Predicting trend reversals using market instantaneous state

Collective behaviours taking place in financial markets reveal strongly correlated states especially during a crisis period. A natural hypothesis is that trend reversals are also driven by mutual influences between the different stock exchanges. Using a maximum entropy approach, we find coordinated behaviour during trend reversals dominated by the pairwise component. In particular, these events are predicted with high significant accuracy by the ensemble's instantaneous state.Comment: 18 pages, 15 figure

A statistical physics perspective on criticality in financial markets

Stock markets are complex systems exhibiting collective phenomena and particular features such as synchronization, fluctuations distributed as power-laws, non-random structures and similarity to neural networks. Such specific properties suggest that markets operate at a very special point. Financial markets are believed to be critical by analogy to physical systems but few statistically founded evidence have been given. Through a data-based methodology and comparison to simulations inspired by statistical physics of complex systems, we show that the Dow Jones and indices sets are not rigorously critical. However, financial systems are closer to the criticality in the crash neighborhood.Comment: 23 pages, 19 figure

Non‐hierarchical learning: sharing knowledge, power and outcomes

Arguing that every student has the capacity to succeed and that every student must be provided with the opportunity to reach their full potential, this article introduces a new pedagogic approach that draws on a wide range of influences. Linking theoretical practices from sociology, pedagogy, social and educational psychology, and cultural studies, the approach posits that teaching and learning should be conducted in non‐hierarchical classrooms where all members are equal and working towards shared objectives. A theoretical frame is outlined and the factors that helped shape it are reflected on. A conceptual framework which covers the goals of instruction, instructional materials, classroom management, instructional methods, and assessment is also presented. It is hoped that educators will consider the concepts included in this article and, if possible, incorporate them into their teaching practices

The artist speaks: the interview as documentation

Nearly every exhibition catalogue now contains an interview with, or related statement by, the artist. How and why did this become the norm? The increasing popularity of the artist's words is traced back in this article to its roots in Romanticism, the rise of the mass media and the cult of the avant-garde artist. The value and reliability of the transcribed and printed words is questioned and a bibliography of published interviews with artists follows

Lagrangian and spectral analysis of the forced flow past a circular cylinder using pulsed tangential jets

We numerically investigate the influence of pulsed tangential jets on the flow past a circular cylinder. To this end a spectral-Lagrangian dual approach is completed on the basis of time-series data. The analysis reveals that the flow response to unsteady for- cing is driven by strong interactions between shear layers and pulsed jets. The latter preferentially lead to either the lock-on regime or the quasi-steady vortex feeding regime whether the excitation frequency is of the order of, or significantly greater than the fre- quency of the natural instability. The intensity of the wake vortices is mainly influenced by the momentum coefficient through the introduction of opposite-sign vorticity in the shear layers. This feature is emphasized using a modal-based time reconstruction, i.e. by reconstructing the flow field upon a specific harmonic spectrum associated with a charac- teristic time-scale. The quasi-steady regime exhibits small-scale counter-rotating vortices that circumscribe the separated region. In the lock-on regime, atypical wake patterns as 2P or P+S can be observed, depending on the forcing frequency and the momentum coefficient, highlighting remarkable analogies with oscillating cylinders