Propeller blade stress estimates using lifting line theory

OpenProp, an open-source computational tool for the design and analysis of propellers and horizontal-axis turbines, is extended to provide estimates of normal stresses in the blades for both on- and off-design operating conditions. The numerical model is based on propeller lifting theory, and the present implementation of the code includes an analysis capability to estimate the off-design performance of the propeller or turbine and to make blade stress predictions. As an example, we present the design and performance of a two-bladed propeller. Experimental measurements of the propeller performance over a wide range of off-design operating conditions agree with performance predictions. Estimates of the blade stress are given for on-design and off-design operating states of the propeller.United States. Office of Naval Research (N000140810080)United States. National Oceanic and Atmospheric Administration (NOAA NSG NA060AR4170019)Project Ocean (Robert Damus

On the lithium content of the globular cluster M92

I use literature data and a new temperature calibration to determine the Li abundances in the globular cluster M 92. Based on the same data, Boesgaard et al. have claimed that there is a dispersion in Li abundances in excess of observational errors. This result has been brought as evidence for Li depletion in metal-poor dwarfs. In the present note I argue that there is no strong evidence for intrinsic dispersion in Li abundances, although a dispersion as large as 0.18 dex is possible. The mean Li abundance, A(Li)=2.36, is in good agreement with recent results for field stars and TO stars in the metal-poor globular cluster NGC 6397. The simplest interpretation is that this constant value represents the primordial Li abundance.Comment: A&A accepte

Multiscaled Cross-Correlation Dynamics in Financial Time-Series

The cross correlation matrix between equities comprises multiple interactions between traders with varying strategies and time horizons. In this paper, we use the Maximum Overlap Discrete Wavelet Transform to calculate correlation matrices over different timescales and then explore the eigenvalue spectrum over sliding time windows. The dynamics of the eigenvalue spectrum at different times and scales provides insight into the interactions between the numerous constituents involved. Eigenvalue dynamics are examined for both medium and high-frequency equity returns, with the associated correlation structure shown to be dependent on both time and scale. Additionally, the Epps effect is established using this multivariate method and analyzed at longer scales than previously studied. A partition of the eigenvalue time-series demonstrates, at very short scales, the emergence of negative returns when the largest eigenvalue is greatest. Finally, a portfolio optimization shows the importance of timescale information in the context of risk management

Emergence of time-horizon invariant correlation structure in financial returns by subtraction of the market mode

We investigate the emergence of a structure in the correlation matrix of assets' returns as the time-horizon over which returns are computed increases from the minutes to the daily scale. We analyze data from different stock markets (New York, Paris, London, Milano) and with different methods. Result crucially depends on whether the data is restricted to the ``internal'' dynamics of the market, where the ``center of mass'' motion (the market mode) is removed or not. If the market mode is not removed, we find that the structure emerges, as the time-horizon increases, from splitting a single large cluster. In NYSE we find that when the market mode is removed, the structure of correlation at the daily scale is already well defined at the 5 minutes time-horizon, and this structure accounts for 80 % of the classification of stocks in economic sectors. Similar results, though less sharp, are found for the other markets. We also find that the structure of correlations in the overnight returns is markedly different from that of intraday activity.Comment: 12 pages, 17 figure

On the inter-foil spacing and phase lag of tandem flapping foil propulsors

The aim of this article is to provide a theoretical basis upon which to advance and deploy novel tandem flapping foil systems for efficient marine propulsion. We put forth three key insights into tandem flapping foil hydrodynamics related to their choreography, propulsive efficiency, and unsteady loading. In particular, we propose that the performance of the aft foil depends on a new nondimensional number, s/Utau, which is the inter-foil separation s normalized by the distance that the freestream U advects in one flapping period tau. Additionally, we show how unsteady loading can be mitigated through choice of phase lag

Financial correlations at ultra-high frequency: theoretical models and empirical estimation

A detailed analysis of correlation between stock returns at high frequency is compared with simple models of random walks. We focus in particular on the dependence of correlations on time scales - the so-called Epps effect. This provides a characterization of stochastic models of stock price returns which is appropriate at very high frequency.Comment: 22 pages, 8 figures, 1 table, version to appear in EPJ

The ROTSE-III Robotic Telescope System

The observation of a prompt optical flash from GRB990123 convincingly demonstrated the value of autonomous robotic telescope systems. Pursuing a program of rapid follow-up observations of gamma-ray bursts, the Robotic Optical Transient Search Experiment (ROTSE) has developed a next-generation instrument, ROTSE-III, that will continue the search for fast optical transients. The entire system was designed as an economical robotic facility to be installed at remote sites throughout the world. There are seven major system components: optics, optical tube assembly, CCD camera, telescope mount, enclosure, environmental sensing & protection and data acquisition. Each is described in turn in the hope that the techniques developed here will be useful in similar contexts elsewhere.Comment: 19 pages, including 4 figures. To be published in PASP in January, 2003. PASP Number IP02-11

GYES, a multifibre spectrograph for the CFHT

We have chosen the name of GYES, one of the mythological giants with one hundred arms, offspring of Gaia and Uranus, for our instrument study of a multifibre spectrograph for the prime focus of the Canada-France-Hawaii Telescope. Such an instrument could provide an excellent ground-based complement for the Gaia mission and a northern complement to the HERMES project on the AAT. The CFHT is well known for providing a stable prime focus environment, with a large field of view, which has hosted several imaging instruments, but has never hosted a multifibre spectrograph. Building upon the experience gained at GEPI with FLAMES-Giraffe and X-Shooter, we are investigating the feasibility of a high multiplex spectrograph (about 500 fibres) over a field of view 1 degree in diameter. We are investigating an instrument with resolution in the range 15000 to 30000, which should provide accurate chemical abundances for stars down to 16th magnitude and radial velocities, accurate to 1 km/s for fainter stars. The study is led by GEPI-Observatoire de Paris with a contribution from Oxford for the study of the positioner. The financing for the study comes from INSU CSAA and Observatoire de Paris. The conceptual study will be delivered to CFHT for review by October 1st 2010.Comment: Contributed talk at the Gaia ELSA conference 2010, S\`evres 7-11 June 2010, to be published on the EAS Series, Editors: C. Turon, F. Arenou & F. Meynadie

Statistical Properties of Share Volume Traded in Financial Markets

We quantitatively investigate the ideas behind the often-expressed adage `it takes volume to move stock prices', and study the statistical properties of the number of shares traded $Q_{\Delta t}$ for a given stock in a fixed time interval $\Delta t$. We analyze transaction data for the largest 1000 stocks for the two-year period 1994-95, using a database that records every transaction for all securities in three major US stock markets. We find that the distribution $P(Q_{\Delta t})$ displays a power-law decay, and that the time correlations in $Q_{\Delta t}$ display long-range persistence. Further, we investigate the relation between $Q_{\Delta t}$ and the number of transactions $N_{\Delta t}$ in a time interval $\Delta t$, and find that the long-range correlations in $Q_{\Delta t}$ are largely due to those of $N_{\Delta t}$. Our results are consistent with the interpretation that the large equal-time correlation previously found between $Q_{\Delta t}$ and the absolute value of price change $| G_{\Delta t} |$ (related to volatility) are largely due to $N_{\Delta t}$.Comment: 4 pages, two-column format, four figure

Economic Fluctuations and Diffusion

Stock price changes occur through transactions, just as diffusion in physical systems occurs through molecular collisions. We systematically explore this analogy and quantify the relation between trading activity - measured by the number of transactions $N_{\Delta t}$ - and the price change $G_{\Delta t}$, for a given stock, over a time interval $[t, t+\Delta t]$. To this end, we analyze a database documenting every transaction for 1000 US stocks over the two-year period 1994-1995. We find that price movements are equivalent to a complex variant of diffusion, where the diffusion coefficient fluctuates drastically in time. We relate the analog of the diffusion coefficient to two microscopic quantities: (i) the number of transactions $N_{\Delta t}$ in $\Delta t$, which is the analog of the number of collisions and (ii) the local variance $w^2_{\Delta t}$ of the price changes for all transactions in $\Delta t$, which is the analog of the local mean square displacement between collisions. We study the distributions of both $N_{\Delta t}$ and $w_{\Delta t}$, and find that they display power-law tails. Further, we find that $N_{\Delta t}$ displays long-range power-law correlations in time, whereas $w_{\Delta t}$ does not. Our results are consistent with the interpretation that the pronounced tails of the distribution of $G_{\Delta t} are due to$w_{\Delta t}$, and that the long-range correlations previously found for$| G_{\Delta t} |$are due to$N_{\Delta t}$.Comment: RevTex 2 column format. 6 pages, 36 references, 15 eps figure