On D-branes in the Nappi-Witten and GMM gauged WZW models

We construct D-branes in the Nappi-Witten (NW) and Guadagnini-Martellini-Mintchev (GMM) gauged WZW models. For the $SL(2,R)\times SU(2)/U(1)\times U(1)$ NW and $SU(2)\times SU(2)/U(1)$ GMM models we present the explicit equations describing the D-brane hypersurfaces in their target spaces. In the latter case we show that the D-branes are classified according to the Cardy theorem. We also present the semiclassical mass computation and find its agreement with the CFT predictions.Comment: 16 pages, harvma

The demographics of fund turnover

This article documents various demographic factors which influence mutual fund turnover including managerial experience, location, education, and gender. On average, funds in financial centers trade more but this excess turnover declines with experience. While most extra trading is concentrated among less experienced managers in financial centers, they do not outperform inexperienced managers located in smaller towns. Furthermore, managers in financial centers increase trading after good performance. This result is particularly strong for inexperienced, more educated male fund managers investing in growth stocks and located in New York. Our results provide strong evidence that demographic factors influence fund manager trading behavior.Labor market; Mutual funds; Overconfident trading; Performance evaluation

Spurious Regressions in Financial Economics?

Even though stock returns are not highly autocorrelated, there is a spurious regression bias in predictive regressions for stock returns related to the classic studies of Yule (1926) and Granger and Newbold (1974). Data mining for predictor variables interacts with spurious regression bias. The two effects reinforce each other, because more highly persistent series are more likely to be found significant in the search for predictor variables. Our simulations suggest that many of the regressions in the literature, based on individual predictor variables, may be spurious

Asset Pricing Models with Conditional Betas and Alphas: The Effects of Data Snooping and Spurious Regression

This paper studies the estimation of asset pricing model regressions with conditional alphas and betas, focusing on the joint effects of data snooping and spurious regression. We find that the regressions are reasonably well specified for conditional betas, even in settings where simple predictive regressions are severely biased. However, there are biases in estimates of the conditional alphas. When time-varying alphas are suppressed and only time-varying betas are considered, the betas become baised. Previous studies overstate the significance of time-varying alphas.

One year of monitoring the Vela pulsar using a Phased Array Feed

We have observed the Vela pulsar for one year using a Phased Array Feed (PAF) receiver on the 12-metre antenna of the Parkes Test-Bed Facility. These observations have allowed us to investigate the stability of the PAF beam-weights over time, to demonstrate that pulsars can be timed over long periods using PAF technology and to detect and study the most recent glitch event that occurred on 12 December 2016. The beam-weights are shown to be stable to 1% on time scales on the order of three weeks. We discuss the implications of this for monitoring pulsars using PAFs on single dish telescopes.Comment: 6 pages, 4 figures, 2 tables. Accepted for publication in PAS

Spin-down evolution and radio disappearance of the magnetar PSR J1622−-4950

We report on 2.4 yr of radio timing measurements of the magnetar PSR J1622$-$4950 using the Parkes telescope, between 2011 November and 2014 March. During this period the torque on the neutron star (inferred from the rotational frequency derivative) varied greatly, though much less erratically than in the 2 yr following its discovery in 2009. During the last year of our measurements the frequency derivative decreased in magnitude monotonically by 20\%, to a value of $-1.3\times10^{-13}$ s$^{-2}$, a factor of 8 smaller than when discovered. The flux density continued to vary greatly during our monitoring through 2014 March, reaching a relatively steady low level after late 2012. The pulse profile varied secularly on a similar timescale as the flux density and torque. A relatively rapid transition in all three properties is evident in early 2013. After PSR J1622$-$4950 was detected in all of our 87 observations up to 2014 March, we did not detect the magnetar in our resumed monitoring starting in 2015 January and have not detected it in any of the 30 observations done through 2016 September.Comment: 8 pages, 5 figures, submitted to Ap

Radio disappearance of the magnetar XTE J1810-197 and continued X-ray timing

We report on timing, flux density, and polarimetric observations of the transient magnetar and 5.54 s radio pulsar XTE J1810-197 using the GBT, Nancay, and Parkes radio telescopes beginning in early 2006, until its sudden disappearance as a radio source in late 2008. Repeated observations through 2016 have not detected radio pulsations again. The torque on the neutron star, as inferred from its rotation frequency derivative f-dot, decreased in an unsteady manner by a factor of 3 in the first year of radio monitoring. In contrast, during its final year as a detectable radio source, the torque decreased steadily by only 9%. The period-averaged flux density, after decreasing by a factor of 20 during the first 10 months of radio monitoring, remained steady in the next 22 months, at an average of 0.7+/-0.3 mJy at 1.4 GHz, while still showing day-to-day fluctuations by factors of a few. There is evidence that during this last phase of radio activity the magnetar had a steep radio spectrum, in contrast to earlier behavior. There was no secular decrease that presaged its radio demise. During this time the pulse profile continued to display large variations, and polarimetry indicates that the magnetic geometry remained consistent with that of earlier times. We supplement these results with X-ray timing of the pulsar from its outburst in 2003 up to 2014. For the first 4 years, XTE J1810-197 experienced non-monotonic excursions in f-dot by at least a factor of 8. But since 2007, its f-dot has remained relatively stable near its minimum observed value. The only apparent event in the X-ray record that is possibly contemporaneous with the radio shut-down is a decrease of ~20% in the hot-spot flux in 2008-2009, to a stable, minimum value. However, the permanence of the high-amplitude, thermal X-ray pulse, even after the radio demise, implies continuing magnetar activity.Comment: ApJ, accepted, 12 pages, 9 figure

Timing of Millisecond Pulsars in NGC 6752: Evidence for a High Mass-to-Light Ratio in the Cluster Core

Using pulse timing observations we have obtained precise parameters, including positions with about 20 mas accuracy, of five millisecond pulsars in NGC 6752. Three of them, located relatively close to the cluster center, have line-of-sight accelerations larger than the maximum value predicted by the central mass density derived from optical observation, providing dynamical evidence for a central mass-to-light ratio >~ 10, much higher than for any other globular cluster. It is likely that the other two millisecond pulsars have been ejected out of the core to their present locations at 1.4 and 3.3 half-mass radii, respectively, suggesting unusual non-thermal dynamics in the cluster core.Comment: Accepted by ApJ Letter. 5 pages, 2 figures, 1 tabl