Quantifying the behavior of stock correlations under market stress

Understanding correlations in complex systems is crucial in the face of turbulence, such as the ongoing financial crisis. However, in complex systems, such as financial systems, correlations are not constant but instead vary in time. Here we address the question of quantifying state-dependent correlations in stock markets. Reliable estimates of correlations are absolutely necessary to protect a portfolio. We analyze 72 years of daily closing prices of the 30 stocks forming the Dow Jones Industrial Average (DJIA). We find the striking result that the average correlation among these stocks scales linearly with market stress reflected by normalized DJIA index returns on various time scales. Consequently, the diversification effect which should protect a portfolio melts away in times of market losses, just when it would most urgently be needed. Our empirical analysis is consistent with the interesting possibility that one could anticipate diversification breakdowns, guiding the design of protected portfolios

Hot electron injection into dense argon, nitrogen, and hydrogen

Hot electrons have been injected into very dense argon, nitrogen, and hydrogen gases and liquids. The current‐voltage characteristics are experimentally determined for densities (N) of argon, nitrogen, and hydrogen ranging from about 10²⁰ to 10²² cm⁻³ and applied fields (E) ranging from about 10 to 10⁴ V cm⁻¹. The argon data show a square root E∕N dependence of the current. The nitrogen and hydrogen data show a complicated dependence of the current on E∕N due to the rapid thermalization in the region of the image potential of the injected electrons through inelastic collision processes not present in argon. A hydrodynamic‐two‐fluid model is developed to analyze the nitrogen and hydrogen data. From the analysis of our data, we obtain the density dependence of the momentum exchange scattering cross section and the energy relaxation time for the injected hot electrons

Oriented porous LLZO 3D structures obtained by freeze casting for battery applications

All solid-state lithium batteries are, potentially, higher energy density and safer alternatives to conventional lithium-ion batteries (LIBs). These are particularly attractive characteristics for large-scale applications such as electric vehicles and grid energy storage systems. However, the thin film deposition techniques used to make current devices are not readily scalable, and result in low areal capacities, which translate to low practical energy densities. To overcome these deficiencies, it is necessary to design thicker electrodes similar to what are used in LIBs (30-100 μm), in which the active material is composited with an ionic conductor and an electronically conducting additive, to overcome transport limitations. In this paper, we propose a method for making such an electrode, starting with a porous scaffold, i.e. Li7La3Zr2O12 (LLZO), made by freeze casting, which is then infiltrated with the active material LiNi0.6Mn0.2Co0.2O2 (NMC-622) and other components. The freeze casting technique results in the formation of oriented channels with low tortuosity, which run roughly parallel to the direction of the current. The scaffolds were characterized with synchrotron X-ray micro-tomography for structural analysis, as well as synchrotron X-ray fluorescence to map the elemental distribution in the infiltrated composite. A hybrid half-cell was constructed and cycled as proof of principle, and it showed good stability. In addition, a bilayer structure consisting of a porous layer combined with a dense LLZO film was successfully made as a prototype of an all solid-state battery. A mathematical model was established to propose optimized scaffold structures for battery performance

Physics of Ultra-Peripheral Nuclear Collisions

Moving highly-charged ions carry strong electromagnetic fields that act as a field of photons. In collisions at large impact parameters, hadronic interactions are not possible, and the ions interact through photon-ion and photon-photon collisions known as {\it ultra-peripheral collisions} (UPC). Hadron colliders like the Relativistic Heavy Ion Collider (RHIC), the Tevatron and the Large Hadron Collider (LHC) produce photonuclear and two-photon interactions at luminosities and energies beyond that accessible elsewhere; the LHC will reach a $\gamma p$ energy ten times that of the Hadron-Electron Ring Accelerator (HERA). Reactions as diverse as the production of anti-hydrogen, photoproduction of the $\rho^0$, transmutation of lead into bismuth and excitation of collective nuclear resonances have already been studied. At the LHC, UPCs can study many types of `new physics.'Comment: 47 pages, to appear in Annual Review of Nuclear and Particle Scienc

Coexisting conical bipolar and equatorial outflows from a high-mass protostar

The BN/KL region in the Orion molecular cloud is an archetype in the study of the formation of stars much more massive than the Sun. This region contains luminous young stars and protostars, but it is difficult to study because of overlying dust and gas. Our basic expectations are shaped to some extent by the present theoretical picture of star formation, the cornerstone of which is that protostars acrete gas from rotating equatorial disks, and shed angular momentum by ejecting gas in bipolar outflows. The main source of the outflow in the BN/KL region may be an object known as radio source I, which is commonly believed to be surrounded by a rotating disk of molecular material. Here we report high-resolution observations of silicon monoxide (SiO) and water maser emission from the gas surrounding source I; we show that within 60 AU (about the size of the Solar System), the region is dominated by a conical bipolar outflow, rather than the expected disk. A slower outflow, close to the equatorial plane of the protostellar system, extends to radii of 1,000 AU.Comment: 10 pages, 2 figures. Accepted by Nature. To appear December 199

Evolvement of Uniformity and Volatility in the Stressed Global Financial Village

Background: In the current era of strong worldwide market couplings the global financial village became highly prone to systemic collapses, events that can rapidly sweep throughout the entire village. Methodology/Principal Findings: We present a new methodology to assess and quantify inter-market relations. The approach is based on the correlations between the market index, the index volatility, the market Index Cohesive Force and the meta-correlations (correlations between the intra-correlations.) We investigated the relations between six important world markets—U.S., U.K., Germany, Japan, China and India—from January 2000 until December 2010. We found that while the developed ‘‘western’’ markets (U.S., U.K., Germany) are highly correlated, the interdependencies between these markets and the developing ‘‘eastern’’ markets (India and China) are volatile and with noticeable maxima at times of global world events. The Japanese market switches ‘‘identity’’—it switches between periods of high meta-correlations with the ‘‘western’’ markets and periods when it behaves more similarly to the ‘‘eastern’’ markets. Conclusions/Significance: The methodological framework presented here provides a way to quantify the evolvement of interdependencies in the global market, evaluate a world financial network and quantify changes in the world inter market relations. Such changes can be used as precursors to the agitation of the global financial village. Hence, the new approach can help to develop a sensitive ‘‘financial seismograph’’ to detect early signs of global financial crises so they can be treated before they develop into worldwide event

Longer fixation duration while viewing face images

The spatio-temporal properties of saccadic eye movements can be influenced by the cognitive demand and the characteristics of the observed scene. Probably due to its crucial role in social communication, it is argued that face perception may involve different cognitive processes compared with non-face object or scene perception. In this study, we investigated whether and how face and natural scene images can influence the patterns of visuomotor activity. We recorded monkeys’ saccadic eye movements as they freely viewed monkey face and natural scene images. The face and natural scene images attracted similar number of fixations, but viewing of faces was accompanied by longer fixations compared with natural scenes. These longer fixations were dependent on the context of facial features. The duration of fixations directed at facial contours decreased when the face images were scrambled, and increased at the later stage of normal face viewing. The results suggest that face and natural scene images can generate different patterns of visuomotor activity. The extra fixation duration on faces may be correlated with the detailed analysis of facial features

Planck Scale Boundary Conditions and the Higgs Mass

If the LHC does only find a Higgs boson in the low mass region and no other new physics, then one should reconsider scenarios where the Standard Model with three right-handed neutrinos is valid up to Planck scale. We assume in this spirit that the Standard Model couplings are remnants of quantum gravity which implies certain generic boundary conditions for the Higgs quartic coupling at Planck scale. This leads to Higgs mass predictions at the electroweak scale via renormalization group equations. We find that several physically well motivated conditions yield a range of Higgs masses from 127-142 GeV. We also argue that a random quartic Higgs coupling at the Planck scale favors M_H > 150 GeV, which is clearly excluded. We discuss also the prospects for differentiating different boundary conditions imposed for \lambda(M_{pl}) at the LHC. A striking example is M_H = 127\pm 5 GeV corresponding to \lambda(M_{pl})=0, which would imply that the quartic Higgs coupling at the electroweak scale is entirely radiatively generated.Comment: 12 pages, 5 figures; references added and other minor improvements, matches version published in JHE

Phenotypic and molecular assessment of seven patients with 6p25 deletion syndrome: Relevance to ocular dysgenesis and hearing impairment

BACKGROUND: Thirty-nine patients have been described with deletions involving chromosome 6p25. However, relatively few of these deletions have had molecular characterization. Common phenotypes of 6p25 deletion syndrome patients include hydrocephalus, hearing loss, and ocular, craniofacial, skeletal, cardiac, and renal malformations. Molecular characterization of deletions can identify genes that are responsible for these phenotypes. METHODS: We report the clinical phenotype of seven patients with terminal deletions of chromosome 6p25 and compare them to previously reported patients. Molecular characterization of the deletions was performed using polymorphic marker analysis to determine the extents of the deletions in these seven 6p25 deletion syndrome patients. RESULTS: Our results, and previous data, show that ocular dysgenesis and hearing impairment are the two most highly penetrant phenotypes of the 6p25 deletion syndrome. While deletion of the forkhead box C1 gene (FOXC1) probably underlies the ocular dysgenesis, no gene in this region is known to be involved in hearing impairment. CONCLUSIONS: Ocular dysgenesis and hearing impairment are the two most common phenotypes of 6p25 deletion syndrome. We conclude that a locus for dominant hearing loss is present at 6p25 and that this locus is restricted to a region distal to D6S1617. Molecular characterization of more 6p25 deletion patients will aid in refinement of this locus and the identification of a gene involved in dominant hearing loss

Hydrothermal waters enriched in silica promote the development of a sponge community in North Sulawesi (Indonesia)

Two shallow hydrothermal vents were investigated by SCUBA diving to evaluate their influence on the structure and diversity of a sponge community living close to the vent outflow, in the equatorial Pacific Ocean just off the coast of North Sulawesi, Indonesia (1°40.361ʹN, 125°8.112ʹE). No sponges identified were vent-obligate species, since they are found in the surrounding coral reefs too. The sponges were strongly attracted by the vent, concentrating in an area of a few meters around it, where they reached covering values up to 70% in the deeper vent and up to 42% in the shallower one. The high silica concentration, 8.5 mg L−1Si (deep vent) and 5 mg L−1Si (shallow vent), in hot spring water (90°C) was the putative environmental factor driving the sponge settlement and growth. These organisms take advantage of the increased silica availability that, facilitating skeleton formation, probably promotes sponge growth. This hypothesis is in agreement with the evidence that the spicules of the sponge specimens living around the hot springs have a thickness about double that of conspecific specimens present on the coral reefs at least 300 m away