Financial Development and the Sensitivity of Stock Markets to External Influences

We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect is present even after having accounted for capital controls and international trade effects.Financial Development, Stock Markets, External Influences

Financial development and stock returns: A cross country analysis

We examine stock returns in a cross section of emerging and mature markets (49 countries) over 1980-99. Stock returns are found to be significantly related to the degree of financial development. In general, a deeper and higher quality banking system is associated with lower volatility of stock returns and a greater synchronization in the movements of domestic and world returns. International synchronization is also greater the more liquid the stock market.financial development; stock returns

Estimating Monthly GDP In A General Kalman Filter Framework: Evidence From Switzerland

In this paper, we estimate deseasonalized monthly series for Swiss Gross Domestic Product at constant prices of 1990 for the period 1980-1998. They are consistent with the quarterly figures estimated by the Federal Office for Economic Development and Labour and are obtained by including information contained in related series. We present a general approach using the Kalman Filter technique nesting a great variety of interpolation setups. We evaluate competing models and provide a time series that can be used by other researchers.Interpolation, Kalman filter, National accounting.

Financial development and stock returns: A cross country analysis

We examine stock returns in a cross section of emerging and mature markets (49 countries) over 1980-99. Stock returns are found to be significantly related to the degree of financial development. In general, a deeper and higher quality banking system is associated with lower volatility of stock returns and a greater synchronization in the movements of domestic and world returns. International synchronization is also greater the more liquid the stock market

Financial Development and Stock Market performance

The level of financial development is an important determinant of the performance of capital markets. We examine stock returns in a cross section of emerging and mature markets (49 countries) over 1980-99. Returns in financially underdeveloped countries have been somewhat lower, but significantly more volatile and less closely linkedd to- and influenced by- world stock returns. This implies that the stock markets of financially underdeveloped countries may have contributed to higher global risk diversification but not to higher returns. Two features seemresponsible for these patterns: Higher transaction costs and greater legal (political) uncertainty.

Quantum Maxwell-Bloch equations for spatially inhomogeneous semiconductor lasers

We present quantum Maxwell-Bloch equations (QMBE) for spatially inhomogeneous semiconductor laser devices. The QMBE are derived from fully quantum mechanical operator dynamics describing the interaction of the light field with the quantum states of the electrons and the holes near the band gap. By taking into account field-field correlations and field-dipole correlations, the QMBE include quantum noise effects which cause spontaneous emission and amplified spontaneous emission. In particular, the source of spontaneous emission is obtained by factorizing the dipole-dipole correlations into a product of electron and hole densities. The QMBE are formulated for general devices, for edge emitting lasers and for vertical cavity surface emitting lasers, providing a starting point for the detailed analysis of spatial coherence in the near field and far field patterns of such laser diodes. Analytical expressions are given for the spectra of gain and spontaneous emission described by the QMBE. These results are applied to the case of a broad area laser, for which the frequency and carrier density dependent spontaneous emission factor beta and the evolution of the far field pattern near threshold are derived.Comment: 22 pages RevTex and 7 figures, submitted to Phys.Rev.A, revisions in abstract and in the discussion of temporal coherenc

The thermal conductivity of alternating spin chains

We study a class of integrable alternating (S1,S2) quantum spin chains with critical ground state properties. Our main result is the description of the thermal Drude weight of the one-dimensional alternating spin chain as a function of temperature. We have identified the thermal current of the model with alternating spins as one of the conserved currents underlying the integrability. This allows for the derivation of a finite set of non-linear integral equations for the thermal conductivity. Numerical solutions to the integral equations are presented for specific cases of the spins S1 and S2. In the low-temperature limit a universal picture evolves where the thermal Drude weight is proportional to temperature T and central charge c.Comment: 15 pages, 1 figur

Quantum Noise and Polarization Fluctuations in Vertical Cavity Surface Emitting Lasers

We investigate the polarization fluctuations caused by quantum noise in quantum well vertical cavity surface emitting lasers (VCSELs). Langevin equations are derived on the basis of a generalized rate equation model in which the influence of competing gain-loss and frequency anisotropies is included. This reveals how the anisotropies and the quantum well confinement effects shape the correlations and the magnitude of fluctuations in ellipticity and in polarization direction. According to our results all parameters used in the rate equations may be obtained experimentally from precise time resolved measurements of the intensity and polarization fluctuations in the emitted laser light. To clarify the effects of anisotropies and of quantum well confinement on the laser process in VCSELs we therefore propose time resolved measurements of the polarization fluctuations in the laser light. In particular, such measurements allow to distinguish the effects of frequency anisotropy and of gain-loss anisotropy and would provide data on the spin relaxation rate in the quantum well structure during cw operation as well as representing a new way of experimentally determinig the linewidth enhancement factor alpha.Comment: 16 pages and 3 Figures, RevTex, to be published in Phys. Rev.

Vision and Foraging in Cormorants: More like Herons than Hawks?

Background Great cormorants (Phalacrocorax carbo L.) show the highest known foraging yield for a marine predator and they are often perceived to be in conflict with human economic interests. They are generally regarded as visually-guided, pursuit-dive foragers, so it would be expected that cormorants have excellent vision much like aerial predators, such as hawks which detect and pursue prey from a distance. Indeed cormorant eyes appear to show some specific adaptations to the amphibious life style. They are reported to have a highly pliable lens and powerful intraocular muscles which are thought to accommodate for the loss of corneal refractive power that accompanies immersion and ensures a well focussed image on the retina. However, nothing is known of the visual performance of these birds and how this might influence their prey capture technique. Methodology/Principal Findings We measured the aquatic visual acuity of great cormorants under a range of viewing conditions (illuminance, target contrast, viewing distance) and found it to be unexpectedly poor. Cormorant visual acuity under a range of viewing conditions is in fact comparable to unaided humans under water, and very inferior to that of aerial predators. We present a prey detectability model based upon the known acuity of cormorants at different illuminances, target contrasts and viewing distances. This shows that cormorants are able to detect individual prey only at close range (less than 1 m). Conclusions/Significance We conclude that cormorants are not the aquatic equivalent of hawks. Their efficient hunting involves the use of specialised foraging techniques which employ brief short-distance pursuit and/or rapid neck extension to capture prey that is visually detected or flushed only at short range. This technique appears to be driven proximately by the cormorant's limited visual capacities, and is analogous to the foraging techniques employed by herons

High Adenylyl Cyclase Activity and \u3cem\u3eIn Vivo\u3c/em\u3e cAMP Fluctuations in Corals Suggest Central Physiological Role

Corals are an ecologically and evolutionarily significant group, providing the framework for coral reef biodiversity while representing one of the most basal of metazoan phyla. However, little is known about fundamental signaling pathways in corals. Here we investigate the dynamics of cAMP, a conserved signaling molecule that can regulate virtually every physiological process. Bioinformatics revealed corals have both transmembrane and soluble adenylyl cyclases (AC). Endogenous cAMP levels in live corals followed a potential diel cycle, as they were higher during the day compared to the middle of the night. Coral homogenates exhibited some of the highest cAMP production rates ever to be recorded in any organism; this activity was inhibited by calcium ions and stimulated by bicarbonate. In contrast, zooxanthellae or mucus had \u3e1000-fold lower AC activity. These results suggest that cAMP is an important regulator of coral physiology, especially in response to light, acid/base disturbances and inorganic carbon levels