Aggregate Price Effects of Institutional Trading: A Study of Mutual Fund Flow and Market Returns

We study the relation between market returns and aggregate flow into U.S. equity funds, using daily flow data. The concurrent daily relation is positive. Our tests show that this concurrent relation reflects flow and institutional trading affecting returns. This daily relation is similar in magnitude to the price impact reported for an individual institution's trades in a stock. Aggregate flow also follows market returns with a one-day lag. The lagged response of flow suggests either a common response of both returns and flow to new information, or positive feedback trading.

Wear and Friction Modeling on Lifeboat Launch Systems

The RNLI provides search and rescue cover along the UK and RoI coast using a variety of lifeboats and launch techniques. In locations where there is no natural harbour it is necessary to use a slipway to launch the lifeboat into the sea. Lifeboat slipway stations consist of an initial section where the boat is held on rollers followed by an inclined keelway lined with low friction composite materials, the lifeboat is released from the top of the slipway and proceeds under its own weight into the water. The lifeboat is later recovered using a winch line. It is common to manually apply grease to the composite slipway lining before each launch and recovery in order to ensure sufficiently low friction for successful operation. With the introduction of the Tamar class lifeboat it is necessary to upgrade existing boathouses and standardise slipway operational procedures to ensure consistent operation. The higher contact pressures associated with the new lifeboat have led to issues of high friction and wear on the composite slipway linings and the manual application of grease to reduce friction is to be restricted due to environmental impact and cost factors. This paper presents a multidisciplinary approach to modelling slipway panel wear and friction using tribometer testing in conjunction with finite element analysis and slipway condition surveys to incorporate common real-world effects such as panel misalignments. Finally, it is shown that a freshwater lubrication system is effective, reducing cost and environmental impacts while maintaining good friction and wear performance

KUV 01584-0939: A Helium-transferring Cataclysmic Variable with an Orbital Period of 10 Minutes

High speed photometry of KUV 01584-0939 (alias Cet3) shows that is has a period of 620.26 s. Combined with its hydrogen-deficient spectrum, this implies that it is an AM CVn star. The optical modulation is probably a superhump, in which case the orbital period will be slightly shorter than what we have observed.Comment: Published by PASP. See also the latest Early-Release Research Paper website of the PAS

The N=2N=2 super W4W_4 algebra and its associated generalized KdV hierarchies

We construct the $N=2$ super $W_4$ algebra as a certain reduction of the second Gel'fand-Dikii bracket on the dual of the Lie superalgebra of $N=1$ super pseudo-differential operators. The algebra is put in manifestly $N=2$ supersymmetric form in terms of three $N=2$ superfields $\Phi_i(X)$, with $\Phi_1$ being the $N=2$ energy momentum tensor and $\Phi_2$ and $\Phi_3$ being conformal spin $2$ and $3$ superfields respectively. A search for integrable hierarchies of the generalized KdV variety with this algebra as Hamiltonian structure gives three solutions, exactly the same number as for the $W_2$ (super KdV) and $W_3$ (super Boussinesq) cases.Comment: 16 pages, LaTeX, UTAS-PHYS-92-3

High Speed Photometry of SDSS J013701.06-091234.9

We present high speed photometry of the Sloan Digital Sky Survey cataclysmic variable SDSS J013701.06-091234.9 in quiescence and during its 2003 December superoutburst. The orbital modulation at 79.71\pm0.01 min is double humped; the superhump period is 81.702\pm0.007 min. Towards the end of the outburst late superhumps with a period of 81.29\pm0.01 min were observed. We argue that this is a system of very low mass transfer rate, and that it probably has a long outburst interval.Comment: 5 pages, 8 figures. Accepted for publication in MNRA

Erupting Dwarf Novae in the Large Magellanic Cloud

We report the first likely detections of erupting Dwarf Novae (DN) in an external galaxy: the Large Magellanic Cloud. Six candidates were isolated from approximately a million stars observed every second night over 11 nights with the CTIO 8K x 8K Mosaic2 CCD imager. Artificial dwarf nova and completeness tests suggest that we are seeing only the brightest of the LMC DN, probably SS Cygni-like CVs, but possibly SU UMa-type cataclysmics undergoing superoutbursts. We derive crude but useful limits on the LMC DN surface density, and on the number of DN in the LMC. Many thousands of cataclysmic variables in the Magellanic Clouds can be discovered and characterized with 8 meter class telescopes.Comment: Accepted for publication in AJ, 28 pages, 9 figures total, Figures 1 and 8 are supplied separately in jpeg forma

Untwisting of a cholesteric elastomer by a mechanical field

A mechanical strain field applied to a monodomain cholesteric elastomer will unwind the helical director distribution. There is an analogy with the classical problem of an electric field applied to a cholesteric liquid crystal, but with important differences. Frank elasticity is of minor importance unless the gel is very weak. The interplay is between director anchoring to the rubber elastic matrix and the external mechanical field. Stretching perpendicular to the helix axis induces the uniform unwound state via the elimination of sharp, pinned twist walls above a critical strain. Unwinding through conical director states occurs when the elastomer is stretched along the helical axis.Comment: 4 pages, RevTeX 3 style, 3 EPS figure

An experimental study of high Tc superconducting microstrip transmission lines at 35 GHz and the effect of film morphology

Microstrip transmission lines in the form of ring resonators were fabricated from a number of in-situ grown laser ablated films and post-annealed co-sputtered YBa2Cu3O(7-x) films. The properties of these resonators were measured at 35 GHz and the observed performance is examined in light of the critical temperature (Tc) and film thickness and also the film morphology which is different for the two deposition techniques. It is found that Tc is a major indicator of the film performance for each growth type with film thickness becoming important as it decreases towards 100 A. It is also found that the films with a mixed grain orientation (both a axis and c axis oriented grains) have poorer microwave properties as compared with the primarily c axis oriented material. This is probably due to the significant number of grain boundaries between the different crystallites, which may act as superconducting weak links and contribute to the surface resistance