Arbitrage and Simple Financial Market Efficiency during the South Sea Bubble: A Comparative Study of the Royal African and South Sea Companies Subscription Share Issues

Subscription shares of the early 18th century were early examples of what today would be called innovated securities. Either by intent or happenstance, they served to overcome imperfections in the capital markets of the day. Not all such securities were, however, alike. The prominent examples of the subscription shares of the South Sea Company and the Royal African Company in 1720 were quiet different in their design and the corporate financial policies they were intended to aid. The historical literature emphasises the importance of irrational pricing behaviour during the South Sea Bubble, yet it is remarkable that in the financial markets of 1720 the relative values of subscription shares are easily understandable using standard financial theory.Royal African Company, South Sea Company, Financial Revolution, subscription shares, call options, derivatives, instalment receipts, innovated securities.

Optimal passive filter design for effective utilization of cables and transformers under non-sinusoidal conditions

Transformers and cables have overheating and reduced loading capabilities under non-sinusoidal conditions due to the fact that their losses increases with not only rms value but also frequency of the load current. In this paper, it is aimed to employ passive filters for effective utilization of the cables and transformers in the harmonically contaminated power systems. To attain this goal, an optimal passive filter design approach is provided to maximize the power factor definition, which takes into account frequency-dependent losses of the power transmission and distribution equipment, under non-sinusoidal conditions. The obtained simulation results show that the proposed approach has a considerable advantage on the reduction of the total transmission loss and the transformer loading capability under non-sinusoidal conditions when compared to the traditional optimal filter design approach, which aims to maximize classical power factor definition. On the other hand, for the simulated system cases, both approaches lead to almost the same current carrying (or loading) capability value of the cables. © 2014 IEEE.This work is supported by Turkish Republic Ministry of Science, Industry and Technology and BEST Transformers Co. under the project number of 01008.STZ.2011 - 2

Organized Chaos: Scatter in the relation between stellar mass and halo mass in small galaxies

We use Local Group galaxy counts together with the ELVIS N-body simulations to explore the relationship between the scatter and slope in the stellar mass vs. halo mass relation at low masses, $M_\star \simeq 10^5 - 10^8 M_\odot$. Assuming models with log-normal scatter about a median relation of the form $M_\star \propto M_\mathrm{halo}^\alpha$, the preferred log-slope steepens from $\alpha \simeq 1.8$ in the limit of zero scatter to $\alpha \simeq 2.6$ in the case of $2$ dex of scatter in $M_\star$ at fixed halo mass. We provide fitting functions for the best-fit relations as a function of scatter, including cases where the relation becomes increasingly stochastic with decreasing mass. We show that if the scatter at fixed halo mass is large enough ($\gtrsim 1$ dex) and if the median relation is steep enough ($\alpha \gtrsim 2$), then the "too-big-to-fail" problem seen in the Local Group can be self-consistently eliminated in about $\sim 5-10\%$ of realizations. This scenario requires that the most massive subhalos host unobservable ultra-faint dwarfs fairly often; we discuss potentially observable signatures of these systems. Finally, we compare our derived constraints to recent high-resolution simulations of dwarf galaxy formation in the literature. Though simulation-to-simulation scatter in $M_\star$ at fixed $M_\mathrm{halo}$ is large among separate authors ($\sim 2$ dex), individual codes produce relations with much less scatter and usually give relations that would over-produce local galaxy counts.Comment: 15 pages, 6 figures, 1 table. Accepted for publication into MNRA

Special Article: Physical Activity, Physical Fitness, and Cardiovascular Risk Factors in Childhood

In adults, physical activity and exercise training are associated with reduced cardiovascular morbidity and mortality, a reduced likelihood of developing adverse cardiovascular risk factors, and improved insulin sensitivity. In childhood, participation in appropriate physical activity may prevent the development of cardiovascular risk factors in the future and complement treatment of existing cardiovascular risk factors, including hypertension, dyslipidemia, and overweight. Exercise in children can also significantly improve insulin sensitivity independent of weight loss. These e fects are mediated in overweight children by increases in lean body mass relative to fat mass and associated improvements in inflammatory mediators, endothelial function, and the associated adverse hormonal milieu

East India Company and Bank of England Shareholders during the South Sea Bubble: Partitions, Components and Connectivity in a Dynamic Trading Network

A new dataset, in the form of a network graph, is used to study inventory and trading behaviour amongst owners of East India Company (EIC) and Bank of England (BoE)stock around the South Sea Bubble. There was a decline in market intermediation in which the goldsmith bankers were dominant in 1720, but foreigners and Jews to some extent restored intermediation services after the Bubble. Company directors temporarily helped to sustain intermediation in 1720 itself. Whereas before and during the Bubble intermediation was largely in the form of brokerage, after the Bubble dealership noticeably began to displace brokerage.South Sea Company; Financial Revolution; social networks, financial intermediation, inventories.

On the stark difference in satellite distributions around the Milky Way and Andromeda

We compare spherically-averaged radial number counts of bright (> 10^5 Lsun) dwarf satellite galaxies within 400 kpc of the Milky Way (MW) and M31 and find that the MW satellites are much more centrally concentrated. Remarkably, the two satellite systems are almost identical within the central 100 kpc, while M31 satellites outnumber MW satellites by about a factor of four at deprojected distances spanning 100 - 400 kpc. We compare the observed distributions to those predicted for LCDM suhbalos using a suite of 44 high-resolution ~10^12 halo zoom simulations, 22 of which are in pairs like the MW and M31. We find that the radial distribution of satellites around M31 is fairly typical of those predicted for subhalos, while the Milky Way's distribution is more centrally concentrated that any of our simulated LCDM halos. One possible explanation is that our census is bright (> 10^5 Lsun) MW dwarf galaxies is significantly incomplete beyond ~ 100 kpc of the Sun. If there were ~8 - 20 more bright dwarfs orbiting undetected at 100 - 400 kpc, then the Milky Way's radial distribution would fall within the range expected from subhalo distributions and alos look very much like the known M31 system. We use our simulations to demonstrate that there is enough area left unexplored by the Sloan Digital Sky Survey and its extensions that the discovery of ~10 new bright dwarfs is not implausible given the expected range of angular anisotropy of subhalos in the sky.Comment: 10 pages, 8 figures, submitted to MNRA

Multiscaling for Classical Nanosystems: Derivation of Smoluchowski and Fokker-Planck Equations

Using multiscale analysis and methods of statistical physics, we show that a solution to the N-atom Liouville Equation can be decomposed via an expansion in terms of a smallness parameter epsilon, wherein the long scale time behavior depends upon a reduced probability density that is a function of slow-evolving order parameters. This reduced probability density is shown to satisfy the Smoluchowski equation up to order epsilon squared for a given range of initial conditions. Furthermore, under the additional assumption that the nanoparticle momentum evolves on a slow time scale, we show that this reduced probability density satisfies a Fokker-Planck equation up to the same order in epsilon. This approach applies to a broad range of problems in the nanosciences.Comment: 23 page

Policy Formulation, Implementation and Feedback in EU Merger Control

This paper analyses the formulation of the EU Merger Control Regulation (MCR) and its implementation via the 1992 Nestlé/Perrier merger. It offers two arguments. First, these phases of policy development occurred in ‘macro’ and ‘micro’ policy communities found at the supranational level of governance. The first community consists of larger Commission and business interests that formulated the MCR and the second of specific actors within the ‘macro’ community - the Merger Task Force and the firms – that implemented the rules. Secondly, the development of these communities can be explained by private interest theory. The conclusions highlight two main lessons for students of comparative European politics. First, the concept of ‘macro’ and ‘micro’ communities existing at both the formulation and implementation phases of policy offers a framework for comparativists to better analyse which types of actors will interact during different stages of the policy-making process. It is argued that while the (larger) ‘macro’ community helps define the nature of the regulations, a related, but not necessarily equally composed, ‘micro’ community eventually implements the rules, potentially changing the nature of the policy itself via a ‘feedback’ mechanism. Secondly, this study suggests that comparativists must pay more attention to the private interests of policy-makers and how these are intertwined with their ‘private fears.’ Such interests and fears guide policy-makers while simultaneously constrain them from acting alone.

Near-Field Limits on the Role of Faint Galaxies in Cosmic Reionization

Reionizing the Universe with galaxies appears to require significant star formation in low-mass halos at early times, while local dwarf galaxy counts tell us that star formation has been minimal in small halos around us today. Using simple models and the ELVIS simulation suite, we show that reionization scenarios requiring appreciable star formation in halos with $M_{\rm vir} \approx 10^{8}\,M_{\odot}$ at $z=8$ are in serious tension with galaxy counts in the Local Group. This tension originates from the seemingly inescapable conclusion that 30 - 60 halos with $M_{\rm vir} > 10^{8}\,M_{\odot}$ at $z=8$ will survive to be distinct bound satellites of the Milky Way at $z = 0$. Reionization models requiring star formation in such halos will produce dozens of bound galaxies in the Milky Way's virial volume today (and 100 - 200 throughout the Local Group), each with $\gtrsim 10^{5}\,M_{\odot}$ of old stars ($\gtrsim 13$ Gyr). This exceeds the stellar mass function of classical Milky Way satellites today, even without allowing for the (significant) post-reionization star formation observed in these galaxies. One possible implication of these findings is that star formation became sharply inefficient in halos smaller than $\sim 10^9 \,M_{\odot}$ at early times, implying that the high-$z$ luminosity function must break at magnitudes brighter than is often assumed (at ${\rm M_{UV}} \approx -14$). Our results suggest that JWST (and possibly even HST with the Frontier Fields) may realistically detect the faintest galaxies that drive reionization. It remains to be seen how these results can be reconciled with the most sophisticated simulations of early galaxy formation at present, which predict substantial star formation in $M_{\rm vir} \sim 10^8 \, M_{\odot}$ halos during the epoch of reionization.Comment: 6 pages, 4 figures; minor updates. Published in MNRAS Letter