A partially linear approach to modelling the dynamics of spot and futures prices

In this paper we consider the dynamics of spot and futures prices in the presence of arbitrage. We propose a partially linear error correction model where the adjustment coefficient is allowed to depend non-linearly on the lagged price difference. We estimate our model using data on the DAX index and the DAX futures contract. We find that the adjustment is indeed nonlinear. The linear alternative is rejected. The speed of price adjustment is increasing almost monotonically with the magnitude of the price difference

A Current Mode Detector Array for Gamma-Ray Asymmetry Measurements

We have built a CsI(Tl) gamma-ray detector array for the NPDGamma experiment to search for a small parity-violating directional asymmetry in the angular distribution of 2.2 MeV gamma-rays from the capture of polarized cold neutrons by protons with a sensitivity of several ppb. The weak pion-nucleon coupling constant can be determined from this asymmetry. The small size of the asymmetry requires a high cold neutron flux, control of systematic errors at the ppb level, and the use of current mode gamma-ray detection with vacuum photo diodes and low-noise solid-state preamplifiers. The average detector photoelectron yield was determined to be 1300 photoelectrons per MeV. The RMS width seen in the measurement is therefore dominated by the fluctuations in the number of gamma rays absorbed in the detector (counting statistics) rather than the intrinsic detector noise. The detectors were tested for noise performance, sensitivity to magnetic fields, pedestal stability and cosmic background. False asymmetries due to gain changes and electronic pickup in the detector system were measured to be consistent with zero to an accuracy of $10^{-9}$ in a few hours. We report on the design, operating criteria, and the results of measurements performed to test the detector array.Comment: 33 pages, 20 figures, 2 table

Radio-Frequency Measurements of Coherent Transition and Cherenkov Radiation: Implications for High-Energy Neutrino Detection

We report on measurements of 11-18 cm wavelength radio emission from interactions of 15.2 MeV pulsed electron bunches at the Argonne Wakefield Accelerator. The electrons were observed both in a configuration where they produced primarily transition radiation from an aluminum foil, and in a configuration designed for the electrons to produce Cherenkov radiation in a silica sand target. Our aim was to emulate the large electron excess expected to develop during an electromagnetic cascade initiated by an ultra high-energy particle. Such charge asymmetries are predicted to produce strong coherent radio pulses, which are the basis for several experiments to detect high-energy neutrinos from the showers they induce in Antarctic ice and in the lunar regolith. We detected coherent emission which we attribute both to transition and possibly Cherenkov radiation at different levels depending on the experimental conditions. We discuss implications for experiments relying on radio emission for detection of electromagnetic cascades produced by ultra high-energy neutrinos.Comment: updated figure 10; fixed typo in equation 2.2; accepted by PR

Electronics systems test laboratory testing of shuttle communications systems

Shuttle communications and tracking systems space to space and space to ground compatibility and performance evaluations are conducted in the NASA Johnson Space Center Electronics Systems Test Laboratory (ESTL). This evaluation is accomplished through systems verification/certification tests using orbiter communications hardware in conjunction with other shuttle communications and tracking external elements to evaluate end to end system compatibility and to verify/certify that overall system performance meets program requirements before manned flight usage. In this role, the ESTL serves as a multielement major ground test facility. The ESTL capability and program concept are discussed. The system test philosophy for the complex communications channels is described in terms of the major phases. Results of space to space and space to ground systems tests are presented. Several examples of the ESTL's unique capabilities to locate and help resolve potential problems are discussed in detail

Observation of the Askaryan Effect: Coherent Microwave Cherenkov Emission from Charge Asymmetry in High Energy Particle Cascades

We present the first direct experimental evidence for the charge excess in high energy particle showers predicted nearly 40 years ago by Askaryan. We directed bremsstrahlung photons from picosecond pulses of 28.5 GeV electrons at the SLAC Final Focus Test Beam facility into a 3.5 ton silica sand target, producing electromagnetic showers several meters long. A series of antennas spanning 0.3 to 6 GHz were used to detect strong, sub-nanosecond radio frequency pulses produced whenever a shower was present. The measured electric field strengths are consistent with a completely coherent radiation process. The pulses show 100% linear polarization, consistent with the expectations of Cherenkov radiation. The field strength versus depth closely follows the expected particle number density profile of the cascade, consistent with emission from excess charge distributed along the shower. These measurements therefore provide strong support for experiments designed to detect high energy cosmic rays and neutrinos via coherent radio emission from their cascades.Comment: 10 pages, 4 figures. Submitted to Phys. Rev. Let

Ferromagnetic features on zero-bias conductance peaks in ferromagnet/insulator/superconductor junction

We present a formula for tunneling conductance in ballistic ferromagnet/ferromagnetic insulator/superconductor junctions where the superconducting state has opposite spin pairing symmetry. The formula can involve correctly a ferromagnetism has been induced by effective mass difference between up- and down-spin electrons. Then, this effective mass mismatch ferromagnet and standard Stoner ferromagnet have been employed in this paper. As an application of the formulation, we have studied the tunneling effect for junctions including spin-triplet p-wave superconductor. The conductace spectra show a clear difference between two ferromagnets depending upon the way of normalization of the conductance. Especially, a essential difference is seen in zero-bias conductance peaks reflecting characteristics of each ferromagnets. From obtained results, it will be suggested that the measurements of the tunneling conductance in the junction provide us a useful information about the mechanism of itinerant ferromagnetism in metal.Comment: 8 pages, 8 figures, references added to the first versio

Offshore Financial Havens: Their Role in International Capital Flows

The purpose of this paper is to study the role of offshore financial havens in international capital flows. We examine the effects of being a tax haven, a money laundering centre or an offshore financial centre (OFC), which often overlap. We want to see whether these places are used as entrepots (which means temporary storage for funds) or as investment places or both. We mainly use two complementary data sets: bilateral cross-border asset holding and financial intermediation. One is a stock variable and the other one is a flow variable. We apply the gravity model to bilateral cross-border asset holding between 223 host countries and 67 source countries from Coordinated Portfolio Investment Survey (CPIS). We find that tax havens and OFCs attract more asset investment while money laundering centers scare potential investors away. We then use the flow variable of financial intermediation from UNdatabase and find value of financial intermediation is higher in OFCs and lower in money laundering centers. There is no significant relationship between tax haven and financial intermediation. Our results show that the role of offshore havens in facilitating illegal activities like tax evasion and money laundering is overstated in the previous studies. By allowing parameter shifting in the model, we also find the competitive advantages of offshore finance in facilitating tax avoidance or evasion and money laundering have been eroded due to recent years' global action against tax evasion and money laundering