Financial Super-Markets: Size Matters for Asset Trade

This paper presents a new theoretical framework to analyze=20 financial markets in an international context. We build a two-country=20 macroeconomic model in which agents are risk averse, assets are imperfect=20 substitutes, the number of financial assets is endogenous, and cross-border= =20 asset trade entails transaction costs. We show that demand effects have=20 important implications for the link between market size, asset prices and=20 financial market development. These effects are consistent with the=20 existing empirical evidence. Due to co-ordination failures, the extent of=20 financial market incompleteness is inefficiently high. We also analyze the= =20 impact of domestic transaction costs and issuing costs on financial markets= =20 and returns.

Trans-Planckian Dark Energy?

It has recently been proposed by Mersini et al. 01, Bastero-Gil and Mersini 02 that the dark energy could be attributed to the cosmological properties of a scalar field with a non-standard dispersion relation that decreases exponentially at wave-numbers larger than Planck scale (k_phys > M_Planck). In this scenario, the energy density stored in the modes of trans-Planckian wave-numbers but sub-Hubble frequencies produced by amplification of the vacuum quantum fluctuations would account naturally for the dark energy. The present article examines this model in detail and shows step by step that it does not work. In particular, we show that this model cannot make definite predictions since there is no well-defined vacuum state in the region of wave-numbers considered, hence the initial data cannot be specified unambiguously. We also show that for most choices of initial data this scenario implies the production of a large amount of energy density (of order M_Planck^4) for modes with momenta of order M_Planck, far in excess of the background energy density. We evaluate the amount of fine-tuning in the initial data necessary to avoid this back-reaction problem and find it is of order H/M_Planck. We also argue that the equation of state of the trans-Planckian modes is not vacuum-like. Therefore this model does not provide a suitable explanation for the dark energy.Comment: RevTeX - 15 pages, 7 figures: final version to appear in PRD, minor changes, 1 figure adde

WMAP data and the curvature of space

Inter alia, the high precision WMAP data on Cosmic Microwave Background Radiation marginally indicate that the universe has positively curved (and hence spherical) spatial sections. In this paper, we take this data seriously and consider some of the consequences for the background dynamics. In particular, we show that this implies a limit to the number of e-foldings that could have taken place in the inflationary epoch; however this limit is consistent with some inflationary models that solve all the usual cosmological problems and are consistent with standard structure formation theory.Comment: 4 pages, 2 figure

Recruitment of Eph receptors into signaling clusters does not require ephrin contact

Eph receptors and their cell membrane–bound ephrin ligands regulate cell positioning and thereby establish or stabilize patterns of cellular organization. Although it is recognized that ephrin clustering is essential for Eph function, mechanisms that relay information of ephrin density into cell biological responses are poorly understood. We demonstrate by confocal time-lapse and fluorescence resonance energy transfer microscopy that within minutes of binding ephrin-A5–coated beads, EphA3 receptors assemble into large clusters. While remaining positioned around the site of ephrin contact, Eph clusters exceed the size of the interacting ephrin surface severalfold. EphA3 mutants with compromised ephrin-binding capacity, which alone are incapable of cluster formation or phosphorylation, are recruited effectively and become phosphorylated when coexpressed with a functional receptor. Our findings reveal consecutive initiation of ephrin-facilitated Eph clustering and cluster propagation, the latter of which is independent of ephrin contacts and cytosolic Eph signaling functions but involves direct Eph–Eph interactions

Shift Symmetry and Inflation in Supergravity

We consider models of inflation in supergravity with a shift symmetry. We focus on models with one moduli and one inflaton field. The presence of this symmetry guarantees the existence of a flat direction for the inflaton field. Mildly breaking the shift symmetry using a superpotential which depends not only on the moduli but also on the inflaton field allows one to lift the inflaton flat direction. Along the inflaton direction, the eta-problem is alleviated. Combining the KKLT mechanism for moduli stabilization and a shift symmetry breaking superpotential of the chaotic inflation type, we find models reminiscent of ``mutated hybrid inflation'' where the inflationary trajectory is curved in the moduli--inflaton plane. We analyze the phenomenology of these models and stress their differences with both chaotic and hybrid inflation.Comment: 29 pages, 13 figure

Variation de la composition de nanoparticules de 1-10 nm obtenues par séparation de phase dans un verre de silice

National audienceLes verres contenant des nanoparticules ont de nombreuses applications industrielles, notamment grâce à leurs excellentes propriétés thermo-mécaniques [1]. Ils présentent aussi un intérêt pour les propriétés optiques. En effet, l'encapsulation d'ions luminescents (ions de terre rare par exemple) dans des nanoparticules entraînent de nouvelles propriétés de luminescence qui n'existeraient pas dans le verre hôte (bande d'émission élargie, efficacité quantique augmentée, etc) [2]. La préparation de tels verres repose sur des mécanismes de nucléation, croissance et de démixtion dont les premières étapes sont encore assez mal connues. Mais l'avènement de nouvelles techniques de caractérisation à l'échelle nanométrique permet d'améliorer notre compréhension de ces phénomènes. Par exemple, une évolution structurelle des nanoparticules à travers des phases cristallines métastables [3] ou une transformation d'un nucléus amorphe vers une nanoparticule cristalline [4] ont été observées. Des changements de composition ont aussi été rapportés pour des particules de taille 1-10 nm dans des alliages [5] et dans des métaux [6]. Dans cette présentation, nous nous intéressons à la composition de nanoparticules amorphes obtenues par séparation de phase dans un verre de silice. De telles études ont été rendues possibles grâce au développement récent de l'APT (Atom Probe Tomography) pour l'analyse des verres [7]. Nous étudions une fibre optique à base de silice préparée par le procédé MCVD (Modified Chemical Vapor Deposition). Les nanoparticules sont obtenues en incorporant du magnésium qui déclenche une séparation de phase grâce aux traitements thermiques inhérents au procédé MCVD [8]. La composition des nanoparticules dans le verre de silice dopée avec Mg, P, Ge et Er est étudiée dans la gamme 1-10 nm. Nous montrons la partition de Mg, P et Er dans ces nanoparticules ainsi qu'une modification de la composition en fonction de la taille des particules

The structure of a resuscitation-promoting factor domain from Mycobacterium tuberculosis shows homology to lysozymes

Resuscitation-promoting factor (RPF) proteins reactivate stationary-phase cultures of (G+C)-rich Gram-positive bacteria including the causative agent of tuberculosis, Mycobacterium tuberculosis. We report the solution structure of the RPF domain from M. tuberculosis Rv1009 (RpfB) solved by heteronuclear multidimensional NMR. Structural homology with various glycoside hydrolases suggested that RpfB cleaved oligosaccharides. Biochemical studies indicate that a conserved active site glutamate is important for resuscitation activity. These data, as well as the presence of a clear binding pocket for a large molecule, indicate that oligosaccharide cleavage is probably the signal for revival from dormancy

Non-invasive pulmonary artery pressure estimation by electrical impedance tomography in a controlled hypoxemia study in healthy subjects.

Pulmonary hypertension is a hemodynamic disorder defined by an abnormal elevation of pulmonary artery pressure (PAP). Current options for measuring PAP are limited in clinical practice. The aim of this study was to evaluate if electrical impedance tomography (EIT), a radiation-free and non-invasive monitoring technique, can be used for the continuous, unsupervised and safe monitoring of PAP. In 30 healthy volunteers we induced gradual increases in systolic PAP (SPAP) by exposure to normobaric hypoxemia. At various stages of the protocol, the SPAP of the subjects was estimated by transthoracic echocardiography. In parallel, in the pulmonary vasculature, pulse wave velocity was estimated by EIT and calibrated to pressure units. Within-cohort agreement between both methods on SPAP estimation was assessed through Bland-Altman analysis and at subject level, with Pearson's correlation coefficient. There was good agreement between the two methods (inter-method difference not significant (P > 0.05), bias ± standard deviation of - 0.1 ± 4.5 mmHg) independently of the degree of PAP, from baseline oxygen saturation levels to profound hypoxemia. At subject level, the median per-subject agreement was 0.7 ± 3.8 mmHg and Pearson's correlation coefficient 0.87 (P < 0.05). Our results demonstrate the feasibility of accurately assessing changes in SPAP by EIT in healthy volunteers. If confirmed in a patient population, the non-invasive and unsupervised day-to-day monitoring of SPAP could facilitate the clinical management of patients with pulmonary hypertension