Constraining Dark Energy with X-ray Galaxy Clusters, Supernovae and the Cosmic Microwave Background

We present new constraints on the evolution of dark energy from an analysis of Cosmic Microwave Background, supernova and X-ray galaxy cluster data. Our analysis employs a minimum of priors and exploits the complementary nature of these data sets. We examine a series of dark energy models with up to three free parameters: the current dark energy equation of state w_0, the early time equation of state w_et and the scale factor at transition, a_t. From a combined analysis of all three data sets, assuming a constant equation of state and that the Universe is flat, we measure w_0=-1.05+0.10-0.12. Including w_et as a free parameter and allowing a_t to vary over the range 0.5<a_t<0.95 where the data sets have discriminating power, we measure w_0=-1.27+0.33-0.39 and w_et=-0.66+0.44-0.62. We find no significant evidence for evolution in the dark energy equation of state parameter with redshift. Marginal hints of evolution in the supernovae data become less significant when the cluster constraints are also included in the analysis. The complementary nature of the data sets leads to a tight constraint on the mean matter density, Omega_m and alleviates a number of other parameter degeneracies, including that between the scalar spectral index n_s, the physical baryon density Omega_bh^2 and the optical depth tau. This complementary nature also allows us to examine models in which we drop the prior on the curvature. For non-flat models with a constant equation of state, we measure w_0=-1.09+0.12-0.15 and Omega_de=0.70+-0.03. Our analysis includes spatial perturbations in the dark energy fluid, assuming a sound speed c_s^2 =1. For our most general dark energy model, not including such perturbations would lead to spurious constraints on w_et which would be tighter by approximately a factor two with the current data. (abridged)Comment: 11 pages, 13 figures, 2 tables. Accepted for publication in MNRAS. Two new figures added: Fig.9 shows the effects of including dark energy perturbations and Fig.10 compares X-ray cluster data with 2dF dat

Limit Order Trading and Information Asymmetry: Empirical Evidence about the Evolution of Liquidity on an Order Driven Market

This paper is concerned with investigating the order placement behaviour of different types of traders on the ASX. We find strong evidence of informed traders use of limit orders, as well as insights into the evolution of liquidity over a trading day. The greatest increase of informed traders use of limit orders is during the last two hours of trading before closing. We also find evidence that the information value processed by informed traders make them more successful in their use of limit orders. This impact is considered substantial as in our sample the volume of limit orders from informed traders under-weighs that of the other traders by a large amount. The order strategy of liquidity traders displays a relatively flat U shaped pattern with more limit orders being used at the opening. It is also found that the pattern of the informed traders order placement shows an increase in the use of market orders. This is a result of the unique trading mechanism which entails a closing call auction as applied on the ASX. Traders that have information about the true value of stocks act on it through the use of market orders before the continuous trading platform closes.Evolution of liquidity, Informed trader, Limit order, Information asymmetry

Canadian City Housing Prices and Urban Market Segmentation

The authors provide a detailed empirical analysis of Canadian city housing prices. They examine the long-run relationship between city house prices in Canada from 1981 to 2005 as well as idiosyncratic relations between city prices and city-specific variables. The results suggest that city house prices are only weakly correlated in the long run, and that there is a disconnect between house prices and interest rates. City-specific variables such as union wage levels, new-housing prices, and the issuance of building permits tend to be positively related to city existing-house prices. Surprisingly, there is mixed evidence with respect to standard measures of economic activity, such as labour force and per capita GDP.Regional economic developments

Oxygen Absorption in Cooling Flows

The inhomogeneous cooling flow scenario predicts the existence of large quantities of gas in massive elliptical galaxies, groups, and clusters that have cooled and dropped out of the flow. Using spatially resolved, deprojected X-ray spectra from the ROSAT PSPC we have detected strong absorption over energies ~0.4-0.8 keV intrinsic to the central ~1 arcmin of the galaxy, NGC 1399, the group, NGC 5044, and the cluster, A1795. These systems have amongst the largest nearby cooling flows in their respective classes and low Galactic columns. Since no excess absorption is indicated for energies below ~0.4 keV the most reasonable model for the absorber is warm, collisionally ionized gas with T=10^{5-6} K where ionized states of oxygen provide most of the absorption. Attributing the absorption only to ionized gas reconciles the large columns of cold H and He inferred from Einstein and ASCA with the lack of such columns inferred from ROSAT, and also is consistent with the negligible atomic and molecular H inferred from HI, and CO observations of cooling flows. The prediction of warm ionized gas as the product of mass drop-out in these and other cooling flows can be verified by Chandra, XMM, and ASTRO-E.Comment: 4 pages (2 figures), Accepted for publication in ApJ Letters, no significant changes from previous submitted versio

Inefficiency and productivity growth in banking: a comparison of stochastic econometric and thick frontier methods

A comparison of alternative methods for estimating inefficiency and productivity growth in banking, showing that inefficiencies are sufficiently large to dominate scale economies and that measured technological progress has been small, or even negative, as a result of institutional events that occurred during 1977-88.Banks and banking - Costs ; Production (Economic theory)

Documentation of the current fault detection, isolation and reconfiguration software of the AIPS fault-tolerant processor

Documentation is presented of the December 1986 version of the ADA code for the fault detection, isolation, and reconfiguration (FDIR) functions of the Advanced Information processing System (AIPS) Fault-Tolerant Processor (FTP). Because the FTP is still under development and the software is constantly undergoing changes, this should not be considered final documentation of the FDIR software of the FTP