Do Foreign Institutional Investors Destabilize China’s A-Share Markets?

This paper investigates the eect of foreign institutional investors on the sta- bility of Chinese stock markets. Previous literature views this investor group as destabilizing feedback traders. We use the abolition of ownership restrictions on A shares as a natural experiment. There is strong evidence that foreign in- stitutions have a stabilizing eect on Chinese stock markets and contribute to market eciency. This nding is robust across exchanges, sample periods, size quintiles and alternative model specications. By contrast, domestic investors appear to engage in positive feedback trading. Our results have important implications for market regulation.Foreign Institutional Investors, Feedback Trading, Chinese Stock Markets, Regulation, Ownership Restrictions

Turbulence and turbulent pattern formation in a minimal model for active fluids

Active matter systems display a fascinating range of dynamical states, including stationary patterns and turbulent phases. While the former can be tackled with methods from the field of pattern formation, the spatio-temporal disorder of the active turbulence phase calls for a statistical description. Borrowing techniques from turbulence theory, we here establish a quantitative description of correlation functions and spectra of a minimal continuum model for active turbulence. Further exploring the parameter space, we also report on a surprising type of turbulence-driven pattern formation far beyond linear onset: the emergence of a dynamic hexagonal vortex lattice state after an extended turbulent transient, which can only be explained taking into account turbulent energy transfer across scales.Comment: Supplemental videos available at https://youtu.be/gbf6cRho03w https://youtu.be/n0qUUhAUJFQ https://youtu.be/LGmamkM012

Time-resolved Microwave Conductivity. Part 2.-Quantum-sized TiO_2 and the Effect of Adsorbates and Light Intensity on Charge-carrier Dynamics

Charge-carrier recombination dynamics after a pulsed laser excitation are investigated by time-resolved microwave conductivity (TRMC) for quantum-sized (Q-) TiO_2 and P25, a bulk-phase TiO_2. Adsorbed scavengers such as HNO_3, HC, HCIO_4, isopropyl alcohol, trans-decalin, tetranitromethane, and methyl viologen dichloride result in different charge-carrier recombination dynamics for Q-TiO_2 and P25. The differences include a current doubling with isopropyl alcohol for which electron injection into Q-TiO_2 is much slower than into P25 and relaxation of the selection rules of an indirect-bandgap semiconductor due to size quantization. However, the faster interfacial charge transfer predicted for Q-TiO_2 due to a 0. 2 eV gain in redox overpotentials is not observed. The effect of light intensity is also investigated. Above a critical injection level, fast recombination channels are opened, which may be a major factor resulting in the dependence of the steady-state photolysis quantum yields on l^(–1/2). The fast recombination channels are opened at lower injection levels for P25 than for Q-TiO_2, and a model incorporating the heterogeneity of surface-hole traps is presented

Time-resolved Microwave Conductivity. Part 1.—TiO_2 Photoreactivity and Size Quantization

Charge-carrier recombination dynamics after laser excitation are investigated by time-resolved microwave conductivity (TRMC) measurements of quantum-sized (Q-) TiO_2, Fe^(III)-doped Q-TiO_2, ZnO and CdS, and several commercial bulk-sized TiO2 samples. After pulsed laser excitation of charge carriers, holes that escape recombination react with sorbed trans-decalin within ns while the measured conductivity signal is due to conduction-band electrons remaining in the semiconductor lattice. The charge-carrier recombination lifetime and the interfacial electron-transfer rate constant that are derived from the TRMC measurements correlate with the CW photo-oxidation quantum efficiency obtained for aqueous chloroform in the presence of TiO_2. The quantum efficiencies are 0. 4 % for Q-TiO_2, 1. 6 % for Degussa P25, and 2. 0 % for Fe^(III)-doped Q-TiO_2. The lower quantum efficiencies for Q-TiO_2 are consistent with the relative interfacial electron-transfer rates observed by TRMC for Q-TiO_2 and Degussa P25. The increased quantum efficiencies of Fe^(III)-doped Q-TiO_2 and the observed TRMC decays are consistent with a mechanism involving fast trapping of valence-band holes as Fe^(IV) and inhibition of charge-order recombination

The inverse-square law and quantum gravity

A program is described which measures the gravitational acceleration of antiprotons. This idea was approached from a particle physics point of view. That point of view is examined starting with some history of physics over the last 200 years

Stock Return Seasonalities and Investor Structure: Evidence from China’s B-Share Markets

This paper investigates whether seasonalities in daily stock returns are related to the trading behavior of individual and institutional investors. The change in the investor structure of B-share markets in Shanghai and Shenzhen after the abolition of ownership restrictions in 2001 provides a unique testing environ- ment. We show that day-of-the-week eects are attenuated after the market entrance of Chinese individual investors who had previously not been allowed to trade in B-shares. Our empirical results suggest that institutional rather than individual investors are a main driving force behind such anomalies. In addi- tion, we nd evidence of reduced index return autocorrelation and US spillover eects in the post-liberalization period.Institutional Investors, Individual Investors, Stock Return Seasonalities, Chinese Stock Markets, GARCH Model