Evidence of a worldwide stock market log-periodic anti-bubble since mid-2000

Following our investigation of the USA Standard and Poor index anti-bubble that started in August 2000 (Quant. Finance 2 (2002) 468), we analyze 38 world stock market indices and identify 21 “bearish anti-bubbles” and six “bullish anti-bubbles”. An “anti-bubble” is defined as a self-reinforcing price trajectory with self-similar expanding log-periodic oscillations. Mathematically, a bearish anti-bubble is characterize by a power law decrease of the price (or of the logarithm of the price) as a function of time and by expanding log-periodic oscillations. We propose that bearish anti-bubbles are created by positive price-to-price feedbacks feeding overall pessimism and negative market sentiment further strengthened by inter-personal interactions. Bullish anti-bubbles are here identified for the first time. The most striking discovery is that the majority of European and Western stock market indices as well as other stock indices exhibit practically the same log-periodic power law anti-bubble structure as found for the USA S&P500 index. These anti-bubbles are found to start approximately at the same time, August 2000, in all these markets. This shows a remarkable degree of worldwide synchronization. The descent of the worldwide stock markets since 2000 is thus an international event, suggesting the strengthening of globalization.     

Elaboration of hybrid nanocluster materials by solution chemistry

The [(M₆L₁₂ⁱ)L₆^a]ⁿ⁻ and [(M₆L₈ⁱ)L₆^a] units (a = apical, i = inner) constitute the basic building blocks in the octahedral cluster chemistry. Nano-sized metallic clusters are easily obtained by solid state synthesis with transition elements associated with halogen or chalcogen. The intrinsic properties of M₆ cluster units—one or two electron reversible redox process, magnetism and luminescence—depend on the nature of the metal and ligands. The solubilisation of M₆ solid state compounds provides [(M₆L₁₂ⁱ)L₆^a]ⁿ⁻ or [(M₆L₈ⁱ)L₆^a]ⁿ⁻ building blocks with individual properties that can be further used for the design of hybrid organic/inorganic materials. Several examples of solid state precursors are presented as well as substitution reactions of apical ligands in solution. Indeed, hexacyano M₆ clusters are obtained by direct reaction of solid state precursors in aqueous KCN solutions. Low dimensional frameworks are subsequently obtained by recrystallisation of hexacyano M₆ clusters with transition elements. The functionalisation of cluster proceeds in two steps. The first one consists in the replacement of apical halogens of cluster unit precursors by labile groups as CF₃SO₃ (triflate) or solvent molecules after solution reaction. The second one consists in the substitution of the labile groups by functionalised phenolate or pyridine ligands.     

Semiclassical results in the linear response theory

We consider a quantum system of non-interacting fermions at temperature T, in the framework of linear response theory. We show that semiclassical theory is an appropriate framework to describe some of their thermodynamic properties, in particular through asymptotic expansions in ? (Planck constant) of the dynamical susceptibilities. We show how the closed orbits of the classical motion in phase space manifest themselves in these expansions, in the regime where T is of the order of ?.     

Contrast-enhanced magnetic resonance tomoangiography: A new imaging technique for studying thoracic great vessels

The authors propose a new imaging approach for studying thoracic great vessels, using high-speed MR imaging combined with intravenous rapid bolus injection of a paramagnetic contrast media. The decrease of the T₁ relaxation time of flowing blood induced by the contrast agent (Gd-DOTA) caused an increased signal intensity within the vessel lumen for a time period allowing multiplanar imaging of various vascular structures. The intraluminal signal enhancement is mainly related to the blood concentration of the contrast agent as in conventional X-ray angiography. Information on the aorta and pulmonary arteries obtained by the so-called contrast-enhanced magnetic resonance tomoangiography appears complementary to that obtained with other vascular MR imaging procedures such as cine-MRI and magnetic resonance angiography (MRA).     

Fuzzy cardinality and the modeling of imprecise quantification

The concept of cardinality of a fuzzy set has received attention from several researchers and has been defined in several apparently independent manners. A systematic investigation of this notion is performed which unifies and improves previous attempts. The cardinality of a fuzzy set, viewed as a fuzzy integer, is related to scalar cardinality indices. The closely related question of the probability of a fuzzy event is dealt with. Lastly, the usefulness of fuzzy cardinality for meaning representation of statements or queries involving fuzzy linguistic quantifiers is emphasized.     

A mathematical model of a flexible manufacturing system with limited in-process inventory

This paper describes a computationally simple, asymptotic model of a flexible job shop, especially designed for estimating the influence of limited in-process inventory level on the production rate. Its main features make it very similar to the one by Solberg. While Solberg's model consists of a closed queuing network, we propose an open queuing network with a limited amount of inprocess customers; a single customer class is assumed, the various actual processing routes being accounted for by routing probabilities. For such a queuing network, the product form of state probabilities is valid, and the normalization constant can be very simply obtained by a convolution algorithm, close to the one used by Solberg. Various performance indices are calculated, regarding the job shop behaviour over a long period of time. Comparison of analytical results of the model and simulation results are provided in order to estimate the amount of error introduced by assuming exponentially distributed processing times and Poisson inputs in the mathematical representation. Simulations were carried out in FORTRAN-based SLAM language.     

Calcul fonctionnel sur les opérateurs admissibles et application

Let $\text{H}{}_{\mathrm{v}}\text{(h) = ?(}\text{h}{}^2\text{2}\text{) · Δ + V,}\text{lim}{}_{\mathrm{¦x¦\; \to \; +\infty }}\text{V(x) = + ∞}$. Under suitable conditions we prove that $\text{?(H}{}_{\mathrm{v}}\text{(h))}$ is a pseudodifferential operator whose symbol has an asymptotic: $\text{a}{}_{\mathrm{?}}\text{(h) ~∑}{}_{\mathrm{j\; ?\; 0}}\text{h}{}^{\mathrm{j}}\text{a}{}_{\mathrm{?,j}}$. More general pseudodifferential operator's classes are also considered. We apply this result to study the semi-classical behaviour of the spectrum of H_v as h → 0. So, we improve recent results obtained by J. Chazarain and by the author in collaboration with B. Helffer. Furthermore we give a precise meaning to the formal development considered in B. Grammaticos and A. Voros' work (Ann. Physics123 (1979), 359–380).     

Catalytic oxidation of weakly acidic carbon compounds by air in the presence of potassium fluoride on alumina

Oxidation of weakly acidic carbon compounds was achieved with air in presence of KF-Al₂O₃ as catalyst. A carbanion process is proposed.