Exclusive heavy quark-pair production in ultraperipheral collisions

In this article, we study the fully differential observables of exclusive production of heavy (charm and bottom) quark pairs in high-energy ultraperipheral $pA$ and $AA$ collisions. In these processes, the nucleus $A$ serves as an efficient source of the photon flux, while the QCD interaction of the produced heavy-quark pair with the target ($p$ or $A$) proceeds via an exchange of gluons in a color singlet state, described by the gluon Wigner distribution. The corresponding predictions for differential cross sections were obtained by using the dipole $S$-matrix in the McLerran--Venugopalan saturation model with impact parameter dependence for the nucleus target, and its recent generalization, for the proton target. Prospects of experimental constraints on the gluon Wigner distribution in this class of reactions are discussed.Comment: 21 pages, 18 figures, improved conclusio

A comprehensive classification of galaxies in the SDSS: How to tell true from fake AGN?

We use the W_Ha versus [NII]/Ha (WHAN) diagram to provide a comprehensive emission-line classification of SDSS galaxies. This classification is able to cope with the large population of weak line galaxies that do not appear in traditional diagrams due to a lack of some of the diagnostic lines. A further advantage of the WHAN diagram is to allow the differentiation between two very distinct classes that overlap in the LINER region of traditional diagnostic diagrams. These are galaxies hosting a weakly active nucleus (wAGN) and "retired galaxies" (RGs), i.e. galaxies that have stopped forming stars and are ionized by their hot evolved low-mass stars. A useful criterion to distinguish true from fake AGN (i.e. the RGs) is the ratio (\xi) of the extinction-corrected L_Ha with respect to the Ha luminosity expected from photoionization by stellar populations older than 100 Myr. This ratio follows a markedly bimodal distribution, with a \xi >> 1 population composed by systems undergoing star-formation and/or nuclear activity, and a peak at \xi ~ 1 corresponding to the prediction of the RG model. We base our classification scheme on the equivalent width of Ha, an excellent observational proxy for \xi. Based on the bimodal distribution of W_Ha, we set the division between wAGN and RGs at W_Ha = 3 A. Five classes of galaxies are identified within the WHAN diagram: (a) Pure star forming galaxies: log [NII]/Ha 3 A. (b) Strong AGN (i.e., Seyferts): log [NII]/Ha > -0.4 and W_Ha > 6 A. (c) Weak AGN: log [NII]/Ha > -0.4 and W_Ha between 3 and 6 A. (d) RGs: W_Ha < 3 A. (e) Passive galaxies (actually, line-less galaxies): W_Ha and W_[NII] < 0.5 A. A comparative analysis of star formation histories and of other properties in these different classes of galaxies corroborates our proposed differentiation between RGs and weak AGN in the LINER-like family. (Abridged)Comment: Accepted for publication in MNRA

Semi-empirical analysis of Sloan Digital Sky Survey galaxies III. How to distinguish AGN hosts

We consider the techniques to distinguish normal star forming (NSF) galaxies and active galactic nuclei (AGN) hosts using optical spectra. The observational data base is a set of 20000 galaxies extracted from the Sloan Digital Sky Survey, for which we have determined the emission line intensities after subtracting the stellar continuum obtained from spectral synthesis. Our analysis is based on photoionization models computed using the stellar ionizing radiation predicted by Starburst 99 and, for the AGNs, a broken power-law spectrum. We explain why, among the four classical emission line diagnostic diagrams, the [OIII]/Hb vs [NII]/Ha one works best. We show however, that none of these diagrams is efficient in detecting AGNs in metal poor galaxies, should such cases exist. We propose a new divisory line between ``pure'' NSF galaxies and AGN hosts. We also show that a classification into NSF and AGN galaxies using only [NII]/Ha is feasible and useful. Finally, we propose a new classification diagram, the DEW diagram, plotting D_n(4000) vs max(EW[OII],EW[NeIII]). This diagram can be used with optical spectra for galaxies with redshifts up to z = 1.3, meaning an important progress over classifications proposed up to now. Since the DEW diagram requires only a small range in wavelength, it can also be used at even larger redshifts in suitable atmospheric windows. It also has the advantage of not requiring stellar synthesis analysis to subtract the stars and of allowing one to see ALL the galaxies in the same diagram, including passive galaxies.Comment: 14 pages, 9 figures, accepted for publication in MNRAS (replaced on august 3, 2006, eqs 6 and 7 corrected

The many faces of LINER-like galaxies: a WISE view

We use the SDSS and WISE surveys to investigate the real nature of galaxies defined as LINERs in the BPT diagram. After establishing a mid-infrared colour W2-W3 = 2.5 as the optimal separator between galaxies with and without star formation, we investigate the loci of different galaxy classes in the W_{Ha} versus W2-W3 space. We find that: (1) A large fraction of LINER-like galaxies are emission-line retired galaxies, i.e galaxies which have stopped forming stars and are powered by hot low-mass evolved stars (HOLMES). Their W2-W3 colours show no sign of star formation and their Ha equivalent widths, W_{Ha}, are consistent with ionization by their old stellar populations. (2) Another important fraction have W2-W3 indicative of star formation. This includes objects located in the supposedly `pure AGN' zone of the BPT diagram. (3) A smaller fraction of LINER-like galaxies have no trace of star formation from W2-W3 and a high W_{Ha}, pointing to the presence of an AGN. (4) Finally, a few LINERs tagged as retired by their W_{Ha} but with W2-W3 values indicative of star formation are late-type galaxies whose SDSS spectra cover only the old `retired' bulge. This reinforces the view that LINER-like galaxies are a mixed bag of objects involving different physical phenomena and observational effects thrusted into the same locus of the BPT diagram.Comment: Accepted for publication in MNRAS; 9 pages, 6 figure

US sector rotation with five-factor Fama–French alphas

In this paper, we investigate the risk-adjusted performance of US sector portfolios and sector rotation strategy using the alphas from the Fama–French five-factor model. We find that five-factor model fits better the returns of US sector portfolios than the three-factor model, but that significant alphas are still present in all the sectors at some point in time. In the full sample period, 50% of sectors generate significant five-factor alpha. We test whether such alpha signifies a true sector out/underperformance by applying simple long-only and long-short sector rotation strategies. Our long-only sector rotation strategy that buys a sector with a positive five-factor alpha generates four times higher Sharpe ratio than the S & P 500 buy-and-hold. If the strategy is adjusted to switch to the risk-free asset in recessions, the Sharpe ratio achieved is tenfold that of the buy-and-hold. The long-short strategy fares less well

A guide to survival of momentum in UK style portfolios

In this study we estimate the survival time of momentum in six UK style portfolio returns from October 1980 to June 2014. We utilise the Kaplan-Meier estimator, a non-parametric method that measures the probability that momentum will persist beyond the present month. This probability enables us to compute the average momentum survival time for each of the six style portfolios. Discrepancies between these empirical mean survival times and those implied by theoretical models [Random Walk and ARMA (1, 1)] show that there is scope for profiting from momentum trading. We illustrate this by forming long-only, short-only and long-short trading strategies that exploit positive and negative momentum and their average survival time. These trading strategies yield considerably higher Sharpe ratios than the comparative buy-and-hold strategies at a feasible level of transaction costs. This result is most pronounced for the long/short strategies. Our findings remain robust during the 2007/2008 financial crisis and the aftermath, suggesting that Kaplan-Meier estimator is a powerful tool for designing a profitable momentum strategy

A tale of two states: asymmetries in the UK small, value and momentum premiums

This article performs comparative analysis of the asymmetries in size, value and momentum premium and their macroeconomic determinants over the UK economic cycles, using Markov switching approach. We associate Markov switching regime 1 with economic upturn and regime 2 with economic downturn. We find clear evidence of cyclical variations in the three premiums, most notable being that in the size premium, which changes from positive in expansions to negative in recessions. Macroeconomic indicators prompting such cyclicality the most are variables that proxy credit market conditions, namely the interest rates, term structure and credit spread. Overall, macro factors tend to have more significant impact on the three premiums during economic downturns. The results are robust to the choice of information variable used in modelling transition probabilities of the two-stage Markov switching model. We show that exploiting cyclicality in premiums proves particularly profitable for portfolios featuring small cap stocks in recessions at a feasible level of transaction costs