Feedback control of unstable cellular solidification fronts

We present a numerical and experimental study of feedback control of unstable cellular patterns in directional solidification (DS). The sample, a dilute binary alloy, solidifies in a 2D geometry under a control scheme which applies local heating close to the cell tips which protrude ahead of the other. For the experiments, we use a real-time image processing algorithm to track cell tips, coupled with a movable laser spot array device, to heat locally. We show, numerically and experimentally, that spacings well below the threshold for a period-doubling instability can be stabilized. As predicted by the numerical calculations, cellular arrays become stable, and the spacing becomes uniform through feedback control which is maintained with minimal heating.Comment: 4 pages, 4 figures, 1 tabl

Know thine enemy: why some weaver ants do but others do not

Recognition systems involve 3 components: an expression component, a perception component, and an action or response component. Disentangling the perception component from the action component can be difficult, as the absence of a discriminatory response may result from either a difference in perception or action. Social insects generally defend their colony against intruding conspecifics and provide a useful model for exploring recognition systems. However, whether differences in behavior at the colony or individual level result from the perception or action component of the recognition system is largely unknown. Furthermore, variation at the individual level has remained largely unexplored because research on social insects often focuses on the colony rather than on the individual. Using some novel behavioral bioassays, we here show that variation in the aggressive behavior of individual weaver ants (Oecophylla smaragdina L.) arises more from the identity of the recipient than of the intruder and, contrary to previous findings, that this often results from perceptual differences. We suggest that recognition in weaver ants may involve a template based on the individual’s odor prior to intermingling with other odors rather than on a common odor. We also argue that a common odor might be more important for the survival of the colony than a shared template. Conversely, possessing a range of templates may provide a colony with additional fitness benefits. By focusing on the differences among individual workers within colonies, this study reveals complexities in nest mate recognition that might otherwise have gone unnoticed

Collateral Quality and Loan Default Risk: The Case of Vietnam

In the transition economy of Vietnam, financial market is dominated by banking sector but commercial banks heavily rely on collateral-based lending. While the relationship between collateral and implied credit risk is still in debate, this paper provides additional empirical evidence regarding the heterogeneous effects and transmission channels of collateral characteristics on loan delinquency. Applying instrumental variable probit analysis on a unique dataset of 2295 internal loan accounts in Vietnam, we find the significantly negative impact of collateral quality on the probability of default of consumer loans, supporting the dominance of borrower selection and risk-shifting over lender selection effects. The finding implies that high-quality collateral not only signals more credible borrower but also fosters good behavior in using loan, enabling bank to mitigate adverse selection and moral hazard problems

Market conditions, trader types and price–volume relation in energy futures markets

We investigate the asymmetric relations between trading volume and price changes, and trading volume and price volatility of energy futures contracts across maturities and under different market conditions. Using a relatively long sample of daily observations, we examine whether the impact of trading volume on returns and volatility of futures contracts can be time-varying and dependent on the market condition. We differentiate the market condition based on the slope of the forward curve into backwardation and contango. The results indicate that trading volume and returns are positively related when the market is in backwardation and negatively related when the market is in contango. In addition, the positive relation between changes in trading volume and volatility of futures contracts seem to be stronger when the market is in backwardation than when it is in contango. Finally, the results indicate that, to a certain extent, trade participation and trading activities of agents in energy futures markets can be explained by the slope of the forward curve which reflects the market condition and sentiment

Default Risk and Equity Returns: A Comparison of the Bank-Based German and the U.S. Financial System

In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the excess return of firms with low default risk over firms with high default risk. We then compare results from asset pricing tests for the German and the U.S. stock markets. Since Germany is the prime example of a bank-based financial system, where debt is supposedly a major instrument of corporate governance, we expect that a systematic default risk effect on equity returns should be more pronounced for German rather than U.S. firms. Our evidence suggests that a higher firm default risk systematically leads to lower returns in both capital markets. This contradicts some previous results for the U.S. by Vassalou/Xing (2004), but we show that their default risk factor looses its explanatory power if one includes a default risk factor measured as a factor mimicking portfolio. It further turns out that the composition of corporate debt affects equity returns in Germany. Firms' default risk sensitivities are attenuated the more a firm depends on bank debt financing

Use of a novel camera trapping approach to measure small mammal responses to peatland restoration

Funder: Rural and Environment Science and Analytical Services Division; doi: http://dx.doi.org/10.13039/100011310AbstractSmall mammals, such as small rodents (Rodentia: Muroidea) and shrews (Insectivora: Soricidae), present particular challenges in camera trap surveys. Their size is often insufficient to trigger infra-red sensors, whilst resultant images may be of inadequate quality for species identification. The conventional survey method for small mammals, live-trapping, can be both labour-intensive and detrimental to animal welfare. Here, we describe a method for using camera traps for monitoring small mammals. We show that by attaching the camera trap to a baited tunnel, fixing a close-focus lens over the camera trap lens, and reducing the flash intensity, pictures or videos can be obtained of sufficient quality for identifying species. We demonstrate the use of the method by comparing occurrences of small mammals in a peatland landscape containing (i) plantation forestry (planted on drained former blanket bog), (ii) ex-forestry areas undergoing bog restoration, and (iii) unmodified blanket bog habitat. Rodents were detected only in forestry and restoration areas, whilst shrews were detected across all habitat. The odds of detecting small mammals were 7.6 times higher on camera traps set in plantation forestry than in unmodified bog, and 3.7 times higher on camera traps in restoration areas than in bog. When absolute abundance estimates are not required, and camera traps are available, this technique provides a low-cost survey method that is labour-efficient and has minimal animal welfare implications.</jats:p

Combination Forecasts of Bond and Stock Returns: An Asset Allocation Perspective

We investigate the out-of-sample forecasting ability of the HML, SMB, momentum, short-term and long-term reversal factors along with their size and value decompositions on U.S. bond and stock returns for a variety of horizons ranging from the short run (1 month) to the long run (2 years). Our findings suggest that these factors contain significantly more information for future bond and stock market returns than the typically employed financial variables. Combination of forecasts of the empirical factors turns out to be particularly successful, especially from an an asset allocation perspective. Similar findings pertain to the European and Japanese markets

Confidence Intervals for Diffusion Index Forecasts and Inference for Factor-Augmented Regressions

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/73839/1/j.1468-0262.2006.00696.x.pd