technique to investigate this possibility. In our main experiments, the spiral pitch of one component was fixed and that of another was varied in steps of 15° relative to the first. Regardless of whether the fixed component was aligned with cardinal axes or an intermediate spiral, summation to-coherence-threshold between the two components declined as a function of their difference in spiral pitch. Similar experiments showed that none of the following were critical design features or stimulus parameters for our results: superposition of signal dots, limited life-time dots, the presence of speed gradients, stimulus size or the number of dots. A simplex algorithm was used to fit models containing mechanisms spaced at a pitch of either 90° (cardinal model) or 45° (cardinal+model) and combined using a fourth-root summation rule. For both models, direction half-bandwidth was equated for all mechanisms and was the only free parameter. Only the cardinal+model could account for the full set of results. We conclude that the detection of complex motion in human vision requires both cardinal and spiral mechanisms with a half-bandwidth of approximately 46°. © 2002 Elsevier Science Ltd. All rights reserved.

The effect of stimulus location on the major components of the visual evoked response

The topographical distribution of the pattern reversal Visual Evoked Response (VER) was recorded from a localised montage of 20 electrodes over the visual cortex. The response was recorded after stimulation with a black and white checkerboard stimulus. The effect of field location on the major components was investigated in 11 subjects (age range (23-55). The major components of the half field response were; a negative around 75ms (N75) followed by a positivity around 80ms (P80), then a positivity around 100ms (P100) followed by another positivity at around 120ms (P120) and a negativity at approximately 145ms (N145). No effect of field size could be demonstrated on either the amplitude or latency of the late negativity, N145. No significant effect of field size or location was shown on the latency of the P100 response. A delay previously shown in the upper half field response was therefore not substantiated. In contrast the amplitude of the major positivity, P100 was significantly affected by the field size and location. The amplitude of both P100 and N145 were significantly reduced following upper field stimulation when compared with the lower field response. No significant amplitude difference between the upper and lower field responses was demonstrated using electroretinography, the amplitude may therefore be reduced as a result of the ventral position of the upper field representation on the visual cortex. The lateral half field VEP was compared with the distribution of the visual evoked magnetic response (VEMR). The distribution of the VEMR supported the proposal that the paradoxical lateralisation of the VEP half field response is the result of the source being directed ipsilaterally. The morphology of the VEP following octant and double octant stimulation suggests that the response is generated in the striate cortex, with a reversal in response distribution following stimulation of the upper vertical and horizontal meridia.

Which factors drive firm survival within an industry boundary over time?:the UK onshore oil and gas production industry 1984-1999

This thesis looks at the UK onshore oil and gas production industry and follows the history of a population of firms over a fifteen-year period following the industry's renaissance. It examines the linkage between firm survival, selection pressures and adaptation responses at the firm level, especially the role of discretionary adaptation, specifically exploration and exploitation strategies.Taking a Realist approach and using quantitative and qualitative methods for triangulation on a new data base derived from archival data, as well as informant interviews, it tests seven hypotheses' about post-entry survival of firms. The quantitative findings suggest that firm survival within this industry is linked to discretionary adaptation, when measured at the firm level, and to a mixture of selection and adaptation forces when measured for each firm for each individual year. The qualitative research suggests that selection factors dominate. This difference in views is unresolved. However the small, sparse population and the nature of the oil and gas industry compared with other common research contexts such as manufacturing or service firms suggests the results be treated with caution as befits a preliminary investigation. The major findings include limited support for the theory that the external environment is the major determinant of firm survival, though environment components affect firms differentially; resolution of apparent literature differences relating to the sequencing of exploration and exploitation and potential tangible evidence of coevolution. The research also finds that, though selection may be considered important by industry players, discretionary adaptation appears to play the key role, and that the key survival drivers for thispopulation are intra-industry ties, exploitation experience and a learning/experience component. Selection has a place, however, in determining the life-cycle of the firm returning to be a key survival driver at certain ages of the firm inside the industry boundary.

Effectiveness and uptake of screening programmes for coronary heart disease and diabetes:a realist review of design components used in interventions

Objective - To evaluate behavioural components and strategies associated with increased uptake and effectiveness of screening for coronary heart disease and diabetes with an implementation science focus. Design - Realist review. Data sources - PubMed, Web of Knowledge, Cochrane Database of Systematic Reviews, Cochrane Controlled Trials Register and reference chaining. Searches limited to English language studies published since 1990. Eligibility criteria - Eligible studies evaluated interventions designed to increase the uptake of cardiovascular disease (CVD) and diabetes screening and examined behavioural and/or strategic designs. Studies were excluded if they evaluated changes in risk factors or cost-effectiveness only. Results - In 12 eligible studies, several different intervention designs and evidence-based strategies were evaluated. Salient themes were effects of feedback on behaviour change or benefits of health dialogues over simple feedback. Studies provide mixed evidence about the benefits of these intervention constituents, which are suggested to be situation and design specific, broadly supporting their use, but highlighting concerns about the fidelity of intervention delivery, raising implementation science issues. Three studies examined the effects of informed choice or loss versus gain frame invitations, finding no effect on screening uptake but highlighting opportunistic screening as being more successful for recruiting higher CVD and diabetes risk patients than an invitation letter, with no differences in outcomes once recruited. Two studies examined differences between attenders and non-attenders, finding higher risk factors among non-attenders and higher diagnosed CVD and diabetes among those who later dropped out of longitudinal studies. Conclusions - If the risk and prevalence of these diseases are to be reduced, interventions must take into account what we know about effective health behaviour change mechanisms, monitor delivery by trained professionals and examine the possibility of tailoring programmes according to contexts such as risk level to reach those most in need. Further research is needed to determine the best strategies for lifelong approaches to screening.

Soliton transmission at 10 Gbit/s over 2022 km of standard fibre with dispersion compensation

We present experimental results of 10 Gbit/s, 20 ps soliton data transmission over standard fibre, dispersion compensated to 0.5 ps/nm/km. Acceptable Q values were measured to a distance of 2022 km.

Dynamic measurement of accommodation and pupil size using the portable Grand Seiko FR-5000 autorefractor

PURPOSE. The purpose of this study was to evaluate the potential of the portable Grand Seiko FR-5000 autorefractor to allow objective, continuous, open-field measurement of accommodation and pupil size for the investigation of the visual response to real-world environments and changes in the optical components of the eye. METHODS. The FR-5000 projects a pair of infrared horizontal and vertical lines on either side of fixation, analyzing the separation of the bars in the reflected image. The measurement bars were turned on permanently and the video output of the FR-5000 fed into a PC for real-time analysis. The calibration between infrared bar separation and the refractive error was assessed over a range of 10.0 D with a model eye. Tolerance to longitudinal instrument head shift was investigated over a ±15 mm range and to eye alignment away from the visual axis over eccentricities up to 25.0°. The minimum pupil size for measurement was determined with a model eye. RESULTS. The separation of the measurement bars changed linearly (r = 0.99), allowing continuous online analysis of the refractive state at 60 Hz temporal and approximately 0.01 D system resolution with pupils >2 mm. The pupil edge could be analyzed on the diagonal axes at the same rate with a system resolution of approximately 0.05 mm. The measurement of accommodation and pupil size were affected by eccentricity of viewing and instrument focusing inaccuracies. CONCLUSIONS. The small size of the instrument together with its resolution and temporal properties and ability to measure through a 2 mm pupil make it useful for the measurement of dynamic accommodation and pupil responses in confined environments, although good eye alignment is important. Copyright © 2006 American Academy of Optometry.

Cs promoted triglyceride transesterification over MgO nanocatalysts

The influence of Cs on the structure and basicity of nanocrystalline MgO was assessed via electron microscopy, CO2 chemisorption, XRD and XPS. Caesium incorporation via co-precipitation under supercritical conditions generates Cs2Mg(CO3)2 nanocrystallites with an enhanced density and strength of surface base sites. Wet impregnation proved less effective for modifying MgO nanocrystals. A strong synergy between Cs and Mg components in the co-precipitated material dramatically enhanced the rate of tributyrin transesterification with methanol relative to undoped MgO and homogeneous Cs2CO3 catalysts. On-stream deactivation of Cs-doped MgO reflects heavy surface carbon deposition and loss of the high activity Cs2Mg(CO3)2 phase due to limited Cs dissolution.

A Fast XPS study of the surface chemistry of ethanol over Pt{1 1 1}

The adsorption and reaction of ethanol over Pt{1 1 1} has been investigated by Fast XPS and TPD. Ethanol adsorbs molecularly at 100 K, with a saturation coverage of 0.44 ML giving rise to C 1s components with binding energies of 283.7 eV (CH3–) and 284.8 eV (–H2COH). Ethanol multilayers desorb above 150 K, while ∼60% of the monolayer desorbs intact above 200 K in competition with decomposition pathways. Reaction initially proceeds via progressive dehydrogenation to form a metastable acetyl intermediate with components at 283.5 eV (CH3–) and 285.2 eV (-C=O), which in turn undergoes decarbonylation above 250 K to chemisorbed CO and methyl groups. A significant fraction of the latter are hydrogenated above 270 K, desorbing as CH4, with the remainder further decomposing to liberate H2 and surface CHx moeities.

Using genetic programming and decision trees for generating structural descriptions of four bar mechanisms

Four bar mechanisms are basic components of many important mechanical devices. The kinematic synthesis of four bar mechanisms is a difficult design problem. A novel method that combines the genetic programming and decision tree learning methods is presented. We give a structural description for the class of mechanisms that produce desired coupler curves. Constructive induction is used to find and characterize feasible regions of the design space. Decision trees constitute the learning engine, and the new features are created by genetic programming.