International stock return comovements

We examine international stock return comovements using country-industry and country-style portfolios as the base portfolios. We first establish that parsimonious risk-based factor models capture the covariance structure of the data better than the popular Heston- ouwenhorst (1994) model. We then establish the following stylized facts regarding stock return comovements. First, we do not find evidence for an upward trend in return correlations, except for the European stock markets. Second, the increasing importance of industry factors relative to country factors was a short-lived, temporary phenomenon. JEL Classification: C52, G11, G12APT model, Comovements, correlation dynamics, Factor models, global market integration, industry country debate, international diversification

Application of chiral nuclear forces to light nuclei

In these proceedings, we discuss the current status of nuclear bound state predictions based on chiral nuclear interactions. Results of ordinary $s$- and $p$-shell nuclei and light hypernuclei are shown.Comment: 12 pages, 2 figures, corrected typos in Table 5, version as publishe

How significant is the impact of irrigation on the local hydroclimate in Californias Central Valley? Comparison of model results with ground and remote-sensing data

The effect of irrigation on regional climate has been studied over the years. However, in most studies, the model was usually set at coarse resolution, and the soil moisture was set to field capacity at each time step. We reinvestigated this issue over the Central Valley of California's agricultural area by: (1) using the regional climate model at different resolutions down to the finest resolution of 4 km for the most inner domain, covering California's Central Valley, the central coast, the Sierra Nevada Mountains, and water; (2) using a more realistic irrigation scheme in the model through the use of different allowable soil water depletion configurations; and (3) evaluating the simulated results against satellite and in situ observations available through the California Irrigation Management Information System (CIMIS). The simulation results with fine model resolution and with the more realistic irrigation scheme indicate that the surface meteorological fields are noticeably improved when compared with observations from the CIMIS network and Moderate Resolution Imaging Spectroradiometer data. Our results also indicate that irrigation has significant impacts on local meteorological fields by decreasing temperature by 3°-7°C and increasing relative humidity by 9-20%, depending on model resolutions and allowable soil water depletion configurations. More significantly, our results using the improved model show that the effects of irrigation on weather and climate do not extend very far into nonirrigated regions. Copyright 2011 by the American Geophysical Union

A Monitoring Language for Run Time and Post-Mortem Behavior Analysis and Visualization

UFO is a new implementation of FORMAN, a declarative monitoring language, in which rules are compiled into execution monitors that run on a virtual machine supported by the Alamo monitor architecture.Comment: In M. Ronsse, K. De Bosschere (eds), proceedings of the Fifth International Workshop on Automated Debugging (AADEBUG 2003), September 2003, Ghent. cs.SE/030902

Weak Hypernuclear Decay

Because of Pauli suppression effects the $N\pi$ decay of the free $\Lambda$ is not of importance in hypernuclei with $A\geq 10$. Rather the decay of such hypernuclei proceeds via the nucleon-stimulated mode $\Lambda N\rightarrow NN$, analysis of which presents a considerable theoretical challenge and about which there exists only a limited amount of experimental information. Herein we confront existing data wih various theoretical analyses which have been developed.Comment: 19 page standard Latex file; invited talk at 2nd DAFNE Workshop, April, 199

Economic Integration in East Asia: Trends, Prospects, and a Possible Roadmap

This paper, which is a revised version of the ADB Working Paper on Regional Economic Integration No. 2, reviews trends in East Asian regionalism in the areas of trade and investment, money and finance, and infrastructure. It finds that trade and, to a lesser extent, financial integration is starting to increase in the region. It also finds that business cycles are starting to be more synchronized, enhancing the case for further monetary integration among these countries. The paper also outlines a roadmap for East Asian integration.

Economic Integration in East Asia: Trends, Prospects, and a Possible Roadmap

This paper reviews trends in East Asian regionalism in the areas of trade and investment, money and finance, and infrastructure. It presents various measures of trade and financial integration. An important finding of the paper is that increasing trade and financial integration in the region is now starting to lead to a synchronization of business cycles in a selected group of countries, further enhancing the case for monetary integration among these countries. The paper also outlines a roadmap for East Asian integration.ASEAN/East Asian economic cooperation and integration; business cycle synchronization; free trade agreements; policy coordination

Defining systems of innovation: a methodological discussion

Current definitions of systems of innovation (SI) which define SI in institutional terms only, do not resolve difficulties encountered when conceptualizing this notion. This paper develops a conceptual framework for a more structured understanding of SI based on four building blocks: technological regime, institutional set-up, market, and pre-market selection environments. SI can then be defined as the co-evolution of technological regimes and institutional set-up molded by the mechanisms of market and pre-market selection. (C) 1998 Elsevier Science Ltd. Air rights reserved