Eroding market stability by proliferation of financial instruments

We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability.Comment: 26 pages, 8 figure

High-power corrugates waveguide components for mm-wave fusion heating systems

Considerable progress has been made over the last year in the U.S., Japan, Russia, and Europe in developing high power long pulse gyrotrons for fusion plasma heating and current drive. These advanced gyrotrons typically operate at a frequency in the range 82 GHz to 170 GHz at nearly megawatt power levels for pulse lengths up to 5 s. To take advantage of these new microwave sources for fusion research, new and improved transmission line components are needed to reliably transmit microwave power to plasmas with minimal losses. Over the last year, General Atomics and collaborating companies (Spinner GmbH in Europe and Toshiba Corporation in Japan) have developed a wide variety of new components which meet the demanding power, pulse length, frequency, and vacuum requirements for effective utilization of the new generation of gyrotrons. These components include low-loss straight corrugated waveguides, miter bends, miter bend polarizers, power monitors, waveguide bellows, de breaks, waveguide switches, dummy loads, and distributed windows. These components have been developed with several different waveguide diameters (32, 64, and 89 mm) and frequency ranges (82 GHz to 170 GHz). This paper describes the design requirements of selected components and their calculated and measured performance characteristics

Short Gamma Ray Bursts as possible electromagnetic counterpart of coalescing binary systems

Coalescing binary systems, consisting of two collapsed objects, are among the most promising sources of high frequency gravitational waves signals detectable, in principle, by ground-based interferometers. Binary systems of Neutron Star or Black Hole/Neutron Star mergers should also give rise to short Gamma Ray Bursts, a subclass of Gamma Ray Bursts. Short-hard-Gamma Ray Bursts might thus provide a powerful way to infer the merger rate of two-collapsed object binaries. Under the hypothesis that most short Gamma Ray Bursts originate from binaries of Neutron Star or Black Hole/Neutron Star mergers, we outline here the possibility to associate short Gamma Ray Bursts as electromagnetic counterpart of coalescing binary systems.Comment: 4 pages, 1 figur

IL-1β dominates the promucin secretory cytokine profile in cystic fibrosis

Cystic fibrosis (CF) lung disease is characterized by early and persistent mucus accumulation and neutrophilic inflammation in the distal airways. Identification of the factors in CF mucopurulent secretions that perpetuate CF mucoinflammation may provide strategies for novel CF pharmacotherapies. We show that IL-1β, with IL-1α, dominated the mucin prosecretory activities of supernatants of airway mucopurulent secretions (SAMS). Like SAMS, IL-1β alone induced MUC5B and MUC5AC protein secretion and mucus hyperconcentration in CF human bronchial epithelial (HBE) cells. Mechanistically, IL-1β induced the sterile α motif-pointed domain containing ETS transcription factor (SPDEF) and downstream endoplasmic reticulum to nucleus signaling 2 (ERN2) to upregulate mucin gene expression. Increased mRNA levels of IL1B, SPDEF, and ERN2 were associated with increased MUC5B and MUC5AC expression in the distal airways of excised CF lungs. Administration of an IL-1 receptor antagonist (IL-1Ra) blocked SAMS-induced expression of mucins and proinflammatory mediators in CF HBE cells. In conclusion, IL-1α and IL-1β are upstream components of a signaling pathway, including IL-1R1 and downstream SPDEF and ERN2, that generate a positive feedback cycle capable of producing persistent mucus hyperconcentration and IL-1α and/or IL-1β-mediated neutrophilic inflammation in the absence of infection in CF airways. Targeting this pathway therapeutically may ameliorate mucus obstruction and inflammation-induced structural damage in young CF children

Update on the correlation of the highest energy cosmic rays with nearby extragalactic matter

Data collected by the Pierre Auger Observatory through 31 August 2007 showed evidence for anisotropy in the arrival directions of cosmic rays above the Greisen-Zatsepin-Kuz'min energy threshold, \nobreak{$6\times 10^{19}$eV}. The anisotropy was measured by the fraction of arrival directions that are less than $3.1^\circ$ from the position of an active galactic nucleus within 75 Mpc (using the V\'eron-Cetty and V\'eron $12^{\rm th}$ catalog). An updated measurement of this fraction is reported here using the arrival directions of cosmic rays recorded above the same energy threshold through 31 December 2009. The number of arrival directions has increased from 27 to 69, allowing a more precise measurement. The correlating fraction is $(38^{+7}_{-6})$, compared with $21$ expected for isotropic cosmic rays. This is down from the early estimate of $(69^{+11}_{-13})$. The enlarged set of arrival directions is examined also in relation to other populations of nearby extragalactic objects: galaxies in the 2 Microns All Sky Survey and active galactic nuclei detected in hard X-rays by the Swift Burst Alert Telescope. A celestial region around the position of the radiogalaxy Cen A has the largest excess of arrival directions relative to isotropic expectations. The 2-point autocorrelation function is shown for the enlarged set of arrival directions and compared to the isotropic expectation.Comment: Accepted for publication in Astroparticle Physics on 31 August 201

Atmospheric effects on extensive air showers observed with the Surface Detector of the Pierre Auger Observatory

Atmospheric parameters, such as pressure (P), temperature (T) and density, affect the development of extensive air showers initiated by energetic cosmic rays. We have studied the impact of atmospheric variations on extensive air showers by means of the surface detector of the Pierre Auger Observatory. The rate of events shows a ~10% seasonal modulation and ~2% diurnal one. We find that the observed behaviour is explained by a model including the effects associated with the variations of pressure and density. The former affects the longitudinal development of air showers while the latter influences the Moliere radius and hence the lateral distribution of the shower particles. The model is validated with full simulations of extensive air showers using atmospheric profiles measured at the site of the Pierre Auger Observatory.Comment: 24 pages, 9 figures, accepted for publication in Astroparticle Physic

Search for First Harmonic Modulation in the Right Ascension Distribution of Cosmic Rays Detected at the Pierre Auger Observatory

We present the results of searches for dipolar-type anisotropies in different energy ranges above $2.5\times 10^{17}$ eV with the surface detector array of the Pierre Auger Observatory, reporting on both the phase and the amplitude measurements of the first harmonic modulation in the right-ascension distribution. Upper limits on the amplitudes are obtained, which provide the most stringent bounds at present, being below 2% at 99% $C.L.$ for EeV energies. We also compare our results to those of previous experiments as well as with some theoretical expectations.Comment: 28 pages, 11 figure

Search for Supernova Neutrino-Bursts with the AMANDA Detector

The core collapse of a massive star in the Milky Way will produce a neutrino burst, intense enough to be detected by existing underground detectors. The AMANDA neutrino telescope located deep in the South Pole ice can detect MeV neutrinos by a collective rate increase in all photo-multipliers on top of dark noise. The main source of light comes from positrons produced in the CC-reaction of anti-electron neutrinos on free protons \antinue + p \to e^+ + n. This paper describes the first supernova search performed on the full sets of data taken during 1997 and 1998 (215 days of live time) with 302 of the detector's optical modules. No candidate events resulted from this search. The performance of the detector is calculated, yielding a 70% coverage of the Galaxy with one background fake per year with 90% efficiency for the detector configuration under study. An upper limit at the 90% c.l. on the rate of stellar collapses in the Milky Way is derived, yielding 4.3 events per year. A trigger algorithm is presented and its performance estimated. Possible improvements of the detector hardware are reviewed.Comment: 20 pages, 14 figures. Submitted to Astroparticle Physic