Near-Earth asteroid (3200) Phaethon. Characterization of its orbit, spin state, and thermophysical parameters

The near-Earth asteroid (3200) Phaethon is an intriguing object: its perihelion is at only 0.14 au and is associated with the Geminid meteor stream. We aim to use all available disk-integrated optical data to derive a reliable convex shape model of Phaethon. By interpreting the available space- and ground-based thermal infrared data and Spitzer spectra using a thermophysical model, we also aim to further constrain its size, thermal inertia, and visible geometric albedo. We applied the convex inversion method to the new optical data obtained by six instruments and to previous observations. The convex shape model was then used as input for the thermophysical modeling. We also studied the long-term stability of Phaethon's orbit and spin axis with a numerical orbital and rotation-state integrator. We present a new convex shape model and rotational state of Phaethon: a sidereal rotation period of 3.603958(2) h and ecliptic coordinates of the preferred pole orientation of (319$^{\circ}$, $-$39$^{\circ}$) with a 5$^{\circ}$ uncertainty. Moreover, we derive its size ($D$=5.1$\pm$0.2 km), thermal inertia ($\Gamma$=600$\pm$200 J m$^{-2}$ s$^{-1/2}$ K$^{-1}$), geometric visible albedo ($p_{\mathrm{V}}$=0.122$\pm$0.008), and estimate the macroscopic surface roughness. We also find that the Sun illumination at the perihelion passage during the past several thousand years is not connected to a specific area on the surface, which implies non-preferential heating.Comment: Astronomy and Astrophysics. In pres

Financialisation and the Portuguese real investment: a supportive or a disruptive relationship?

JEL CLASSIFICATION C22, D20, E22 and E44This paper aims to address empirically the relationship between financialisation and real investment by Portuguese non-financial corporations from 1977 to 2013. An equation to describe aggregate investment is estimated, which includes the traditional or standard variables (profitability, debt, cost of capital, savings rate and business cycle) and two further measures to capture the phenomenon of financialisation (financial receipts and financial payments). Financialisation, on the one hand, leads to a rise of financial investments by non-financial corporations, which deviates funds from real investment (“crowding out” effect). On the other hand, the pressure to intensify financial payments restrains the available funds for real investments. The paper concludes that there is a long-term relationship between all variables, and also finds evidence that the process of financialisation has hampered real investment, mainly through financial payments.FC

Functional income distribution in a small European country: The role of financialisation and other determinants

JEL CLASSIFICATION C22, D33, E25 and E44This paper makes an empirical analysis of the relationship between financialisation and the evolution of labour income share in Portugal from 1978 to 2012. We estimate an equation for the labour income share that includes standard variables (technological progress, globalisation, education and business cycle) and variables to capture the effect of financialisation. We formulate the hypothesis that the financialisation process may lead to a rise in the inequality of functional income distribution through three channels: the change in the sectorial composition of the economy (due to the increase in the weight of the financial activity and the decrease in government activity), the diffusion of shareholder value governance practices and the weakening of trade unions. Our results show that there is a long-term relationship between all variables and that the financialisation process indirectly affects the labour income share through its impact on government activity and trade union density. The paper also finds evidence supporting the traditional explanations for functional income distribution, namely globalisation, education and business cycle.FC

Financialisation and inequality in the semi-periphery: Evidence from Portugal

Despite being a disputed concept in the literature, financialisation broadly refers to the growing weight of finance in modern economies. This chapter looks at how the evolution of inequality in Portugal is related to financialisation. It analyses functional income distribution, looking at the wage share and rentier income. The chapter focuses on personal income distribution and poverty. It approaches briefly other effects of financialisation and other factors explaining functional and personal income inequality and poverty. Wage inequality is relevant to analyse the distribution of income before state intervention with taxes and social policies. When analysing income inequality, the focus is on relative differences between households, without concern for poverty, that is, for the incapacity of some households for having a minimum income that ensures an ordinary living pattern. In conclusion, the Portuguese experience shows that the financialisation process has some direct and indirect effects on income inequality.info:eu-repo/semantics/acceptedVersio

Financialisation and inequality in the semi-periphery: Evidence from Portugal

Despite being a disputed concept in the literature, financialisation broadly refers to the growing weight of finance in modern economies. This chapter looks at how the evolution of inequality in Portugal is related to financialisation. It analyses functional income distribution, looking at the wage share and rentier income. The chapter focuses on personal income distribution and poverty. It approaches briefly other effects of financialisation and other factors explaining functional and personal income inequality and poverty. Wage inequality is relevant to analyse the distribution of income before state intervention with taxes and social policies. When analysing income inequality, the focus is on relative differences between households, without concern for poverty, that is, for the incapacity of some households for having a minimum income that ensures an ordinary living pattern. In conclusion, the Portuguese experience shows that the financialisation process has some direct and indirect effects on income inequality.info:eu-repo/semantics/acceptedVersio

Spin states of asteroids in the Eos collisional family

Eos family was created during a catastrophic impact about 1.3 Gyr ago. Rotation states of individual family members contain information about the history of the whole population. We aim to increase the number of asteroid shape models and rotation states within the Eos collision family, as well as to revise previously published shape models from the literature. Such results can be used to constrain theoretical collisional and evolution models of the family, or to estimate other physical parameters by a thermophysical modeling of the thermal infrared data. We use all available disk-integrated optical data (i.e., classical dense-in-time photometry obtained from public databases and through a large collaboration network as well as sparse-in-time individual measurements from a few sky surveys) as input for the convex inversion method, and derive 3D shape models of asteroids together with their rotation periods and orientations of rotation axes. We present updated shape models for 15 asteroids and new shape model determinations for 16 asteroids. Together with the already published models from the publicly available DAMIT database, we compiled a sample of 56 Eos family members with known shape models that we used in our analysis of physical properties within the family. Rotation states of asteroids smaller than ~20 km are heavily influenced by the YORP effect, whilst the large objects more or less retained their rotation state properties since the family creation. Moreover, we also present a shape model and bulk density of asteroid (423) Diotima, an interloper in the Eos family, based on the disk-resolved data obtained by the Near InfraRed Camera (Nirc2) mounted on the W.M. Keck II telescope.Comment: Accepted for publication in ICARUS Special Issue - Asteroids: Origin, Evolution & Characterizatio

Financialisation and the Portuguese real investment: a supportive or a disruptive relationship?

JEL CLASSIFICATION C22, D20, E22 and E44This paper aims to address empirically the relationship between financialisation and real investment by Portuguese non-financial corporations from 1977 to 2013. An equation to describe aggregate investment is estimated, which includes the traditional or standard variables (profitability, debt, cost of capital, savings rate and business cycle) and two further measures to capture the phenomenon of financialisation (financial receipts and financial payments). Financialisation, on the one hand, leads to a rise of financial investments by non-financial corporations, which deviates funds from real investment (“crowding out” effect). On the other hand, the pressure to intensify financial payments restrains the available funds for real investments. The paper concludes that there is a long-term relationship between all variables, and also finds evidence that the process of financialisation has hampered real investment, mainly through financial payments.FC

Functional income distribution in a small European country: The role of financialisation and other determinants

JEL CLASSIFICATION C22, D33, E25 and E44This paper makes an empirical analysis of the relationship between financialisation and the evolution of labour income share in Portugal from 1978 to 2012. We estimate an equation for the labour income share that includes standard variables (technological progress, globalisation, education and business cycle) and variables to capture the effect of financialisation. We formulate the hypothesis that the financialisation process may lead to a rise in the inequality of functional income distribution through three channels: the change in the sectorial composition of the economy (due to the increase in the weight of the financial activity and the decrease in government activity), the diffusion of shareholder value governance practices and the weakening of trade unions. Our results show that there is a long-term relationship between all variables and that the financialisation process indirectly affects the labour income share through its impact on government activity and trade union density. The paper also finds evidence supporting the traditional explanations for functional income distribution, namely globalisation, education and business cycle.FC

The binary near-Earth asteroid (175706) 1996 FG3 - An observational constraint on its orbital evolution

Using our photometric observations taken between 1996 and 2013 and other published data, we derived properties of the binary near-Earth asteroid (175706) 1996 FG3 including new measurements constraining evolution of the mutual orbit with potential consequences for the entire binary asteroid population. We also refined previously determined values of parameters of both components, making 1996 FG3 one of the most well understood binary asteroid systems. We determined the orbital vector with a substantially greater accuracy than before and we also placed constraints on a stability of the orbit. Specifically, the ecliptic longitude and latitude of the orbital pole are 266{\deg} and -83{\deg}, respectively, with the mean radius of the uncertainty area of 4{\deg}, and the orbital period is 16.1508 +/- 0.0002 h (all quoted uncertainties correspond to 3sigma). We looked for a quadratic drift of the mean anomaly of the satellite and obtained a value of 0.04 +/- 0.20 deg/yr^2, i.e., consistent with zero. The drift is substantially lower than predicted by the pure binary YORP (BYORP) theory of McMahon and Scheeres (McMahon, J., Scheeres, D. [2010]. Icarus 209, 494-509) and it is consistent with the theory of an equilibrium between BYORP and tidal torques for synchronous binary asteroids as proposed by Jacobson and Scheeres (Jacobson, S.A., Scheeres, D. [2011]. ApJ Letters, 736, L19). Based on the assumption of equilibrium, we derived a ratio of the quality factor and tidal Love number of Q/k = 2.4 x 10^5 uncertain by a factor of five. We also derived a product of the rigidity and quality factor of mu Q = 1.3 x 10^7 Pa using the theory that assumes an elastic response of the asteroid material to the tidal forces. This very low value indicates that the primary of 1996 FG3 is a 'rubble pile', and it also calls for a re-thinking of the tidal energy dissipation in close asteroid binary systems.Comment: Many changes based on referees comment