The Shape of the Risk Premium: Evidence from a Semiparametric Garch Model.

We examine the relationship between the risk premium on the S&P 500 index return and its conditional variance. We use the SMEGARCH - Semiparametric-Mean EGARCH - model in which the conditional variance process is EGARCH while the conditional mean is an arbitrary function of the conditional variance. For monthly S&P 500 excess returns, the relationship between the two moments that we uncover is nonlinear and nonmonotonic. Moreover, we find considerable persistence in the conditional variance as well as a leverage effect, as documented by others. Moreover, the shape of these relationships seems to be relatively stable over time.

Three-Dimensional Motion Estimation Using Shading Information in Multiple Frames

A new formulation for recovering the structure and motion parameters of a moving patch using both motion and shading information is presented. It is based on a new differential constraint equation (FICE) that links the spatiotemporal gradients of irradiance to the motion and structure parameters and the temporal variations of the surface shading. The FICE separates the contribution to the irradiance spatiotemporal gradients of the gradients due to texture from those due to shading and allows the FICE to be used for textured and textureless surface. The new approach, combining motion and shading information, leads directly to two different contributions: it can compensate for the effects of shading variations in recovering the shape and motion; and it can exploit the shading/illumination effects to recover motion and shape when they cannot be recovered without it. The FICE formulation is also extended to multiple frames.

Global Depth Perception from Familiar Scene Structure

In the absence of cues for absolute depth measurements as binocular disparity, motion, or defocus, the absolute distance between the observer and a scene cannot be measured. The interpretation of shading, edges and junctions may provide a 3D model of the scene but it will not inform about the actual "size" of the space. One possible source of information for absolute depth estimation is the image size of known objects. However, this is computationally complex due to the difficulty of the object recognition process. Here we propose a source of information for absolute depth estimation that does not rely on specific objects: we introduce a procedure for absolute depth estimation based on the recognition of the whole scene. The shape of the space of the scene and the structures present in the scene are strongly related to the scale of observation. We demonstrate that, by recognizing the properties of the structures present in the image, we can infer the scale of the scene, and therefore its absolute mean depth. We illustrate the interest in computing the mean depth of the scene with application to scene recognition and object detection.

Moving towards a more mechanistic approach in the determination of soil heat flux from remote measurements - II. Diurnal shape of soil heat flux

For vegetated surfaces, calculation of soil heat flux, G, with the Exact or Analytical method requires a harmonic analysis of below-canopy soil surface temperature, to obtain the shape of the diurnal course of G. When determining G with remote sensing methods, only composite (vegetation plus soil) radiometric brightness temperature is available. This paper presents a simple equation that relates the sum of the harmonic terms derived for the composite radiometric surface temperature to that of belowcanopy soil surface temperature. The thermal inertia, Gamma(,) for which a simple equation has been presented in a companion paper, paper I, is used to set the magnitude of G. To assess the success of the method proposed in this paper for the estimation of the diurnal shape of G, a comparison was made between 'remote' and in situ calculated values from described field sites. This indicated that the proposed method was suitable for the estimation of the shape of G for a variety of vegetation types and densities. The approach outlined in paper I, to obtain Gamma, was then combined with the estimated harmonic terms to predict estimates of G, which were compared to values predicted by empirical remote methods found in the literature. This indicated that the method proposed in the combination of papers I and II gave reliable estimates of G, which, in comparison to the other methods, resulted in more realistic predictions for vegetated surfaces. This set of equations can also be used for bare and sparsely vegetated soils, making it a universally applicable method. (C) 2007 Elsevier B.V. All rights reserved.

Rheology of magmas with bimodal crystal size and shape distributions: insights from analog experiments

Magmas in volcanic conduits commonly contain microlites in association with preexisting phenocrysts, as often indicated by volcanic rock textures. In this study, we present two different experiments that inves- tigate the flow behavior of these bidisperse systems. In the first experiments, rotational rheometric methods are used to determine the rheology of monodisperse and polydisperse suspensions consisting of smaller, prolate particles (microlites) and larger, equant particles (phenocrysts) in a bubble‐free Newtonian liquid (silicate melt). Our data show that increasing the relative proportion of prolate microlites to equant pheno- crysts in a magma at constant total particle content can increase the relative viscosity by up to three orders of magnitude. Consequently, the rheological effect of particles in magmas cannot be modeled by assuming a monodisperse population of particles. We propose a new model that uses interpolated parameters based on the relative proportions of small and large particles and produces a considerably improved fit to the data than earlier models. In a second series of experiments we investigate the textures produced by shearing bimodal suspensions in gradually solidifying epoxy resin in a concentric cylinder setup. The resulting textures show the prolate particles are aligned with the flow lines and spherical particles are found in well‐organized strings, with sphere‐depleted shear bands in high‐shear regions. These observations may explain the measured variation in the shear thinning and yield stress behavior with increasing solid fraction and particle aspect ratio. The implications for magma flow are discussed, and rheological results and tex- tural observations are compared with observations on natural samples.

The shape of change: memetic analysis of poverty definitions from the 1970s to the 2000s

The authors illustrate how notions of poverty are constructed around specific ‘memes’, or replicating units of cultural information, around which concepts and ideas develop and change. Three ‘memes’ characterising definitions of poverty over the previous years were identified: ‘basic needs’, ‘multidimensional’ and ‘deprivation’. The analysis illustrated the semantic space in which each term was utilised and to the extent it changed and modified over time by different actors. The results revealed how ‘memes’ compete with one another across the discourse. Within this competition, older concepts are almost never fully abandoned, but rather repackaged and reutilised. Thus, new definitions of poverty are less innovative than portrayed in the wider literature.

Shape and size of red blood cells from the Pygoscelid penguins of Antarctica using atomic force microscopy

Antarctic biodiversity is evolutionarily complex, reflecting the extreme ambient conditions. Therefore, Antarctic organisms exhibit sophisticated adaptations in all organization levels, including organs, tissues, and cells. Since red blood cells (RBCs) travel through the vertebrates blood delivering O(2) to all tissues and organs and purging the unwanted CO(2), they represent an interesting model to investigate biological adaptations. We have used atomic force microscopy (AFM) to compare the shape and size of RBCs of the Pygoscelid penguins. A total of 18 landmarks were measured in AFM images. When analyzed individually, the parameters were not capable of discriminating the RBCs of each species. However, the simultaneous use of multiple parameters discriminated (74%) among the RBCs. In addition, the use of RBC measurements was sufficient to hierarchically cluster the species in accordance to other common and reliable phylogenetic strategies. In light of these results, the use of RBC characters could effectively benefit taxonomic inferences.

Thin film drainage : hydrodynamic and disjoining pressures determined from experimental measurements of the shape of a fluid drop approaching a solid wall

Accurate measurements of the shape of a mercury drop separated from a smooth flat solid surface by a thin aqueous film reported recently by Connor and Horn (Faraday Discuss. 2003, 123, 193-206) have been analyzed to calculate the excess pressure in the film. The analysis is based on calculating the local curvature of the mercury/aqueous interface, and relating it via the Young-Laplace equation to the pressure drop across the interface, which is the difference between the aqueous film pressure and the known internal pressure of the mercury drop. For drop shapes measured under quiescent conditions, the only contribution to film pressure is the disjoining pressure arising from double-layer forces acting between the mercury and mica surfaces. Under dynamic conditions, hydrodynamic pressure is also present, and this is calculated by subtracting the disjoining pressure from the total film pressure. The data, which were measured to investigate the thin film drainage during approach of a fluid drop to a solid wall, show a classical dimpling of the mercury drop when it approaches the mica surface. Four data sets are available, corresponding to different magnitudes and signs of disjoining pressure, obtained by controlling the surface potential of the mercury. The analysis shows that total film pressure does not vary greatly during the evolution of the dimple formed during the thin film drainage process, nor between the different data sets. The hydrodynamic pressure appears to adjust to the different disjoining pressures in such a way that the total film pressure is maintained approximately constant within the dimpled region.

Face Recognition from Video Using the Generic Shape-Illumination Manifold

In spite of over two decades of intense research, illumination and pose invariance remain prohibitively challenging aspects of face recognition for most practical applications. The objective of this work is to recognize faces using video sequences both for training and recognition input, in a realistic, unconstrained setup in which lighting, pose and user motion pattern have a wide variability and face images are of low resolution. In particular there are three areas of novelty: (i) we show how a photometric model of image formation can be combined with a statistical model of generic face appearance variation, learnt offline, to generalize in the presence of extreme illumination changes; (ii) we use the smoothness of geodesically local appearance manifold structure and a robust same-identity likelihood to achieve invariance to unseen head poses; and (iii) we introduce an accurate video sequence “reillumination” algorithm to achieve robustness to face motion patterns in video. We describe a fully automatic recognition system based on the proposed method and an extensive evaluation on 171 individuals and over 1300 video sequences with extreme illumination, pose and head motion variation. On this challenging data set our system consistently demonstrated a nearly perfect recognition rate (over 99.7%), significantly outperforming state-of-the-art commercial software and methods from the literature

g-acceleration of gravity: its measurement from the shape of water by using a computerized rotational system

This paper proposes a different experimental setup compared with the traditional ones, in order to determine the acceleration of gravity, which is carried out by using a fluid at a constant rotation. A computerized rotational system-by using a data acquisition system with specific software, a power amplifier and a rotary motion sensor-is employed in order to evaluate the angular velocity and g. An equation to determine g is inferred from fluid mechanics. For this purpose, the fluid's parabolic shape inside a cylindrical receptacle is considered using a rotational movement.