Financial Integration: A New Methodology and an Illustration

This paper develops a simple new methodology to test for asset integration and applies it within and between American stock markets. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected risk-free rates across assets. Expected risk-free rates are allowed to vary freely over time, constrained only by the fact that they are equal across (risk-adjusted) assets. Assets are allowed to have general risk characteristics, and are constrained only by a factor model of covariances over short time periods. The technique is undemanding in terms of both data and estimation. We find that expected risk-free rates vary dramatically over time, unlike short interest rates. Further, the S&P 500 market seems to be well integrated, and the NASDAQ is generally (but not always) integrated. However, the NASDAQ is poorly integrated with the S&P 500.

Estimation of minority carrier diffusion lengths in InP/GaAs solar cells

Minority carrier diffusion length is one of the most important parameters affecting the solar cell performance. An attempt is made to estimate the minority carrier diffusion lengths is the emitter and base of InP/GaAs heteroepitaxial solar cells. The PC-1D computer model was used to simulate the experimental cell results measured at NASA Lewis under AMO (air mass zero) spectrum at 25 C. A 16 nm hole diffusion length in the emitter and a 0.42 micron electron diffusion length in the base gave very good agreement with the I-V curve. The effect of varying minority carrier diffusion lengths on cell short current, open circuit voltage, and efficiency was studied. It is also observed that the front surface recombination velocity has very little influence on the cell performance. The poor output of heteroepitaxial cells is caused primarily by the large number of dislocations generated at the interfaces that propagate through the bulk indium phosphide layers. Cell efficiency as a function of dislocation density was calculated and the effect of improved emitter bulk properties on cell efficiency is presented. It is found that cells with over 16 percent efficiencies should be possible, provided the dislocation density is below 10(exp 6)/sq cm

Effect of emitter parameter variation on the performance of heteroepitaxial indium phosphide solar cells

Metallorganic chemical-vapor-deposited heteroepitaxial indium phosphide (InP) solar cell experimental results were simulated by using a PC-1D computer model. The effect of emitter parameter variation on the performance of n(+)/p/p(+) heteroepitaxial InP/GaAs solar cell was presented. The thinner and lighter doped emitters were observed to offer higher cell efficiencies. The influence of emitter thickness and minority carrier diffusion length on the cell efficiency with respect to dislocation density was studied. Heteroepitaxial cells with efficiencies similar to present day homojunction InP efficiencies (greater than 16 percent AMO) were shown to be attainable if a dislocation density lower than 10(exp 6)/sq cm could be achieved. A realistic optimized design study yielded InP solar cells of over 22 percent AMO efficiency at 25 C

Fixes: Of The Forward Discount Puzzle

Regressions of ex post changes in floating exchange rates on appropriate interest differentials typically imply that the high- interest rate currency tends to appreciate, the `forward discount puzzle.' Using data from the European Monetary System, we find that a large part of the forward discount puzzle vanishes for regimes of fixed exchange rates. That is, deviations from uncovered interest parity appear to vary in a way which is dependent upon the exchange rate regime. By using the many EMS realignments, we are also able to quantify the `peso problem.'

Monolithic and mechanical multijunction space solar cells

High-efficiency, lightweight, radiation-resistant solar cells are essential to meet the large power requirements of future space missions. Single-junction cells are limited in efficiency. Higher cell efficiencies could be realized by developing multijunction, multibandgap solar cells. Monolithic and mechanically stacked tandem solar cells surpassing single-junction cell efficiencies have been fabricated. This article surveys the current status of monolithic and mechanically stacked multibandgap space solar cells, and outlines problems yet to be resolved. The monolithic and mechanically stacked cells each have their own problems related to size, processing, current and voltage matching, weight, and other factors. More information is needed on the effect of temperature and radiation on the cell performance. Proper reference cells and full-spectrum range simulators are also needed to measure efficiencies correctly. Cost issues are not addressed, since the two approaches are still in the developmental stage

Uncovered Interest Parity in Crisis

This paper tests for uncovered interest parity (UIP) using daily data for 23 developing and developed countries during the crisis-strewn 1990s. We find that UIP works better on average in the 1990s than in previous eras in the sense that the slope coefficient from a regression of exchange rate changes on interest differentials yields a positive coefficient (which is sometimes insignificantly different from unity). UIP works systematically worse for fixed and flexible exchange rate countries than for crisis countries, but we find no significant differences between rich and poor countries. Copyright 2002, International Monetary Fund

Effect of dislocations on the open-circuit voltage, short-circuit current and efficiency of heteroepitaxial indium phosphide solar cells

Excellent radiation resistance of indium phosphide solar cells makes them a promising candidate for space power applications, but the present high cost of starting substrates may inhibit their large scale use. Thin film indium phosphide cells grown on Si or GaAs substrates have exhibited low efficiencies, because of the generation and propagation of large number of dislocations. Dislocation densities were calculated and its influence on the open circuit voltage, short circuit current, and efficiency of heteroepitaxial indium phosphide cells was studied using the PC-1D. Dislocations act as predominant recombination centers and are required to be controlled by proper transition layers and improved growth techniques. It is shown that heteroepitaxial grown cells could achieve efficiencies in excess of 18 percent AMO by controlling the number of dislocations. The effect of emitter thickness and surface recombination velocity on the cell performance parameters vs. dislocation density is also studied

Optimal design study of high efficiency indium phosphide space solar cells

Recently indium phosphide solar cells have achieved beginning of life AMO efficiencies in excess of 19 pct. at 25 C. The high efficiency prospects along with superb radiation tolerance make indium phosphide a leading material for space power requirements. To achieve cost effectiveness, practical cell efficiencies have to be raised to near theoretical limits and thin film indium phosphide cells need to be developed. The optimal design study is described of high efficiency indium phosphide solar cells for space power applications using the PC-1D computer program. It is shown that cells with efficiencies over 22 pct. AMO at 25 C could be fabricated by achieving proper material and process parameters. It is observed that further improvements in cell material and process parameters could lead to experimental cell efficiencies near theoretical limits. The effect of various emitter and base parameters on cell performance was studied

How large can the branching ratio of Bs→τ+τ−B_s \to \tau^+ \tau^- be ?

Motivated by the large like-sign dimuon charge asymmetry observed recently, whose explanation would require an enhanced decay rate of $B_s \to \tau^+ \tau^-$, we explore how large a branching ratio of this decay mode is allowed by the present constraints. We use bounds from the lifetimes of $B_d$ and $B_s$, constraints from the branching ratios of related $b \to s \tau^+ \tau^-$ modes, as well as measurements of the mass difference, width difference and CP-violating phase in the $B_s$-$\bar{B}_s$ system. Using an effective field theory approach, we show that a branching ratio as high as 15% may be allowed while being consistent with the above constraints. The model with a scalar leptoquark cannot increase the branching ratio to a per cent level. However, an enhancement up to 5% is possible in the model with an extremely light $Z'$ with flavor-dependent interactions, even after all the couplings are taken to be perturbative. This however cannot account for the dimuon anomaly completely by itself.Comment: Typos corrected, some discussions added, accepted for publication in Phys.Rev.

Comparative modeling of InP solar cell structures

The comparative modeling of p(+)n and n(+)p indium phosphide solar cell structures is studied using a numerical program PC-1D. The optimal design study has predicted that the p(+)n structure offers improved cell efficiencies as compared to n(+)p structure, due to higher open-circuit voltage. The various cell material and process parameters to achieve the maximum cell efficiencies are reported. The effect of some of the cell parameters on InP cell I-V characteristics was studied. The available radiation resistance data on n(+)p and p(+)p InP solar cells are also critically discussed