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.     

INJECTIVE PRECOVERS AND MODULES OF GENERALIZED INVERSE POLYNOMIALS

Let (S,≤) be an ordered set. Recall that (S,≤) is artinian if every strictly decreasingsequence of elements of S is ?nite, and that (S,≤) is narrow if every subset of pairwiseorder-incomparable elements of S is ?nite. Let S be a commutative monoid. Unl…     

Noise Path Synthesis with Nonlinear Joints

An efficient synthesis approach is developed which permits thecalculation of the steady-state frequency response of an assembly whichis comprised of linear components and nonlinear joints. Receptancematrices are used to characterize the linear components, which permitscondensation of the system to just the joint degrees-of-freedom.Furthermore, the calculated nonlinear joint forces are then used tostudy the power flow in the assembly, as well as detailed dynamicbehavior within the components. Integrated into the technique is acontinuation scheme which permits efficient parametric studies.     

Quark mass corrections to the perturbative thrust and its effect on the determination of αs

We consider the effects of quark masses to the perturbative thrust in e ⁺ e ⁻ annihilation. In particular we show that perturbative power corrections resulting from non-zero quark masses considerably alters the size of the non-perturbative power corrections and consequently, significantly changes the fitted value of α_s.     

用光学多通道分析仪系统作高分辨光谱测量的技术

通常的光多通道分析仪(OMA)存在着同时谱宽与分辨率的矛盾.本文所述方法,在不减小谱宽的前提下,可将该分析仪光谱分辨率提高1～2量级,使之可适用于高分辨率谱研究.     

On the phase space approach to complexity

We elaborate in some detail on a new phase space approach to complexity, due to Y.-C. Zhang. We show in particular that the connection between maximal complexity and power law noise or correlations can be derived from a simple variational principle. For a 1D signal we find 1/f noise, in accordance with Zhang.     

A RAPID APPROXIMATION FOR PREDICTING THE HYDROCARBON DISCOVERY RATE: PART 1. ASSESSING THE ACCURACY

The hydrocarbon discovery prediction problem is important to firms having to make decisions about the deployment of scarce exploration resources. Traditional methods for estimating the discovery rate rely on the completion of time consuming simulation experiments. A rapid approximation that does not require the completion of simulation exists and has been shown to have some promise as a prediction tool. This paper investigates the accuracy of the approximation method under a wide variety of distributional and drilling efficiency assumptions. The results indicate that the approximation produces predictions close to those of simulation under most of the tested conditions. This suggests that resource exploration firms could conveniently use the method for a wide variety of planning purposes without incurring the same costs in time and personnel required for simulation.     

延长速调管使用寿命的方法

描述了一种延长EPR波谱仪中速调管使用寿命的方法.根据这种方法,只要正确地调谐微波桥的工作状态和适当地调整功率电平器的功率校正电平.即使对于已经严重老化的速调管仍然可以继续使用一段时间,维持仪器的正常运行.     

On the retrograde condensation of one or two liquids

This contribution discusses the phenomena of retrograde condensation of one or two liquids. It w1 be shown that both phenomena can be well understood. Also the relation of retrograde condensation of one liquid phase with the condensation behavior of natural gas will be discussed. Similarly that of two liquid phases with multiple phase behavior occurring in low temperature reservoir fluids will be pointed out.