Why have asset price properties changed so little in 200 years

We first review empirical evidence that asset prices have had episodes of large fluctuations and been inefficient for at least 200 years. We briefly review recent theoretical results as well as the neurological basis of trend following and finally argue that these asset price properties can be attributed to two fundamental mechanisms that have not changed for many centuries: an innate preference for trend following and the collective tendency to exploit as much as possible detectable price arbitrage, which leads to destabilizing feedback loops.Comment: 16 pages, 4 figure

Hannibal's trek across the alps: Geomorphological Analysis of sites of geoarchaeological interest

International audienceA ~2200 year-old question related to Hannibal's invasion route across the Alps into Italia, has been argued by classicists without recovery of material evidence. A comparison of topographical descriptions in the ancient literature with environmental parameters in the Alps, attempted here for the first time, provides a database against which various pathways can be assessed. Identification of sites using geological, geomorphological, astronomical, chemical and petrological methods leads to the exclusion of certain transit points and targeting of others where geoarchaeological excavation might yield important evidence related to the military culture of ancient Carthage

The Interaction Between Pubertal Timing and Peer Popularity for Boys and Girls: An Integration of Biological and Interpersonal Perspectives on Adolescent Depression

The transition to adolescence marks a time of sharply increased vulnerability to the development of depression, particularly among girls. Past research has examined isolated risk factors from individual theoretical models (e.g., biological, interpersonal, and cognitive) of depression, but few have examined integrative models. This study investigated the conjoint effects of early pubertal timing and popularity in the longitudinal prediction of depressive symptoms. A total of 319 girls and 294 boys (ages 11–14) provided information on their pubertal status, depressive symptoms, and the social status (i.e., popularity) of their peers. Adolescents completed a second measure of depressive symptoms 11 months after the initial time point. Findings supported an integrated biological-interpersonal model in explaining the development of depressive symptoms during adolescence. Early pubertal development was associated with increase in depressive symptoms only when accompanied by low levels of popularity. High levels of popularity buffered the association between early pubertal development and later depressive symptoms. Unexpectedly, these results were significant both for girls and boys. Results are discussed in terms of dynamic systems theories

Whole-Cell Fluorescent Biosensors for Bioavailability and Biodegradation of Polychlorinated Biphenyls

Whole-cell microbial biosensors are one of the newest molecular tools used in environmental monitoring. Such biosensors are constructed through fusing a reporter gene such as lux, gfp or lacZ, to a responsive promoter. There have been many reports of the applications of biosensors, particularly their use in assaying pollutant toxicity and bioavailability. This paper reviews the basic concepts behind the construction of whole-cell microbial biosensors for pollutant monitoring, and describes the applications of two such biosensors for detecting the bioavailability and biodegradation of Polychlorinated Biphenyls (PCBs)

American poetologics : statements and poems by twentieth century poets = Amerikanische Poetologie. - Zweisprachig: Englisch / Deutsch

Amerikanische Lyriker haben die Dichtung des 20. Jahrhunderts weltweit maßgeblich beeinflusst. Dennoch sind ihre Gedichte und erst recht ihre Äußerungen zur Poetik mit wenigen Ausnahmen in Deutschland nur spärlich rezipiert worden. Der vorliegende Band stellt die Traditionslinien und die meisten wichtigeren Dichtungsschulen von William Carlos Williams bis in die 90er Jahre (u.a. Objektivismus, Beat-, San Francisco-, Black Mountain-, New York-, Deep Image- und Language-Lyrik sowie ethnische Dichtung) anhand der Selbstäußerungen von 23 Lyrikerinnen und Lyrikern und einer kleineren Auswahl repräsentativer Gedichte vor. Erkennbar wird dabei die Vielfalt und auch die Dynamik der poetischen Produktion und Reflexion in den Vereinigten Staaten

Perceptually Salient Haptic Rendering for Enhancing Kinesthetic Perception in Virtual Environments

Kinesthetic or dynamic touch involves the use of muscle sensitivity to perceive mechanical properties of objects that are gripped in the hand and wielded in space. Many previous studies with real objects have investigated the mechanical properties that underlie human haptic perception. Few virtual environments, however, have systematically incorporated the relevant mechanical parameters underlying kinesthetic perception. In this study, the ability of a haptic device to render kinesthetic information regarding the inertial properties of virtual objects was tested. Results suggest that users were able to perceive length of rendered virtual objects via the haptic device. Further, users can be trained using the haptic device to increase sensitivity to specific mechanical parameters (like inertia) that are perceptually salient in perceiving properties of rendered objects. The primary implication of this finding is that rendering kinesthetic parameters and employing feedback in a systematic manner may increase the realism of virtual environments and also improve haptic perception