The limit order book on different time scales

Financial markets can be described on several time scales. We use data from the limit order book of the London Stock Exchange (LSE) to compare how the fluctuation dominated microstructure crosses over to a more systematic global behavior.Comment: 11 pages, 7 figures, 2 tables, to appear in Proc. SPIE, Fluctuations and Noise 2007, Florenc

Occupy! Historical geographies of property, protest and the commons, 1500-1850

This paper examines issues surrounding protest, trespass and occupation - brought to the fore as a result both of recent social movements including the global Occupy movement and of emerging critical discourses about so-called ‘new enclosures’ - through a historical lens. Wary of histories of property and protest that rely heavily on the notion of the ‘closing of the commons’, the authors present a different story about the solidification of property rights, the securitisation of space and the gradual emergence of the legal framework through which protest is now disciplined. They do so via an exploration of three episodes in the making of property in land and three associated moments of resistance, each enacted via the physical occupation of common land. The first examines strategies for opposing enclosure in early sixteenth-century England; the second considers the Diggers’ reimagining of property and the commons in the mid seventeenth century; and the third analyses the challenge to property rights offered by squatting and small-scale encroachments in the late eighteenth and early nineteenth centuries. In so doing, the paper begins to rethink the relations between past and contemporary protest, considering how a more nuanced account of the history of common rights, enclosure and property relations might nevertheless leave space for new solidarities which have the potential to challenge the exercise of arbitrary power

Late-type galaxies observed with SAURON. Two-dimensional stellar and emission-line kinematics of 18 spirals

We present the stellar and gas kinematics of a sample of 18 nearby late-type spiral galaxies (Hubble types ranging from Sb to Sd), observed with the integral-field spectrograph SAURON at the 4.2-m William Herschel Telescope. SAURON covers the spectral range 4800-5380 A, allowing us to measure the Hbeta, Fe, Mgb absorption features and the emission in the Hbeta line and the [OIII], and [NI] doublets over a 33x41 arcsec field of view. The maps cover the nuclear region of these late-type galaxies and in all cases include the entire bulge. In many cases the stellar kinematics suggests the presence of a cold inner region, as visible from a central drop in the stellar velocity dispersion. The ionised gas is almost ubiquitous and behaves in a complicated fashion: the gas velocity fields often display more features than the stellar ones, including wiggles in the zero-velocity lines, irregular distributions, ring-like structures. The line ratio [OIII]/Hbeta often takes on low values over most of the field, probably indicating a wide-spread star formation.Comment: 34 pages, 24 figures. Accepted for publication in MNRAS. A version with full resolution figures is available at http://www.strw.leidenuniv.nl/sauron/papers/ganda2005_late_types.pd

IMF and [Na/Fe] abundance ratios from optical and NIR Spectral Features in Early-type Galaxies

We present a joint analysis of the four most prominent sodium-sensitive features (NaD, NaI8190, NaI1.14, and NaI2.21), in the optical and Near-Infrared spectral range, of two nearby, massive (sigma~300km/s), early-type galaxies (named XSG1 and XSG2). Our analysis relies on deep VLT/X-Shooter long-slit spectra, along with newly developed stellar population models, allowing for [Na/Fe] variations, up to 1.2dex, over a wide range of age, total metallicity, and IMF slope. The new models show that the response of the Na-dependent spectral indices to [Na/Fe] is stronger when the IMF is bottom heavier. For the first time, we are able to match all four Na features in the central regions of massive early-type galaxies, finding an overabundance of [Na/Fe], in the range 0.5-0.7dex, and a bottom-heavy IMF. Therefore, individual abundance variations cannot be fully responsible for the trends of gravity-sensitive indices, strengthening the case towards a non-universal IMF. Given current limitations of theoretical atmosphere models, our [Na/Fe] estimates should be taken as upper limits. For XSG1, where line strengths are measured out to 0.8Re, the radial trend of [Na/Fe] is similar to [Mg/Fe] and [C/Fe], being constant out to 0.5Re, and decreasing by 0.2-0.3dex at 0.8Re, without any clear correlation with local metallicity. Such a result seems to be in contrast with the predicted increase of Na nucleosynthetic yields from AGB stars and TypeII SNe. For XSG1, the Na-inferred IMF radial profile is consistent, within the errors, with that derived from TiO features and the Wing-Ford band, presented in a recent paper

Implications for galaxy formation models from observations of globular clusters around ultradiffuse galaxies

We present an analysis of Hubble Space Telescope observations of globular clusters (GCs) in six ultradiffuse galaxies (UDGs) in the Coma cluster, a sample that represents UDGs with large effective radii (Re), and use the results to evaluate competing formation models. We eliminate two significant sources of systematic uncertainty in the determination of the number of GCs, NGC by using sufficiently deep observations that (i) reach the turnover of the globular cluster luminosity function (GCLF) and (ii) provide a sufficient number of GCs with which to measure the GC number radial distribution. We find that NGC for these galaxies is on average ∼ 20, which implies an average total mass, Mtotal, ∼ 1011 M⊙ when applying the relation between NGC and Mtotal. This value of NGC lies at the upper end of the range observed for dwarf galaxies of the same stellar mass and is roughly a factor of two larger than the mean. The GCLF, radial profile, and average colour are more consistent with those observed for dwarf galaxies than with those observed for the more massive (L*) galaxies, while both the radial and azimuthal GC distributions closely follow those of the stars in the host galaxy. Finally, we discuss why our observations, specifically the GC number and GC distribution around these six UDGs, pose challenges for several of the currently favoured UDG formation models

A surprising consistency between the far-infrared galaxy luminosity functions of the field and Coma

We present new deep images of the Coma Cluster from the ESA Herschel Space Observatory at wavelengths of 70, 100 and 160 μm, covering an area of 1.75 × 1.0 square degrees encompassing the core and south-west infall region. Our data display an excess of sources at flux densities above 100 mJy compared to blank-field surveys, as expected. We use extensive optical spectroscopy of this region to identify cluster members and hence produce cluster luminosity functions in all three photometric bands. We compare our results to the local field galaxy luminosity function, and the luminosity functions from the Herschel Virgo Cluster Survey. We find consistency between the shapes of the Coma and field galaxy luminosity functions at all three wavelengths; however, we do not find the same level of agreement with that of the Virgo Cluster

THE HST/ACS COMA CLUSTER SURVEY. VIII. BARRED DISK GALAXIES IN THE CORE OF THE COMA CLUSTER

We use high-resolution (~0. ��1) F814W Advanced Camera for Surveys (ACS) images from the Hubble Space Telescope ACS Treasury survey of the Coma cluster at z ~ 0.02 to study bars in massive disk galaxies (S0s), as well as low-mass dwarf galaxies in the core of the Coma cluster, the densest environment in the nearby universe. Our study helps to constrain the evolution of bars and disks in dense environments and provides a comparison point for studies in lower density environments and at higher redshifts. Our results are: (1) we characterize the fraction and properties of bars in a sample of 32 bright (MV � -18, M* > 109.5M�) S0 galaxies, which dominate the population of massive disk galaxies in the Coma core. We find that the measurement of a bar fraction among S0 galaxies must be handled with special care due to the difficulty in separating unbarred S0s from ellipticals, and the potential dilution of the bar signature by light from a relatively large, bright bulge. The results depend sensitively on the method used: the bar fraction for bright S0s in the Coma core is 50% ± 11%, 65% ± 11%, and 60% ± 11% based on three methods of bar detection, namely, strict ellipse fit criteria, relaxed ellipse fit criteria, and visual classification. (2)We compare the S0 bar fraction across different environments (the Coma core, A901/902, and Virgo) adopting the critical step of using matched samples and matched methods in order to ensure robust comparisons. We find that the bar fraction among bright S0 galaxies does not show a statistically significant variation (within the error bars of ±11%) across environments which span two orders of magnitude in galaxy number density (n ~ 300–10,000 galaxies Mpc-3) and include rich and poor clusters, such as the core of Coma, the A901/902 cluster, and Virgo. We speculate that the bar fraction among S0s is not significantly enhanced in rich clusters compared to low-density environments for two reasons. First, S0s in rich clusters are less prone to bar instabilities as they are dynamically heated by harassment and are gas poor as a result of ram pressure stripping and accelerated star formation. Second, high-speed encounters in rich clusters may be less effective than slow, strong encounters in inducing bars. (3) We also take advantage of the high resolution of the ACS (~50 pc) to analyze a sample of 333 faint (MV > -18) dwarf galaxies in the Coma core. Using visual inspection of unsharp-masked images, we find only 13 galaxies with bar and/or spiral structure. An additional eight galaxies show evidence for an inclined disk. The paucity of disk structures in Coma dwarfs suggests that either disks are not common in these galaxies or that any disks present are too hot to develop instabilities

Constraints on the opacity of spiral disks from near-infrared observations

In this paper I review how near-infrared (NIR) observations can constrain the opacity of spiral disks. Basic considerations show that NIR photometry provides a powerful probe of the optical depths in spiral galaxy disks in the regime of interest, where the optical depth in the V-band is near unity. I review the existing opacity constraints from the analysis of dust lanes in edge-on and face-on galaxies. The ``internal extinction correction" in the NIR-Tully-Fisher relation deserves particular attention as the most powerful constraint on the impact of dust on the total luminosity of spiral galaxies. All observations for luminous spirals point towards an effective, face-on optical depth of tau_V=0.5-1

The HST/ACS Coma Cluster Survey - X. Nuclear star clusters in low-mass early-type galaxies: scaling relations

We present scaling relations between structural properties of nuclear star clusters and their host galaxies for a sample of early-type dwarf galaxies observed as part of the Hubble Space Telescope (HST) Advanced Camera for Surveys (ACS) Coma Cluster Survey. We have analysed the light profiles of 200 early-type dwarf galaxies in the magnitude range 16.0 < mF814W < 22.6 mag, corresponding to -19.0 < MF814W < -12.4 mag. Nuclear star clusters are detected in 80 per cent of the galaxies, thus doubling the sample of HST-observed early-type dwarf galaxies with nuclear star clusters.We confirm that the nuclear star cluster detection fraction decreases strongly towards faint magnitudes. The luminosities of nuclear star clusters do not scale linearly with host galaxy luminosity. A linear fit yields Lnuc ~ L0.57±0.05 gal. The nuclear star cluster–host galaxy luminosity scaling relation for low-mass early-type dwarf galaxies is consistent with formation by globular cluster (GC) accretion. We find that at similar luminosities, galaxies with higher S´ersic indices have slightly more luminous nuclear star clusters. Rounder galaxies have on average more luminous clusters. Some of the nuclear star clusters are resolved, despite the distance of Coma. We argue that the relation between nuclear star cluster mass and size is consistent with both formation by GC accretion and in situ formation. Our data are consistent with GC inspiralling being the dominant mechanism at low masses, although the observed trend with S´ersic index suggests that in situ star formation is an important second-order effect

The Bulge/Disk Connection in Late-type Spirals

Recent ground-based photometric investigations suggest that central regions of late-type spirals are closely coupled to the inner disk and probably formed via secular evolution. Evidence presented in support of this model includes the predominance of exponential bulges, the correlation of bulge and disk scale lengths, blueness of the bulge and small differences between bulge and central disk colors, detection of spiral structure into the core, and rapid rotation. Recent HST observations show that our own bulge and that of M31, M32, and M33 probably harbor both an old and intermediate-age populations in agreement with models of early collapse of the spheroid plus gas transfer from the disk. Secular evolution provides a mechanism to build-up central regions in late-type spirals; mergers or accretion of small satellites could explain the brighter, kinematically distinct bulges of Sa's and SO's