Asymmetric responses of international stock markets to trading volume

The major goal of this paper is to examine the hypothesis that stock returns and return volatility are asymmetric, threshold nonlinear, functions of change in trading volume. A minor goal is to examine whether return spillover effects also display such asymmetry. Employing a double-threshold GARCH model with trading volume as a threshold variable, we find strong evidence supporting this hypothesis in five international market return series. Asymmetric causality tests lend further support to our trading volume threshold model and conclusions. Specifically, an increase in volume is positively associated, while decreasing volume is negatively associated, with the major price index in four of the five markets. The volatility of each series also displays an asymmetric reaction, four of the markets display higher volatility following increases in trading volume. Using posterior odds ratio, the proposed threshold model is strongly favored in three of the five markets, compared to a US news double threshold GARCH model and a symmetric GARCH model. We also find significant nonlinear asymmetric return spillover effects from the US market.     

Characteristics of Nd：GdVO4 Laser with Different Nd-Doping Concentrations

We report the properties of a compact diode-pumped continuous-wave Nd：GdV04 laser with a linear cavity and different Nd-doped laser crystals. In a 0.2at.% Nd-doped Nd：GdVO4 laser, 1.54 W output laser power is achieved at 912nm wavelength with a slope efficiency of 24.8% at an absorbed pump power of 9.4W. With 0.3at.% Nd-doping concentration, we can obtain the either single-wavelength emission at 1064nm or 912nm or the dual-wavelength emission at 1064nm and 912nm by controlling the incident pump power. From an incident pump power of 11.6 W, the 1064nm emission between ^4Fa/2 and ^4I11/2 is suppressed completely by the 912nm emission between ^4Fa/2 and ^4I9/2. We obtain 670 mW output of the 912nm single-wavelength laser emission with a slope efficiency of 5.5% by taking an incident pump power of 18.4 W. Using a Nd：GdV04 laser with 0.4at.% Nd-doping concentration, we obtain either the single-wavelength emission at 1064nm or the dual-wavelength emission at both 1064nm and 912nm by increasing the incident pump power. We observe a strong competition process in the dualavelength laser.     

Electro-optic pulse response of ferroelectric liquid crystals

The electro-optic response of ferroelectric smectic C* liquid crystals has been studied. Anomalous switching behaviour of such materials which possess a negative dielectric anisotropy has been reported. These materials show a minimum in response time at a sufficiently high field. We present results showing the dependency of this minimum upon spontaneous polarisation and the effect of AC bias. Calculations based upon the equation of motion of the director around the cone are presented which describe this effect and its dependence on the relative magnitudes of the spontaneous polarization and dielectric anisotropy of the material. Good agreement with the experimental results is found.     

Deacetalisation-bicyclisation routes to novel polycyclic heterocycles using stannous chloride dihydrate

The stannous chloride dihydrate-mediated deprotection-bicyclisation of a range of amides possessing a pendant acetal group is reported. These mild reaction conditions have been used to prepare a number of ring-fused heterocyclic compounds, some in enantiomerically pure form, which should be of interest both in their own right and as building blocks for the production of more complex target molecules.     

Global Parametric Sufficient Optimality Conditions for Semi-infinite Discrete Minmax Fractional Programming Problems Involving Generalized （η,ρ）-invex Functions

In this paper,we discuss a large number of sets of global parametric sufficient optimality condi-tions under various gcneralized (η,ρ)-invexity assumptions for a semi-infinite minmax fractional programmingproblem.     

Spectral Properties of Four-Dimensional Compact Flat Manifolds

We study the spectral properties of a large class of compact flat Riemannian manifolds of dimension 4, namely, those whose corresponding Bieberbach groups have the canonical lattice as translation lattice. By using the explicit expression of the heat trace of the Laplacian acting on p-forms, we determine all p-isospectral and L-isospectral pairs and we show that in this class of manifolds, isospectrality on functions and isospectrality on p-forms for all values of p are equivalent to each other. The list shows for any p, 1 ≤ p ≤ 3, many p-isospectral pairs that are not isospectral on functions and have different lengths of closed geodesics. We also determine all length isospectral pairs (i.e. with the same length multiplicities), showing that there are two weak length isospectral pairs that are not length isospectral, and many pairs, p-isospectral for all p and not length isospectral. Mathematics Subject Classifications (2000): 58J53, 58C22, 20H15.     

Hilbert Space of Probability Density Functions Based on Aitchison Geometry

The set of probability functions is a convex subset of L1 and it does not have a linear space structure when using ordinary sum and multiplication by real constants. Moreover, difficulties arise when dealing with distances between densities. The crucial point is that usual distances are not invariant under relevant transformations of densities. To overcome these limitations, Aitchison＇s ideas on compositional data analysis are used, generalizing perturbation and power transformation, as well as the Aitchison inner product, to operations on probability density functions with support on a finite interval. With these operations at hand, it is shown that the set of bounded probability density functions on finite intervals is a pre-Hilbert space. A Hilbert space of densities, whose logarithm is square-integrable, is obtained as the natural completion of the pre-Hilbert space.     

Cosmological Consequences of Scale-Related Comoving Masses for Cosmic Pressure, Mass, and Vacuum Energy Density

According to ideas of Mach, Whitrow, Dirac, or Hoyle, inertial masses of particles should not be a genuine, predetermined quantity; rather they should represent a relational quantity which by its value somehow reflects the deposition and constellation of all other objects in their cosmic environment. In this paper we want to pick up suggestions given by Thirring and by Hoyle of how, due to requirements of the equivalence of rotations and of general relativistic conformal scale invariance, the particle masses of cosmic objects should vary with the cosmic length scale. We study cosmological consequences of comoving cosmic masses which co-evolve by mass with the expansion of the universe. The vanishing of the covariant divergence of the cosmic energy-momentum tensor under the new prerequisite that matter density only falls off with the reciproke of the squared cosmic scale S(t) then leads to the astonishing result that cosmic pressuredoes not fall off adiabatically but rather falls off in a quasi-isothermal behaviour, varying with S(t) as matter density does. Hence, as a new cosmological fact, it arises that, even in the late phases of cosmic expansion, pressure cannot be neglected what concerns its gravitational action on the cosmic dynamics. We then show that under these conditions the cosmological equations can, however, only be solved if, in addition to matter, also pressure and energy density of the cosmic vacuum are included in the calculation. An unaccelerated expansion with a Hubble parameter falling off with S(t)⁻¹ is obtained for a vacuum energy density decay according to S(t)⁻² with a well-tuned proportion of matter and vacuum pressures. As it appears from these results, a universe with particle masses increasing with the cosmic sale S(t) is in fact physically conceivable in an energetically consistent manner, if vacuum energy at the expansion of the universe is converted into mass density of real matter with no net energy loss occuring. This universe in addition also happens to be an economical one which has and keeps a vanishing total energy.     

Controlling a bunch of multiple filaments by means of a beam diameter

We demonstrate a three orders of magnitude increase and stability in the backscattered fluorescence signal from nitrogen molecules by terawatt femtosecond laser pulse induced air filaments using a new method. The method is based on squeezing the initial beam diameter using a telescope. The effect of laser shot-to-shot fluctuations was included in numerical simulations by a random distribution of the initial intensity in both squeezed and non-squeezed beams. Statistical processing of the simulation results shows that the average diameter of plasma channels as well as the total amount of free electrons generated in a bunch of multiple filaments in air is larger in the squeezed beam. Shot-to-shot stability of the simulated plasma density increases in the squeezed beam. The change of this plasma density with propagation distance is in good qualitative agreement with the change of the range-corrected nitrogen fluorescence signal with distance. PACS 42.65.Jx; 42.60.Jf; 42.68.Ay; 42.68.Wt