Evidence for a disorder driven phase transition in the condensation of 4He in aerogels

We report on thermodynamic and optical measurements of the condensation process of $^4$He in three silica aerogels of different microstructures. For the two base-catalysed aerogels, the temperature dependence of the shape of adsorption isotherms and of the morphology of the condensation process show evidence of a disorder driven transition, in agreement with recent theoretical predictions. This transition is not observed for a neutral-catalysed aerogel, which we interpret as due to a larger disorder in this case.Comment: 11 page

Report on the Standardization Project ``Formal Methods in Conformance Testing''

This paper presents the latest developments in the “Formal Methods in Conformance Testing” (FMCT) project of ISO and ITU–T. The project has been initiated to study the role of formal description techniques in the conformance testing process. The goal is to develop a standard that defines the meaning of conformance in the context of formal description techniques. We give an account of the current status of FMCT in the standardization process as well as an overview of the technical status of the proposed standard. Moreover, we indicate some of its strong and weak points, and we give some directions for future work on FMCT

Momentum meets value investing in a small European market

In this paper, we investigate two prominent market anomalies documented in the finance literature – the momentum effect and value-growth effect. We conduct an out- of-sample test to the link between these two anomalies recurring to a sample of Portuguese stocks during the period 1988–2015. We find that the momentum of value and growth stocks is significantly different: growth stocks exhibit a much larger momentum than value stocks. A combined value and momentum strategy can generate statistically significant excess annual returns of 10.8%. These findings persist across several holding periods up to a year. Moreover, we show that macroeconomic variables fail to explain value and momentum of individual and combined returns. Collectively, our results contradict market efficiency at the weak form and pose a challenge to existing asset pricing theories.info:eu-repo/semantics/publishedVersio