Market and regional segmentation and risk premia in the first era of financial globalization

We study market segmentation effects using data on U.S. railroads that list their bonds in New York and London between 1873 and 1913. This sample provides a unique setting for such analysis because of the precision offered by bond yields in cost of capital estimation, the geography-specific nature of railroad assets, and ongoing substantial technological change. We document a significant reduction in market segmentation over time. Whilst New York bond yields exceeded those in London in the 1870s, this premium disappeared by the early 1900s. However, the segmentation premium persisted in the more remote regions of the United States.Chambers acknowledges financial support from his Keynes Fellowship, the Newton Centre for Endowment Asset Management and the Cambridge Endowment for Research in Finance, Sarkissian acknowledges financial support from the Social Sciences & Humanities Research Council of Canada, and Schill acknowledges financial support from the Darden School Foundation

Radio disappearance of the magnetar XTE J1810-197 and continued X-ray timing

We report on timing, flux density, and polarimetric observations of the transient magnetar and 5.54 s radio pulsar XTE J1810-197 using the GBT, Nancay, and Parkes radio telescopes beginning in early 2006, until its sudden disappearance as a radio source in late 2008. Repeated observations through 2016 have not detected radio pulsations again. The torque on the neutron star, as inferred from its rotation frequency derivative f-dot, decreased in an unsteady manner by a factor of 3 in the first year of radio monitoring. In contrast, during its final year as a detectable radio source, the torque decreased steadily by only 9%. The period-averaged flux density, after decreasing by a factor of 20 during the first 10 months of radio monitoring, remained steady in the next 22 months, at an average of 0.7+/-0.3 mJy at 1.4 GHz, while still showing day-to-day fluctuations by factors of a few. There is evidence that during this last phase of radio activity the magnetar had a steep radio spectrum, in contrast to earlier behavior. There was no secular decrease that presaged its radio demise. During this time the pulse profile continued to display large variations, and polarimetry indicates that the magnetic geometry remained consistent with that of earlier times. We supplement these results with X-ray timing of the pulsar from its outburst in 2003 up to 2014. For the first 4 years, XTE J1810-197 experienced non-monotonic excursions in f-dot by at least a factor of 8. But since 2007, its f-dot has remained relatively stable near its minimum observed value. The only apparent event in the X-ray record that is possibly contemporaneous with the radio shut-down is a decrease of ~20% in the hot-spot flux in 2008-2009, to a stable, minimum value. However, the permanence of the high-amplitude, thermal X-ray pulse, even after the radio demise, implies continuing magnetar activity.Comment: ApJ, accepted, 12 pages, 9 figure

Peculiar Spin Frequency and Radio Profile Evolution of PSR J1119−-6127 Following Magnetar-like X-ray Bursts

We present the spin frequency and profile evolution of the radio pulsar J1119$-$6127 following magnetar-like X-ray bursts from the system in 2016 July. Using data from the Parkes radio telescope, we observe a smooth and fast spin-down process subsequent to the X-ray bursts resulting in a net change in the pulsar rotational frequency of $\Delta\nu\approx-4\times10^{-4}$\,Hz. During the transition, a net spin-down rate increase of $\Delta\dot\nu\approx-1\times10^{-10}$\,Hz\,s$^{-1}$ is observed, followed by a return of $\dot{\nu}$ to its original value. In addition, the radio pulsations disappeared after the X-ray bursts and reappeared about two weeks later with the flux density at 1.4\,GHz increased by a factor of five. The flux density then decreased and undershot the normal flux density followed by a slow recovery back to normal. The pulsar's integrated profile underwent dramatic and short-term changes in total intensity, polarization and position angle. Despite the complex evolution, we observe correlations between the spin-down rate, pulse profile shape and radio flux density. Strong single pulses have been detected after the X-ray bursts with their energy distributions evolving with time. The peculiar but smooth spin frequency evolution of PSR~J1119$-$6127 accompanied by systematic pulse profile and flux density changes are most likely to be a result of either reconfiguration of the surface magnetic fields or particle winds triggered by the X-ray bursts. The recovery of spin-down rate and pulse profile to normal provides us the best case to study the connection between high magnetic-field pulsars and magnetars.Comment: Accepted for publication in MNRAS on 2018 July 2

Spin-down evolution and radio disappearance of the magnetar PSR J1622−-4950

We report on 2.4 yr of radio timing measurements of the magnetar PSR J1622$-$4950 using the Parkes telescope, between 2011 November and 2014 March. During this period the torque on the neutron star (inferred from the rotational frequency derivative) varied greatly, though much less erratically than in the 2 yr following its discovery in 2009. During the last year of our measurements the frequency derivative decreased in magnitude monotonically by 20\%, to a value of $-1.3\times10^{-13}$ s$^{-2}$, a factor of 8 smaller than when discovered. The flux density continued to vary greatly during our monitoring through 2014 March, reaching a relatively steady low level after late 2012. The pulse profile varied secularly on a similar timescale as the flux density and torque. A relatively rapid transition in all three properties is evident in early 2013. After PSR J1622$-$4950 was detected in all of our 87 observations up to 2014 March, we did not detect the magnetar in our resumed monitoring starting in 2015 January and have not detected it in any of the 30 observations done through 2016 September.Comment: 8 pages, 5 figures, submitted to Ap

Five New Millisecond Pulsars From a Radio Survey of 14 Unidentified Fermi-LAT Gamma-ray Sources

We have discovered five millisecond pulsars (MSPs) in a survey of 14 unidentified Fermi-LAT sources in the southern sky using the Parkes radio telescope. PSRs J0101-6422, J1514-4946, and J1902-5105 reside in binaries, while PSRs J1658-5324 and J1747-4036 are isolated. Using an ephemeris derived from timing observations of PSR J0101-6422 (P =2.57 ms, DM=12 pc cm-3), we have detected {\gamma}-ray pulsations and measured its proper motion. Its {\gamma}-ray spectrum (a power law of {\Gamma} = 0.9 with a cutoff at 1.6 GeV) and efficiency are typical of other MSPs, but its radio and {\gamma}-ray light curves challenge simple geometric models of emission. The high success rate of this survey-enabled by selecting {\gamma}-ray sources based on their detailed spectral characteristics-and other similarly successful searches indicate that a substantial fraction of the local population of MSPs may soon be known.Comment: 6 pages, 3 figures, 2 tables, accepted by ApJ

A Shapiro delay detection in the binary system hosting the millisecond pulsar PSR J1910-5959A

PSR J1910-5959A is a binary pulsar with a helium white dwarf companion located about 6 arcmin from the center of the globular cluster NGC6752. Based on 12 years of observations at the Parkes radio telescope, the relativistic Shapiro delay has been detected in this system. We obtain a companion mass Mc = 0.180+/-0.018Msun (1sigma) implying that the pulsar mass lies in the range 1.1Msun <= Mp <= 1.5Msun. We compare our results with previous optical determinations of the companion mass, and examine prospects for using this new measurement for calibrating the mass-radius relation for helium white dwarfs and for investigating their evolution in a pulsar binary system. Finally we examine the set of binary systems hosting a millisecond pulsar and a low mass helium white dwarf for which the mass of both stars has been measured. We confirm that the correlation between the companion mass and the orbital period predicted by Tauris & Savonije reproduces the observed values but find that the predicted Mp - Pb correlation over-estimates the neutron star mass by about 0.5Msun in the orbital period range covered by the observations. Moreover, a few systems do not obey the observed Mp - Pb correlation. We discuss these results in the framework of the mechanisms that inhibit the accretion of matter by a neutron star during its evolution in a low-mass X-ray binary.Comment: 4 figures, 2 tables, accepted for publication in the Astrophysical Journa

Timing of Millisecond Pulsars in NGC 6752: Evidence for a High Mass-to-Light Ratio in the Cluster Core

Using pulse timing observations we have obtained precise parameters, including positions with about 20 mas accuracy, of five millisecond pulsars in NGC 6752. Three of them, located relatively close to the cluster center, have line-of-sight accelerations larger than the maximum value predicted by the central mass density derived from optical observation, providing dynamical evidence for a central mass-to-light ratio >~ 10, much higher than for any other globular cluster. It is likely that the other two millisecond pulsars have been ejected out of the core to their present locations at 1.4 and 3.3 half-mass radii, respectively, suggesting unusual non-thermal dynamics in the cluster core.Comment: Accepted by ApJ Letter. 5 pages, 2 figures, 1 tabl

Out of the frying pan: a young pulsar with a long radio trail emerging from SNR G315.9-0.0

The faint radio supernova remnant SNR G315.9-0.0 is notable for a long and thin trail that extends outward perpendicular from the edge of its approximately circular shell. In a search with the Parkes telescope we have found a young and energetic pulsar that is located at the tip of this collimated linear structure. PSR J1437-5959 has period P = 61 ms, characteristic age tau_c = 114 kyr, and spin-down luminosity dE/dt = 1.4e36 erg/s. It is very faint, with a flux density at 1.4 GHz of about 75 uJy. From its dispersion measure of 549 pc/cc, we infer d ~ 8 kpc. At this distance and for an age comparable to tau_c, the implied pulsar velocity in the plane of the sky is V_t = 300 km/s for a birth at the center of the SNR, although it is possible that the SNR/pulsar system is younger than tau_c and that V_t > 300 km/s. The highly collimated linear feature is evidently the pulsar wind trail left from the supersonic passage of PSR J1437-5959 through the interstellar medium surrounding SNR G315.9-0.0.Comment: accepted for publication in ApJ Letter

Identification of Pro-MMP-7 as a Serum Marker for Renal Cell Carcinoma by Use of Proteomic Analysis

International audienceBACKGROUND: No validated renal cell carcinoma (RCC) marker is known for detection of asymptomatic disease in selected populations or for prognostic purposes or treatment monitoring. We identified immunogenic proteins as tumor markers for RCC by combining conventional proteome analysis with serological screening, and we investigated the diagnostic clinical value of such markers in serum. METHODS: We studied the immunogenic protein expression profile of CAL 54, a human RCC cell line, by 2-dimensional electrophoresis combined with immunoblotting using sera from healthy donors compared with RCC patients. We developed a homogeneous, fluorescent, dual-monoclonal immunoassay for metalloproteinase 7 (MMP-7) and used it to measure MMP-7 in sera from 30 healthy donors, 30 RCC patients, and 40 control patients. RESULTS: Pro-MMP-7 (29 kDa; pI 7.7) in the CAL 54 cell line secretome was an immunogenic protein reactive with RCC patient sera but not with control sera. The concentrations of pro-MMP-7 were increased (P <0.0001) in sera of RCC patients (median 7.56 microg/L; range 3.12-30.5 microg/L) compared with healthy controls (median 2.13 microg/L; range 0.17-3.5 microg/L). Serum pro-MMP-7 had a sensitivity of 93% (95% CI 78%-99%) at a specificity of 75% (59%-87%) for RCC in the samples tested. CONCLUSION: Proteomics technology combined with serology led to the identification of serum pro-MMP-7 as a marker of RCC and represents a powerful tool in searching for candidate proteins as biomarkers