Does volatility improve UK earnings forecasts?

We investigate the relation between UK accounting earnings volatility and the level of future earnings using a unique sample comprising some 10,480 firm-year observations for 1,481 non-financial firms over the 1985-2003 period. The findings confirm the in-sample result of an inverse volatility-earnings relation only for the 1998-2003 sub-period and for the most profitable firms. The out-of-sample forecast accuracy for the top earnings quintile when volatility is added as a regressor is superior to the model including only lagged earnings. The findings are consistent with the over-investment hypothesis and the view that the earnings of the most volatile firms tend to mean-revert more rapidly

Phase-dependent decoherence of optical transitions in Pr3+:LaF3 in the presence of a driving field

The decoherence times of orthogonally phased components of the optical transition dipole moment in a two-level system have been observed to differ by an order of magnitude. This phase anisotropy is observed in coherent transient experiments where an optical driving field is present during extended periods of decoherence. The decoherence time of the component of the dipole moment in phase with the driving field is extended compared to T_2, obtained from two-pulse photon echoes, in analogy with the spin locking technique of NMR.Comment: 5 pages, 2 figures; replaced with published versio

The nitrogen-vacancy center in diamond re-visited

Symmetry considerations are used in presenting a model of the electronic structure and the associated dynamics of the nitrogen-vacancy center in diamond. The model accounts for the occurrence of optically induced spin polarization, for the change of emission level with spin polarization and for new measurements of transient emission. The rate constants given are in variance to those reported previously.Comment: 12 pages 10 figure

Photon Echoes Produced by Switching Electric Fields

We demonstrate photon echoes in Eu$^{3+}$:Y$_{2}$SiO$_{5}$ by controlling the inhomogeneous broadening of the Eu$^{3+}$ $^{7}$F$_{0}\leftrightarrow^{5}$D$_{0}$ optical transition. This transition has a linear Stark shift and we induce inhomogeneous broadening by applying an external electric field gradient. After optical excitation, reversing the polarity of the field rephases the ensemble, resulting in a photon echo. This is the first demonstration of such a photon echo and its application as a quantum memory is discussed.Comment: improved introduction, including theoretical outline of the relvant quantum memory proposa

Method of extending hyperfine coherence times in Pr^3+:Y_2SiO_5

In this letter we present a method for increasing the coherence time of praseodymium hyperfine ground state transitions in Pr^3+:Y_2SiO_5 by the application of a specific external magnetic field. The magnitude and angle of the external field is applied such that the Zeeman splitting of a hyperfine transition is at a critical point in three dimensions, making the first order Zeeman shift vanishingly small for the transition. This reduces the influence of the magnetic interactions between the praseodymium ions and the spins in the host lattice on the transition frequency. Using this method a phase memory time of 82ms was observed, a value two orders of magnitude greater than previously reported. It is shown that the residual dephasing is amenable quantum error correction

Selectively excited luminescence and magnetic circular dichroism of Cr4+-doped YAG and YGG

Site selective luminescence and magnetic circular dichroism experiments on Cr4+-doped yttrium aluminum garnet and yttrium gallium garnet have been made at low temperature. The spectral assignments for these near-IR lasing materials have been made using experimental data and ligand field calculations guided by the known geometry of the lattices. [S0163-1829(99)07003-4]