Exchange rate uncertainty and international portfolio flows

This paper examines the impact of exchange rate uncertainty on different components of portfolio flows, namely equity and bond flows, as well as the dynamic linkages between exchange rate volatility and the variability of these two types of flows. Specifically, a bivariate GARCH-BEKK-in-mean model is estimated using bilateral data for the US vis-à-vis Australia, the UK, Japan, Canada, the euro area, and Sweden over the period 1988:01-2011:12. The results indicate that the effect of exchange rate uncertainty on equity flows is negative in the euro area, the UK and Sweden, and positive in Australia, whilst it is negative in all countries except Canada (where it is positive) in the case of bond flows. Under the assumption of risk aversion, this suggests that exchange rate uncertainty induces a home bias and causes investors to reduce their financing activities to maximise returns and minimise exposure to uncertainty. Furthermore, since exchange rate volatility and the variability of flows are interlinked, exchange rate or credit controls on these flows can be used to pursue economic and financial stability

Characterization of the Structure of Saudi Crude Asphaltenes by X-ray Diffraction

Structural characterization studies have been carried out on four commercial Saudi Arabian crude oils. The aromaticity and crystallite parameters of the asphaltenes were studied by X-ray diffraction methods and compared to the average structural parameters calculated from nuclear magnetic resonance spectra

The role of the left head of caudate in suppressing irrelevant words

Suppressing irrelevant words is essential to successful speech production and is expected to involve general control mechanisms that reduce interference from task-unrelated processing. To investigate the neural mechanisms that suppress visual word interference, we used fMRI and a Stroop task, using a block design with an event-related analysis. Participants indicated with a finger press whether a visual stimulus was colored pink or blue. The stimulus was either the written word "BLUE," the written word "PINK," or a string of four Xs, with word interference introduced when the meaning of the word and its color were "incongruent" (e.g., BLUE in pink hue) relative to congruent (e.g., BLUE in blue) or neutral (e.g., XXXX in pink). The participants also made color decisions in the presence of spatial interference rather than word interference (i.e., the Simon task). By blocking incongruent, congruent, and neutral trials, we identified activation related to the mechanisms that suppress interference as that which was greater at the end relative to the start of incongruency. This highlighted the role of the left head of caudate in the control of word interference but not spatial interference. The response in the left head of caudate contrasted to bilateral inferior frontal activation that was greater at the start than at the end of incongruency, and to the dorsal anterior cingulate gyrus which responded to a change in the motor response. Our study therefore provides novel insights into the role of the left head of caudate in the mechanisms that suppress word interference

Polarized Deeply Inelastic Scattering (DIS) Structure Functions for Nucleons and Nuclei

We extract parton distribution functions (PDFs) and structure functions from recent experimental data of polarized lepton-DIS on nucleons at next-to-leading order (NLO) Quantum Chromodynamics. We apply the Jacobi polynomial method to the DGLAP evolution as this is numerically efficient. Having determined the polarized proton and neutron spin structure, we extend this analysis to describe 3He and 3H polarized structure functions, as well as various sum rules. We compare our results with other analyses from the literature.Comment: LaTeX, 12 pages, 11 figures, 6 tables. Update to match published versio

Statistical PT-symmetric lasing in an optical fiber network

PT-symmetry in optics is a condition whereby the real and imaginary parts of the refractive index across a photonic structure are deliberately balanced. This balance can lead to a host of novel optical phenomena, such as unidirectional invisibility, loss-induced lasing, single-mode lasing from multimode resonators, and non-reciprocal effects in conjunction with nonlinearities. Because PT-symmetry has been thought of as fragile, experimental realizations to date have been usually restricted to on-chip micro-devices. Here, we demonstrate that certain features of PT-symmetry are sufficiently robust to survive the statistical fluctuations associated with a macroscopic optical cavity. We construct optical-fiber-based coupled-cavities in excess of a kilometer in length (the free spectral range is less than 0.8 fm) with balanced gain and loss in two sub-cavities and examine the lasing dynamics. In such a macroscopic system, fluctuations can lead to a cavity-detuning exceeding the free spectral range. Nevertheless, by varying the gain-loss contrast, we observe that both the lasing threshold and the growth of the laser power follow the predicted behavior of a stable PT-symmetric structure. Furthermore, a statistical symmetry-breaking point is observed upon varying the cavity loss. These findings indicate that PT-symmetry is a more robust optical phenomenon than previously expected, and points to potential applications in optical fiber networks and fiber lasers.Comment: Submitted to Nature Communications, Pages 1-19: Main manuscript; Pages 20-38: Supplementary material

O(αs)O(\alpha_s) Corrections to B→Xse+e−B \to X_s e^+ e^- Decay in the 2HDM

$O(\alpha_s)$ QCD corrections to the inclusive $B \to X_s e^+ e^-$ decay are investigated within the two - Higgs doublet extension of the standard model (2HDM). The analysis is performed in the so - called off-resonance region; the dependence of the obtained results on the choice of the renormalization scale is examined in details. It is shown that $O(\alpha_s)$ corrections can suppress the $B \to X_s e^+ e^-$ decay width up to $1.5 \div 3$ times (depending on the choice of the dilepton invariant mass $s$ and the low - energy scale $\mu$). As a result, in the experimentally allowed range of the parameters space, the relations between the $B \to X_s e^+ e^-$ branching ratio and the new physics parameters are strongly affected. It is found also that though the renormalization scale dependence of the $B \to X_s e^+ e^-$ branching is significantly reduced, higher order effects in the perturbation theory can still be nonnegligible.Comment: 16 pages, latex, including 6 figures and 3 table

Corporate Dividend Policies during the COVID-19 Pandemic

: In this paper, we examine the changes in corporate dividend policies during the COVID-19 shock. For empirical analysis, we employ annual data of 360 companies from the Pakistan Stock Exchange over the period 2015–2020. Using descriptive analysis and Logit regression models, we find that firms were more likely to either omit or reduce dividend payments during the pandemic year of 2020 as compared to the trends in pre-COVID-19 years of 2015–2019. Further, firms with higher profitability, asset turnover and size were less likely to opt for dividend omissions. On the contrary, dividend omissions were more likely among firms with higher debt ratios. The findings of this study helps to understand firm dividend policies during crisis periods

Exposure to NO2 in occupational built environments in urban centre in Lahore

Increased economic growth, urbanisation and substantial rise in automobile vehicles has contributed towards the elevated levels of air pollution in major cities in Pakistan. Aone week study was conducted by using passive samplers to assess NO2 concentration in occupational built environments at two most congested and populated sites of Lahore. Both sites were locatedon the busy roads of Lahore. At Site-I the highest concentration was in outdoors followed by corridor and indoor. While at Site II all the sampling location wereindoors and level were comparable to that of outdoor levelsat Site I. The results suggest the likely contribution of ambient sources in exposure to indoor NO2 in educational and other occupational built environments in urban centres

Vector Meson Exchanges and CP Asymmetry in K±→π±π0K^{\pm}\rightarrow\pi^{\pm}\pi^0

Using a current algebra framework, we discuss the contribution of vector meson exchanges to the CP violating asymmetry in the decay $K^{\pm}\rightarrow\pi^{\pm}\pi^0$, resulting from the interference of the $K\rightarrow\pi\pi$ amplitude with the radiative correction $K\rightarrow\pi\pi\gamma$.Comment: 9 pages (plain-TEX), IC/93/186, UTS-DFT-93-18, (two figures not included