Passive laser irradiation as a tool for optical catalysis

The mechanisms of absorption, emission, and scattering of photons form the foundations of optical interactions between light and matter. In the vast majority of such interactions there is a significant interplay and energy exchange between the radiation field and the material components. In absorption for example, modes of the field are depopulated by photons whose energy is at resonance with a molecular transition producing excited material states. In all such optical phenomena, the initial state of the radiation field differs in mode occupation to its final state. However, certain optical processes can involve off-resonance laser beams that are unchanged on interaction with the material: the output light, after interaction, is identical to the laser input. Such off-resonance interactions include forward Rayleigh scattering, responsible for the wellknown gradient force in optical trapping, and the laser-induced intermolecular interaction commonly termed optical binding; in both processes, an intense beam delivers its effect without suffering change. It is possible for beams detuned from resonance to provide not only techniques for optomechanical and optical manipulation, but also to passively influence other important and functional interactions such as absorption from a resonant beam, or energy transfer. Such effects can be grouped under the banner of ‘optical catalysis’, since they can significantly influence resonant processes. Furthermore, off-resonance photonics affords a potential to impact on chemical interactions, as in the passive modification of rotational constants and phase transitions. To date, apart from optical manipulation, the potential applicability of passive photonics, particularly in the realm of chemical physics and materials science, has received little attention. Here we open up this field, highlighting the distinct and novel role that off-resonance laser beams and the ensuing photonics can play

Analyst Underreaction to Past Information About Earnings: reporting, processing or plain old misspecification bias?

We revisit the debate concerning the interpretation given to prior year’s earnings changes in predicting future earnings as discussed by Abarbanell & Bernard (1992), Francis & Philbrick (1993) and Easterwood and Nutt (1999). We advance a new specification of this relationship which distinguishes between earnings reversion and momentum. On a large UK dataset, we find there is substantial underreaction, particularly in situations of earnings momentum, approximately six times as large as that identified by Abarbanell & Bernard. This suggests that analysts behaviour is still a candidate to explain post earnings announcement drift. We also show that our model performs well relative to a specification recently proposed by Easterwood and Nutt (1999)

The Elliptical Galaxy formerly known as the Local Group: Merging the Globular Cluster Systems

Prompted by a new catalogue of M31 globular clusters, we have collected together individual metallicity values for globular clusters in the Local Group. Although we briefly describe the globular cluster systems of the individual Local Group galaxies, the main thrust of our paper is to examine the collective properties. In this way we are simulating the dissipationless merger of the Local Group, into presumably an elliptical galaxy. Such a merger is dominated by the Milky Way and M31, which appear to be fairly typical examples of globular cluster systems of spiral galaxies. The Local Group `Elliptical' has about 700 +/- 125 globular clusters, with a luminosity function resembling the `universal' one. The metallicity distribution has peaks at [Fe/H] ~ -1.55 and -0.64 with a metal-poor to metal-rich ratio of 2.5:1. The specific frequency of the Local Group Elliptical is initially about 1 but rises to about 3, when the young stellar populations fade and the galaxy resembles an old elliptical. The metallicity distribution and stellar population corrected specific frequency are similar to that of some known early type galaxies. Based on our results, we briefly speculate on the origin of globular cluster systems in galaxies.Comment: 22 pages, Latex, 4 figures, 5 tables, submitted to A &

Studies in Cyperaceae in southern Africa: II. A new species of Fuirena Rottb.

Fuirena tenuis P.L. Forbes, a new species which has been found at a high altitude in the eastern Cape Province and Lesotho, is described and illustrated

Diamonds on the Hat: Globular Clusters in The Sombrero Galaxy (M104)

Images from the HST ACS are used to carry out a new photometric study of the globular clusters (GCs) in M104, the Sombrero galaxy. The primary focus of our study is the characteristic distribution function of linear sizes (SDF) of the GCs. We measure the effective radii for 652 clusters with PSF-convolved King and Wilson dynamical model fits. The SDF is remarkably similar to those measured for other large galaxies of all types, adding strong support to the view that it is a "universal" feature of globular cluster systems. We develop a more general interpretation of the size distribution function for globular clusters, proposing that the shape of the SDF that we see today for GCs is strongly influenced by the early rapid mass loss during their star forming stage, coupled with stochastic differences from cluster to cluster in the star formation efficiency (SFE) and their initial sizes. We find that the observed SDF shape can be accurately predicted by a simple model in which the protocluster clouds had characteristic sizes of $0.9 \pm 0.1$ pc and SFEs of $0.3 \pm 0.07$. The colors and luminosities of the M104 clusters show the clearly defined classic bimodal form. The blue sequence exhibits a mass/metallicity relation (MMR), following a scaling of heavy-element abundance with luminosity of $Z \sim L^{0.3}$ very similar to what has been found in most giant elliptical galaxies. A quantitative self-enrichment model provides a good first-order match to the data for the same initial SFE and protocluster size that were required to explain the SDF. We also discuss various forms of the globular cluster Fundamental Plane (FP) of structural parameters, and show that useful tests of it can be extended to galaxies beyond the Local Group.Comment: In press for MNRA

A program of astronomical infrared spectroscopy from aircraft

Astronomical infrared spectroscopy from aircraf

Implicit Bayesian Inference Using Option Prices

A Bayesian approach to option pricing is presented, in which posterior inference about the underlying returns process is conducted implicitly via observed option prices. A range of models allowing for conditional leptokurtosis, skewness and time-varying volatility in returns are considered, with posterior parameter distributions and model probabilities backed out from the option prices. Models are ranked according to several criteria, including out-of-sample fit, predictive and hedging performance. The methodology accommodates heteroscedasticity and autocorrelation in the option pricing errors, as well as regime shifts across contract groups. The method is applied to intraday option price data on the S&P500 stock index for 1995. Whilst the results provide support for models which accommodate leptokurtosis, no one model dominates according to all criteria considered.Bayesian Option Pricing; Leptokurtosis; Skewness; GARCH Option Pricing; Option Price Prediction; Hedging Errors.