European Union enlargement and equity markets in accession countries

The announcement of European Union enlargement coincided with a dramatic rise in stock prices in accession countries. This paper investigates the hypothesis that the rise in stock prices was a result of the repricing of systematic risk due to the integration of accession countries into the world market. We find that firm-level stock price changes are positively related to the difference between a firm’s local and world market betas. This result is robust to controlling for changes in expected earnings, country effects and other controls, although the magnitude of the effect is not very large. The differences between local and world betas explain nearly 22% of the stock price increase. JEL Classification: F36, G15, G12asset pricing, EU enlargement, international financial integration

Cracking the Code: De-Coding Colorblind Slurs During the Congressional Crack Cocaine Debates

This article proposes de-coding as a method for unveiling the racist purpose behind the enactment of race-neutral legislation. Through the use of code words, defined as “phrases and symbols which refer indirectly to racial themes, but do not directly challenge popular democratic or egalitarian ideals,” legislators can appeal to racist sentiments without appearing racist. More importantly, they can do so without leaving evidence that can be traced back as an intent to discriminate. This article proposes to use de-coding as a method to unmask the racist purpose behind the enactment of the 100:1 crack versus powder cocaine ratio for mandatory federal prison sentences. However, while this article, like many other law review articles on the subject, argues that the crack cocaine sentencing scheme is unconstitutional, the real purpose of analyzing the constitutionality of the crack statute is to show how de-coding can be an effective means of unmasking the racist meaning behind primarily race-neutral comments. When the interpretation of de-coded, race-neutral comments falls in line with an un-coded historical pattern of discrimination, it makes sense to infer that there was an intent to discriminate

The orbital and superhump periods of the dwarf nova SDSS J093249.57+472523.0

We report unfiltered CCD photometry of the eclipsing dwarf nova SDSS J093249.57+472523.0 obtained during its first confirmed outburst in 2011 March. The outburst amplitude was at least 3.0 magnitudes above mean quiescence and it lasted at least 11 days, although we missed the beginning of the outburst. Superhumps having peak-to-peak amplitude up to 0.3 magnitudes were present during the outburst, thereby establishing it to be a member of the SU UMa family. The mean superhump period was Psh = 0.06814(11) d. Analysis of our measurements of eclipse times of minimum, supplemented with data from other researchers, allowed us to measure the orbital period as Porb = 0.06630354(5) d. The superhump period excess was epsilon = 0.028(1) which is consistent with of SU UMa systems of similar Porb. The FWHM eclipse duration varied between 6 and 13 mins and the eclipse depth was up to 1.6 magnitudes.Comment: 15 pages, 4 figures. Accepted for publication in Journal of the British Astronomical Associatio

BK Lyncis: The Oldest Old Nova?... And a Bellwether for Cataclysmic-Variable Evolution

We summarize the results of a 20-year campaign to study the light curves of BK Lyncis, a nova-like star strangely located below the 2-3 hour orbital period gap in the family of cataclysmic variables. Two apparent "superhumps" dominate the nightly light curves - with periods 4.6% longer, and 3.0% shorter, than P_orb. The first appears to be associated with the star's brighter states (V~14), while the second appears to be present throughout and becomes very dominant in the low state (V~15.7). Starting in the year 2005, the star's light curve became indistinguishable from that of a dwarf nova - in particular, that of the ER UMa subclass. Reviewing all the star's oddities, we speculate: (a) BK Lyn is the remnant of the probable nova on 30 December 101, and (b) it has been fading ever since, but has taken ~2000 years for the accretion rate to drop sufficiently to permit dwarf-nova eruptions. If such behavior is common, it can explain other puzzles of CV evolution. One: why the ER UMa class even exists (because all members can be remnants of recent novae). Two: why ER UMa stars and short-period novalikes are rare (because their lifetimes, which are essentially cooling times, are short). Three: why short-period novae all decline to luminosity states far above their true quiescence (because they're just getting started in their postnova cooling). Four: why the orbital periods, accretion rates, and white-dwarf temperatures of short-period CVs are somewhat too large to arise purely from the effects of gravitational radiation (because the unexpectedly long interval of enhanced postnova brightness boosts the mean mass-transfer rate). These are substantial rewards in return for one investment of hypothesis: that the second parameter in CV evolution, besides P_orb, is time since the last classical-nova eruption.Comment: PDF, 46 pages, 4 tables, 10 figures; in preparation; more info at http://cbastro.org

Susceptibility of provenances and families of Pinus maximinoi and Pinus tecunumanii to frost in South Africa

The future of South Africa’s most important pine species, Pinus patula, is threatened by the pitch canker fungus, Fusarium circinatum. Pinus maximinoi and P. tecunumanii represent two subtropical species that provide an alternative to planting P. patula on the warmer sites of South Africa. Extending the planting range of P. tecunumanii and P. maximinoi to include higher and colder altitude sites will reduce the area planted to P. patula and the risk of F. circinatum. During 2007 progeny trials of P. tecunumanii and P. maximinoi were planted on a sub-tropical and sub-temperate site. Shortly after the establishment of these trials, unusually cold weather conditions were experienced across South Africa (-3 C at the sub-temperate site) resulting in severe mortality. This provided the opportunity to assess the variation in survival as a measure of frost tolerance within these two species to determine whether it could be improved upon through selection. Results indicated that the variation in survival was under genetic control in P. tecunumanii (h(0,1) 2 = 0.16, hL 2 = 0.27) and P. maximinoi (h(0,1) 2 = 0.11, hL 2 = 0.23) at the sub-temperate site. Correlations in provenance ranking for survival across sites were high for both species. Moderate correlations in family survival for P. tecunumanii (r = 0.52) were found at the two sites. Improvements in cold tolerance can thus be made in both species extending their planting range to include greater areas planted to P. patula thereby limiting the risk of F. circinatum.http://link.springer.com/journal/1105

UTILIZING UAV PAYLOAD DESIGN BY UNDERGRADUATE RESEARCHERS FOR EDUCATIONAL AND RESEARCH DEVELOPMENT

ABSTRACT An undergraduate team consisting of mechanical and electrical engineering students at the University of North Dakota developed an electro-optical and un-cooled thermal infrared digital imaging remote sensing payload for an Unmanned Aerial Vehicle (UAV). The first iteration of the payload design began in the fall of 2005 and the inaugural flight tests took place at Camp Ripley, Minnesota, a National Guard facility, in the fall of 2006 with a corporate partner. The second iteration design with increased performance in object tracking and data processing is expected to fly in the summer of 2007. Payload development for integration into a UAV is a process that is not currently well defined by industrial practices or regulated by government. These processes are a significant part of the research being conducted in order to define the "best practices." The emerging field of UAVs generates tremendous interest and serves to attract quality students into the research. As with many emerging technologies there are many new exciting developments, however, the fundamentals taught in core courses are still critical to the process and serve as the basis of the system. In this manner, the program stimulates innovative design while maintaining a solid connection to undergraduate courses and illustrates the importance of advanced courses. The payload development was guided by off-the-shelf components and software using a systems engineering methodology throughout the project. Many of the design and payload flight constraints were based on external factors, such as difficulties with access to airspace, weatherrelated delays, and ITAR restrictions on hardware. Overall, the research project continues to be a tremendous experiential learning activity for mechanical and electrical engineering students, as well as for the faculty members. The process has been extremely successful in enhancing the expertise in systems engineering and design in the students and developing the UAV payload design knowledge base and necessary infrastructure at the university

The AO spine upper cervical injury classification system: Do work setting or trauma center affiliation affect classification accuracy or reliability?

PURPOSE To assess the accuracy and reliability of the AO Spine Upper Cervical Injury Classification System based on a surgeons' work setting and trauma center affiliation. METHODS A total of 275 AO Spine members participated in a validation of 25 upper cervical spine injuries, which were evaluated by computed tomography (CT) scans. Each participant was grouped based on their work setting (academic, hospital-employed, or private practice) and their trauma center affiliation (Level I, Level II or III, and Level IV or no trauma center). The classification accuracy was calculated as percent of correct classifications, while interobserver reliability, and intraobserver reproducibility were evaluated based on Fleiss' Kappa coefficient. RESULTS The overall classification accuracy for surgeons affiliated with a level I trauma center was significantly greater than participants affiliated with a level II/III center or a level IV/no trauma center on assessment one (p1<0.0001) and two (p2 = 0.0003). On both assessments, surgeons affiliated with a level I or a level II/III trauma center were significantly more accurate at identifying IIIB injury types (p1 = 0.0007; p2 = 0.0064). Academic surgeons and hospital employed surgeons were significantly more likely to correctly classify type IIIB injuries on assessment one (p1 = 0.0146) and two (p2 = 0.0015). When evaluating classification reliability, the largest differences between work settings and trauma center affiliations was identified in type IIIB injuries. CONCLUSION Type B injuries are the most difficult injury type to correctly classify. They are classified with greater reliability and classification accuracy when evaluated by academic surgeons, hospital-employed surgeons, and surgeons associated with higher-level trauma centers (I or II/III)