ARCH in the G7 Equity Markets: A Speculative Explanation

This paper explores whether speculative activity can,in practice,generate the ARCH- type behavior found in .nancial time series.Specifically,G7 equity marke indices are examined for evidence of a dynamic whereby speculative interest is self-sustaining, that is,markets can become 'hot'. A straightforward model,taken from Faruqee and Redding [9 ],generates some testable implications of the idea.Tests of the model on the data show that not only does he model offer an explanation for volatility clustering,but also can be considered a statistical improvement on standard GARCH representations.

Optimal Money Burning: Theory and Application to Corporate Dividend Policy

We explore signaling behavior in settings with a discriminating signal and several costly nondiscriminating ( money burning ) activities. In settings where informed parties have many options for burning money, existing theory provides no basis for selecting one nondiscriminating activity over another. When senders have private information about the costs of these activities, each sender's indifference is resolved, the taxation of a nondiscriminating signal is Pareto improving, and the use of the taxed activity becomes more widespread as the tax rate rises. We apply this analysis to the theory of dividend signaling. The central testable implication of the model is verified empirically.

Ultra-Stable Segmented Telescope Sensing and Control Architecture

The LUVOIR team is conducting two full architecture studies Architecture A 15 meter telescope that folds up in an 8.4m SLS Block 2 shroud is nearly complete. Architecture B 9.2 meter that uses an existing fairing size will begin study this Fall. This talk will summarize the ultra-stable architecture of the 15m segmented telescope including the basic requirements, the basic rationale for the architecture, the technologies employed, and the expected performance. This work builds on several dynamics and thermal studies performed for ATLAST segmented telescope configurations. The most important new element was an approach to actively control segments for segment to segment motions which will be discussed later

Computational holographic camera with a dielectric metasurface diffuser

We experimentally demonstrate computational complex optical field imaging by a metasurface diffuser and the speckle-correlation scattering matrix method. Thus, we show that the metasurface diffuser can outperform conventional scattering media in context of computational imaging

Initial Technology Assessment for the Large-Aperture UV-Optical-Infrared (LUVOIR) Mission Concept Study

The NASA Astrophysics Division's 30-Year Roadmap prioritized a future large-aperture space telescope operating in the ultra-violet/optical/infrared wavelength regime. The Association of Universities for Research in Astronomy envisioned a similar observatory, the High Definition Space Telescope. And a multi-institution group also studied the Advanced Technology Large Aperture Space Telescope. In all three cases, a broad science case is outlined, combining general astrophysics with the search for biosignatures via direct-imaging and spectroscopic characterization of habitable exoplanets. We present an initial technology assessment that enables such an observatory that is currently being studied for the 2020 Decadal Survey by the Large UV/Optical/Infrared (LUVOIR) surveyor Science and Technology Definition Team. We present here the technology prioritization for the 2016 technology cycle and define the required technology capabilities and current state-of-the-art performance. Current, planned, and recommended technology development efforts are also reported

Computational holographic camera with a dielectric metasurface diffuser

We experimentally demonstrate computational complex optical field imaging by a metasurface diffuser and the speckle-correlation scattering matrix method. Thus, we show that the metasurface diffuser can outperform conventional scattering media in context of computational imaging

A Future Large-Aperture UVOIR Space Observatory: Reference Designs

Our joint NASA GSFC/JPL/MSFC/STScI study team has used community-provided science goals to derive mission needs, requirements, and candidate mission architectures for a future large-aperture, non-cryogenic UVOIR space observatory. We describe the feasibility assessment of system thermal and dynamic stability for supporting coronagraphy. The observatory is in a Sun-Earth L2 orbit providing a stable thermal environment and excellent field of regard. Reference designs include a 36-segment 9.2 m aperture telescope that stows within a five meter diameter launch vehicle fairing. Performance needs developed under the study are traceable to a variety of reference designs including options for a monolithic primary mirror

Technology Development for the Advanced Technology Large Aperture Space Telescope (ATLAST) as a Candidate Large UV-Optical-Infrared (LUVOIR) Surveyor

The Advanced Technology Large Aperture Space Telescope (ATLAST) team has identified five key technologies to enable candidate architectures for the future large-aperture ultraviolet/optical/infrared (LUVOIR) space observatory envisioned by the NASA Astrophysics 30-year roadmap, Enduring Quests, Daring Visions. The science goals of ATLAST address a broad range of astrophysical questions from early galaxy and star formation to the processes that contributed to the formation of life on Earth, combining general astrophysics with direct-imaging and spectroscopy of habitable exoplanets. The key technologies are: internal coronagraphs, starshades (or external occulters), ultra-stable large-aperture telescopes, detectors, and mirror coatings. Selected technology performance goals include: 1x1010 raw contrast at an inner working angle of 35 milli-arcseconds, wavefront error stability on the order of 10 pm RMS per wavefront control step, autonomous on-board sensing & control, and zero-read-noise single-photon detectors spanning the exoplanet science bandpass between 400 nm and 1.8 m. Development of these technologies will provide significant advances over current and planned observatories in terms of sensitivity, angular resolution, stability, and high-contrast imaging. The science goals of ATLAST are presented and flowed down to top-level telescope and instrument performance requirements in the context of a reference architecture: a 10-meter-class, segmented aperture telescope operating at room temperature (~290 K) at the sun-Earth Lagrange-2 point. For each technology area, we define best estimates of required capabilities, current state-of-the-art performance, and current Technology Readiness Level (TRL) - thus identifying the current technology gap. We report on current, planned, or recommended efforts to develop each technology to TRL 5