Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries

The paper investigates the time-varying correlation between stock market prices and oil prices for oil-importing and oil-exporting countries. A DCC-GARCH-GJR approach is employed to test the above hypothesis based on data from six countries; Oil-exporting: Canada, Mexico, Brazil and Oil-importing: USA, Germany, Netherlands. The contemporaneous correlation results show that i) although time-varying correlation does not differ for oil-importing and oil-exporting economies, ii) the correlation increases positively (negatively) in respond to important aggregate demand-side (precautionary demand) oil price shocks, which are caused due to global business cycle’s fluctuations or world turmoil (i.e. wars). Supply-side oil price shocks do not influence the relationship of the two markets. The lagged correlation results show that oil prices exercise a negative effect in all stock markets, regardless the origin of the oil price shock. The only exception is the 2008 global financial crisis where the lagged oil prices exhibit a positive correlation with stock markets. Finally, we conclude that in periods of significant economic turmoil the oil market is not a safe haven for offering protection against stock market losses

Multiparticle States and the Hadron Spectrum on the Lattice

The Clebsch-Gordan decomposition is calculated for direct products of the irreducible representations of the cubic space group. These results are used to identify multiparticle states which appear in the hadron spectrum on the lattice. Consideration of the cubic space group indicates how combinations of both zero momentum and non-zero momentum multiparticle states contribute to the spectrum.Comment: v2) Little groups for lattice momenta corrected. Includes a more consistent labeling scheme. (13 pages

Neutrino Capture and r-Process Nucleosynthesis

We explore neutrino capture during r-process nucleosynthesis in neutrino-driven ejecta from nascent neutron stars. We focus on the interplay between charged-current weak interactions and element synthesis, and we delineate the important role of equilibrium nuclear dynamics. During the period of coexistence of free nucleons and light and/or heavy nuclei, electron neutrino capture inhibits the r-process. At all stages, capture on free neutrons has a larger impact than capture on nuclei. However, neutrino capture on heavey nuclei by itself, if it is very strong, is also detrimental to the r-process until large nuclear equilibrium clusters break down and the classical neutron-capture phase of the r-process begins. The sensitivity of the r-process to neutrino irradiation means that neutrino-capture effects can strongly constrain the r-process site, neutrino physics, or both. These results apply also to r-process scenarios other than neutrino-heated winds.Comment: 20 pages, 17 figures, Submitted to Physical Review