36,055 research outputs found
A multiple factor model for European stocks
We present an empirical study focusing on the estimation of a fundamental multi-factor model for a universe of European stocks. Following the approach of the BARRA model, we have adopted a cross-sectional methodology. The proportion of explained variance ranges from 7.3% to 66.3% in the weekly regressions with a mean of 32.9%. For the individual factors we give the percentage of the weeks when they yielded statistically significant influence on stock returns. The best explanatory power – apart from the dominant country factors – was found among the statistical constructs „success“ and „variability in markets“.Vorgestellt wird eine empirische Studie, welche die Schätzung eines fundamentalen Multi-Faktor-Modells für ein Universum europäischer Aktien beinhaltet. Als Methode wurde in Anlehnung an die Vorgehensweise im BARRA-Modell der Querschnittsanalyse der Vorzug gegeben. Der Anteil der erklärten Varianz beläuft sich in den wöchentlichen Regressionen auf 7,3% bis 66,3% bei einem Durchschnitt von 32,9%. Für die einzelnen Faktoren wird die Häufigkeit angegeben, mit der sie sich in den Regressionen signifikant erwiesen haben. Den höchsten Erklärungsgehalt im Untersuchungszeitraum hatten Länderfaktoren, aber auch Konstrukte wie „Success“ oder „Variability in Markets“
Hydrodynamics of polymers in an active bath
The conformational and dynamical properties of active polymers in solution
are determined by the nature of the activity, and the behavior of polymers with
self-propelled, active Brownian particle-type monomers differs qualitatively
from that of polymers with monomers driven externally by colored noise forces.
We present simulation and theoretical results for polymers in solution in the
presence of external active noise. In simulations, a semiflexible bead-spring
chain is considered, in analytical calculations, a continuous linear wormlike
chain. Activity is taken into account by independent monomer/site velocities,
with orientations changing in a diffusive manner. In simulations, hydrodynamic
interactions (HI) are taken into account by the Rotne-Prager-Yamakawa tensor,
or by an implementation of the active polymer in the multiparticle collision
dynamics approach for fluids. To arrive at an analytical solution, the
preaveraged Oseen tensor is employed. The active process implies a dependence
of the stationary-state properties on HI via polymer relaxation times. With
increasing activity, HI lead to an enhanced swelling of flexible polymers, and
the conformational properties differ substantially from those of polymers with
self-propelled monomers in presence of HI or free-draining polymers. The
polymer mean square displacement is enhanced by HI. Over a wide range of time
scales, hydrodynamics leads to a subdiffusive regime of the site mean square
displacement for flexible active polymers, with an exponent of (5/7), larger
than that of the Rouse (1/2) and Zimm (2/3) models of passive polymers.Comment: 16 pages, 11 figure
Nondestructive testing techniques used in analysis of honeycomb structure bond strength
DOT /Driver-Displacement Oriented Transducer/, applicable to both lap shear type application and honeycomb sandwich structures, measures the displacement of the honeycomb composite face sheet. It incorporates an electromagnetic driver and a displacement measuring system into a single unit to provide noncontact bond strength measurements
Do Childhood Vaccines Have Non-Specific Effects on Mortality
A recent article by Kristensen et al. suggested that measles vaccine and bacille Calmette–Guérin (BCG) vaccine might\ud
reduce mortality beyond what is expected simply from protection against measles and tuberculosis. Previous reviews of the potential effects of childhood vaccines on mortality have not considered methodological features of reviewed studies. Methodological considerations play an especially important role in observational assessments, in which selection factors for vaccination may be difficult to ascertain. We reviewed 782 English language articles on vaccines and childhood mortality and found only a few whose design met the criteria for methodological rigor. The data reviewed suggest that measles vaccine delivers its promised reduction in mortality, but there is insufficient evidence to suggest a mortality benefit above that caused by its effect on measles disease and its sequelae. Our review of the available data in the literature reinforces how difficult answering these considerations has been and how important study design will be in determining the effect of specific vaccines on all-cause mortality.\u
Sequential Flavour Symmetry Breaking
The gauge sector of the Standard Model (SM) exhibits a flavour symmetry which
allows for independent unitary transformations of the fermion multiplets. In
the SM the flavour symmetry is broken by the Yukawa couplings to the Higgs
boson, and the resulting fermion masses and mixing angles show a pronounced
hierarchy. In this work we connect the observed hierarchy to a sequence of
intermediate effective theories, where the flavour symmetries are broken in a
step-wise fashion by vacuum expectation values of suitably constructed spurion
fields. We identify the possible scenarios in the quark sector and discuss some
implications of this approach.Comment: 22 pages latex, no figure
Helicity operators for mesons in flight on the lattice
Motivated by the desire to construct meson-meson operators of definite
relative momentum in order to study resonances in lattice QCD, we present a set
of single-meson interpolating fields at non-zero momentum that respect the
reduced symmetry of a cubic lattice in a finite cubic volume. These operators
follow from the subduction of operators of definite helicity into irreducible
representations of the appropriate little groups. We show their effectiveness
in explicit computations where we find that the spectrum of states interpolated
by these operators is close to diagonal in helicity, admitting a description in
terms of single-meson states of identified J^{PC}. The variationally determined
optimal superpositions of the operators for each state give rapid relaxation in
Euclidean time to that state, ideal for the construction of meson-meson
operators and for the evaluation of matrix elements at finite momentum.Comment: 25 pages, 14 figures; v2: minor changes to reflect journal versio
The Alignment of the Magnetic Field and Collimated Outflows in Star-forming Regions: the Case of NGC 2071
The magnetic field is believed to play a crucial role in the process of star
formation. From the support it provides during the initial collapse of
molecular clouds to the creation of strong collimated jets responsible for
large mass losses, current theories predict its importance in many different
stages during the formation of stars. Here we report on observational evidence
which tests one aspect that can be inferred from these theories: the alignment
between the local magnetic field and collimated bipolar outflows in such
environments. There is good evidence of an alignment in the case of NGC 2071.Comment: 11 pages, 4 figure
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