The Equity Premium

Recent research on the equity risk premium has questioned the ability of historical estimates of the risk premium to provide reliable estimates of the expected risk premium. We calculate the equity risk premium for a number of countries over longer horizons than has been attempted to date. We show that the realised US equity premium is consistent with the premia obtained elsewhere. Furthermore, using well over a century of data, we find that current estimates of the equity premia are close to those observed during the pre-1914 era. This is of particular relevance given the argument that the financial environment during that period bears a closer resemblance to today than the 1914-1945 period, and possibly also the 1945-1971 period. This points to a current equity risk premium that is considerably lower than consensus forecasts (Welch 2001)

Extended Superconformal Algebras from Classical and Quantum Hamiltonian Reduction

We consider the extended superconformal algebras of the Knizhnik-Bershadsky type with $W$-algebra like composite operators occurring in the commutation relations, but with generators of conformal dimension 1,$\frac{3}{2}$ and 2, only. These have recently been neatly classified by several groups, and we emphasize the classification based on hamiltonian reduction of affine Lie superalgebras with even subalgebras $G\oplus sl(2)$. We reveiw the situation and improve on previous formulations by presenting generic and very compact expressions valid for all algebras, classical and quantum. Similarly generic and compact free field realizations are presented as are corresponding screening charges. Based on these a discussion of singular vectors is presented. (Based on talk by J.L. Petersen at the Int. Workshop on "String Theory, Quantum Gravity and the Unification of the Fundamental Interactions", Rome Sep. 21-26, 1992)Comment: 30 pages, NBI-HE-92-8

Angular Normal Modes of a Circular Coulomb Cluster

We investigate the angular normal modes for small oscillations about an equilibrium of a single-component coulomb cluster confined by a radially symmetric external potential to a circle. The dynamical matrix for this system is a Laplacian symmetrically circulant matrix and this result leads to an analytic solution for the eigenfrequencies of the angular normal modes. We also show the limiting dependence of the largest eigenfrequency for large numbers of particles

Planar Ion Trap Geometry for Microfabrication

We describe a novel high aspect ratio radiofrequency linear ion trap geometry that is amenable to modern microfabrication techniques. The ion trap electrode structure consists of a pair of stacked conducting cantilevers resulting in confining fields that take the form of fringe fields from parallel plate capacitors. The confining potentials are modeled both analytically and numerically. This ion trap geometry may form the basis for large scale quantum computers or parallel quadrupole mass spectrometers. PACS: 39.25.+k, 03.67.Lx, 07.75.+h, 07.10+CmComment: 14 pages, 16 figure

Charge order in Magnetite. An LDA+UU study

The electronic structure of the monoclinic structure of Fe$_3$O$_4$ is studied using both the local density approximation (LDA) and the LDA+$U$. The LDA gives only a small charge disproportionation, thus excluding that the structural distortion should be sufficient to give a charge order. The LDA+$U$ results in a charge disproportion along the c-axis in good agreement with the experiment. We also show how the effective $U$ can be calculated within the augmented plane wave methods

Lifting the Veil on Obscured Accretion: Active Galactic Nuclei Number Counts and Survey Strategies for Imaging Hard X-Ray Missions

Finding and characterizing the population of active galactic nuclei (AGNs) that produces the X-ray background (XRB) is necessary to connect the history of accretion to observations of galaxy evolution at longer wavelengths. The year 2012 will see the deployment of the first hard X-ray imaging telescope which, through deep extragalactic surveys, will be able to measure the AGN population at the energies where the XRB peaks (~20-30 keV). Here, we present predictions of AGN number counts in three hard X-ray bandpasses: 6-10 keV, 10-30 keV, and 30-60 keV. Separate predictions are presented for the number counts of Compton thick AGNs, the most heavily obscured active galaxies. The number counts are calculated for five different models of the XRB that differ in the assumed hard X-ray luminosity function, the evolution of the Compton thick AGNs, and the underlying AGN spectral model. The majority of the hard X-ray number counts will be Compton thin AGNs, but there is a greater than tenfold increase in the Compton thick number counts from the 6-10 keV to the 10-30 keV band. The Compton thick population shows enough variation that a hard X-ray number counts measurement will constrain the models. The computed number counts are used to consider various survey strategies for the NuSTAR mission, assuming a total exposure time of 6.2 Ms. We find that multiple surveys will allow a measurement of Compton thick evolution. The predictions presented here should be useful for all future imaging hard X-ray missions

Electronic structure of the ferromagnetic superconductor UCoGe from first principles

The superconductor UCoGe is analyzed with electronic structure calculations using Linearized Augmented Plane Wave method based on Density Functional Theory. Ferromagnetic and antiferromagnetic calculations with and without correlations (via LDA+U) were done. In this compound the Fermi level is situated in a region where the main contribution to DOS comes from the U-5f orbital. The magnetic moment is mainly due to the Co-3d orbital with a small contribution from the U-5f orbital. The possibility of fully non-collinear magnetism in this compound seems to be ruled out. These results are compared with the isostructural compound URhGe, in this case the magnetism comes mostly from the U-5f orbital