Reaction to public information in asset markets: does ambiguity matter?

We report experiments that examine trader reaction to ambiguity when dividend information is revealed sequentially. We find that experienced traders are better at internalizing ambiguity than inexperienced subjects. No significant differences are observed in the ambiguity versus control treatments regarding prices, price volatility and volumes for experienced subjects. However, relative to the control, prices are higher, volatility greater and trading unsophisticated for inexperienced subjects in the ambiguity treatment. Price changes are consistent with news revelation regardless of subject experience and the degree of ambiguity. Further, we do not find under or over price reactions to news. Regardless of experience, market reaction to news moves in line with fundamentals.Experimental asset markets, Ambiguity, Market communications, Bounded rationality

The effect of reliability, content and timing of public announcements on asset trading behavior

Financial markets are overwhelmed by daily announcements. We use experimental asset markets to assess the impact of releasing public messages with different levels of reliability on asset prices. Subjects receive qualitative announcements in predetermined trading periods that are either preset by the experimenter, randomly selected, or determined by past asset market prices. We find that messages can play a significant role in bubble abatement, or rekindling. The preset message, “The price is too high,” decreases the amplitude and duration of bubbles for inexperienced subjects. Announcements that depend on the actual level of mispricing reduce bubble magnitude. Meanwhile, a preset or random message, “The price is too low,” prevents experienced subjects from abating bubbles. We account for the effect of public messages by showing that they significantly reduce inconsistent (“irrational”) trading behavior.Experimental asset markets, Bubbles, Market communications, Bounded rationality

The Effect of Reliability, Content and Timing of Public Announcements on Asset Trading Behavior

Financial markets are overwhelmed by daily announcements. We use experimental asset markets to assess the impact of releasing public messages with different levels of reliability on asset prices. Subjects receive qualitative announcements in predetermined trading periods that are either preset by the experimenter, randomly selected, or determined by past asset market prices. We find that messages can play a significant role in bubble abatement, or rekindling. The preset message, “The price is too high,” decreases the amplitude and duration of bubbles for inexperienced subjects. Announcements that depend on the actual level of mispricing reduce bubble magnitude. Meanwhile, a preset or random message, “The price is too low,” prevents experienced subjects from abating bubbles. We account for the effect of public messages by showing that they significantly reduce inconsistent (“irrational”) trading behavior.experimental asset markets, bubbles, market communications, bounded rationality

Observations of an Energetically Isolated Quiet Sun Transient: Evidence of Quasi-Steady Coronal Heating

Increasing evidence for coronal heating contributions from cooler solar atmospheric layers, notably quiet Sun (QS) conditions, challenges standard solar atmospheric descriptions of bright transition region (TR) emission. As such, questions to the role of dynamic QS transients in contributing to the total coronal energy budget are elevated. Using observations from the {\it Atmospheric Imaging Assembly} and {\it Heliosemic Magnetic Imager} on board the {\it Solar Dynamics Observatory}, and numerical model extrapolations of coronal magnetic fields, we investigate a dynamic QS transient energetically isolated to the TR and extruding from a common footpoint shared with two heated loop arcades. A non-casual relationship is established between episodic heating of the QS transient and wide-spread magnetic field re-organization events, while evidence is found favoring a magnetic topology typical of eruptive processes. Quasi-steady interchange reconnection events are implicated as a source of the transient's visibly bright radiative signature. We consider the QS transient's temporally stable ($\approx$\,35\,min) radiative nature occurs as a result of the large-scale magnetic field geometries of the QS and/or relatively quiet nature of the magnetic photosphere, which possibly act to inhibit energetic buildup processes required to initiate a catastrophic eruption phase. This work provides insight to the QS's thermodynamic and magnetic relation to eruptive processes quasi-steadily heating a small-scale dynamic and TR transient. This work elevates arguments of non-negligible coronal heating contributions from cool atmospheric layers in QS conditions, and increases evidence for solar wind mass feeding of dynamic transients therein.Comment: 13 pages, 9 figure

Constraining the photometric properties of MgII absorbing galaxies with the SDSS

Using a sample of nearly 700 quasars with strong (W_0(2796)>0.8 Angstrom) MgII absorption lines detected in the Early Data Release of the SDSS, we demonstrate the feasibility of measuring the photometric properties of the absorber systems by stacking SDSS imaging data. As MgII lines can be observed in the range 0.37<z_abs<2.2, the absorbing galaxies are in general not identified in SDSS images, but they produce systematic light excesses around QSOs which can be detected with a statistical analysis. In this Letter we present a 6-sigma detection of this effect over the whole sample in i-band, rising to 9.4-sigma for a low-redshift subsample with 0.37<z_abs<=0.82. We use a control sample of QSOs without strong MgII absorption lines to quantify and remove systematics with typical 10-20% accuracy. The signal varies as expected as a function of absorber redshift. For the low z_abs subsample we can reliably estimate the average luminosities per MgII absorber system in the g, r, and i bands and find them to be compatible with a few-hundred-Myr old stellar population of M_r ~ -21 in the rest frame. Colors are also consistent with typical absorbing galaxies resembling local Sb-c spirals. Our technique does not require any spectroscopic follow-up and does not suffer from confusion with other galaxies arising along the line-of-sight. It will be applied to larger samples and other line species in upcoming studies.Comment: Accepted on ApJ Letters, 5 pages, 2 figure

Hydrogen Emission from the Ionized Gaseous Halos of Low Redshift Galaxies

Using a sample of nearly half million galaxies, intersected by over 7 million lines of sight from the Sloan Digital Sky Survey Data Release 12, we trace H$\alpha$ + [N{\small II}] emission from a galactocentric projected radius, $r_p$, of 5 kpc to more than 100 kpc. The emission flux surface brightness is $\propto r_p^{-1.9 \pm 0.4}$. We obtain consistent results using only the H$\alpha$ or [N{\small II}] flux. We measure a stronger signal for the bluer half of the target sample than for the redder half on small scales, $r_p <$ 20 kpc. We obtain a $3\sigma$ detection of H$\alpha$ + [N{\small II}] emission in the 50 to 100 kpc $r_p$ bin. The mean emission flux within this bin is $(1.10 \pm 0.35) \times 10^{-20}$ erg cm$^{-2}$ s$^{-1}$ \AA$^{-1}$, which corresponds to $1.87 \times 10^{-20}$ erg cm$^{-2}$ s$^{-1}$ arcsec$^{-2}$ or 0.0033 Rayleigh. This detection is 34 times fainter than a previous strict limit obtained using deep narrow-band imaging. The faintness of the signal demonstrates why it has been so difficult to trace recombination radiation out to large radii around galaxies. This signal, combined with published estimates of n$_{\rm H}$, lead us to estimate the temperature of the gas to be 12,000 K, consistent with independent empirical estimates based on metal ion absorption lines and expectations from numerical simulations.Comment: 12 pages, 13 figure

An Experimental Study Of Axisymmetric Cavity Oscillations In Low Speed Incompressible Flow

This study is the latest increment of an ongoing research effort at the University of Tennessee Space Institute with the goal of accomplishing a greater understanding of cavity instabilities and or making use of the instabilities to amplify their effects on the flows. An experimental procedure was designed to examine the unsteady pressure pulses that occur when an incompressible fluid (water) flows through an axisymmetric cavity. The length to depth ratios (L/D) examined ranged from about 0.69 to about 6.2, and the average flow Reynolds numbers ranged from 0 to 1.2 million. Results show that large amplitude oscillations are generated in the cavity for specific length to depth ratios for a given flow rate. The peak amplitude of the oscillations was studied to determine the origins of the oscillations. As the length to depth ratio increases the maximum amplitude decreases, but the frequency of the maximum amplitude is greatest at a length to depth ratio of approximately 0.85. As the flow rate decreases, the value of the maximum amplitude and its frequency decreases. A few possible explanations for the cause of such oscillations are explored. For short length to depth ratios (L/D\u3c0.9), the cavity seems to behave as a Helmholtz Resonator. The cavity has a behavior analogous to Rossiter’s Empirical observations at approximate length to depth ratios greater than 0.9. As the length to depth ratio increases beyond a value of approximately 3.6, the peak oscillations disappear and the cavity does not influence the flow significantly

Recent Advances in the Chemistry of SmI2–H2O

Recent work from our laboratories has shown SmI2–H2O to be a versatile, readily-accessible and non-toxic reductant that is more powerful than SmI2. This review describes the reduction of functional groups that were previously thought to lie beyond the reach of SmI2 and complexity-generating cyclisations and cyclisation cascades triggered by the reduction of the ester carbonyl group with SmI2–H2O

Evaluation of the efficacy of test products to ameliorate the toxic effects of aflatoxin present in broiler chick diets

Abstract only availableAn in vivo study was conducted to evaluate the efficacy of several adsorbent test products to ameliorate the toxic effects of aflatoxin B1 (AFB1) in chicks. Ninety day-old straight run chicks were purchased from a commercial hatchery, weighed, wing-banded, and assigned to floor pens. A completely randomized design was used with 10 chicks (chick was experimental unit) assigned to each of 9 dietary treatments from hatch to 28 days. The aflatoxin used for this study was supplied by Aspergillus parasiticus (NRRL-2999) culture material (815 mg AFB1/kg). The dietary treatments included: 1) basal diet containing no AFB1); 2) basal diet supplemented with 1.5 mg AFB1 /kg diet; 3) As diet 2 plus Product 1; 4) As diet 2 plus Product 2; 5) As diet 2 plus Product 3; 6) As diet 2 plus Product 4; 7) As diet 2 plus Product 5; 8) As diet 2 plus Product 6; and 9) As diet 2 plus Product 7. The addition of Products 1, 2, 3, 4, 5, and 6 to AF diets did not prevent the reduction in body weight gain (BWG) due to AFB1. Chicks fed diets containing Products 1 thru 6 all had lower BWG (P >.05) compared with control chicks. Body weight gain of birds fed Product 7 was not significantly different (P > .05) from the birds fed the positive control; however, it was also not significantly different (P >.05) from birds fed AF B1 alone. Relative liver weights were not affected by dietary treatments (P > .05) and averaged 3.06 g/100g body weight across all treatments. Results of this study indicate that none of these products were effective in ameliorating the toxic effects of AFB1.Louis Stokes Missouri Alliance for Minority Participatio

Reaction to public information in asset markets: does ambiguity matter?

We report experiments that examine trader reaction to ambiguity when dividend information is revealed sequentially. We find that experienced traders are better at internalizing ambiguity than inexperienced subjects. No significant differences are observed in the ambiguity versus control treatments regarding prices, price volatility and volumes for experienced subjects. However, relative to the control, prices are higher, volatility greater and trading unsophisticated for inexperienced subjects in the ambiguity treatment. Price changes are consistent with news revelation regardless of subject experience and the degree of ambiguity. Further, we do not find under or over price reactions to news. Regardless of experience, market reaction to news moves in line with fundamentals