Dynamic structural and topological phase transitions on the Warsaw Stock Exchange: A phenomenological approach

We study the crash dynamics of the Warsaw Stock Exchange (WSE) by using the Minimal Spanning Tree (MST) networks. We find the transition of the complex network during its evolution from a (hierarchical) power law MST network, representing the stable state of WSE before the recent worldwide financial crash, to a superstar-like (or superhub) MST network of the market decorated by a hierarchy of trees (being, perhaps, an unstable, intermediate market state). Subsequently, we observed a transition from this complex tree to the topology of the (hierarchical) power law MST network decorated by several star-like trees or hubs. This structure and topology represent, perhaps, the WSE after the worldwide financial crash, and could be considered to be an aftershock. Our results can serve as an empirical foundation for a future theory of dynamic structural and topological phase transitions on financial markets

Structural and topological phase transitions on the German Stock Exchange

We find numerical and empirical evidence for dynamical, structural and topological phase transitions on the (German) Frankfurt Stock Exchange (FSE) in the temporal vicinity of the worldwide financial crash. Using the Minimal Spanning Tree (MST) technique, a particularly useful canonical tool of the graph theory, two transitions of the topology of a complex network representing FSE were found. First transition is from a hierarchical scale-free MST representing the stock market before the recent worldwide financial crash, to a superstar-like MST decorated by a scale-free hierarchy of trees representing the market's state for the period containing the crash. Subsequently, a transition is observed from this transient, (meta)stable state of the crash, to a hierarchical scale-free MST decorated by several star-like trees after the worldwide financial crash. The phase transitions observed are analogous to the ones we obtained earlier for the Warsaw Stock Exchange and more pronounced than those found by Onnela-Chakraborti-Kaski-Kert\'esz for S&P 500 index in the vicinity of Black Monday (October 19, 1987) and also in the vicinity of January 1, 1998. Our results provide an empirical foundation for the future theory of dynamical, structural and topological phase transitions on financial markets

The Valuation of Mortgage Loan Commitments Using Option Pricing Estimates

This paper values mortgage loan commitments in the context of the option pricing theory developed by Black and Scholes, and Merton. A valuation model is derived and empirical results are presented.

A SWOT analysis of health service access by men who have sex with men in South Africa: lessons for higher education institutions

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Fine structure in the gamma-ray sky

The EGRET results for gamma-ray intensities in and near the Galactic Plane have been analysed in some detail. Attention has been concentrated on energies above 1 GeV and the individual intensities in a $4^\circ$ longitude bin have been determined and compared with the large scale mean found from a nine-degree polynomial fit. Comparison has been made of the observed standard deviation for the ratio of these intensities with that expected from variants of our model. The basic model adopts cosmic ray origin from supernova remnants, the particles then diffusing through the Galaxy with our usual 'anomalous diffusion'. The variants involve the clustering of SN, a frequency distribution for supernova explosion energies, and 'normal', rather than 'anomalous' diffusion. It is found that for supernovae of unique energy, and our usual anomalous diffusion, clustering is necessary, particularly in the Inner Galaxy. An alternative, and preferred, situation is to adopt the model with a frequency distribution of supernova energies. The results for the Outer Galaxy are such that no clustering is required.Comment: 10 pages, 4 figures, 1 table, accepted for publication in J.Phys.G: Nucl.Part.Phy

Mars Spacecraft Power System Development Final Report

Development of optimum Mariner spacecraft power system for application to future flyby and orbiter mission

A Uniform CO Survey of the Molecular Clouds in Orion and Monoceros

We report the results of a new large scale survey of the Orion-Monoceros complex of molecular clouds made in the J = 1->0 line of CO with the Harvard-Smithsonian 1.2m millimetre-wave telescope. The survey consists of 52,288 uniformly spaced spectra that cover an area of 432 square degrees on the sky and is the most sensitive large-scale survey of the region to date. Distances to the constituent molecular clouds of the complex, estimated from an analysis of foreground and background stars, have provided information on the three dimensional structure of the entire complex.Comment: Accepted for publication in Astronomy and Astrophysics. 19 pages with 17 colour figures - 39 if you count the sub-figures separately. The figures here have been bit-mapped with some loss of quality and beauty. The paper version in A&A will be in greyscale with the on-line version in colour. In the meantime the colour version can be obtained by following links at http://www.star.bris.ac.uk/mrwm . The 9MB PostScript is recommended if you have appropriate bandwidth or otherwise the 2.3MB PDF is usabl

Results of the ESO-SEST Key Programme on CO in the Magellanic Clouds. IX. The giant LMC HII region complex N11

We present maps and a catalogue containing the J=1-0 12CO parameters of 29 individual molecular clouds in the second-brightest LMC star formation complex, N11. In the southwestern part of N11, molecular clouds occur in a ring or shell surrounding the major OB star association LH9. In the northeastern part, a chain of molecular clouds delineates the rim of one of the so-called supergiant shells in the LMC. The well-defined clouds have dimensions close to those of the survey beam (diameters of 25 pc or less). Some of the clouds were also observed in J=2-1 12CO, and in the lower two transitions of 13CO. Clouds mapped with a twice higher angular resolution in J=2-1 12CO show substructure with dimensions once again comparable to those of the mapping beam. The few clouds for which we could model physical parameters have fairly warm (T(kin) = 60 - 150 K) and moderately dense (n(H2) = 3000 cm-3) gas. The northeastern chain of CO clouds, although lacking in diffuse intercloud emission, is characteristic of the more quiescent regions of the LMC and appears to have been subject to relatively little photo-processing. The clouds forming part of the southwestern shell or ring, however, are almost devoid of diffuse intercloud emission and also exhibit other characteristics of an extreme photon-dominated region (PDR).Comment: 14 pages; accepted for publication in A&