The cyclicality of cash flow and investment in U.S. manufacturing

Cash flow ; Manufactures

Ultrafast Resonant Polarization Interferometry: Towards the First Direct Detection of Vacuum Polarization

Vacuum polarization, an effect predicted nearly 70 years ago, is still yet to be directly detected despite significant experimental effort. Previous attempts have made use of large liquid-helium cooled electromagnets which inadvertently generate spurious signals that mask the desired signal. We present a novel approach for the ultra-sensitive detection of optical birefringence that can be usefully applied to a laboratory detection of vacuum polarization. The new technique has a predicted birefringence measurement sensitivity of $\Delta n \sim 10^{20}$ in a 1 second measurement. When combined with the extreme polarizing fields achievable in this design we predict that a vacuum polarization signal will be seen in a measurement of just a few days in duration.Comment: 9 pages, 2 figures. submitted to PR

A delta Scuti distance to the Large Magellanic Cloud

We present results from a well studied delta Scuti star discovered in the LMC. The absolute magnitude of the variable was determined from the PL relation for Galactic delta Scuti stars and from the theoretical modeling of the observed B,V,I light curves. The two methods give distance moduli for the LMC of 18.46+-0.19 and 18.48+-0.15, respectively, for a consistent value of the stellar reddening of E(B-V)=0.08+-0.02. We have also analyzed 24 delta Scuti candidates discovered in the OGLE II survey of the LMC, and 7 variables identified in the open cluster LW 55 and in the galaxy disk by Kaluzny et al. (2003, 2006). We find that the LMC delta Scuti stars define a PL relation whose slope is very similar to that defined by the Galactic delta Scuti variables, and yield a distance modulus for the LMC of 18.50+-0.22 mag. We compare the results obtained from the delta Scuti variables with those derived from the LMC RR Lyrae stars and Cepheids. Within the observational uncertainties, the three groups of pulsating stars yield very similar distance moduli. These moduli are all consistent with the "long" astronomical distance scale for the Large Magellanic Cloud.Comment: Accepted for publication on A

Deterministic quantum teleportation between distant atomic objects

Quantum teleportation is a key ingredient of quantum networks and a building block for quantum computation. Teleportation between distant material objects using light as the quantum information carrier has been a particularly exciting goal. Here we demonstrate a new element of the quantum teleportation landscape, the deterministic continuous variable (cv) teleportation between distant material objects. The objects are macroscopic atomic ensembles at room temperature. Entanglement required for teleportation is distributed by light propagating from one ensemble to the other. Quantum states encoded in a collective spin state of one ensemble are teleported onto another ensemble using this entanglement and homodyne measurements on light. By implementing process tomography, we demonstrate that the experimental fidelity of the quantum teleportation is higher than that achievable by any classical process. Furthermore, we demonstrate the benefits of deterministic teleportation by teleporting a dynamically changing sequence of spin states from one distant object onto another

On the distribution of career longevity and the evolution of home run prowess in professional baseball

Statistical analysis is a major aspect of baseball, from player averages to historical benchmarks and records. Much of baseball fanfare is based around players exceeding the norm, some in a single game and others over a long career. Career statistics serve as a metric for classifying players and establishing their historical legacy. However, the concept of records and benchmarks assumes that the level of competition in baseball is stationary in time. Here we show that power-law probability density functions, a hallmark of many complex systems that are driven by competition, govern career longevity in baseball. We also find similar power laws in the density functions of all major performance metrics for pitchers and batters. The use of performance-enhancing drugs has a dark history, emerging as a problem for both amateur and professional sports. We find statistical evidence consistent with performance-enhancing drugs in the analysis of home runs hit by players in the last 25 years. This is corroborated by the findings of the Mitchell Report [1], a two-year investigation into the use of illegal steroids in major league baseball, which recently revealed that over 5 percent of major league baseball players tested positive for performance-enhancing drugs in an anonymous 2003 survey.Comment: 5 pages, 5 figures, 2-column revtex4 format. Revision has change of title, a figure added, and minor changes in response to referee comment

Basel III Liquidity Risk Measures and Bank Failure

Basel III banking regulation emphasizes the use of liquidity coverage and nett stable funding ratios as measures of liquidity risk. In this paper, we approximate these measures by using global liquidity data for 391 hand-selected, LIBOR-based, Basel II compliant banks in 36 countries for the period 2002 to 2012. In particular, we compare the risk sensitivity of the aforementioned Basel III liquidity risk measures to those of traditional measures such as the nonperforming assets ratio, return-on-assets, LIBOR-OISS, Basel II Tier 1 capital ratio, government securities ratio, and brokered deposits ratio. Furthermore, we use a discrete-time hazard model to study bank failure. In this regard, we find that Basel III risk measures have limited ability to predict bank failure when compared with their traditional counterparts. An important result is that a higher liquidity coverage ratio is associated with a higher bank failure rate. We also find that market-wide liquidity risk (proxied by LIBOR-OISS) was the major predictor of bank failures in 2009 and 2010 while idiosyncratic liquidity risk (proxied by other liquidity risk measures) was less. In particular, our contribution is the first to achieve these results on a global scale over a relatively long period for a variety of banks

ENVIRO-HIRLAM: on-line coupled modelling of urban meteorology and air pollution

International audienceThe strategy of new generation integrated Meso-Meteorological (MetM) and Atmospheric Chemical Transport (ACT) models for predicting atmospheric composition, meteorology and climate change is discussed for the Enviro-HIRLAM (HIgh Resolution Limited Area Model) integrated system. Current progress in the Enviro-HIRLAM system development and its urban on-line coupled modelling applications is considered. Results of several sensitivity studies of the urban effects (urban albedo and roughness, anthropogenic heat flux, heat island, and urban aerosols) on meteorology and air pollution at different scales are presented. Several sensitivity tests of the off-line versus on-line coupling of MetM and ACT models in Enviro-HIRLAM as well as their verification versus the ETEX experiment are considered and results are discussed