Multiple cyclical fractional structures in financial time series

This paper analyses multiple cyclical structures in financial time series. In particular, we focus on the monthly structure of the Nasdaq, the Dow Jones and the Standard&Poor stock market indices. The three series are modelled as long-memory processes with poles in the spectrum at multiple frequencies, including the long-run or zero frequency

BFKL predictions for inclusive three jet production at the LHC

We define new observables sensitive to BFKL dynamics in the context of multijet production at the large hadron collider (LHC). We propose the study of the inclusive production of three jets well separated in rapidity from each other, with two of them being very forward. We show that the tagging of a third jet in the central region of rapidity allows for a very strong test of the BFKL formalism. In particular, we have studied two projections on azimuthal angles for the differential cross section which allow for the definition of many different observables whose behavior when varying the $p_t$ and rapidity of the central jet is a distinct signal of BFKL dynamics. In order to reduce the theoretical uncertainties and influence of higher order corrections, we propose the study of ratios of correlation functions of products of cosines of azimuthal angle differences among the tagged jets.Comment: 11 pages, 2 figure

Multi-Regge kinematics and azimuthal angle observables for inclusive four-jet production

We evaluate differential cross sections for production of four jets in multi-Regge kinematics at a hadron collider. The main focus lies on azimuthal angle dependences. As in previous studies, the ratios of correlation functions of products of cosines of azimuthal angle differences among the tagged jets offer us the cleanest quantities to compare with experimental data. The calculations are based on the jet production from a single BFKL ladder with a convolution of three BFKL Green functions where we always have two forward/backward jets tagged in the final state. We also demand the tagging of two further jets in more central regions of the detectors with a relative separation in rapidity from each other, plus the inclusive production of an arbitrary number of mini-jets. We show that dependences on the transverse momenta and rapidity of the two central jets can be a distinct signal of the onset of BFKL dynamics.Comment: 13 pages, 4 figure

Inclusive Four-jet Production at 7 and 13 TeV: Azimuthal Profile in Multi-Regge Kinematics

Recently, new observables in LHC inclusive events with three tagged jets were proposed. Here, we extend that proposal to events with four tagged jets. The events are characterised by one jet in the forward direction, one in the backward direction with a large rapidity distance $Y$ from the first one and two more jets tagged in more central regions of the detector. In our setup, non-tagged associated mini-jet multiplicity is present and needs to be accounted for by the inclusion of BFKL gluon Green functions. The projection of the cross section on azimuthal-angle components opens up the opportunity for defining new ratios of correlation functions of the azimuthal angle differences among the tagged jets that can be used as probes of the BFKL dynamics.Comment: 19 pages, 8 figures; v2: published versio

Probing the BFKL dynamics in inclusive three jet production at the LHC

We propose the study of new observables in LHC inclusive events with three tagged jets, one in the forward direction, one in the backward direction and both well-separated in rapidity from the each other (Mueller-Navelet jets), together with a third jet tagged in central regions of rapidity. Since non-tagged associated mini-jet multiplicity is allowed, we argue that projecting the cross sections on azimuthal-angle components can provide several distinct tests of the BFKL dynamics. Realistic LHC kinematical cuts are introduced.Comment: 8 pages. Talk given by G. Chachamis at the 5th International Conference on New Frontiers in Physics (ICNFP2016), 6-14 July 2016, Kolymbari, Crete, Greec

BFKL Azimuthal Imprints in Inclusive Three-jet Production at 7 and 13 TeV

We propose the study of new observables in LHC inclusive events with three tagged jets, one in the forward direction, one in the backward direction and both well-separated in rapidity from the each other (Mueller-Navelet jets), together with a third jet tagged in central regions of rapidity. Since non-tagged associated mini-jet multiplicity is allowed, we argue that projecting the cross sections on azimuthal-angle components can provide several distinct tests of the BFKL dynamics. Realistic LHC kinematical cuts are introduced.Comment: 17 pages, 7 figure

Azimuthal-angle Observables in Inclusive Three-jet Production

We discuss the impact of corrections beyond the leading-logarithmic accuracy on some recently proposed LHC observables that are based on azimuthal-angle ratios in a kinematical setup that is an extension to the usual one for Mueller-Navelet jets, after requiring an extra tagged jet in central regions of rapidity. The corrections tend to be mild which suggests that these observables are an excellent way to probe the onset of BFKL effects at hadronic colliders.Comment: 6 pages, presented by G. Chachamis at the 25th International Workshop on Deep Inelastic Scattering and Related Topics, 3-7 April 2017, Birmingham, U

STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CAUSAL LINKAGE

This paper addresses the question: does stock market development cause growth? It examines the causal linkage between stock market development, financial development and economic growth. The argument is that any inference that financial liberalisation causes savings or investment or growth, or that financial intermediation causes growth, drawn from bivariate causality tests may be invalid, as invalid causality inferences can result from omitting an important variable. The empirical part of this study exploits techniques recently developed by Toda and Yamamoto (1995) to test for causality in VARs, and emphasises the possibility of omitted variable bias. The evidence obtained from a sample of seven countries suggests that a well-developed stock market can foster economic growth in the long run. It also provides support to theories according to which well-functioning stock markets can promote economic development by fuelling the engine of growth through faster capital accumulation, and by tuning it through better resource allocation.Financial Development, Economic Growth, Stock Market, Causality Testing, VARs, Incomplete Systems