Nuclear recoil energy scale in liquid xenon with application to the direct detection of dark matter

We show for the first time that the quenching of electronic excitation from nuclear recoils in liquid xenon is well-described by Lindhard theory, if the nuclear recoil energy is reconstructed using the combined (scintillation and ionization) energy scale proposed by Shutt {\it et al.}. We argue for the adoption of this perspective in favor of the existing preference for reconstructing nuclear recoil energy solely from primary scintillation. We show that signal partitioning into scintillation and ionization is well-described by the Thomas-Imel box model. We discuss the implications for liquid xenon detectors aimed at the direct detection of dark matter

Statistical mechanics of a Feshbach coupled Bose-Fermi gas in an optical lattice

We consider an atomic Fermi gas confined in a uniform optical lattice potential, where the atoms can pair into molecules via a magnetic field controlled narrow Feshbach resonance. The phase diagram of the resulting atom-molecule mixture in chemical and thermal equilibrium is determined numerically in the absence of interactions under the constraint of particle conservation. In the limiting cases of vanishing or large lattice depth we derive simple analytical results for important thermodynamic quantities. One such quantity is the dissociation energy, defined as the detuning of the molecular energy spectrum with respect to the atomic one for which half of the atoms have been converted into dimers. Importantly we find that the dissociation energy has a non-monotonic dependence on lattice depth.Comment: 9 pages, 5 figure

The Asymmetric Effect of the Business Cycle on the Realtion between Stock Market Returns and their Volatility

We examine the relation between US stock market returns and the US business cycle for the period 1960 - 2003 using a new methodology that allows us to estimate a time-varying equity premium. We identify two channels in the transmission mechanism. One is through the mean of stock returns via the equity risk premium, and the other is through the volatility of returns. We provide support for previous findings based on simple correlation analysis that the relation is asymmetric with downturns in the business cycle having a greater negative impact on stock returns than the positive effect of upturns. We also obtain a new result, that demand and supply shocks affect stock returns differently. Our model of the relation between returns and their volatility encompasses CAPM, consumption CAPM and Merton's (1973) inter-temporal CAPM. It is implemented using a multi-variate GARCH-in-mean model with an asymmetric time-varying conditional heteroskedasticity and correlation structure.Equity returns, risk premium, asymmetry

An Asset Market Integration Test Based on Observable Macroeconomic Stochastic Discount Factors

There are a number of tests and measures of the degree of integration in the literature. An example is the idea that integrated markets should provide rates of return that are highly correlated with one another and that a measure of correlation provides an appropriate test. This particular idea is clearly false; for substantial periods of time we don't ever see stocks traded on the same market moving together. Specific models of what prices risk in individual markets could provide the basis of a test of integration. However, as has been widely shown, any differences between these pricing models will be subject to arbitrage by informed traders and so cannot form the basis for a test. In this paper we exploit the absence of arbitrage possibilities and the operation of the 'Law of One Price' in stochastic discount factor (SDF) theory to construct a test of integration based on a common approach to pricing assets in all markets, not only for stocks. The SDF approach that we adopt says that one SDF should price all assets as the model is not market or asset-specific.Unlike much of the literature, we adopt a direct parametric approach which takes estimates of an identical SDF from two asset markets and asks whether the price of risk associated with this SDF is the same for the two assets as SDF theory says it should. Another distinctive feature of our approach is that we employ observable macroeconomic factors. This allows us to estimate and compare the estimated risk premia in the markets concerned, with and without the integration restriction being applied. The paper uses this methodology to test market integration between the UK equity and FOREX markets. Our test rejects market integration for the consumption-based capital asset pricing model (CCAPM) and two variable SDF models based on consumption growth and inflation and on output and money growth. As equity and FOREX returns have a similar degree of variability, the finding that the risk premium in the FOREX market is generally much more variable than that in the equity market may contribute to the the test outcome.

Macroeconomic Sources of Equity Risk

There are very few estimates of a time-varying equity risk premium based on models that satisfy a no-arbitrage condition. The main aim of this paper is to estimate the US and UK equity risk premia implied by a number of well-known asset pricing models using monthly data for 1975-2001. The models include consumption-based CAPM with power utility, the Epstein-Zin general equilibrium model with time non-separable preferences, CAPM, and the SDF model. We show that most of the theoretical models of the equity risk premium that have been proposed in the literature are special cases the SDF model. We explain why some of them are unable to do this as formulated. In addition to examining existing theories of the equity risk premium, we use the SDF model to generate new theories. We find that macroeconomic variables not previously considered, and not consistent with standard general equilibrium theory, such as production, appear to be priced for the equity risk premium. This suggests that traditional general equilibrium considerations may not be the sole explanation for the equity risk premium; other short-term factors associated with pure price risk may also be involved. A related, and rapidly growing, literature adopts a more statistical approach. It focusses on the empirical relation between the return on equity (or the Sharpe ratio) and return volatility. We use SDF theory to show that this relation is misconceived. The reason for the absence of estimates of the equity risk premium is the difficulty of estimating it. Most of the empirical evidence on these asset pricing models is based on calibration, or the estimation of the Euler equation by GMM, neither of which delivers an estimate of the risk premium. We use a new empirical approach that does produce estimates of the risk premium and allows tests of the theories. As a result we provide the first estimates of the equity risk premium for some of these models. We then use our estimates to investigate the importance of different components of the equity risk premium including, amongst others, return volatility.

The negative acute phase response of serum transthyretin following Streptococcus suis infection in the pig

Peer reviewedPublisher PD

Observation of modified hadronization in relativistic Au+Au collisions: a promising signature for deconfined quark-gluon matter

Measurements of identified particles from Au+Au collisions at $\sqrt{s_{_{NN}}}=200$ GeV are reviewed. Emphasis is placed on nuclear modification, baryon-to-meson ratios, and elliptic flow at intermediate transverse momentum ($1.5 < p_T < 5$ GeV/c). Possible connections between (1) these measurements, (2) the running coupling for static quark anti-quark pairs at finite temperature, and (3) the creation of a deconfined quark-gluon phase are presented. Modifications to hadronization in Au+Au collisions are proposed as a likely signature for the creation of deconfined colored matter.Comment: 8 pages, 5 figures, invited talk at the Strange Quark Matter 2004 conference, Cape Town, South Afric

Jet multiplicities as the QGP thermometer

It is proposed to use the energy behavior of mean multiplicities of jets propagating in a nuclear medium as the thermometer of this medium during the collision phases. The qualitative effects are demonstrated in the framework of the fixed coupling QCD with account of jet quenching.Comment: Modify version of hep-ph/0509344, 3 figure

Evidence from Identified Particles for Active Quark and Gluon Degrees of Freedom

Measurements of intermediate pT (1.5 < pT < 5.0 GeV/c) identified particle distributions in heavy ion collisions at SPS and RHIC energies display striking dependencies on the number of constituent quarks in the corresponding hadron. One finds that elliptic flow at intermediate pT follows a constituent quark scaling law as predicted by models of hadron formation through coalescence. In addition, baryon production is also found to increase with event multiplicity much faster than meson production. The rate of increase is similar for all baryons, and seemingly independent of mass. This indicates that the number of constituent quarks determines the multiplicity dependence of identified hadron production at intermediate pT. We review these measurements and interpret the experimental findings.Comment: 8 pages, 5 figures, proceedings for SQM2006 conference in Los Angele

Fluctuation and flow probes of early-time correlations in relativistic heavy ion collisions

Fluctuation and correlation observables are often measured using multi-particle correlation methods and therefore mutually probe the origins of genuine correlations present in multi-particle distribution functions. We investigate the common influence of correlations arising from the spatially inhomogeneous initial state on multiplicity and momentum fluctuations as well as flow fluctuations. Although these observables reflect different aspects of the initial state, taken together, they can constrain a correlation scale set at the earliest moments of the collision. We calculate both the correlation scale in an initial stage Glasma flux tube picture and the modification to these correlations from later stage hydrodynamic flow and find quantitative agreement with experimental measurements over a range of collision systems and energies.Comment: Proceedings of the 28th Winter Workshop on Nuclear Dynamics, Dorado del Mar, Puerto Rico, April 7-14, 201