The valuation of European financial firms

We extend the recent literature concerning accounting based valuation models to investigate financial firms from six European countries with substantial financial sectors: France, Germany, Italy, Netherlands, Switzerland and the UK. Not only are these crucial industries worthy of study in their own right, but unusual accounting practices, and inter-country differences in those accounting practices, provide valuable insights into the accounting-value relationship. Our sample consists of 7,714 financial firm/years observations from 1,140 companies drawn from 1989-2000. Sub-samples include 1,309 firm/years for banks, 650 for insurance companies, 1,705 for real estate firms, and 3,239 for investment companies. In most countries we find that the valuation models work as well or better in explaining cross-sectional variations in the market-to-book ratio for financial firms as they do for industrial and commercial firms in the same countries, although Switzerland is an exception to this generalization. As expected, the results are sensitive to industrial differences, accounting regulation and accounting practices. In particular, marking assets to market value reduces the relevance of earnings figures and increases that of equity

Primary Sequences of Protein-Like Copolymers: Levy Flight Type Long Range Correlations

We consider the statistical properties of primary sequences of two-letter HP copolymers (H for hydrophobic and P for polar) designed to have water soluble globular conformations with H monomers shielded from water inside the shell of P monomers. We show, both by computer simulations and by exact analytical calculation, that for large globules and flexible polymers such sequences exhibit long-range correlations which can be described by Levy-flight statistics.Comment: 4 pages, including 2 figures; several references added, some formulations improve

Transverse instability and its long-term development for solitary waves of the (2+1)-Boussinesq equation

The stability properties of line solitary wave solutions of the (2+1)-dimensional Boussinesq equation with respect to transverse perturbations and their consequences are considered. A geometric condition arising from a multi-symplectic formulation of this equation gives an explicit relation between the parameters for transverse instability when the transverse wavenumber is small. The Evans function is then computed explicitly, giving the eigenvalues for transverse instability for all transverse wavenumbers. To determine the nonlinear and long time implications of transverse instability, numerical simulations are performed using pseudospectral discretization. The numerics confirm the analytic results, and in all cases studied, transverse instability leads to collapse.Comment: 16 pages, 8 figures; submitted to Phys. Rev.

A study of disaffection in Upper Canada in 1812-5

Inscribed on verso of front cover: H.R. Morgan Esq. with compts of E.A. Cruikshank

On the speed of convergence to stationarity of the Erlang loss system

We consider the Erlang loss system, characterized by $N$ servers, Poisson arrivals and exponential service times, and allow the arrival rate to be a function of $N.$ We discuss representations and bounds for the rate of convergence to stationarity of the number of customers in the system, and display some bounds for the total variation distance between the time-dependent and stationary distributions. We also pay attention to time-dependent rates

Tricritical gravity waves in the four-dimensional generalized massive gravity

We construct a generalized massive gravity by combining quadratic curvature gravity with the Chern-Simons term in four dimensions. This may be a candidate for the parity-odd tricritical gravity theory. Considering the AdS$_4$ vacuum solution, we derive the linearized Einstein equation, which is not similar to that of the three dimensional (3D) generalized massive gravity. When a perturbed metric tensor is chosen to be the Kerr-Schild form, the linearized equation reduces to a single massive scalar equation. At the tricritical points where two masses are equal to -1 and 2, we obtain a log-square wave solution to the massive scalar equation. This is compared to the 3D tricritical generalized massive gravity whose dual is a rank-3 logarithmic conformal field theory.Comment: 17 pages, 1 figure, version to appear in EPJ

Status of inshore demersal scalefish stocks on the south coast of Western Australia. NRM Project 12034 Final Report

Inshore demersal scalefish in waters of 20-250 m depth in the South Coast Bioregion (SCB) are an important resource targeted by commercial, recreational and charter fishing sectors

Mobile app as a tool to collect health data: a survey on vaccination against COVID-19

Objective. To evaluate the feasibility of using a mobile app to collect health-related data and the impact of this data collection method on the results obtained, using the COVID-19 vaccination attitude assessment as an example. Material and methods. A survey was conducted on attitudes towards COVID-19 vaccination using the «Know Your Heart» mobile app. A total of 1,770 Arkhangelsk region residents aged 35—74 years who participated in the ЭССЕ-РФ3 survey conducted in the Arkhangelsk region in 2021 were invited to install the application and take part in the survey. Multiple logistic regression analysis was used to evaluate factors related to application installation and survey participation. Results. Of the total number of subjects invited to participate in the study, 611 (34.5%) installed the mobile app, and 150 (8.5%) participated in the survey. Subjects under 65 were more likely to install the application than those 65—74, as were subjects with a steady job versus those without one. Subjects under 65 years of age showed a higher responding rate to the invitation to participate in the mobile survey. Individuals who abused alcohol were less likely to agree to participate in the mobile survey. The majority of respondents are vaccinated against COVID-19 (81%). Vaccinated subjects and those confident in the effectiveness of nonspecific preventive measures were more likely to have positive attitudes towards vaccination. Conclusion. The low response rate to the survey resulting in an unrepresentative sample determined the low effectiveness of the survey using the mobile app. When overcoming these obstacles, mobile applications have the potential to be used in scientific research due to their high speed, accessibility, and ease of data collection

The non-abelian D-brane effective action through order α′4\alpha'{}^4

Requiring the existence of certain BPS solutions to the equations of motion, we determine the bosonic part of the non-abelian D-brane effective action through order $\alpha'{}^4$. We also propose an economic organizational principle for the effective action.Comment: 12 pages, 2 figures, JHEP styl

Quantum Entanglement and the Two-Photon Stokes Parameters

A formalism for two-photon Stokes parameters is introduced to describe the polarization entanglement of photon pairs. This leads to the definition of a degree of two-photon polarization, which describes the extent to which the two photons act as a pair and not as two independent photons. This pair-wise polarization is complementary to the degree of polarization of the individual photons. The approach provided here has a number of advantages over the density matrix formalism: it allows the one- and two-photon features of the state to be separated and offers a visualization of the mixedness of the state of polarization.Comment: 15 pages, 2 figures, accepted for publication in Opt. Com