An Empirical Assessment of Federal Question Jurisdiction

For ages, judges and legal academics have claimed that federal question jurisdiction has three purposes: to provide litigants with a judge experienced in federal law, to protect litigants from state court hostility toward federal claims and to preserve uniformity in federal law. Although one could fill a small library with books and articles endorsing this conception of federal question jurisdiction, one would be hard-pressed to find a single article testing these rationales empirically. This Article seeks to be the first such piece of scholarship. Based on a study of thousands of state court cases across fifteen different states, it first concludes that neither the state hostility nor uniformity rationales are borne out by empirical evidence. Next, it explains that federal judges, while likely more experienced than state judges in interpreting federal law, have superior experience only in certain specific areas of law. The Article then identifies a second purpose that is not often discussed in the context of statutory federal question jurisdiction: the protection of the federal governments’ sovereignty interests. Like federal judicial experience, however, federal question jurisdiction only protects a spe-cific type of sovereignty interest—-the interest in controlling the meaning of sovereign law. After dismissing the suggestion that federal question jurisdiction is necessary to shoulder a large caseload, the Article then assesses the implications of the newly-adduced purposes of the jurisdictional grant by applying them to some common jurisdictional dilemmas

Quantifying trading behavior in financial markets using Google Trends

Crises in financial markets affect humans worldwide. Detailed market data on trading decisions reflect some of the complex human behavior that has led to these crises. We suggest that massive new data sources resulting from human interaction with the Internet may offer a new perspective on the behavior of market participants in periods of large market movements. By analyzing changes in Google query volumes for search terms related to finance, we find patterns that may be interpreted as “early warning signs” of stock market moves. Our results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior

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

An experimental testbed for NEAT to demonstrate micro-pixel accuracy

NEAT is an astrometric mission proposed to ESA with the objectives of detecting Earth-like exoplanets in the habitable zone of nearby solar-type stars. In NEAT, one fundamental aspect is the capability to measure stellar centroids at the precision of 5e-6 pixel. Current state-of-the-art methods for centroid estimation have reached a precision of about 4e-5 pixel at Nyquist sampling. Simulations showed that a precision of 2 micro-pixels can be reached, if intra and inter pixel quantum efficiency variations are calibrated and corrected for by a metrology system. The European part of the NEAT consortium is designing and building a testbed in vacuum in order to achieve 5e-6 pixel precision for the centroid estimation. The goal is to provide a proof of concept for the precision requirement of the NEAT spacecraft. In this paper we give the basic relations and trade-offs that come into play for the design of a centroid testbed and its metrology system. We detail the different conditions necessary to reach the targeted precision, present the characteristics of our current design and describe the present status of the demonstration.Comment: SPIE proceeding

Qualidade sanitária e produção de fumonisina B1 em grãos de milho em fase de pré-colheita.

Trinta e seis (36) cultivares de milho foram avaliadas em relação à incidência de grãos ardidos, mofados e produção de fumonisina B1. Amostras de 1,2 kg de grãos foram analisadas visualmente para a quantificação de grãos ardidos (Fusarium subglutinans), mofados (Penicillium oxalicum) e para a análise de fumonisina B1. Os grãos ardidos foram submetidos à análise de sanidade (papel de filtro com congelamento) visando identificar os fungos a eles associados. A cultivar Hatã 3052 apresentou 7,6% de grãos ardidos, ultrapassando o limite de tolerância que é de 6,0%. As cultivares AG 5011, HT 7105-3, Dina 1000 e C 701 apresentaram 16,8% , 3,4%, 3,2% e 3,1 % de grãos mofados, respectivamente, acima do limite de tolerância que é de 3,0%. O fungo Fusarium subglutinans (Gibberella fujikuroi var. subglutinans) foi o causador de grãos ardidos, cuja detecção variou de 50,0 a 99,0%. A análise de variância mostrou diferenças significativa entre as cultivares com relação às incidências de grãos ardidos e de grãos mofados. Com relação à produção de fumonisina B1, as cultivares Hatã 3052, NB 6077 e 983 P produziram 7,0; 6,1 e 5,9 ug.g1 de grãos, respectivamente, diferindo significativamente da cultivar P3071(2,2 ug.g-1 de grãos). Conclui-se que há diferenças significativas entre as cultivares de milho em relação à produção de grãos ardidos e mofados, bem como acentuada interação entre as cultivares e o fungo toxigênico Fusarium subglutinans (Gibberella fujikuroi var. subglutinans) quanto à biossíntese de fumonisina B1 em grãos de milho

Coupling between phonons and intrinsic Josephson oscillations in cuprate superconductors

The recently reported subgap structures observed in the current-voltage characteristic of intrinsic Josephson junctions in the high-T_c superconductors Tl_2Ba_2Ca_2Cu_3O_{10+\delta} and Bi_2Sr_2CaCu_2O_{8+\delta} are explained by the coupling between c-axis phonons and Josephson oscillations. A model is developed where c-axis lattice vibrations between adjacent superconducting multilayers are excited by the Josephson oscillations in a resistive junction. The voltages of the lowest structures correspond well to the frequencies of longitudinal c-axis phonons with large oscillator strength in the two materials, providing a new measurement technique for this quantity.Comment: 4 pages, 3 figures, revtex, aps, epsf, psfig. submitted to Physical Review Letters, second version improved in detai

Magnetized Domain Walls in the Deconfined Sakai-Sugimoto Model at Finite Baryon Density

The magnetized pure pion gradient ($\mathcal{5}\phi$) phase in the deconfined Sakai-Sugimoto model is explored at zero and finite temperature. We found that the temperature has very small effects on the phase. The thermodynamical properties of the phase shows that the excitations behave like a scalar solitonic free particles. By comparing the free energy of the pion gradient phase to the competing multiquark-pion gradient (MQ-$\mathcal{5}\phi$) phase, it becomes apparent that the pure pion gradient is less thermodynamically preferred than the MQ-$\mathcal{5}\phi$ phase. However, in the parameter space where the baryonic chemical potential is smaller than the onset value of the multiquark, the dominating magnetized nuclear matter is the pion gradient phase.Comment: 20 pages, 9 figure

Emergence of long memory in stock volatility from a modified Mike-Farmer model

The Mike-Farmer (MF) model was constructed empirically based on the continuous double auction mechanism in an order-driven market, which can successfully reproduce the cubic law of returns and the diffusive behavior of stock prices at the transaction level. However, the volatility (defined by absolute return) in the MF model does not show sound long memory. We propose a modified version of the MF model by including a new ingredient, that is, long memory in the aggressiveness (quantified by the relative prices) of incoming orders, which is an important stylized fact identified by analyzing the order flows of 23 liquid Chinese stocks. Long memory emerges in the volatility synthesized from the modified MF model with the DFA scaling exponent close to 0.76, and the cubic law of returns and the diffusive behavior of prices are also produced at the same time. We also find that the long memory of order signs has no impact on the long memory property of volatility, and the memory effect of order aggressiveness has little impact on the diffusiveness of stock prices.Comment: 6 pages, 6 figures and 1 tabl

Subgap structures in the current-voltage characteristic of the intrinsic Josephson effect due to phonons

A modified RSJ-model for the coupling of intrinsic Josephson oscillations and c-axis phonons in the high-T_c superconductors Tl_2Ba_2Ca_2Cu_3O_{10+\delta} and Bi_2Sr_2CaCu_2O_{8+\delta} is deveoped. This provides a very good explanation for recently reported subgap structures in the I-V-characteristic of the c-axis transport. It turns out that the voltages of these structures coincide with the eigenfrequencies of longitudinal optical phonons, providing a new measurement technique for this quantity. The significantly enhanced microwave emission at the subgap structures in both the GHz and THz region is discussed.Comment: correction of minor misprints, revtex, 3 pages, two postscript figures, aps, epsf, Contributed Paper to the "International Symposion on the Intrinsic Josphson effect and THz Plasma Oscillations", 22-25 February 1997, Sendai, Japan; to be published in Physica

The Effects of Twitter Sentiment on Stock Price Returns

Social media are increasingly reflecting and influencing behavior of other complex systems. In this paper we investigate the relations between a well-know micro-blogging platform Twitter and financial markets. In particular, we consider, in a period of 15 months, the Twitter volume and sentiment about the 30 stock companies that form the Dow Jones Industrial Average (DJIA) index. We find a relatively low Pearson correlation and Granger causality between the corresponding time series over the entire time period. However, we find a significant dependence between the Twitter sentiment and abnormal returns during the peaks of Twitter volume. This is valid not only for the expected Twitter volume peaks (e.g., quarterly announcements), but also for peaks corresponding to less obvious events. We formalize the procedure by adapting the well-known "event study" from economics and finance to the analysis of Twitter data. The procedure allows to automatically identify events as Twitter volume peaks, to compute the prevailing sentiment (positive or negative) expressed in tweets at these peaks, and finally to apply the "event study" methodology to relate them to stock returns. We show that sentiment polarity of Twitter peaks implies the direction of cumulative abnormal returns. The amount of cumulative abnormal returns is relatively low (about 1-2%), but the dependence is statistically significant for several days after the events