Information Content of Equity Analyst Reports

This paper investigates the market reaction to the information released in security analyst reports. It shows that the market reacts significantly and positively to changes in recommendation levels, earnings forecasts, and price targets. While changes in price targets and earnings forecasts both provide information to the market, revisions in price targets have a larger and more significant impact than comparable revisions in earnings forecasts. The text of the report is also a significant source of information as it provides the justifications supporting an analyst's summary opinion. When all of this information is considered simultaneously, some of it, notably the earnings forecasts, is subsumed. The results further show that analysts correctly predict price targets slightly over 50% of the time. Finally, the valuation methodology used does not seem to be correlated with either the market's reaction or the analyst's accuracy.

Loop-Induced Stochastic Bias at Small Wavevectors

Primordial non-Gaussianities enhanced at small wavevectors can induce a power spectrum of the galaxy overdensity that differs greatly from that of the matter overdensity at large length scales. In previous work, it was shown that "squeezed" three-point and "collapsed" four-point functions of the curvature perturbation $\zeta$ can generate these non-Gaussianities and give rise to so-called scale-dependent and stochastic bias in the galaxy overdensity power spectrum. We explore a third way to generate non-Gaussianities enhanced at small wavevectors: the infrared behavior of quantum loop contributions to the four-point correlations of $\zeta$. We show that these loop effects lead to stochastic bias, which can be observable in the context of quasi-single field inflation.Comment: 10 pages, 4 figure

Diamonds from Dachine, French Guiana : a unique record of Early Proterozoic subduction

This research was supported by NERC grant NE/J008583/1 to MJW and SCK.Diamonds from Dachine, French Guiana, are unique among worldwide diamond populations. The diamonds were transported to the surface in an unusual ultramafic extrusive magma with an affinity to boninite or komatiite, which was emplaced within an arc geological setting at ~ 2.2 Ga. Dachine diamonds have internal and external morphologies indicative of relatively rapid growth from carbon oversaturated fluids or melts, and exhibit internal features consistent with residence in a high-strain environment. On the basis of nitrogen (N) defects the diamonds are categorized as Type Ib-IaA. The unusually low aggregation state of N places severe constraints on the thermal history of the diamonds, effectively ruling out derivation in convecting mantle. The carbon and N isotopic compositions of Dachine diamonds are consistent with a sedimentary source of carbon, with the majority of diamonds having δ13C values + 4‰. The primary carbon was presumably deposited on an early Proterozoic seafloor. Sulphide inclusions have low Ni and Cr and are comparable to lithospheric eclogitic-type sulphide inclusions. Three garnet and one clinopyroxene inclusion are also eclogitic in composition, and one garnet inclusion has a majorite component indicating an origin around 250 km depth. The silicate inclusions are highly depleted in many incompatible trace elements (e.g. LREE, Nb, Hf, Zr), and modelling indicates an eclogitic source lithology that contained a LREE-enriched trace phase such as epidote or allanite, and an HFSE-rich phase such as rutile. Four of the five inclusions are unusually enriched in Mn, as well as Ni and Co, and modelling indicates a protolith with the bulk composition of subducted normal MORB plus about 10% ferromanganese crust component. We suggest a model wherein Dachine diamonds precipitated from remobilized sedimentary carbon at the slab-mantle interface from liquids derived ultimately by deserpentinization of slab peridotite at depths of ~ 200 to 250 km. These fluids may also trigger melting in wedge peridotite, resulting in a volatile-rich ultramafic melt that transports the diamonds rapidly to the surface. The process of diamond formation and exhumation from the slab mantle interface likely occurred in a Paleoproterozoic subduction zone and over a very limited timespan, likely less than a million years.PostprintPeer reviewe

A versatile fluorescence lifetime imaging system for scanning large areas with high time and spatial resolution

"Published in SPIE Proceedings Vol. 9286"We present a flexible fluorescence lifetime imaging device which can be employed to scan large sample areas with a spatial resolution adjustable from many micrometers down to sub-micrometers and a temporal resolution of 20 picoseconds. Several different applications of the system will be presented including protein microarrays analysis, the scanning of historical samples, evaluation of solar cell surfaces and nanocrystalline organic crystals embedded in electrospun polymeric nanofibers. Energy transfer processes within semiconductor quantum dot superstructures as well as between dye probes and graphene layers were also investigated.This work was financially supported by the European Regional Development Fund (ERDF) through Programa Operacional Factores de Competitividade (COMPETE: FCOMP-01-0124-FEDER-014628) and the Portuguese Fundacao para a Ciencia e Tecnologia (FCT) through the projects "Functional structuring, inter-particle interaction and energy transfer in ensembles of nanocrystal dots" (PTDC/FIS/113199/2009), Ultra-fast spectroscopy on the dynamics and relaxation of Dirac electrons in graphene" (PTDC/FIS/101434/ 2008) and "Low dimensional nanostructures for nonlinear optical applications" PTDC/CTmNAN/114269/2009

Coherent, mechanical control of a single electronic spin

The ability to control and manipulate spins via electrical, magnetic and optical means has generated numerous applications in metrology and quantum information science in recent years. A promising alternative method for spin manipulation is the use of mechanical motion, where the oscillation of a mechanical resonator can be magnetically coupled to a spins magnetic dipole, which could enable scalable quantum information architectures9 and sensitive nanoscale magnetometry. To date, however, only population control of spins has been realized via classical motion of a mechanical resonator. Here, we demonstrate coherent mechanical control of an individual spin under ambient conditions using the driven motion of a mechanical resonator that is magnetically coupled to the electronic spin of a single nitrogen-vacancy (NV) color center in diamond. Coherent control of this hybrid mechanical/spin system is achieved by synchronizing pulsed spin-addressing protocols (involving optical and radiofrequency fields) to the motion of the driven oscillator, which allows coherent mechanical manipulation of both the population and phase of the spin via motion-induced Zeeman shifts of the NV spins energy. We demonstrate applications of this coherent mechanical spin-control technique to sensitive nanoscale scanning magnetometry.Comment: 6 pages, 4 figure

Agriculture in the Face of Changing Markets, Institutions and Policies: Challenges and Strategies

Since the late 1980s, agriculture in Central and Eastern European Countries (CEECs) has been under considerable adjustment pressure due to changing political, economic and institutional environments. These changes have been linked to the transition process, as well as the ongoing integration into the European Union and the world market. Reduced subsidies, increased environmental and food quality demands, as well as structural changes in the supply, processing and food retailing sector call for major structural adjustments and the improvement of farmersâ managerial abilities. Though such changes always carry significant threats to farms, they also offer new opportunities for the farms' entrepreneurial engagement. Upcoming changes in the agricultural environment and their possible consequences for farm structures across Europe are thus still timely subjects. The objective of the IAMO Forum 2006 is to contribute to the success of agriculture in the CEECs, as well as their neighboring countries, in todayâs increasingly competitive environment. Concrete questions the conference focuses on are: What are the most suitable farm organizations, cooperative arrangements and contractual forms? How to improve efficiency and productivity? Where do market niches lie and what are the new product demands? This book contains 33 invited and selected contributions. These papers will be presented at the IAMO Forum 2006 in order to offer a platform for scientists, practitioners and policy-makers to discuss challenges and potential strategies at the farm, value chain, rural society and policy levels in order to cope with the upcoming challenges. IAMO Forum 2006, as well as this book, would not have been possible without the engagement of many people and institutions. We thank the authors of the submitted abstracts and papers, as well as the referees, for their evaluation of the abstracts from which the papers were selected. In particular, we would like to express our thanks to OLIVER JUNGKLAUS, GABRIELE MEWES, KLAUS REINSBERG and ANGELA SCHOLZ, who significantly contributed to the organization of the Forum. Furthermore, our thanks goes to SILKE SCHARF for her work on the layout and editing support of this book, and to JIM CURTISS, JAMIE BULLOCH, and DÃNALL Ã MEARÃIN for their English proof-reading. As experience from previous years documents, the course of the IAMO Forum continues to profit from the support and engagement of the IAMO administration, which we gratefully acknowledge. Last but not least, we are very grateful to the Robert Bosch Foundation, the Federal Ministry of Nutrition, Agriculture and Consumer Protection (BMELV), the German Research Foundation (DFG), the Haniel Foundation and the Leibniz Institute of Agricultural Development in Central and Eastern Europe (IAMO) for their respective financial support.Agribusiness, Community/Rural/Urban Development, Farm Management, Industrial Organization, International Development, Labor and Human Capital, Land Economics/Use, Productivity Analysis,