Prices are macro-observables! Stylized facts from evolutionary finance

Prices are macro-observables of a financial market that result from the trading actions of a huge number of individual investors. Major stylized facts of empirical asset returns concern (i) non-Gaussian distribution of empirical asset returns and (ii) volatility clustering, i.e., the slow decay of auto- correlations of absolute returns. We propose a model for the aggregate dynamics of the market which is generated by the coupling of a ‘slow’ and a ‘fast’ dynamical component, where the ‘fast’ component can be seen as a perturbation of the ‘slow’ one. Statistical properties of price changes in this model are estimated by simulation; sample size is 4 × 10⁶. It is shown that increasing the decoupling of these two dynamical levels generates a crossover in the distribution of log returns from a concave Gaussian-like distribution to a convex, truncated Levy-like one. For a sufficiently large degree of dynamic decoupling, the return trails exhibit pronounced volatility clustering.     

Studies on turbulent momentum, heat and species transport during binary alloy solidification in a top-cooled rectangular cavity

A two-dimensional transient fixed-grid enthalpy-based numerical method is developed to analyze the effects of turbulent transport during a binary alloy solidification process. Turbulence effects are introduced through standard k-ε equations, where coefficients are appropriately modified to account for phase-change. Microscopically-consistent estimates are made regarding temperature-solute coupling in a non-equilibrium solidification situation. The model is tested against laboratory experiments performed using an NH₄Cl-H₂O system in a rectangular cavity cooled and solidified from the top. Particular emphasis is laid on studying the interaction between Rayleigh-Benard type convection and directional solidification in the presence of turbulent transport. Numerical predictions are subsequently compared with experimental results regarding flow patterns, interface growth and evolution of the temperature field, and the agreement is found to be good.     

Distributed Transmit Antenna Selection (DTAS) Under Performance or Energy Consumption Constraints

Motivated by the transmit antenna selection (TAS) concept, used in Multiple-Input-Multiple-Output systems, we argue for distributed transmit antenna selection (DTAS), which corresponds to a method of selecting a subset of available relays in cooperative diversity systems. Assuming amplify and forward relays, the proposed selection method represents a low-complexity tool for determining the optimum relaying set. Two optimization problems are studied: the error probability minimization subject to total energy consumption constraints, and the dual one, the total energy consumption minimization under error performance constraints. Numerical examples verify the advantage of the proposed method in adapting the number of relaying terminals to the desired performance-consumption tradeoff.     

Kriterien für die Zulassung von Tierarzneimitteln gegen Zeckenbefall bei Hunden und Katzen: Ein Überblick der aktuellen Anforderungen und Möglichkeiten unter Berücksichtigung der derzeitig gültigen Leitlinien

Ohne Zusammenfassung The online version of the original article can be found under doi:.     

Investigation into Polarization of Unloaded and Loaded Microstrip Square-Ring Antennas

The polarization characteristic of unloaded and loaded square-ring microstrip antennas is investigated. Several different loading types like single-stub, dual-stub, notch, gap and shorting-pin are considered and their effects are studied. Loading enables feeding using a 50-Omega probe. The simulation and measurement results show that the loading techniques excite a loaded TMy ₁₁ mode that is orthogonal to the unloaded TMx ₁₁ mode. This indicates that by loading the ring antenna its polarization can be switched adaptively. However, the purity of the loaded and unloaded modes depends on the loading type. For some loading types like gap and shorting-pin, the excitation of the unloaded mode seems negligible, in comparison to the loadings by stub and notch. For the stub and notch loaded antennas the unloaded mode is also present, and its excitation efficiency is frequency dependent. Thus, their polarization plane, which is due to both loaded TMy ₁₁ and unloaded TMx ₁₁ modes, also becomes frequency dependant. The results of this investigation can be useful in selecting the loading methods for high-impedance microstrip ring antennas, and control of their impedance and polarization. The knowledge of the antenna polarization is essential in communications, and its dependence on the loading type can be used as an important parameter in design of adaptive antennas and sensors.     

Electrochemical mass transfer between an impinging jet and a rotating disk in a confined system

This paper presents the mass transfer results from an impinging liquid jet to a rotating disk. The mass transfer coefficients were measured using the electrochemical limiting diffusion current technique (ELDCT). Rotational Reynolds number (Re_r) in the range of 3.4 × 10⁴–1.2 × 10⁵, jet Reynolds number (Re_j) 1.7 × 10⁴–5.3 × 10⁴ and non-dimensional jet-to-disk spacing (H/d) 2–8 were taken into consideration as parameters. It was found that the jet impingement resulted in a substantial enhancement in the mass transfer compared to the case of the rotating disk without jet.     

Smart phones and interactive reports leave traffic in the rearview mirror

To convey the dynamic information related to traffic conditions in various parts of a city, we propose an environment utilizing the technology of smart phones to provide information anywhere and anytime. Called ";The Interactive Traffic Beat Project,"; it uses a Web-based service to deliver this information to people through their cell phones at the right time so that valuable time can be saved and the chaos on the roads can be managed.     

Terahertz imaging: materials and methods

Terahertz (THz) imaging is rapidly developing. We present two new methods, based respectively on (a) a broadband thermal source (globar) and (b) a coherent, monochromatic source (optically-pumped THz laser). A room-temperature detector (Golay cell) is employed. Image quality is similar to that reported by others using more complex sources (quantum cascade lasers) and detectors (superconducting tunneling junctions).