Links between the Indian, U.S. and Chinese Stock Markets

This study examines the bilateral relations between three pairs of stock markets, namely India-U.S., India-China and China-U.S. We use a Fractionally Integrated Vector Error Correction Model (FIVECM) to examine the cointegration mechanism between markets. By augmenting the FIVECM with a multivariate GARCH formulation, we study the first and second moment spillover effects simultaneously. Our empirical results show that all three pairs of stock markets are fractionally cointegrated. The U.S. stock market plays a dominant role in the relations with the other two markets, whereas there is an interactive relationship between the Indian and Chinese stock markets. In particular, the Indian stock market dominates the first moment feedback with the Chinese market, while the latter dominates the second moment feedback with the former.Stock market, Cointegration, Fractionally Integrated Vector Error Correction Model, Multivariate GARCH

Herding and Anchoring in Macroeconomic Forecasts: The Case of the PMI

We test if analysts display multiple biases in forecasting the Institute for Supply Management’s (ISM) manufacturing Purchasing Manager’s Index (PMI). We adopt a test that does not require knowledge of the forecaster’s prior information set and is robust to rational clustering, correlated forecast errors and outliers. We find that analysts forecast the PMI poorly and display multiple biases when forecasting. In particular, forecasters anti-herd and anti-anchor. Anti-herding supports a reputation-based notion that forecasters are rewarded not only for forecast accuracy but also for being the best forecast at a single point in time. Anti-anchoring is consistent with forecasters overreacting to private information. The two biases show a strong positive correlation suggesting that the incentives that elicit anti-herding also elicit anti-anchoring behavior. Both biases result in larger absolute errors, although the effect is stronger for anti-herding

The Economic Impact Of Broadband: Estimates From A Regional Input-Output Model

Like good roads, schools, and hospitals, cutting-edge broadband infrastructure is crucial to economic development and to the quality of life of local communities. Second-generation broadband (SGB), capable of supporting video, voice and data services simultaneously over a fiber-optic infrastructure, can provide users not merely faster internet connectivity, but a whole array of applications and communication services. This study provides an approach to quantifying the economic effects of first and second generation broadband availability in Hamilton County (TN) using an IMPLAN model. We find that household broadband expenditures over the period 2001-2005 supported 548 jobs and contributed $109.8 million in income and taxes to Hamilton County. Further, we estimate that while a new fiber-to-the-home project would cost$195.5 million over ten years, the economic impact of such a project would result in income and taxes exceeding $352 million while creating over 2,600 new jobs. We conclude that Hamilton County would benefit from the adoption of this technology

A single model of traversable wormholes supported by generalized phantom energy or Chaplygin gas

This paper discusses a new variable equation of state parameter leading to exact solutions of the Einstein field equations describing traversable wormholes. In addition to generalizing the notion of phantom energy, the equation of state generates a mathematical model that combines the generalized phantom energy and the generalized Chaplygin gas models.Comment: 6 pages, no figure

Specification and control synthesis for networked vehicle systems

A framework for the representation, formal specification,and control synthesis for networked vehicle systemsis presented. From dynamic optimization, this framework hasinherited the concepts and theories of optimality, reach setcomputation and control, and the motivation to improve theperformance of increasingly complex physical processes. Fromset theory, this framework borrowed the representational powerof the language of sets to capture the relations among vehiclesand controllers in a way that is consistent with control design.The ANTEX-M project is described to illustrate the challengesposed by networked vehicle systems and to illustrate how theframework addresses these challenges

Nonsingular Chaplygin gas cosmologies in universes connected by wormhole

We present some exact solutions of the Einstein equations with an anisotropic fluid exploiting the Chaplygin equation of state. The solutions describe spacetimes with two identical T regions and an intermediate static spherically symmetric R region containing a wormhole. The metric in the T region represents an anisotropic Kantowski-Sachs cosmological model. Its evolution starts from an event horizon and develops according to different scenarios including eternal expansion, contraction and also a finite universe lifetime.Comment: 14 pages, 9 figure

Reconstruction of the equation of state for the cyclic universes in homogeneous and isotropic cosmology

We study the cosmological evolutions of the equation of state (EoS) for the universe in the homogeneous and isotropic Friedmann-Lema\^{i}tre-Robertson-Walker (FLRW) space-time. In particular, we reconstruct the cyclic universes by using the Weierstrass and Jacobian elliptic functions. It is explicitly illustrated that in several models the universe always stays in the non-phantom (quintessence) phase, whereas there also exist models in which the crossing of the phantom divide can be realized in the reconstructed cyclic universes.Comment: 29 pages, 8 figures, version accepted for publication in Central European Journal of Physic

The histology of ovarian cancer: worldwide distribution and implications for international survival comparisons (CONCORD-2)

Objective Ovarian cancers comprise several histologically distinct tumour groups with widely different prognosis. We aimed to describe the worldwide distribution of ovarian cancer histology and to understand what role this may play in international variation in survival. Methods The CONCORD programme is the largest population-based study of global trends in cancer survival. Data on 681,759 women diagnosed during 1995â\u80\u932009 with cancer of the ovary, fallopian tube, peritoneum and retroperitonum in 51 countries were included. We categorised ovarian tumours into six histological groups, and explored the worldwide distribution of histology. Results During 2005â\u80\u932009, type II epithelial tumours were the most common. The proportion was much higher in Oceania (73.1%), North America (73.0%) and Europe (72.6%) than in Central and South America (65.7%) and Asia (56.1%). By contrast, type I epithelial tumours were more common in Asia (32.5%), compared with only 19.4% in North America. From 1995 to 2009, the proportion of type II epithelial tumours increased from 68.6% to 71.1%, while the proportion of type I epithelial tumours fell from 23.8% to 21.2%. The proportions of germ cell tumours, sex cord-stromal tumours, other specific non-epithelial tumours and tumours of non-specific morphology all remained stable over time. Conclusions The distribution of ovarian cancer histology varies widely worldwide. Type I epithelial, germ cell and sex cord-stromal tumours are generally associated with higher survival than type II tumours, so the proportion of these tumours may influence survival estimates for all ovarian cancers combined. The distribution of histological groups should be considered when comparing survival between countries and regions