Collective behavior of stock price movements in an emerging market

To investigate the universality of the structure of interactions in different markets, we analyze the cross-correlation matrix C of stock price fluctuations in the National Stock Exchange (NSE) of India. We find that this emerging market exhibits strong correlations in the movement of stock prices compared to developed markets, such as the New York Stock Exchange (NYSE). This is shown to be due to the dominant influence of a common market mode on the stock prices. By comparison, interactions between related stocks, e.g., those belonging to the same business sector, are much weaker. This lack of distinct sector identity in emerging markets is explicitly shown by reconstructing the network of mutually interacting stocks. Spectral analysis of C for NSE reveals that, the few largest eigenvalues deviate from the bulk of the spectrum predicted by random matrix theory, but they are far fewer in number compared to, e.g., NYSE. We show this to be due to the relative weakness of intra-sector interactions between stocks, compared to the market mode, by modeling stock price dynamics with a two-factor model. Our results suggest that the emergence of an internal structure comprising multiple groups of strongly coupled components is a signature of market development.Comment: 10 pages, 10 figure

Search for gamma rays of energy 10(15) eV from Cygnus X-3

Finite flux of excess radiation of energy 10 to the 15th power has been reported by two groups from the direction of Cygnus X-3, with the characteristic periodicity of 4.8 hrs. Samorski and Stamm find that the muon content of the showers generated by this excess radiation is about 77% of that in normal cosmic ray showers, whereas the expectation for gamma ray showers is less than 10%. It is thus difficult to understand the nature of the radiation arriving from the direction of Cygnus X-3. Samorski and Stamm measured the muon densities close to the core (approx. 10 m), where contamination due to other components is severe. Even though this does not explain the high ratio of muon densities, measurements should be carried out away from the core to establish the nature of the radiation. In order to establish the signal from Cygnus X-3 and its muon content with better statistical significance, an extensive air shower array, specifically designed for this purpose was operated at Kolar Gold Fields (longitude: 78 deg .3 E; latitude: + 12 deg .95; atmospheric depth: 920 q/square centimeters) since September, 1984. The details of the array and the accuracy of arrival direction measurements are discussed

Extragalactic sources with asymmetric radio structure I. Observations of 17 sources

We present total-intensity and linear-polarization observations with the Very Large Array (VLA) at λ6 and 2 cm of 17 sources, almost all of which were suspected to have extended emission only on one side of the nucleus. Five of them are still one-sided, three appear unresolved, while seven have radio lobes on both sides of the nucleus. The outer components in the double-lobed sources, however, have significantly different surface brightness or are very asymmetrically located with respect to the nucleus

Zooming into the coexisting regime of ferromagnetism and superconductivity in ErRh4B4 single crystals

High resolution measurements of the dynamic magnetic susceptibility are reported for ferromagnetic re-entrant superconductor, ErRh$_{4}$B$_{4}$. Detailed investigation of the coexisting regime reveals unusual temperature-asymmetric and magnetically anisotropic behavior. The superconducting phase appears via a series of discontinuous steps upon warming from the ferromagnetic normal phase, whereas the ferromagnetic phase develops via a gradual transition. A model based on local field inhomogeneity is proposed to explain the observations

Critical rotation of a harmonically trapped Bose gas

We study experimentally and theoretically a cold trapped Bose gas under critical rotation, i.e. with a rotation frequency close to the frequency of the radial confinement. We identify two regimes: the regime of explosion where the cloud expands to infinity in one direction, and the regime where the condensate spirals out of the trap as a rigid body. The former is realized for a dilute cloud, and the latter for a Bose-Einstein condensate with the interparticle interaction exceeding a critical value. This constitutes a novel system in which repulsive interactions help in maintaining particles together.Comment: 4 pages, 4 figures, submitted to PR

Uncovering the Internal Structure of the Indian Financial Market: Cross-correlation behavior in the NSE

The cross-correlations between price fluctuations of 201 frequently traded stocks in the National Stock Exchange (NSE) of India are analyzed in this paper. We use daily closing prices for the period 1996-2006, which coincides with the period of rapid transformation of the market following liberalization. The eigenvalue distribution of the cross-correlation matrix, $\mathbf{C}$, of NSE is found to be similar to that of developed markets, such as the New York Stock Exchange (NYSE): the majority of eigenvalues fall within the bounds expected for a random matrix constructed from mutually uncorrelated time series. Of the few largest eigenvalues that deviate from the bulk, the largest is identified with market-wide movements. The intermediate eigenvalues that occur between the largest and the bulk have been associated in NYSE with specific business sectors with strong intra-group interactions. However, in the Indian market, these deviating eigenvalues are comparatively very few and lie much closer to the bulk. We propose that this is because of the relative lack of distinct sector identity in the market, with the movement of stocks dominantly influenced by the overall market trend. This is shown by explicit construction of the interaction network in the market, first by generating the minimum spanning tree from the unfiltered correlation matrix, and later, using an improved method of generating the graph after filtering out the market mode and random effects from the data. Both methods show, compared to developed markets, the relative absence of clusters of co-moving stocks that belong to the same business sector. This is consistent with the general belief that emerging markets tend to be more correlated than developed markets.Comment: 15 pages, 8 figures, to appear in Proceedings of International Workshop on "Econophysics & Sociophysics of Markets & Networks" (Econophys-Kolkata III), Mar 12-15, 200

Two-dimensional Bose gas under extreme rotation

We show that a Bose-condensed gas under extreme rotation in a 2D anisotropic trap, forms a novel elongated quantum fluid which has a roton-maxon excitation spectrum. For a sufficiently large interaction strength, the roton energy reaches zero and the system undergoes a second order quantum transition to the state with a periodic structure - rows of vortices. The number of rows increases with the interaction, and the vortices eventually form a triangular Abrikosov lattice.Comment: typos corrected, ref. added, minor changes in the pape

Bubbling and bistability in two parameter discrete systems

We present a graphical analysis of the mechanisms underlying the occurrences of bubbling sequences and bistability regions in the bifurcation scenario of a special class of one dimensional two parameter maps. The main result of the analysis is that whether it is bubbling or bistability is decided by the sign of the third derivative at the inflection point of the map function.Comment: LaTeX v2.09, 14 pages with 4 PNG figure

Strong quantum violation of the gravitational weak equivalence principle by a non-Gaussian wave-packet

The weak equivalence principle of gravity is examined at the quantum level in two ways. First, the position detection probabilities of particles described by a non-Gaussian wave-packet projected upwards against gravity around the classical turning point and also around the point of initial projection are calculated. These probabilities exhibit mass-dependence at both these points, thereby reflecting the quantum violation of the weak equivalence principle. Secondly, the mean arrival time of freely falling particles is calculated using the quantum probability current, which also turns out to be mass dependent. Such a mass-dependence is shown to be enhanced by increasing the non-Gaussianity parameter of the wave packet, thus signifying a stronger violation of the weak equivalence principle through a greater departure from Gaussianity of the initial wave packet. The mass-dependence of both the position detection probabilities and the mean arrival time vanish in the limit of large mass. Thus, compatibility between the weak equivalence principle and quantum mechanics is recovered in the macroscopic limit of the latter. A selection of Bohm trajectories is exhibited to illustrate these features in the free fall case.Comment: 11 pages, 7 figure