Panel unit root tests in the presence of cross-sectional dependence: finite sample performance and an application

This paper examines the finite sample properties of three testing regimes for the null hypothesis of a panel unit root against stationary alternatives in the presence of cross-sectional correlation. The regimes of Bai and Ng (2004), Moon and Perron (2004) and Pesaran (2007) are assessed in the presence of multiple factors and also other non-standard situations. The behaviour of some information criteria used to determine the number of factors in a panel is examined and new information criteria with improved properties in small-N panels proposed. An application to the efficient markets hypothesis is also provided. The null hypothesis of a panel random walk is not rejected by any of the tests, supporting the efficient markets hypothesis in the financial services sector of the Australian Stock Exchange.

ARE OECD MACROECONOMIC VARIABLES TREND STATIONARY? EVIDENCE FROM PANEL STATIONARITY TESTS ALLOWING FOR A STRUCTURAL BREAK AND CROSS-SECTIONAL DEPENDENCE

This article applies the panel stationarity test with a break proposed by Hadri and Rao (2008) to examine whether 14 macroeconomic variables of OECD countries can be best represented as random walk or stationary fluctuations around a deterministic trend. In contrast to previous studies, based essentially on visual inspection of the break type or just applying the most general break model, we use a model selection procedure based on BIC. We do this for each time series so that heterogeneous break models are allowed for in the panel. Our results suggest, overwhelmingly, that if we account for a structural break, cross-sectional dependence and choose the break models to be congruent with the data, then the null of stationarity cannot be rejected for all the 14 macroeconomic variables examined in this article. This is in sharp contrast with the results obtained by Hurlin (2004), using the same data but a different methodology.

Dependence of the ion energy on the parameters of the laser pulse and target in the radiation-pressure-dominated regime of acceleration

When the dominant mechanism for ion acceleration is the laser radiation pressure, the conversion efficiency of the laser energy into the energy of relativistic ions may be very high. Stability analysis of a thin plasma layer accelerated by the radiation pressure shows that Raleigh-Taylor instability may enhance plasma inhomogeneity. In the linear stage of instability, the plasma layer decays into separate bunches, which are accelerated by the radiation pressure similarly to clusters accelerated under the action of an electromagnetic wave. The energy and luminosity of an ion beam accelerated in the radiation-pressure-dominated regime are calculated.

Wavelength Dependence of Raman Enhancement from Gold Nanorod Arrays: Quantitative Experiment and Modeling of a Hot Spot Dominated System

Surface-enhanced Raman scattering (SERS) spectra from molecules adsorbed on the surface of vertically aligned gold nanorod arrays exhibit a variation in enhancement factor (EF) as a function of excitation wavelength that displays little correlation with the elastic optical properties of the surface. The key to understanding this lack of correlation and to obtaining agreement between experimental and calculated EF spectra lies with consideration of randomly distributed, sub-10 nm gaps between nanorods forming the substrate. Intense fields in these enhancement “hot spots” make a dominant contribution to the Raman scattering and have a very different spectral profile to that of the elastic optical response. Detailed modeling of the electric field enhancement at both excitation and scattering wavelengths was used to quantitatively predict both the spectral profile and the magnitude of the observed EF.

Observation of plasma density dependence of electromagnetic soliton excitation by an intense laser pulse

The experimental evidence of the correlation between the initial electron density of the plasma and electromagnetic soliton excitation at the wake of an intense (10(19) W/cm(2)) and short (1 ps) laser pulse is presented. The spatial distribution of the solitons, together with their late time evolution into post-solitons, is found to be dependent upon the background plasma parameters, in agreement with published analytical and numerical findings. The measured temporal evolution and electrostatic field distribution of the structures are consistent with their late time evolution and the occurrence of multiple merging of neighboring post-solitons. (C) 2011 American Institute of Physics. [doi:10.1063/1.3625261]

Energy Dependence of Gold Nanoparticle Radiosensitization in Plasmid DNA

Gold nanoparticles (GNPs) are of considerable interest for use as a radiosensitizer, because of their biocompatibility and their ability to increase dose deposited because of their high mass energy absorption coefficient. Their sensitizing properties have been verified experimentally, but a discrepancy between the experimental results and theoretical predictions suggests that the sensitizing effect does not depend solely on gold's superior absorption of energetic photons. This work presents the results of three sets of experiments that independently mapped out the energy dependence of the radiosensitizing effects of GNPs on plasmid DNA suspended in water. Incident photon energy was varied from 11.8 to 80 keV through the use of monochromatic synchrotron and broadband X-rays. These results depart significantly from the theoretical predictions in two ways: First, the sensitization is significantly larger than would be predicted; second, it does not vary with energy as would be predicted from energy absorption coefficients. These results clearly demonstrate that the effects of GNP-enhanced therapies cannot be predicted by considering additional dose alone and that a greater understanding of the processes involved is necessary for the development of future therapeutics.

Dependence of the kinetics of liquid-phase photocatalyzed reactions on oxygen concentration and light intensity

The initial kinetics of the oxidation of 4-chlorophenol, 4-CP, photocatalyzed by titania films and aqueous dispersions were studied as a function of oxygen partial pressure, P-O2, and incident light intensity, I. The reaction conditions were such that the kinetics were independent of [4-CP] but strongly dependent on PO2-a situation that allowed investigation of the less-often studied kinetics of oxygen reduction. The observed kinetics fit a pseudo-steady-state model in which the oxygen is Langmuir-adsorbed on the titania photocatalyst particles before being reduced by photogenerated electrons. The maximum rate of photocatalysis depends directly on I-beta, where, beta = 1 for films and 0.7 for dispersions of titania, indicating that the kinetics are dominated by the surface reactions of the photogenerated electrons and holes for the films and by direct recombination for the powder dispersions. Using the pseudo-first-order model, for both titania films and dispersions, the apparent Langmuir adsorption constant, K-LH, derived from a Langmuir-Hinshelwood analysis of the kinetics, appears to be largely independent of incident light intensity, unlike KLH for 4-CP Consequently, similar values are obtained for the Langmuir adsorption constant, K-ads, extracted from a pseudosteady-state analysis of the kinetics for oxygen on TiO2 dispersions and films in aqueous solution (i.e., ca. 0.0265 +/- 0.005 kPa(-1)), and for both films and dispersions, oxygen appears to be weakly adsorbed on TiO2 compared with 4-CP, at a rate that would take many minutes to reach equilibrium. The value of Kads for oxygen on titania particles dispersed in solution is ca. 4.7 times lower than that reported for the dark Langmuir adsorption isotherm; possible causes for this difference are discussed. (c) 2006 Elsevier Inc. All rights reserved.