The impact of news on measures of undiversifiable risk: evidence from the UK stock market

Using UK equity index data, this paper considers the impact of news on time varying measures of beta, the usual measure of undiversifiable risk. The empirical model implies that beta depends on news about the market and news about the sector. The asymmetric response of beta to news about the market is consistent across all sectors considered. Recent research is divided as to whether abnormalities in equity returns arise from changes in expected returns in an efficient market or over-reactions to new information. The evidence suggests that such abnormalities may be due to changes in expected returns caused by time-variation and asymmetry in beta

Scaling in the Bombay Stock Exchange Index

In this paper we study BSE Index financial time series for fractal and multifractal behaviour. We show that Bombay stock Exchange (BSE)Index time series is mono-fractal and can be represented by a fractional Brownian motion.Comment: 11 pages,3 figure

Topological Graph Polynomials in Colored Group Field Theory

In this paper we analyze the open Feynman graphs of the Colored Group Field Theory introduced in [arXiv:0907.2582]. We define the boundary graph \cG_{\partial} of an open graph \cG and prove it is a cellular complex. Using this structure we generalize the topological (Bollobas-Riordan) Tutte polynomials associated to (ribbon) graphs to topological polynomials adapted to Colored Group Field Theory graphs in arbitrary dimension

One vertex spin-foams with the Dipole Cosmology boundary

We find all the spin-foams contributing in the first order of the vertex expansion to the transition amplitude of the Bianchi-Rovelli-Vidotto Dipole Cosmology model. Our algorithm is general and provides spin-foams of arbitrarily given, fixed: boundary and, respectively, a number of internal vertices. We use the recently introduced Operator Spin-Network Diagrams framework.Comment: 23 pages, 30 figure

A Far Ultraviolet Study of the Old Nova V841 Oph

We have carried out a synthetic spectral analysis of archival IUE spectra of the old nova V841 Oph (Nova Oph 1848) taken 15 years apart. The spectra reveal a rising continuum shortward of 1560\AA, a C {\sc iv} P-Cygni profile indicative of wind outflow associated with disk accretion in one spectrum, a deep Ly $\alpha$ profile, and strong N {\sc v} (1238\AA, 1242\AA) and O {\sc v} (1371\AA) wind/coronal absorption lines. Numerous sharp interstellar resonance lines are also present. A grid of high gravity atmospheres and accretion disk models, spanning a wide range of inclinations, accretion rates and white dwarf masses was compared to the de-reddened spectra. We find that, for a steady state accretion disk model to account for the FUV spectra, the accretion rate is only $\sim$3 $\times$ 10$^{-11}$ M_{\sun}/yr, 147 years after its outburst in 1848, with an implied distance within $\sim$300 pc. The accretion rate at 147 years post-outburst is smaller than expected for an old nova.Comment: 6 b/w figures, 2 tables, preprint accepted in the November 2005 issue of PAS

Cognitive conflicts in major depression : Between desired change and personal coherence

This is an open access article under the terms of the Creative Commons Attribution-NonCommercial License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited and is not used for commercial purposesThe notion of intrapsychic conflict has been present in psychopathology for more than a century within different theoretical orientations. However, internal conflicts have not received enough empirical attention, nor has their importance in depression been fully elaborated. This study is based on the notion of cognitive conflict, understood as implicative dilemma (ID), and on a new way of identifying these conflicts by means of the Repertory Grid Technique. Our aim was to explore the relevance of cognitive conflicts among depressive patientsPeer reviewedFinal Published versio

Impact of Investor's Varying Risk Aversion on the Dynamics of Asset Price Fluctuations

While the investors' responses to price changes and their price forecasts are well accepted major factors contributing to large price fluctuations in financial markets, our study shows that investors' heterogeneous and dynamic risk aversion (DRA) preferences may play a more critical role in the dynamics of asset price fluctuations. We propose and study a model of an artificial stock market consisting of heterogeneous agents with DRA, and we find that DRA is the main driving force for excess price fluctuations and the associated volatility clustering. We employ a popular power utility function, $U(c,\gamma)=\frac{c^{1-\gamma}-1}{1-\gamma}$ with agent specific and time-dependent risk aversion index, $\gamma_i(t)$, and we derive an approximate formula for the demand function and aggregate price setting equation. The dynamics of each agent's risk aversion index, $\gamma_i(t)$ (i=1,2,...,N), is modeled by a bounded random walk with a constant variance $\delta^2$. We show numerically that our model reproduces most of the ``stylized'' facts observed in the real data, suggesting that dynamic risk aversion is a key mechanism for the emergence of these stylized facts.Comment: 17 pages, 7 figure