Global Growth Opportunities and Market Integration

We measure a country's growth opportunities by investigating how its industry mix is priced in global capital markets, using price earnings ratios of global industry portfolios. We derive three sets of empirical results. First, these exogenous growth opportunities strongly predict future changes in real GDP and investment in a large panel of countries. This relation is strongest in countries that have liberalized their capital accounts, equity markets, and banking systems. Second, we re-examine the link between financial development, investor protection, capital allocation, and growth. We find that financial development and investor protection measures are much less important in aligning growth opportunities with growth than is capital market openness. Third, we formulate new tests of market integration and segmentation. Under integration, the difference between a country's local PE ratio and its global counterpart should not predict relative growth, but the difference between its "exogenous" global PE ratio and the world market PE ratio should predict relative growth.

Reviewing the relationship between neoliberal societies and nature:implications of the industrialized dominant social paradigm for a sustainable future

How a society relates to nature is shaped by the dominant social paradigm (DSP): a society’scollective view on social, economic, political, and environmental issues. The characteristics of the DSP have important consequences for natural systems and their conservation. Based on a synthesis of academic literature, we provide a new gradient of 12 types of human-nature relationships synthesized from scientific literature, and an analysis of where the DSP of industrialized, and more specifically, neoliberal societies fit on that gradient. We aim to answer how the industrialized DSP relates to nature, i.e., what types of human-nature relationships this DSP incorporates, and what the consequences of these relationships are for nature conservation and a sustainable future. The gradient of human-nature relationships is based on three defining characteristics: (1) a nature-culture divide, (2) core values, and (3) being anthropocentric or ecocentric. We argue that the industrialized DSP includes elements of the anthropocentric relationships of mastery, utilization, detachment, and stewardship. It therefore regards nature and culture as separate, is mainly driven by instrumental values, and drives detachment from and commodification of nature. Consequently, most green initiatives and policies driven by an industrialized and neoliberal DSP are based on economic incentives and economic growth, without recognition of the needs and limits of natural systems. This leads to environmental degradation and social inequality, obstructing the path to a truly sustainable society. To reach a more ecocentric DSP, systemic changes, in addition to individual changes, in the political and economic structures of the industrialized DSP are needed, along with a change in values and approach toward nature, long-term sustainability, and conservation. Key Words: conservation; dominant social paradigm; environmental degradation; human-nature relationships; industrialized society; Sustainabilit

What Segments Equity Markets?

We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of segmentation in many developing countries, the level of segmentation is still significant. In contrast to previous research, we characterize the factors that account for variation in market segmentation both through time as well as across countries. While a country's regulation with respect to foreign capital flows is important in determining its level of segmentation, we find that non-regulatory factors are also related to the cross-sectional and time-series variation in the level of segmentation. We identify a country's political risk profile and its stock market development as two additional local segmentation factors as well as the U.S. corporate credit spread as a global segmentation factor.

The European Union, the Euro, and equity market integration

At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to equity market integration in Europe. We use a simple and essentially model free measure of bilateral market segmentation: two countries are segmented if there is a wide divergence in the valuations of their industries. We fi rst establish that segmentation is signfi cantly lower for EU versus non-EU members. Bilateral valuation differentials remain lower for EU members even after we control for several possible channels of integration, such as bilateral trade, direct investment positions, fi nancial regulation, and interest rate differences. Importantly, we nd that EU membership reduces equity market segmentation between member countries whether or not members have also adopted the Euro. The Euro adoption as well as the anticipation of the Euro adoption has minimal effects on market integration

Active metamaterial polarization modulators for the Terahertz frequency range

Abstract Active control of chirality in the terahertz frequency range is of great importance in many scientific areas, which include research into fundamental optical phenomena, investigation of novel materials, spectroscopy, imaging, wireless communications and chemistry. The lack of efficient, integrated and fast-reconfigurable polarization modulators has hindered, so far, the full exploitation of applications in all the aforementioned fields. Metamaterials are artificial resonant elements possessing unique remarkable properties such as high efficiency and miniaturization capability. The interplay of metallic metamaterial arrays with electrostatically tunable monolayer graphene has been demonstrated to be a valid approach for the realization of a novel class of THz devices. In this work, the realization of active chiral graphene/metamaterial modulator is presented. The versatility of this experimental approach allowed the device integration with broadband sources such as terahertz time domain spectrometers as well as with quantum cascade lasers. A continuous rotation of the polarization plane &gt; 30° has been reported with a reconfiguration speed &gt; 5 MHz. These results pave the way to the integration of fast terahertz polarization modulators in all the applications where these devices are in great demand.</jats:p

Active Terahertz Modulator and Slow Light Metamaterial Devices with Hybrid Graphene-Superconductor Photonic Integrated Circuits.

Metamaterial photonic integrated circuits with arrays of hybrid graphene-superconductor coupled split-ring resonators (SRR) capable of modulating and slowing down terahertz (THz) light are introduced and proposed. The hybrid device's optical responses, such as electromagnetic-induced transparency (EIT) and group delay, can be modulated in several ways. First, it is modulated electrically by changing the conductivity and carrier concentrations in graphene. Alternatively, the optical response can be modified by acting on the device temperature sensitivity by switching Nb from a lossy normal phase to a low-loss quantum mechanical phase below the transition temperature (Tc) of Nb. Maximum modulation depths of 57.3% and 97.61% are achieved for EIT and group delay at the THz transmission window, respectively. A comparison is carried out between the Nb-graphene-Nb coupled SRR-based devices with those of Au-graphene-Au SRRs, and significant enhancements of the THz transmission, group delay, and EIT responses are observed when Nb is in the quantum mechanical phase. Such hybrid devices with their reasonably large and tunable slow light bandwidth pave the way for the realization of active optoelectronic modulators, filters, phase shifters, and slow light devices for applications in chip-scale future communication and computation systems

Contactless graphene conductivity mapping on a wide range of substrates with terahertz time-domain reflection spectroscopy.

We demonstrate how terahertz time-domain spectroscopy (THz-TDS) operating in reflection geometry can be used for quantitative conductivity mapping of large area chemical vapour deposited graphene films on sapphire, silicon dioxide/silicon and germanium. We validate the technique against measurements performed with previously established conventional transmission based THz-TDS and are able to resolve conductivity changes in response to induced back-gate voltages. Compared to the transmission geometry, measurement in reflection mode requires careful alignment and complex analysis, but circumvents the need of a terahertz transparent substrate, potentially enabling fast, contactless, in-line characterisation of graphene films on non-insulating substrates such as germanium.H.L. and J.A.Z. acknowledge financial support from the EPSRC (Grant No. EP/L019922/1). P.B.W. acknowledges EPSRC Cambridge NanoDTC EP/G037221/1. R.D., H.E.B. and D. R. acknowledge financial support from the EPSRC (Grant No. EP/J017671/1, Coherent Terahertz Systems). S.H. acknowledges funding from the EPSRC (Grant No. EP/K016636/1, GRAPHTED)