The Forecasting Capacity of Housing Price Expectations

This study captures the essential elements of the price expectations of market participants in a rising market. Adopting a forward-looking approach, this paper explores the effectiveness of expectations as an indicator of forthcoming housing price changes in Hong Kong. Examination of the quarterly survey data from December 2003 to September 2007 indicates that both homeowners and non-homeowners tend to overestimate the probability of future housing price increases yet underestimate its volatility. This adds weight to the argument that market participants are generally not rational in the prediction of price movement. Homeowners, investors and potential home buyers have more or less the same level of confidence about the future market outlook. Like non-owners, they expect higher prices. The number of correct forecasts exceeds incorrect forecasts, suggesting that overall price expectations are fairly close to realization. It can be broadly concluded that the aggregate price expectations in the long run can be an appropriate forecasting tool for future market performance.Price expectations; Forecastability; Housing market; Hong Kong

Gamma-ray emission from the globular clusters Liller 1, M80, NGC 6139, NGC 6541, NGC 6624, and NGC 6752

Globular clusters (GCs) are emerging as a new class of gamma-ray emitters, thanks to the data obtained from the Fermi Gamma-ray Space Telescope. By now, eight GCs are known to emit gamma-rays at energies >100~MeV. Based on the stellar encounter rate of the GCs, we identify potential gamma-ray emitting GCs out of all known GCs that have not been studied in details before. In this paper, we report the discovery of a number of new gamma-ray GCs: Liller 1, NGC 6624, and NGC 6752, and evidence for gamma-ray emission from M80, NGC 6139, and NGC 6541, in which gamma-rays were found within the GC tidal radius. With one of the highest metallicity among all GCs in the Milky Way, the gamma-ray luminosity of Liller 1 is found to be the highest of all known gamma-ray GCs. In addition, we confirm a previous report of significant gamma-ray emitting region next to NGC 6441. We briefly discuss the observed offset of gamma-rays from some GC cores. The increasing number of known gamma-ray GCs at distances out to ~10 kpc is important for us to understand the gamma-ray emitting mechanism and provides an alternative probe to the underlying millisecond pulsar populations of the GCs.Comment: 22 pages, 7 figures, 2 tables; ApJ, in pres

Localization of fermionic fields on braneworlds with bulk tachyon matter

Recently, Pal and Skar in [arXiv:hep-th/0701266] proposed a mechanism to arise the warped braneworld models from bulk tachyon matter, which are endowed with a thin brane and a thick brane. In this framework, we investigate localization of fermionic fields on these branes. As in the 1/2 spin case, the field can be localized on both the thin and thick branes with inclusion of scalar background. In the 3/2 spin extension, the general supergravity action coupled to chiral supermultiplets is considered to produce the localization on both the branes as a result.Comment: 9 pages, no figure

A NuSTAR Observation of the Gamma-ray Emitting Millisecond Pulsar PSR J1723-2837

We report on the first NuSTAR observation of the gamma-ray emitting millisecond pulsar binary PSR J1723-2837. X-ray radiation up to 79 keV is clearly detected and the simultaneous NuSTAR and Swift spectrum is well described by an absorbed power-law with a photon index of ~1.3. We also find X-ray modulations in the 3-10 keV, 10-20 keV, 20-79 keV, and 3-79 keV bands at the 14.8-hr binary orbital period. All these are entirely consistent with previous X-ray observations below 10 keV. This new hard X-ray observation of PSR J1723-2837 provides strong evidence that the X-rays are from the intrabinary shock via an interaction between the pulsar wind and the outflow from the companion star. We discuss how the NuSTAR observation constrains the physical parameters of the intrabinary shock model.Comment: Accepted for publication in ApJ. 5 pages, 3 figure

The Fundamental Plane of Gamma-ray Globular Clusters

We have investigated the properties of a group of $\gamma$-ray emitting globular clusters (GCs) which have recently been uncovered in our Galaxy. By correlating the observed $\gamma$-ray luminosities $L_{\gamma}$ with various cluster properties, we probe the origin of the high energy photons from these GCs. We report $L_{\gamma}$ is positively correlated with the encounter rate $\Gamma_{c}$ and the metalicity $\left[{\rm Fe/H}\right]$ which place an intimate link between the gamma-ray emission and the millisecond pulsar population. We also find a tendency that $L_{\gamma}$ increase with the energy densities of the soft photon at the cluster location. Furthermore, the two-dimensional regression analysis suggests that $L_{\gamma}$, soft photon densities, and $\Gamma_{c}$/$\left[{\rm Fe/H}\right]$ possibly span fundamental planes which potentially provide better predictions for the $\gamma$-ray properties of GCs.Comment: 17 pages, 4 figures, 3 tables, published in Ap

Swift, XMM-Newton, and NuSTAR observations of PSR J2032+4127/MT91 213

We report our recent Swift, NuSTAR, and XMM-Newton X-ray and Lijiang optical observations on PSR J2032+4127/MT91 213, the gamma-ray binary candidate with a period of 45-50 years. The coming periastron of the system was predicted to be in November 2017, around which high-energy flares from keV to TeV are expected. Recent studies with Chandra and Swift X-ray observations taken in 2015/16 showed that its X-ray emission has been brighter by a factors of ~10 than that before 2013, probably revealing some on-going activities between the pulsar wind and the stellar wind. Our new Swift/XRT lightcurve shows no strong evidence of a single vigorous brightening trend, but rather several strong X-ray flares on weekly to monthly timescales with a slowly brightening baseline, namely the low state. The NuSTAR and XMM-Newton observations taken during the flaring and the low states, respectively, show a denser environment and a softer power-law index during the flaring state, implying that the pulsar wind interacted with stronger stellar winds of the companion to produce the flares. These precursors would be crucial in studying the predicted giant outburst from this extreme gamma-ray binary during the periastron passage in late 2017.Comment: 6 pages, including 3 figures and 2 tables. Accepted for publication in Ap