Did the US macroeconomic conditions affect Asian stock markets?

The aim of this paper is to examine the impact of US macroeconomic conditions—namely, exchange rate and short-term interest rate—on the stocks of seven Asian countries (China,India, the Philippines, Malaysia, Singapore, Thailand, and South Korea). Using daily data for the period 2000 to 2010, we divide the sample into pre-crisis period (pre-August 2007) and crisis period (post-August 2007) we find that in the short-run interest rate has a statistically insignificant effect on returns for all countries except the Philippines in the crisis period,while except for China, regardless of the crisis, depreciation had a statistically significant negative effect on returns. When the long-run relationship among the variables is considered,for four of the seven countries (India, Malaysia, Philippines, Singapore, and Thailand) while there was cointegration in the pre-crisis period, in the crisis period there was no such relationship, implying that the financial crisis has actually weakened the link between stock prices and economic fundamentals.Interest Rate; Exchange Rate; Financial Crisis; Depreciation

Black Holes in Astrophysics

This article reviews the current status of black hole astrophysics, focusing on topics of interest to a physics audience. Astronomers have discovered dozens of compact objects with masses greater than 3 solar masses, the likely maximum mass of a neutron star. These objects are identified as black hole candidates. Some of the candidates have masses of 5 to 20 solar masses and are found in X-ray binaries, while the rest have masses from a million to a billion solar masses and are found in galactic nuclei. A variety of methods are being tried to estimate the spin parameters of the candidate black holes. There is strong circumstantial evidence that many of the objects have event horizons. Recent MHD simulations of magnetized plasma accreting on rotating black holes seem to hint that relativistic jets may be produced by a magnetic analog of the Penrose process.Comment: To appear in a forthcoming Special Focus Issue on "Spacetime 100 Years Later" published by the New Journal of Physics (http://www.iop.org/EJ/njp) The article, finalized in October, 2004, consists of 21 pages of text, 3 figures and 6 movies (found at http://www.cfa.harvard.edu/~narayan/NJP

The inflation-output nexus:empirical evidence from India, Brazil and South Africa

In this paper we study the relationship between output and inflation for India, Brazil, and South Africa using the EGARCH model. For India and South Africa, we find evidence for: (1) the Cukierman and Meltzer hypothesis that inflation volatility raises inflation; (2) the Friedman hypothesis that inflation raises inflation volatility; and (3) the Black hypothesis that output volatility raises output growth, and that output volatility reduces inflation. For Brazil, we do not find any evidence of a systematic relationship between inflation and output growth.Output, inflation, EGARCH model, volatility

Effects of therapeutants and temperature on pollen germination, pollen tube growth and fruit set in fruit crops : a thesis presented in partial fulfilment of the requirements for the degree of Master of Horticultural Science at Massey University

This study involved assessments of therapeutant effects on pollination and fruit set; of temperature effects on pollen germination and pollen tube growth in apples, peaches and kiwifruits; of flowerage effects on pollen germination and pollen tube growth in kiwifruit styles; and of hand pollination effects on fruit set, fruit weight and seed numbers per fruit in kiwifruit vines. From the point of view of their in vitro effects on pollen germination therapeutants can be listed in order of decreasing inhibitory effect as follows: (a) for apples - mancozeb plus dinocap, triforine, dichlofluanid, bupirimate, bayleton, citowett R captan and mancozeb; (b) for peaches - triforine, vinclozoline, streptomycin plus triforine, mancozeb, captafol, iprodione, dichlofluanid, streptomycin and benomyl; and (c) for kiwifruits - dichlofluanid, captan and vinclozoline. However, it appeared that while in vitro a therapeutant was very inhibitory, the application of a spray to anthers in an intact flower did not affect the germination of pollen subsequently released by those anthers. Fungicides proven to be toxic to pollen in vitro did not necessarily produce similarly toxic effects in vivo. Reasons for such varying effects of fungicides on pollen germination and pollen tube growth in vitro and in vivo are suggested. At 24 hours after pollination the number of pollen tubes growing more than 1/2 the style length of kiwifruit (Hayward) flowers one to two days old were 38% and 27% higher than in flowers less than one day old and more than three days old respectively. In apples 5 sprays of either bayleton or captan, 3 sprays of either of the therapeutants mancozeb, mancozeb plus dinocap, and triforine and a wetting agent citowett R applied during bloom period caused no effect in fruit set in Golden Delicious trees; and 3 bupirimate sprays during bloom period had no effect on the fruit set in Splendour trees. In peaches 6 sprays of either captafol, or benomyl or iprodione, 5 sprays of either mancozeb or vinclozoline or streptomycin or triforine during bloom period caused no effect on fruit set in Golden Queen trees. Three sprays of streptomycin or dichlofluanid caused no effect but 3 sprays of triforine, triforine plus streptomycin or of ethephon caused 50%, 70% and 90% reduction in fruit set in Red Haven peach trees. In kiwifruits 3 sprays of either dichlofluanid, captan or vinclozoline reduced seed numbers per fruit by 37% but did not affect fruit set or fruit weight. Thus in vitro and in vivo studies were useful in determining therapeutant effects on pollen but did not necessarily provide information on their effects on fruit set in apple, peach and kiwifruit and on fruit weight and seed numbers per fruit in kiwifruit. The germination of both apple and peach pollen was higher at 24°C than at 16°C, 20°C, 28°C and at 32°C. After 18 hours incubation pollen tubes were longer at 28°C and at 32°C than at 16°C, 20°C and 24°C. In vivo studies with kiwifruit (Matua) pollen showed that pollen germination at 14°C, 18°C, 22°C and 26°C did not differ significantly. Temperatures both higher and lower than the temperature range 18 to 22°C were found to be inhibitory to pollen tube growth in kiwifruit (Hayward) styles. Hand pollination of flowers did not influence percentage fruit set but increased fruit weight and seed numbers per fruit in kiwifruit (Hayward) vines. Because fruit weight was positively correlated with seed number per fruit in fruits from both bee pollinated and bee plus hand pollinated flower clusters, supplementary pollination may play an important role in the production of fruit in kiwifruit orchards

On extremal surfaces and de Sitter entropy

We study extremal surfaces in the static patch coordinatization of de Sitter space, focussing on the future and past universes. We find connected timelike codim-2 surfaces on a boundary Euclidean time slice stretching from the future boundary $I^+$ to the past boundary $I^-$. In a limit, these surfaces pass through the bifurcation region and have minimal area with a divergent piece alone, whose coefficient is de Sitter entropy in 4-dimensions. These are reminiscent of rotated versions of certain surfaces in the $AdS$ black hole. We close with some speculations on a possible $dS/CFT$ interpretation of 4-dim de Sitter space as dual to two copies of ghost-CFTs in an entangled state. For a simple toy model of two copies of ghost-spin chains, we argue that similar entangled states always have positive norm and positive entanglement.Comment: Latex, 20pgs, 3 figs, v3: clarifications added, some reorganizing of text, review of ghost-spin chains added, matches version to be published, v4: further minor clarifications adde