Intraday volatility spillovers between spot and futures indices: Evidence from the Korean stock market

This study provides empirical evidence of the relationship between spot and futures markets in Korea. In particular, the study focuses on the volatility spillover relationship between spot and futures markets by using three high-frequency (10 min, 30 min, and 1 h time-scales) intraday data sets of KOSPI 200 spot and futures contracts. The results indicate a strong bi-directional causal relationship between futures and spot markets, suggesting that return volatility in the spot market can influence that in the futures market and vice versa. Thus, the results indicate that new information is reflected in futures and spot markets simultaneously. This bi-directional causal relationship provides market participants with important guidance on understanding the intraday information transmission between the two markets. Thus, on a given trading day, there may be sudden and sharp increases or decreases in return volatility in the Korean stock market as a result of positive feedback and synchronization of spot and futures markets.     

Analysis of an internal crack of pressure pipeline using ESPI and shearography

In this study, shearography and ESPI have been used for quantitative analysis of an internal crack of pipeline and both of them have proved to be suitable to qualitatively detect inside crack. However, shearography needs several critical? factors including the amount of shearing, shearing direction and induced load for the quantitative evaluation of the inside crack. In this study, the factors were optimized for the quantitative analysis and the size of cracks has been determined. Although the critical? factors in shearography have been optimized, it is difficult to determine the factors exactly because they are related to the details of cracks. On the other hand, ESPI is independent of the details of a crack and only the induced load plays an important role. The out-of-plane displacement was measured under the optimized load and the measured results were numerically differentiated, which resulted in an equivalent to the shearogram. The size of cracks can be determined quantitatively without any detail of a crack.     

High resolution study of permanent photoinduced reflectivity changes and charge-order domain switching in Bi(0.3)Ca(0.7)MnO(3)

We report near-field and far-field optical microscopic studies of photoinduced effects in charge-ordered Bi(0.3)Ca(0.7)MnO(3). Unlike previously reported transient photoinduced effects in manganites, we have observed permanent reflectivity changes following local sample illumination with 488 nm light. High-resolution images of exposed regions reveal optical contrast on a submicrometer scale. This observation indicates that photonic band-gap structures may be created using holographic recording in manganites. We also present images of photoinduced charge-order domain switching in Bi(0.3)Ca(0.7)MnO(3).     

The Hadwiger Number of Jordan Regions Is Unbounded

We show that for every n > 0 there is a planar topological disk A₀ and n translates A₁, A₂, ..., A_n of A₀ such that the interiors of A₀, ..., A_n are pairwise disjoint, but with each A_i touching A₀ for 1 ≤ i ≤ n.