THE THEORY OF CONTRARY OPINION: A TEST USING SENTIMENT INDICES IN FUTURES MARKETS

The theory of contrary opinion predicts price reversals following extremes in market sentiment. This research tests a survey-based sentiment index's usefulness as a contrary indicator across 28 U.S. futures markets. Using rigorous time-series tests, the sentiment index displays only a sporadic and marginal ability to predict returns, and in those instances the pattern is one of return continuation--not reversals. Therefore, futures traders who rely solely upon sentiment indices as contrary indicators may be misguided.bullish consensus, contrary opinion, market sentiment, Marketing,

Progressivity of the income tax

Includes bibliographical references (p. 18)

Mechanisms of recruitment for the retrieval of food in Amitermes evuncifer Silvestri (Isoptera: Termitidae: Termitinae)

The study revealed that there was quantitative recruitment in colonies of Amitermes evuncifer, whenever food was discovered by the scouting foragers. Discovered food stimulated the termites to accelerate their running speed, to and from the food source. Increased trail-laying activity, accelerated movement and carrying of food by the returning workers facilitated recruitment of other confederates from their nest. These activities equally directed the recruited termites to the food source. Amitermes evuncifer was observed to regulate traffic in relation to newly discovered food source. The results showed that there was rapid communication between the termites of food source within 3-4 min. It was further observed that the trail to newly found food source did not become dominant over the trail to the already existing food source. The results showed clearly the effect of food on vital activities of termite

Ultra-short silicon-organic hybrid (SOH) modulator for bidirectional polarization-independent operation

We propose a bidirectional, polarization-independent, recirculating IQ-modulator scheme based on the silicon-organic hybrid (SOH) platform. We demonstrate the viability of the concept by using an SOH Mach-Zehnder modulator, operated at 10 GBd BPSK and 2ASK-2PSK

Horizontal Equity and Taxpayer Characteristics: Who Is Advantaged and Disadvantaged by the Federal Income Tax?

In this paper, household utility levels are estimated indirectly from household labor-supply data to derive before- and after-tax utility indexes. A household is considered advantaged (disadvantaged) by the income tax if its utility index ranking increases (decreases) as a result of the tax. The study finds that tax-advantaged households have, on average, more children and are more likely to own their own homes while tax-disadvantaged households are more likely to be two-earner families. The implications of the findings for the horizontal equity of the income tax are discussed.

Optical interconnect with densely integrated plasmonic modulator and germanium photodetector arrays

We demonstrate the first chip-to-chip interconnect utilizing a densely integrated plasmonic Mach-Zehnder modulator array operating at 3 x 10 Gbit/s. A multicore fiber provides a compact optical interface, while the receiver consists of germanium photodetectors

Optical interconnect solution with plasmonic modulator and Ge photodetector array

We report on an optical chip-to-chip interconnect solution, thereby demonstrating plasmonics as a solution for ultra-dense, high-speed short-reach communications. The interconnect comprises a densely integrated plasmonic Mach-Zehnder modulator array that is packaged with standard driving electronics. On the receiver side, a germanium photodetector array is integrated with trans-impedance amplifiers. A multicore fiber provides a compact optical interface to the array. We demonstrate 4 × 20 Gb/s on-off keying signaling with direct detection.ISSN:1041-1135ISSN:1941-017