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)

Vibrational excitation of diatomic molecular ions in strong-field ionization of diatomic molecules

A model based on the strong-field and Born-Oppenheimer approximations qualitatively describes the distribution over vibrational states formed in a diatomic molecular ion following ionization of the neutral molecule by intense laser pulses. Good agreement is found with a recent experiment [X. Urbain et al., Phys. Rev. Lett. 92, 163004 (2004)]. In particular, the observed deviation from a Franck-Condon-like distribution is reproduced. Additionally, we demonstrate control of the vibrational distribution by a variation of the peak intensity or a change of frequency of the laser pulse.Comment: 4 pages, 4 figure

Manipulating the torsion of molecules by strong laser pulses

A proof-of-principle experiment is reported, where torsional motion of a molecule, consisting of a pair of phenyl rings, is induced by strong laser pulses. A nanosecond laser pulse spatially aligns the carbon-carbon bond axis, connecting the two phenyl rings, allowing a perpendicularly polarized, intense femtosecond pulse to initiate torsional motion accompanied by an overall rotation about the fixed axis. The induced motion is monitored by femtosecond time-resolved Coulomb explosion imaging. Our theoretical analysis accounts for and generalizes the experimental findings.Comment: 4 pages, 4 figures, submitted to PRL; Major revision of the presentation of the material; Correction of ion labels in Fig. 2(a

NuSTAR Observations of G11.2–0.3

We present in this paper the hard X-ray view of the pulsar wind nebula in G11.2−0.3 and its central pulsar powered pulsar J1811−1925 as seen by NuSTAR. We complement the data with Chandra for a more complete picture and confirm the existence of a hard, power-law component in the shell with photon index Γ = 2.1 ± 0.1, which we attribute to synchrotron emission. Our imaging observations of the shell show a slightly smaller radius at higher energies, consistent with Chandra results, and we find shrinkage as a function of increased energy along the jet direction, indicating that the electron outflow in the PWN may be simpler than that seen in other young PWNe. Combining NuSTAR with INTEGRAL, we find that the pulsar spectrum can be fit by a power law with Γ = 1.32 ± 0.07 up to 300 keV without evidence of curvature

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