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W artykule poddano badaniu zmianę efektywności grupy alternatywnych funduszy inwestycyjnych w reakcji na wprowadzenie ustawy dotyczącej między innymi zmiany ustawy o funduszach inwestycyjnych. Aby zweryfikować hipotezę o pozytywnym wpływie tej ustawy na efektywność funduszy, wykorzystano narzędzia tak zwanej analizy zdarzeń. Jej wyniki potwierdziły dodatni wpływ regulacji na zarządzanie funduszami, ale tylko w krótkim okresie (do roku po zdarzeniu). Natomiast w długim horyzoncie czasowym nie zaobserwowano istotnych zmian w osiąganych wynikach.

Full list of authors: Issaoun, Sara; Wielgus, Maciek; Jorstad, Svetlana; Krichbaum, Thomas P.; Blackburn, Lindy; Janssen, Michael; Chan, Chi-kwan; Pesce, Dominic W.; Gomez, Jose L.; Akiyama, Kazunori; Moscibrodzka, Monika; Marti-Vidal, Ivan; Chael, Andrew; Lico, Rocco; Liu, Jun; Ramakrishnan, Venkatessh; Lisakov, Mikhail; Fuentes, Antonio; Zhao, Guang-Yao; Moriyama, Kotaro; Broderick, Avery E.; Tiede, Paul; MacDonald, Nicholas R.; Mizuno, Yosuke; Traianou, Efthalia; Loinard, Laurent; Davelaar, Jordy; Gurwell, Mark; Lu, Ru-Sen; Alberdi, Antxon; Alef, Walter; Algaba, Juan Carlos; Anantua, Richard; Asada, Keiichi; Azulay, Rebecca; Bach, Uwe; Baczko, Anne-Kathrin; Ball, David; Balokovic, Mislac; Barrett, John; Baubock, Michi; Benson, Bradford A.; Bintley, Dan; Blundell, Raymond; Boland, Wilfred; Bouman, Katherine L.; Bower, Geoffrey C.; Boyce, Hope; Bremer, Michael; Brinkerink, Christiaan D.; Brissenden, Roger; Britzen, Silke; Broguiere, Dominique; Bronzwaer, Thomas; Bustamante, Sandra; Byun, Do-Young; Carlstrom, John E.; Ceccobello, Chiara; Chatterjee, Koushik; Chatterjee, Shami; Chen, Ming-Tang; Chen, Yongjun; Cho, Ilje; Christian, Pierre; Conroy, Nicholas S.; Conway, John E.; Cordes, James M.; Crawford, Thomas M.; Crew, Geoffrey B.; Cruz-Osorio, Alejandro; Cui, Yuzhu; De Laurentis, Mariafelicia; Deane, Roger; Dempsey, Jessica; Desvignes, Gregory; Dexter, Jason; Doeleman, Sheperd S.; Dhruv, Vedant; Quijano, Sergio Abraham Dzib; Eatough, Ralph P.; Emami, Razieh; Falcke, Heino; Farah, Joseph; Fish, Vincent L.; Fomalont, Ed; Ford, H. Alyson; Fraga-Encinas, Raquel; Freeman, William T.; Friberg, Per; Fromm, Christian M.; Galison, Peter; Gammie, Charles F.; Garcia, Roberto; Gentaz, Olivier; Georgiev, Boris; Goddi, Ciriaco; Gold, Roman; Gomez-Ruiz, Arturo, I; Gu, Minfeng; Hada, Kazuhiro; Haggard, Daryl; Hecht, Michael H.; Hesper, Ronald; Ho, Luis C.; Ho, Paul; Honma, Mareki; Huang, Chih-Wei L.; Huang, Lei; Hughes, David H.; Ikeda, Shiro; Impellizzeri, C. M. Violette; Inoue, Makoto; James, David J.; Jannuzi, Buell T.; Jeter, Britton; Jiang, Wu; Jimenez-Rosales, Alejandra; Johnson, Michael D.; Joshi, Abhishek, V; Jung, Taehyun; Karami, Mansour; Karuppusamy, Ramesh; Kawashima, Tomohisa; Keating, Garrett K.; Kettenis, Mark; Kim, Dong-Jin; Kim, Jae-Young; Kim, Jongsoo; Kim, Junhan; Kino, Motoki; Koay, Jun Yi; Kocherlakota, Prashant; Kofuji, Yutaro; Koch, Patrick M.; Koyama, Shoko; Kramer, Carsten; Kramer, Michael; Kuo, Cheng-Yu; La Bella, Noemi; Lauer, Tod R.; Lee, Daeyoung; Lee, Sang-Sung; Leung, Po Kin; Levis, Aviad; Li, Zhiyuan; Lindahl, Greg; Lindqvist, Michael; Liu, Kuo; Liuzzo, Elisabetta; Lo, Wen-Ping; Lobanov, Andrei P.; Lonsdale, Colin; Mao, Jirong; Marchili, Nicola; Markoff, Sera; Marrone, Daniel P.; Marscher, Alan P.; Matsushita, Satoki; Matthews, Lynn D.; Medeiros, Lia; Menten, Karl M.; Michalik, Daniel; Mizuno, Izumi; Mizuno, Yosuke; Moran, James M.; Mueller, Cornelia; Mus, Alejandro; Musoke, Gibwa; Myserlis, Ioannis; Nadolski, Andrew; Nagai, Hiroshi; Nagar, Neil M.; Nakamura, Masanori; Narayan, Ramesh; Narayanan, Gopal; Natarajan, Iniyan; Nathanail, Antonios; Neilsen, Joey; Neri, Roberto; Ni, Chunchong; Noutsos, Aristeidis; Nowak, Michael A.; Oh, Junghwan; Okino, Hiroki; Olivares, Hector; Ortiz-Leon, Gisela N.; Oyama, Tomoaki; Ozel, Feryal; Palumbo, Daniel C. M.; Paraschos, Georgios Filippos; Park, Jongho; Parsons, Harriet; Patel, Nimesh; Pen, Ue-Li; Pietu, Vincent; Plambeck, Richard; PopStefanija, Aleksandar; Porth, Oliver; Potzl, Felix M.; Prather, Ben; Preciado-Lopez, Jorge A.; Psaltis, Dimitrios; Pu, Hung-Yi; Rao, Ramprasad; Rawlings, Mark G.; Raymond, Alexander W.; Rezzolla, Luciano; Ricarte, Angelo; Ripperda, Bart; Roelofs, Freek; Rogers, Alan; Ros, Eduardo; Romero-Canizales, Cristina; Roshanineshat, Arash; Rottmann, Helge; Roy, Alan L.; Ruiz, Ignacio; Ruszczyk, Chet; Rygl, Kazi L. J.; Sanchez, Salvador; Sanchez-Arguelles, David; Sanchez-Portal, Miguel; Sasada, Mahito; Satapathy, Kaushik; Savolainen, Tuomas; Schloerb, F. Peter; Schuster, Karl-Friedrich; Shao, Lijing; Shen, Zhiqiang; Small, Des; Sohn, Bong Won; SooHoo, Jason; Souccar, Kamal; Sun, He; Tazaki, Fumie; Tetarenko, Alexandra J.; Tilanus, Remo P. J.; Titus, Michael; Torne, Pablo; Trent, Tyler; Trippe, Sascha; van Bemmel, Ilse; van Langevelde, Huib Jan; van Rossum, Daniel R.; Vos, Jesse; Wagner, Jan; Ward-Thompson, Derek; Wardle, John; Weintroub, Jonathan; Wex, Norbert; Wharton, Robert; Wiik, Kaj; Witzel, Gunther; Wondrak, Michael; Wong, George N.; Wu, Qingwen; Yamaguchi, Paul; Yoon, Doosoo; Young, Andre; Young, Ken; Younsi, Ziri; Yuan, Feng; Yuan, Ye-Fei; Zensus, J. Anton; Zhang, Shuo; Zhao, Shan-Shan.-- This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited., The blazar J1924–2914 is a primary Event Horizon Telescope (EHT) calibrator for the Galactic center's black hole Sagittarius A*. Here we present the first total and linearly polarized intensity images of this source obtained with the unprecedented 20 μas resolution of the EHT. J1924–2914 is a very compact flat-spectrum radio source with strong optical variability and polarization. In April 2017 the source was observed quasi-simultaneously with the EHT (April 5–11), the Global Millimeter VLBI Array (April 3), and the Very Long Baseline Array (April 28), giving a novel view of the source at four observing frequencies, 230, 86, 8.7, and 2.3 GHz. These observations probe jet properties from the subparsec to 100 pc scales. We combine the multifrequency images of J1924–2914 to study the source morphology. We find that the jet exhibits a characteristic bending, with a gradual clockwise rotation of the jet projected position angle of about 90° between 2.3 and 230 GHz. Linearly polarized intensity images of J1924–2914 with the extremely fine resolution of the EHT provide evidence for ordered toroidal magnetic fields in the blazar compact core. © 2022. The Author(s). Published by the American Astronomical Society., The Event Horizon Telescope Collaboration thanks the following organizations and programs: the Academy of Finland (projects 274477, 284495, 312496, 315721); the Agencia Nacional de Investigación y Desarrollo (ANID), Chile via NCN19_058 (TITANs) and Fondecyt 3190878, the Alexander von Humboldt Stiftung; an Alfred P. Sloan Research Fellowship; Allegro, the European ALMA Regional Centre node in the Netherlands, the NL astronomy research network NOVA and the astronomy institutes of the University of Amsterdam, Leiden University and Radboud University; the black hole Initiative at Harvard University, through a grant (60477) from the John Templeton Foundation; the China Scholarship Council; Consejo Nacional de Ciencia y Tecnología (CONACYT, Mexico, projects U0004-246083, U0004-259839, F0003-272050, M0037-279006, F0003-281692, 104497, 275201, 263356); the Delaney Family via the Delaney Family John A. Wheeler Chair at Perimeter Institute; Dirección General de Asuntos del Personal Académico-Universidad Nacional Autónoma de México (DGAPA-UNAM, projects IN112417 and IN112820); the European Research Council Synergy Grant "BlackHoleCam: Imaging the Event Horizon of Black Holes" (grant 610058); the Generalitat Valenciana postdoctoral grant APOSTD/2018/177 and GenT Program (project CIDEGENT/2018/021); MICINN Research Project PID2019-108995GB-C22; the Gordon and Betty Moore Foundation (grant GBMF-3561); the Istituto Nazionale di Fisica Nucleare (INFN) sezione di Napoli, iniziative specifiche TEONGRAV; the International Max Planck Research School for Astronomy and Astrophysics at the Universities of Bonn and Cologne; Joint Princeton/Flatiron and Joint Columbia/Flatiron Postdoctoral Fellowships, research at the Flatiron Institute is supported by the Simons Foundation; the Japanese Government (Monbukagakusho: MEXT) Scholarship; the Japan Society for the Promotion of Science (JSPS) Grant-in-Aid for JSPS Research Fellowship (JP17J08829); the Key Research Program of Frontier Sciences, Chinese Academy of Sciences (CAS, grants QYZDJ-SSW-SLH057, QYZDJSSW- SYS008, ZDBS-LY-SLH011); the Leverhulme Trust Early Career Research Fellowship; the Max-Planck-Gesellschaft (MPG); the Max Planck Partner Group of the MPG and the CAS; the MEXT/JSPS KAKENHI (grants 18KK0090, JP18K13594, JP18K03656, JP18H03721, 18K03709, 18H01245, 25120007); the Malaysian Fundamental Research Grant Scheme (FRGS) FRGS/1/2019/STG02/UM/02/6; the MIT International Science and Technology Initiatives (MISTI) Funds; the Ministry of Science and Technology (MOST) of Taiwan (105-2112-M-001-025-MY3, 106-2112-M-001-011, 106-2119- M-001-027, 107-2119-M-001-017, 107-2119-M-001-020, 107-2119-M-110-005, 108-2112-M-001-048, and 109-2124-M-001-005); the National Aeronautics and Space Administration (NASA, Fermi Guest Investigator grant 80NSSC20K1567, NASA Astrophysics Theory Program grant 80NSSC20K0527, NASA NuSTAR award 80NSSC20K0645); the National Institute of Natural Sciences (NINS) of Japan; the National Key Research and Development Program of China (grant 2016YFA0400704, 2016YFA0400702); the National Science Foundation (NSF, grants AST-0096454, AST-0352953, AST-0521233, AST-0705062, AST-0905844, AST-0922984, AST-1126433, AST-1140030, DGE-1144085, AST-1207704, AST-1207730, AST-1207752, MRI-1228509, OPP-1248097, AST-1310896, AST-1555365,AST-1615796, AST-1715061, AST-1716327, AST-1903847,AST-2034306); the Natural Science Foundation of China (grants 11573051, 11633006, 11650110427, 10625314, 11721303, 11725312, 11933007, 11991052, 11991053); a fellowship of China Postdoctoral Science Foundation (2020M671266); the Natural Sciences and Engineering Research Council of Canada (NSERC, including a Discovery Grant and the NSERC Alexander Graham Bell Canada Graduate Scholarships-Doctoral Program); the National Youth Thousand Talents Program of China; the National Research Foundation of Korea (the Global PhD Fellowship Grant: grants NRF-2015H1A2A1033752, 2015- R1D1A1A01056807, the Korea Research Fellowship Program: NRF-2015H1D3A1066561, Basic Research Support Grant 2019R1F1A1059721); the Netherlands Organization for Scientific Research (NWO) VICI award (grant 639.043.513) and Spinoza Prize SPI 78-409; the New Scientific Frontiers with Precision Radio Interferometry Fellowship awarded by the South African Radio Astronomy Observatory (SARAO), which is a facility of the National Research Foundation (NRF), an agency of the Department of Science and Technology (DST) of South Africa; the Onsala Space Observatory (OSO) national infrastructure, for the provisioning of its facilities/observational support (OSO receives funding through the Swedish Research Council under grant 2017-00648) the Perimeter Institute for Theoretical Physics (research at Perimeter Institute is supported by the Government of Canada through the Department of Innovation, Science and Economic Development and by the Province of Ontario through the Ministry of Research, Innovation and Science); the Spanish Ministerio de Economía y Competitividad (grants PGC2018-098915-B-C21, AYA2016-80889-P, PID2019-108995GB-C21); the State Agency for Research of the Spanish MCIU through the "Center of Excellence Severo Ochoa" award for the Instituto de Astrofísica de Andalucía (SEV-2017-0709); the Toray Science Foundation; the Consejería de Economía, Conocimiento, Empresas y Universidad of the Junta de Andalucía (grant P18-FR-1769), the Consejo Superior de Investigaciones Científicas (grant 2019AEP112); the US Department of Energy (USDOE) through the Los Alamos National Laboratory (operated by Triad National Security, LLC, for the National Nuclear Security Administration of the USDOE (Contract 89233218CNA000001); the European Union's Horizon 2020 research and innovation program under grant agreement No 730562 RadioNet; ALMA North America Development Fund; the Academia Sinica; Chandra DD7-18089X and TM6-17006X; the GenT Program (Generalitat Valenciana) Project CIDEGENT/2018/021. This work used the Extreme Science and Engineering Discovery Environment (XSEDE), supported by NSF grant ACI-1548562, and CyVerse, supported by NSF grants DBI-0735191, DBI-1265383, and DBI-1743442. XSEDE Stampede2 resource at TACC was allocated through TG-AST170024 and TG-AST080026N. XSEDE JetStream resource at PTI and TACC was allocated through AST170028. The simulations were performed in part on the SuperMUC cluster at the LRZ in Garching, on the LOEWE cluster in CSC in Frankfurt, and on the HazelHen cluster at the HLRS in Stuttgart. This research was enabled in part by support provided by Compute Ontario (http://computeontario.ca), Calcul Quebec (http://www.calculquebec.ca) and Compute Canada (http://www.computecanada.ca).

Wiedza na temat ryzyka i efektywności ma istotne znaczenie dla wszystkich uczest-ników giełdy, to jest klientów, inwestorów i podmiotów gospodarczych; dostarcza ona niezbędnych informacji pomocnych w podjęciu decyzji, w które walory, w danym momencie, warto ulokować kapitał, aby przy jak najmniejszym ryzyku wygenerować jak największy zysk. Najpowszechniejszymi miernikami stosowanymi przez zarządzających są tak zwane klasyczne miary ryzyka i efektywno-ści, jednak prawidłowe wnioskowanie na ich podstawie wymaga spełnienia założenia o normalności (log normalności) rozkładu stóp zwrotu. Dlatego też w pracy, po pierwsze, zbadano rozkład stóp zwrotu wybranych FI o zróżnicowanej strategii inwestycyjnej, a następnie zweryfikowano wpływ odejścia od normalności rozkładu na zasadność zastosowania miar alternatywnych. Dodatkowo w artykule poddano weryfikacji tezę, czy pozycje rankingowe funduszy zależą od przyjętych wskaźników efektywności. W konsekwencji okazało się, że rankingi tworzone na podstawie wyko-rzystanych wskaźników klasycznych oraz alternatywnych opartych na semiodchyleniu prowadzą do podobnych wniosków o efektywności w przeciwieństwie do tak zwanych miar, badających relację zysków do strat.

It is the labour market that decides about the popularity of a field of studies. The area where the highest number of job offers appears is reflected in the offers of universities. However, it is very often mentioned in many media that future students decide to choose social and humane studies whose market chances are evaluated on a relatively low level. In the past 10 years, because of the decrease in the birth rate, the number of Polish students at various universities declined to about 700,000 people. In these years, it was observed that the number of studying men and women declined (to almost 30%). The lowest decrease in the number of students was observed at technical universities because of the fact that, at that time, the number of female students increased there. The group of female students constitutes the one that has increased in numbers in the past 10 years. The authors of this article, using a multidimensional comparative analysis method, conducted a research on studying field preferences of female students, which is a dominant group of people studying at Polish universities.

Aim/purpose – The aim of this paper is to evaluate the efficiency of an investing in investment funds with different risk levels in times of a future life expectancy increase. For this purpose, it was analysed how future prices of the investment funds’ entities behave, depending on the window function and the age of the investors, in particular people of retirement age, for whom an investment income may be a supplementary way of raising additional capital. Design/methodology/approach – Based on the historical data ofthe funds chosen from the different risk groups, a simulation of their price behaviour in the window function was carried out covering investor’s further life expectancy. Then, based on the result, the distribution of prices was analysed and the efficiency of investing in investment funds according to risk exposure was evaluated. Findings – According to the conducted analyses, the funds with the lowest efficiency were share funds. The best funds, in terms of efficiency, were bond and money funds. Research implications/limitations – The study was conducted on a limited number of funds, but this analysis can help take investment decisions. Originality/value/contribution – In this study, the investment in investment funds is treated as a long-term project which expires after 25-30 years, and therefore it may be problematic to use standard methods of evaluation forthe purpose of this paper. As a result, the NPV (Net Present Value) method was applied as a measure of the investment’s efficiency. In the literature, this approach to the evaluation of investment funds is unique.

Context. Polarimetric observations of black holes allow us to probe structures of magnetic fields and plasmas in strong gravity. Aims. We present a study of the polarimetric properties of a synchrotron spectrum emitted from a relativistic jet using a low-dimensional model. Methods. A novel numerical scheme is used to integrate relativistic polarized radiative transfer equations in a slab geometry where the plasma conditions change along the integration path. Results. We find that the simple model of a non-uniform jet can recover basic observational characteristics of some astrophysical sources with a relativistic jet, such as extremely high rotation measures. Our models incorporate a time-dependent component. A small fluctuation in density or temperature of the plasma along the jet produces significant amounts of fluctuations not only in the fractional linear and circular polarizations, but also in the jet internal rotation measures. Conclusions. The low-dimensional models presented here are developed within the same computational framework as the complex three-dimensional general relativistic magnetohydrodynamics simulations of black hole disks and jets, and they offer guidance when interpreting the results from more complex polarization models. The models presented here are scalable to stationary and transient polarized radio emissions produced by relativistic plasma ejected from around compact objects, in both stellar-mass and supermassive black hole systems.

Magnetically arrested accretion flows are thought to fuel some of the supermassive black holes and to power their relativistic jets. We calculate and study a time sequence of linear and circular polarimetric images of numerical, high resolution and long duration simulations of magnetically dominated flows to investigate observational signatures of strong magnetic fields near the event horizon of a non-rotating black hole. We find that the magnitude of resolved linear and circular polarizations is rather sensitive to the assumption of the coupling of electron and ions in the accretion flow. Models with cooler electrons have higher Faraday rotation and conversion depths which results in scrambled linear polarization and enhanced circular polarization. In those high Faraday thickness cases the circular polarization is particularly sensitive to dynamics of toroidal-radial magnetic fields in the accretion flows. The models with high Faraday thickness are characterized by nearly constant handedness of circular polarization, consistent with observations of some accreting black holes. We also find that the emission region produced by light which is lensed around the black hole shows inversion of circular polarization handedness with respect to the handedness of the circular polarization of the entire emission region. Such polarity inversions are unique to near horizon emission., Comment: 12 pages, accepted for publication in MNRAS

Accreting black holes tend to display a characteristic dark central region called the black hole shadow, which depends only on space–time/observer geometry and which conveys information about the black hole’s mass and spin. Conversely, the observed central brightness depression, or image shadow, additionally depends on the morphology of the emission region. In this paper, we investigate the astrophysical requirements for observing a meaningful black hole shadow in GRMHD-based models of accreting black holes. In particular, we identify two processes by which the image shadow can differ from the black hole shadow: evacuation of the innermost region of the accretion flow, which can render the image shadow larger than the black hole shadow, and obscuration of the black hole shadow by optically thick regions of the accretion flow, which can render the image shadow smaller than the black hole shadow, or eliminate it altogether. We investigate in which models the image shadows of our models match their corresponding black hole shadows, and in which models the two deviate from each other. We find that, given a compact and optically thin emission region, our models allow for measurement of the black hole shadow size to an accuracy of 5 per cent. We show that these conditions are generally met for all MAD simulations we considered, as well as some of the SANE simulations.

Authors: Gold, Roman; Broderick, Avery E.; Younsi, Ziri; Fromm, Christian M.; Gammie, Charles F.; Mościbrodzka, Monika; Pu, Hung-Yi; Bronzwaer, Thomas; Davelaar, Jordy; Dexter, Jason; Ball, David; Chan, Chi-kwan; Kawashima, Tomohisa; Mizuno, Yosuke; Ripperda, Bart; Akiyama, Kazunori; Alberdi, Antxon; Alef, Walter; Asada, Keiichi; Azulay, Rebecca Baczko, Anne-Kathrin; Baloković, Mislav; Barrett, John; Bintley, Dan; Blackburn, Lindy; Boland, Wilfred; Bouman, Katherine L.; Bower, Geoffrey C.; Bremer, Michael; Brinkerink, Christiaan D.; Brissenden, Roger; Britzen, Silke; Broguiere, Dominique; Byun, Do-Young; Carlstrom, John E.; Chael, Andrew; Chatterjee, Koushik; Chatterjee, Shami; Chen, Ming-Tang; Chen, Yongjun; Cho, Ilje; Christian, Pierre; Conway, John E.; Cordes, James M.; Crew, Geoffrey B.; Cui, Yuzhu; De Laurentis, Mariafelicia; Deane, Roger; Dempsey, Jessica; Desvignes, Gregory; Doeleman, Sheperd S.; Eatough, Ralph P.; Falcke, Heino; Fish, Vincent L.; Fomalont, Ed; Fraga-Encinas, Raquel; Freeman, Bill; Friberg, Per; Gómez, José L.; Galison, Peter; García, Roberto; Gentaz, Olivier; Georgiev, Boris; Goddi, Ciriaco; Gu, Minfeng; Gurwell, Mark; Hada, Kazuhiro; Hecht, Michael H.; Hesper, Ronald; Ho, Luis C.; Ho, Paul; Honma, Mareki; Huang, Chih-Wei L.; Huang, Lei; Hughes, David H.; Inoue, Makoto; Issaoun, Sara; James, David J.; Jannuzi, Buell T.; Janssen, Michael; Jeter, Britton; Jiang, Wu; Jimenez-Rosales, Alejandra; Johnson, Michael D.; Jorstad, Svetlana; Jung, Taehyun; Karami, Mansour; Karuppusamy, Ramesh; Keating, Garrett K.; Kettenis, Mark; Kim, Jae-Young; Kim, Junhan; Kim, Jongsoo; Kino, Motoki; Koay, Jun Yi; Koch, Patrick M.; Koyama, Shoko; Kramer, Michael; Kramer, Carsten; Krichbaum, Thomas P.; Kuo, Cheng-Yu; Lauer, Tod R.; Lee, Sang-Sung; Li, Yan-Rong; Li, Zhiyuan; Lico, Rocco; Lindqvist, Michael; Liu, Kuo; Liuzzo, Elisabetta; Lo, Wen-Ping; Lobanov, Andrei P.; Loinard, Laurent; Lonsdale, Colin; Lu, Ru-Sen; MacDonald, Nicholas R.; Markoff, Sera; Mao, Jirong; Marrone, Daniel P.; Marscher, Alan P.; Martí-Vidal, Iván; Matsushita, Satoki; Matthews, Lynn D.; Medeiros, Lia; Menten, Karl M.; Mizuno, Izumi; Moran, James M.; Moriyama, Kotaro; Müller, Cornelia; Nagai, Hiroshi; Nakamura, Masanori; Nagar, Neil M.; Narayan, Ramesh; Narayanan, Gopal; Natarajan, Iniyan; Neri, Roberto; Ni, Chunchong; Noutsos, Aristeidis; Okino, Hiroki; Ortiz-León, Gisela N.; Oyama, Tomoaki; Özel, Feryal; Palumbo, Daniel C. M.; Park, Jongho; Patel, Nimesh; Pen, Ue-Li; Pesce, Dominic W.; Plambeck, Richard; Piétu, Vincent; PopStefanija, Aleksandar; Porth, Oliver; Preciado-López, Jorge A.; Psaltis, Dimitrios; Ramakrishnan, Venkatessh; Rao, Ramprasad; Rawlings, Mark G.; Raymond, Alexander W.; Rezzolla, Luciano; Roelofs, Freek; Rogers, Alan; Ros, Eduardo; Rose, Mel; Roshanineshat, Arash; Rottmann, Helge; Roy, Alan L.; Ruszczyk, Chet; Rygl, Kazi L. J.; Sánchez, Salvador; Sánchez-Arguelles, David; Sasada, Mahito; Savolainen, Tuomas; Schuster, Karl-Friedrich; Schloerb, F. Peter; Shao, Lijing; Shen, Zhiqiang; Small, Des; Sohn, Bong Won; SooHoo, Jason; Tiede, Paul; Tazaki, Fumie; Tilanus, Remo P. J.; Titus, Michael; Toma, Kenji; Torne, Pablo; Trent, Tyler; Traianou, Thalia; Trippe, Sascha; Tsuda, Shuichiro; van Langevelde, Huib Jan; van Bemmel, Ilse; van Rossum, Daniel R.; Wagner, Jan; Wardle, John; Wex, Norbert; Weintroub, Jonathan; Wharton, Robert; Wielgus, Maciek; Wong, George N.; Wu, Qingwen; Yoon, Doosoo; Young, Ken; Young, André; Yuan, Feng; Yuan, Ye-Fei; Zensus, J. Anton; Zhao, Guangyao; Zhao, Shan-Shan; Zhu, Ziyan; Event Horizon Telescope Collaboration, The Event Horizon Telescope (EHT) Collaboration has recently produced the first resolved images of the central supermassive black hole in the giant elliptical galaxy M87. Here we report on tests of the consistency and accuracy of the general relativistic radiative transfer codes used within the collaboration to model M87∗ and Sgr A∗. We compare and evaluate (1) deflection angles for equatorial null geodesics in a Kerr spacetime; (2) images calculated from a series of simple, parameterized matter distributions in the Kerr metric using simplified emissivities and absorptivities; (3) for a subset of codes, images calculated from general relativistic magnetohydrodynamics simulations using different realistic synchrotron emissivities and absorptivities; (4) observables for the 2017 configuration of EHT, including visibility amplitudes and closure phases. The error in total flux is of order 1% when the codes are run with production numerical parameters. The dominant source of discrepancies for small camera distances is the location and detailed setup of the software "camera"that each code uses to produce synthetic images. We find that when numerical parameters are suitably chosen and the camera is sufficiently far away the images converge and that for given transfer coefficients, numerical uncertainties are unlikely to limit parameter estimation for the current generation of EHT observations. The purpose of this paper is to describe a verification and comparison of EHT radiative transfer codes. It is not to verify EHT models more generally. © 2020. The American Astronomical Society. All rights reserved.., The authors of the present paper thank the following organizations and programs: the Academy of Finland (projects 274477, 284495, 312496); the Advanced European Network of E-infrastructures for Astronomy with the SKA (AENEAS) project, supported by the European Commission Framework Programme Horizon 2020 Research and Innovation action under grant agreement 731016; the Alexander von Humboldt Stiftung; the Black Hole Initiative at Harvard University, through a grant (60477) from the John Templeton Foundation; the China Scholarship Council; Comision Nacional de Investigacion Cientifica y Tecnologica (CONICYT, Chile, via PIA ACT172033, Fondecyt projects 1171506 and 3190878, BASAL AFB-170002, ALMA-conicyt 31140007); Consejo Nacional de Ciencia y Tecnologia (CONACYT, Mexico, projects 104497, 275201, 279006, 281692); the Delaney Family via the Delaney Family John A. Wheeler Chair at Perimeter Institute; Direccion General de Asuntos del Personal Academico-Universidad Nacional Autonoma de Mexico (DGAPA-UNAM, project IN112417); the European Research Council Synergy Grant "BlackHoleCam: Imaging the Event Horizon of Black Holes" (grant 610058); the Generalitat Valenciana postdoctoral grant APOSTD/2018/177 and GenT Program (project CIDEGENT/2018/021); the Gordon and Betty Moore Foundation (grants GBMF-3561, GBMF-5278); the Istituto Nazionale di Fisica Nucleare (INFN) sezione di Napoli, iniziative specifiche TEONGRAV; the International Max Planck Research School for Astronomy and Astrophysics at the Universities of Bonn and Cologne; the Jansky Fellowship program of the National Radio Astronomy Observatory (NRAO); the Japanese Government (Monbukagakusho: MEXT) Scholarship; the Japan Society for the Promotion of Science (JSPS) Grant-in-Aid for JSPS Research Fellowship (JP17J08829); the Key Research Program of Frontier Sciences, Chinese Academy of Sciences (CAS, grants QYZDJ-SSW-SLH057, QYZDJ-SSW-SYS008, ZDBS-LY-SLH011); the Leverhulme Trust Early Career Research Fellowship; the Max-Planck-Gesellschaft (MPG); the Max Planck Partner Group of the MPG and the CAS; the MEXT/JSPS KAKENHI (grants 18KK0090, JP18K13594, JP18K03656, JP18H03721, 18K03709, 18H01245, 25120007); the MIT International Science and Technology Initiatives (MISTI) Funds; the Ministry of Science and Technology (MOST) of Taiwan (105-2112-M-001-025-MY3, 106-2112-M-001-011, 106-2119-M-001-027, 107-2119-M-001-017, 107-2119-M-001020, and 107-2119-M-110-005); the National Aeronautics and Space Administration (NASA, Fermi Guest Investigator grant 80NSSC17K0649 and Hubble Fellowship grant HSTHF2-51431.001-A awarded by the Space Telescope Science Institute, which is operated by the Association of Universities for Research in Astronomy, Inc. , for NASA, under contract NAS5-26555); the National Institute of Natural Sciences (NINS) of Japan; the National Key Research and Development Program of China (grant 2016YFA0400704, 2016YFA0400702); the National Science Foundation (NSF, grants AST-0096454, AST-0352953, AST-0521233, AST-0705062, AST-0905844, AST-0922984, AST-1126433, AST-1140030, DGE-1144085, AST-1207704, AST-1207730, AST-1207752, MRI-1228509, OPP-1248097, AST-1310896, AST-1312651, AST-1337663, AST-1440254, AST-1555365, AST-1715061, AST-1615796, AST-1716327, OISE-1743747, AST-1816420); the Natural Science Foundation of China (grants 11573051, 11633006, 11650110427, 10625314, 11721303, 11725312, 11933007); the Natural Sciences and Engineering Research Council of Canada (NSERC, including a Discovery Grant and the NSERC Alexander Graham Bell Canada Graduate Scholarships-Doctoral Program); the National Youth Thousand Talents Program of China; the National Research Foundation of Korea (the Global PhD Fellowship Grant: grants NRF-2015H1A2A1033752, 2015-R1D1A1A01056807, the Korea Research Fellowship Program: NRF-2015H1D3A1066561); the Netherlands Organization for Scientific Research (NWO) VICI award (grant 639.043.513) and Spinoza Prize SPI 78-409; the New Scientific Frontiers with Precision Radio Interferometry Fellowship awarded by the South African Radio Astronomy Observatory (SARAO), which is a facility of the National Research Foundation (NRF), an agency of the Department of Science and Technology (DST) of South Africa; the Onsala Space Observatory (OSO) national infrastructure, for the provisioning of its facilities/observational support (OSO receives funding through the Swedish Research Council under grant 2017-00648); the Perimeter Institute for Theoretical Physics (research at Perimeter Institute is supported by the Government of Canada through the Department of Innovation, Science and Economic Development and by the Province of Ontario through the Ministry of Research, Innovation and Science); the Russian Science Foundation (grant 17-12-01029); the Spanish Ministerio de Economia y Competitividad (grants AYA2015-63939-C2-1-P, AYA2016-80889-P); the State Agency for Research of the Spanish MCIU through the "Center of Excellence Severo Ochoa" award for the Instituto de Astrofisica de Andalucia (SEV-2017-0709); the Toray Science Foundation; the US Department of Energy (USDOE) through the Los Alamos National Laboratory (operated by Triad National Security, LLC, for the National Nuclear Security Administration of the USDOE (Contract 89233218CNA000001)); the Italian Ministero dell'Istruzione Universita e Ricerca through the grant Progetti Premiali 2012-iALMA (CUP C52I13000140001); the European Union's Horizon 2020 research and innovation program under grant agreement No. 730562 RadioNet; ALMA North America Development Fund; the Academia Sinica; Chandra TM6-17006X; the GenT Program (Generalitat Valenciana) Project CIDEGENT/2018/021. This work used the Extreme Science and Engineering Discovery Environment (XSEDE), supported by NSF grant ACI-1548562, and CyVerse, supported by NSF grants DBI-0735191, DBI1265383, and DBI-1743442. XSEDE Stampede2 resource at TACC was allocated through TG-AST170024 and TGAST080026N. XSEDE JetStream resource at PTI, and TACC was allocated through AST170028. The simulations were performed in part on the SuperMUC cluster at the LRZ in Garching, on the LOEWE cluster in CSC in Frankfurt, and on the HazelHen cluster at the HLRS in Stuttgart. This research was enabled in part by support provided by Compute Ontario (http://computeontario. ca), Calcul Quebec (http://www.calculquebec.ca), and Compute Canada (http://www.computecanada.ca). This paper makes use of the following ALMA data: ADS/JAO.ALMA#2017.1.00841.V. ALMA is a partnership of the European Southern Observatory (ESO; Europe, representing its member states), NSF, and National Institutes of Natural Sciences of Japan, together with National Research Council (Canada), Ministry of Science and Technology (MOST; Taiwan), Academia Sinica Institute of Astronomy and Astrophysics (ASIAA; Taiwan), and Korea Astronomy and Space Science Institute (KASI; Republic of Korea), in cooperation with the Republic of Chile. The Joint ALMA Observatory is operated by ESO, Associated Universities, Inc. (AUI)/NRAO, and the National Astronomical Observatory of Japan (NAOJ). The NRAO is a facility of the NSF operated under cooperative agreement by AUI. APEX is a collaboration between the MaxPlanck-Institut fur Radioastronomie (Germany), ESO, and the Onsala Space Observatory (Sweden). The SMA is a joint project between the SAO and ASIAA and is funded by the Smithsonian Institution and the Academia Sinica. The JCMT is operated by the East Asian Observatory on behalf of the NAOJ, ASIAA, and KASI, as well as the Ministry of Finance of China, Chinese Academy of Sciences, and the National Key R&D Program (No. 2017YFA0402700) of China. Additional funding support for the JCMT is provided by the Science and Technologies Facility Council (UK) and participating universities in the UK and Canada. The LMT is a project operated by the Instituto Nacional de Astrofisica, Optica, y Electronica (USA). The IRAM.30 m telescope on Pico Veleta, Spain, is operated by IRAM and supported by CNRS (Centre National de la Recherche Scientifique, France), MPG (Max-PlanckGesellschaft, Germany), and IGN (Instituto Geografico Nacional, Spain). The SMT is operated by the Arizona Radio Observatory, a part of the Steward Observatory of the University of Arizona, with financial support of operations from the State of Arizona and financial support for instrumentation development from the NSF. The SPT is supported by the National Science Foundation through grant PLR-1248097. Partial support is also provided by the NSF Physics Frontier Center grant PHY-1125897 to the Kavli Institute of Cosmological Physics at the University of Chicago, the Kavli Foundation, and the Gordon and Betty Moore Foundation grant GBMF 947. The SPT hydrogen maser was provided on loan from the GLT, courtesy of ASIAA. The EHT Collaboration has received generous donations of FPGA chips from Xilinx Inc., under the Xilinx University Program. The EHT Collaboration has benefited from technology shared under open-source license by the Collaboration for Astronomy Signal Processing and Electronics Research (CASPER). The EHT project is grateful to T4Science and Microsemi for their assistance with hydrogen masers. This research has made use of NASA's Astrophysics Data System. We gratefully acknowledge the support provided by the extended staff of the ALMA, both from the inception of the ALMA Phasing Project and through the observational campaigns of 2017 and 2018. We would like to thank A. Deller and W. Brisken for EHT-specific support with the use of DiFX. We acknowledge the significance that Maunakea, where the SMA and JCMT EHT stations are located, has for the indigenous Hawaiian people. B.R. is supported by a Princeton/Flatiron Postdoctoral Prize Fellowship. I.M.-V. is a fellow of the GenT Program (Generalitat Valenciana) under project CIDEGENT/2018/021. A.C. was supported by NASA through the NASA Hubble Fellowship grant No. HST-HF2-51431.001-A awarded by the Space Telescope Science Institute, which is operated by the Association of Universities for Research in Astronomy, Inc., for NASA, under contract NAS5-26555.

Cel – Celem pracy jest zbadanie związku pomiedzy klasycznymi miarami efektywności a ryzykiem funduszy określonym przez alternatywne wskaźniki niepewności jakimi są beta oraz odchylenie stan-dardowe osiąganych stop zwrotu. Metodologia badania – Badanie to oparto na narzedziach wielowymiarowej analizy porownawczej, ze-stawiając wyniki klasyfikacji funduszy wedlug ryzyka (beta i odchylenie standardowe) oraz efektywno-ści (miary z grupy EMC) i badając zgodnośc obu podzialow. Wynik – Pokazano, ze grupy funduszy podobnych pod wzgledem ryzyka oraz efektywności są grupami jednorodnymi oraz fundusze o podobnym poziomie ryzyka w roznych okresach badawczych osiągaly podobne poziomy rentowności Oryginalnośc/Wartośc –Podejście do problemu, wiązące hierarchiczne procedury aglomeracyjne z oce-ną efektywności i badaniem związku ryzyko-efektywnośc jest rzadko wykorzystywane w tego typu ba-daniach

KLASYFIKACJA WYBRANYCH KRAJOW OECD WEDŁUG ICH EFEKTYWNOŚCI DYDAKTYCZNEJ Z WYKORZYSTANIEM TAKSONOMICZNEJ MIARY ROZWOJUEdukacja jest jednym z glownych czynnikow determinujących wzrost spoleczny i gospodarczy kraju. Jej wysoki poziom z jednej strony gwarantuje zatrudnienie i mozliwośc rozwoju zawodowe­go, z drugiej zaś pozwala na zarządzanie gospodarką osobom wyksztalconym i gotowym do zmian. Realizacja dlugoterminowego programu „Europa 2020” w panstwach Unii odgrywa kluczową role w podnoszeniu poziomu edukacji obywateli. Skutkiem realizacji tej strategii powinna byc gospo­darka oparta na wiedzy itrosce ospojnośc spoleczną. Zasoby przekazane przez kraj owysokim poziomie edukacji powinny byc efektywnie wykorzystywane przez maksymalizacje efektow eduka­cyjnych przy danym poziomie finansowania kraju. W warunkach gospodarki rynkowej, globalizacji i sily konkurencji kluczowe znaczenie ma wiec skuteczne zarządzanie posiadanymi zasobami. Po­miar efektywności odgrywa nadrzedną role nie tylko dla jednostek ekonomicznych, lecz takze tych, ktore dzialają w określonych warunkach, takich jak uniwersytety. Ocena efektywności w koncepcji ilościowej powinna stanowic jedno z narzedzi podejmowania decyzji ekonomicznej. Im jest ona dokladniejsza, tym dokladniejsza jest informacja ekonomiczna. Celem tej pracy jest porownanie i klasyfikacja wybranych krajow europejskich ze wzgledu na ich skutecznośc dydaktyczną. Niniejszy artykul stanowi kontynuacje badan autorow.

We present {\tt radpol} - a numerical scheme for integrating multifrequency polarized radiative transfer equations along rays propagating in a curved spacetime. The scheme includes radiative processes such as synchrotron emission, absorption, Faraday rotation and conversion, and, for the first time, relativistic Compton scatterings including effects of light polarization. The scheme is fully covariant and is applicable to model radio-$\gamma$-ray emission and its polarization from, e.g., relativistic jets and accretion flows onto black holes and other exotic objects described in alternative metric theories and modeled semi-analytically or with time-dependent magnetohydrodynamical simulations. We perform a few tests to validate the implemented numerical algorithms that handle light polarization in curved spacetime. We demonstrate application of the scheme to model broadband emission spectra from a relativistically hot, geometrically thick coronal-like inflow around a supermassive black hole where the disk model is realized in a general relativistic magnetohydrodynamical simulation., Comment: 9 pages, 4 figures, accepted for publication in MNRAS

We model non-thermal emission spectrum of the extremely sub-Eddington X-ray binary system A0620-00. It is believed that this non-thermal emission is produced by a radiatively inefficient "quiescent" accretion onto a stellar-mass black hole present in the system. We post-process GRMHD simulations with multiwavelength, fully polarized, relativistic radiative transfer calculations to predict broadband spectra and emission polarization levels for a range of electron models and accretion rates. We find that a model with strong coupling of electrons and ions in the accretion disk and accretion rate of only $\dot{M}=3\times10^{-13} [M_\odot yr^{-1}]$ is able to recover the observed X-ray spectral slope as well as the excess of linear polarization detected in the source in NIR/optical bands. Our models constrain the spectral properties of a putative relativistic jet produced in this system. In addition we show that the magnetized winds from our hot accretion flow carry away a small fraction of the orbital angular momentum of the binary unable to explain the observed rapid orbital decay of the system. Similar to the present GRMHD simulations are often used to explain emission from sub-Eddington supermassvie black holes in Sgr A* or M87; the present simulations allow us to test whether some aspects of the quiescent black hole accretion are scale invariant., 7 pages, 3 figures, accepted for publication in MNRAS

The imaging fidelity of the Event Horizon Telescope (EHT) is currently determined by its sparse baseline coverage. In particular, EHT coverage is dominated by long baselines, and is highly sensitive to atmospheric conditions and loss of sites between experiments. The limited short/mid-range baselines especially affect the imaging process, hindering the recovery of more extended features in the image. We present an algorithmic contingency for the absence of well-constrained short baselines in the imaging of compact sources, such as the supermassive black holes observed with the EHT. This technique enforces a specific second moment on the reconstructed image in the form of a size constraint, which corresponds to the curvature of the measured visibility function at zero baseline. The method enables the recovery of information lost in gaps of the baseline coverage on short baselines and enables corrections of any systematic amplitude offsets for the stations giving short-baseline measurements present in the observation. The regularization can use historical source size measurements to constrain the second moment of the reconstructed image to match the observed size. We additionally show that a characteristic size can be derived from available short-baseline measurements, extrapolated from other wavelengths, or estimated without complementary size constraints with parameter searches. We demonstrate the capabilities of this method for both static and movie reconstructions of variable sources., Comment: 14 pages, 11 figures; accepted for publication in A&A

The compact radio source Sagittarius~A$^*$ (Sgr~A$^*$)in the Galactic Center is the primary supermassive black hole candidate. General relativistic magnetohydrodynamical (GRMHD) simulations of the accretion flow around Sgr\,A$^*$ predict the presence of sub-structure at observing wavelengths of $\sim 3$\,mm and below (frequencies of 86\,GHz and above). For very long baseline interferometry (VLBI) observations of Sgr\,A$^*$ at this frequency the blurring effect of interstellar scattering becomes subdominant, and arrays such as the High Sensitivity Array (HSA) and the global mm-VLBI Array (GMVA) are now capable of resolving potential sub-structure in the source. Such investigations improve our understanding of the emission geometry of the mm-wave emission of Sgr\,A$^*$, which is crucial for constraining theoretical models and for providing a background to interpret 1\,mm VLBI data from the Event Horizon Telescope (EHT). We performed high-sensitivity very long baseline interferometry (VLBI) observations of Sgr\,A$^*$ at 3\,mm using the Very Long Baseline Array (VLBA) and the Large Millimeter Telescope (LMT) in Mexico on two consecutive days in May 2015, with the second epoch including the Green Bank Telescope (GBT). We find an overall source geometry that matches previous findings very closely, showing a deviation in fitted model parameters less than 3\% over a time scale of weeks and suggesting a highly stable global source geometry over time. The reported sub-structure in the 3\,mm emission of Sgr\,A$^*$ is consistent with theoretical expectations of refractive noise on long baselines. However, comparing our findings with recent results from 1\,mm and 7\,mm VLBI observations, which also show evidence for east-west asymmetry, an intrinsic origin cannot be excluded. Confirmation of persistent intrinsic substructure will require further VLBI observations spread out over multiple epochs., Comment: Accepted for publication in A&A

The Galactic center is a perfect laboratory for testing various theoretical models of accretion flows onto a supermassive black hole. Here, I review general relativistic magnetohydrodynamic simulations that were used to model emission from the central object - Sgr A*. These models predict dynamical and radiative properties of hot, magnetized, thick accretion disks with jets around a Kerr black hole. Models are compared to radio-VLBI, mm-VLBI, NIR, and X-ray observations of Sgr A*. I present the recent constrains on the free parameters of the model such as accretion rate onto the black hole, the black hole angular momentum, and orientation of the system with respect to our line of sight.

Cel – Celem pracy jest proba zbadania wplywu opoźnionych czynnikow Famy-Frencha i opoźnionej stopy zwrotu w modelu trojczynnikowym na stope zwrotu funduszy inwestycyjnych akcji. Metodologia badania – Zastosowanie i weryfikacja dynamicznych modeli DLM o rozlozonych opoźnieniach. Badaniem objelo grupe 67 funduszy inwestycyjnych akcji, w okresie od stycznia 2009 do czerwca 2015 roku. Wynik – Zweryfikowano wplyw opoźnionych zmiennych rynkowych (w tym market timing) oraz Famy-Frencha na stope zwrotu z FI akcji. Zaobserwowano, ze na stopach rynkowych widoczny jest wplyw opoźnien miesiecznych, zaś na czynnikach Famy-Frencha opoźnien kwartalnych. Oryginalnośc/wartośc – Rezultatem wynikającym z przeprowadzonej analizy jest wskazanie konieczności zastepowania klasycznych parametrow modelu MT-FF przez ich odpowiedniki w postaci mnoznikow dlugookresowych, ktore odzwierciedlają rzeczywiste ryzyko systematyczne i efektywnośc funduszy.

Cel – Weryfikacja tezy: czy mimo roznic pomiedzy rynkami regulowanym i alternatywnym w Polsce, zachowany zostal efekt monotoniczności premii za ryzyko poniesione w inwestycje w akcje spolek notowanych na NC wraz ze wzrostem czynnikow fundamentalnych podwyzszających ryzyko inwestycji. Metodologia badania – Oceny dokonano na podstawie modelu Famy-Frencha i testow oceniających stabilnośc jego parametrow, badając 12 portfeli testowych, charakteryzujących sie rozną wartością kapitalizacji spolek (od spolek duzych do malych) i roznymi wartościami czynnika bilansowego BV/BM (od wysokich wartości do wartości niskich). Wynik – Otrzymane wyniki potwierdzają mozliwośc wystepowania efektu monotoniczności premii za ryzyko rowniez w odniesieniu do rynku NewConnect.

The Galactic Center black hole Sagittarius A* (Sgr A*) is a prime observing target for the Event Horizon Telescope (EHT), which can resolve the 1.3 mm emission from this source on angular scales comparable to that of the general relativistic shadow. Previous EHT observations have used visibility amplitudes to infer the morphology of the millimeter-wavelength emission. Potentially much richer source information is contained in the phases. We report on 1.3 mm phase information on Sgr A* obtained with the EHT on a total of 13 observing nights over 4 years. Closure phases, the sum of visibility phases along a closed triangle of interferometer baselines, are used because they are robust against phase corruptions introduced by instrumentation and the rapidly variable atmosphere. The median closure phase on a triangle including telescopes in California, Hawaii, and Arizona is nonzero. This result conclusively demonstrates that the millimeter emission is asymmetric on scales of a few Schwarzschild radii and can be used to break 180-degree rotational ambiguities inherent from amplitude data alone. The stability of the sign of the closure phase over most observing nights indicates persistent asymmetry in the image of Sgr A* that is not obscured by refraction due to interstellar electrons along the line of sight., Comment: 11 pages, accepted to ApJ

We present a full 360 degree (i.e., 4$\pi$ steradian) general-relativistic ray-tracing and radiative transfer calculations of accreting supermassive black holes. We perform state-of-the-art three-dimensional general relativistic magnetohydrodynamical simulations using the BHAC code, subsequently post-processing this data with the radiative transfer code RAPTOR. All relativistic and general-relativistic effects, such as Doppler boosting and gravitational redshift, as well as geometrical effects due to the local gravitational field and the observer's changing position and state of motion, are therefore calculated self-consistently. Synthetic images at four astronomically-relevant observing frequencies are generated from the perspective of an observer with a full 360-degree view inside the accretion flow, who is advected with the flow as it evolves. As an example, we calculated images based on recent best-fit models of observations of Sagittarius A*. These images are combined to generate a complete 360-degree Virtual Reality movie of the surrounding environment of the black hole and its event horizon. Our approach also enables the calculation of the local luminosity received at a given fluid element in the accretion flow, providing important applications in, e.g., radiation feedback calculations onto black hole accretion flows. In addition to scientific applications, the 360-degree Virtual Reality movies we present also represent a new medium through which to communicate black hole physics to a wider audience, serving as a powerful educational tool., Comment: 25 pages, 11 figures, 1 movie; https://www.youtube.com/watch?v=SXN4hpv977s&t=57s

Observational efforts to image the immediate environment of a black hole at the scale of the event horizon benefit from the development of efficient imaging codes that are capable of producing synthetic data, which may be compared with observational data. We aim to present RAPTOR, a new public code that produces accurate images, animations, and spectra of relativistic plasmas in strong gravity by numerically integrating the equations of motion of light rays and performing time-dependent radiative transfer calculations along the rays. The code is compatible with any analytical or numerical spacetime. It is hardware-agnostic and may be compiled and run both on GPUs and CPUs. We describe the algorithms used in RAPTOR and test the code's performance. We have performed a detailed comparison of RAPTOR output with that of other radiative-transfer codes and demonstrate convergence of the results. We then applied RAPTOR to study accretion models of supermassive black holes, performing time-dependent radiative transfer through general relativistic magneto-hydrodynamical (GRMHD) simulations and investigating the expected observational differences between the so-called fast-light and slow-light paradigms. Using RAPTOR to produce synthetic images and light curves of a GRMHD model of an accreting black hole, we find that the relative difference between fast-light and slow-light light curves is less than 5%. Using two distinct radiative-transfer codes to process the same data, we find integrated flux densities with a relative difference less than 0.01%. For two-dimensional GRMHD models, such as those examined in this paper, the fast-light approximation suffices as long as errors of a few percent are acceptable. The convergence of the results of two different codes demonstrates that they are, at a minimum, consistent., Comment: 18 pages, 14 figures, 5 tables

Contains fulltext : 184310.pdf (Publisher’s version ) (Open Access)

Traditionally, models developed by Treynor and Mazuy (T-M) and also by Henriksson-Merton (H-M), which are called market-timing models, are applied to assess effectiveness of investment funds. The objective of the presented study is an application of the T-M and H-M models and their T-M-FF and H-M-FF modifications with additional Fama-French factors to assess effectiveness and risk of equity insurance connected with unit-linked insurance. Estimation and verification of the models for the subject group of equity funds were performed and the significance of the impact of particular factors on returns on reference portfolios was discussed.

Non-VLBI measurements of Faraday rotation at mm wavelengths have been used to constrain mass accretion rates ($\mdot$) onto supermassive black holes in the centre of the Milky Way and in the centre of M87. We constructed general relativistic magnetohydrodynamics models for these sources that qualitatively well describe their spectra and radio/mm images invoking a coupled jet-disk system. Using general relativistic polarized radiative transfer, we now also model the observed mm rotation measure (RM) of M87. The models are tied to the observed radio flux, however, electron temperature and accretion rate are degenerate parameters and are allowed to vary. For the inferred low viewing angles of the M87 jet, the RM is low even as the black hole $\mdot$ increases by a factor of $\simeq100$. In jet-dominated models, the observed linear polarization is produced in the forward-jet, while the dense accretion disk depolarizes the bulk of the near-horizon scale emission which originates in the counter-jet. In the jet-dominated models, with increasing $\mdot$ and increasing Faraday optical depth one is progressively sensitive only to polarized emission in the forward-jet, keeping the measured RM relatively constant. The jet-dominated model reproduces a low net-polarization of $\simeq1$ per cent and RMs in agreement with observed values due to Faraday depolarization, however, with $\mdot$ much larger than the previously inferred limit of $9\times10^{-4}\,\mdotu$. All jet-dominated models produce much higher RMs for inclination angles $i\gtrsim30^\circ$, where the line-of-sight passes through the accretion flow, thereby providing independent constraints on the viewing geometry of the M87 jet., Comment: 10 pages, 9 figures, 1 table, accepted for publication in MNRAS

We propose a new technique for radio interferometry to obtain super-resolution full polarization images in all four Stokes parameters using sparse modeling. The proposed technique reconstructs the image in each Stokes parameter from the corresponding full-complex Stokes visibilities by utilizing two regularization functions: the $\ell _1$-norm and total variation (TV) of the brightness distribution. As an application of this technique, we present simulated linear polarization observations of two physically motivated models of M87 with the Event Horizon Telescope (EHT). We confirm that $\ell _1$+TV regularization can achieve an optimal resolution of $\sim 25-30$\% of the diffraction limit $\lambda/D_{\rm max}$, which is the nominal spatial resolution of a radio interferometer for both the total intensity (i.e. Stokes $I$) and linear polarizations (i.e. Stokes $Q$ and $U$). This optimal resolution is better than that obtained from the widely used Cotton-Schwab CLEAN algorithm or from using $\ell _1$ or TV regularizations alone. Furthermore, we find that $\ell _1$+TV regularization can achieve much better image fidelity in linear polarization than other techniques over a wide range of spatial scales, not only in the super-resolution regime, but also on scales larger than the diffraction limit. Our results clearly demonstrate that sparse reconstruction is a useful choice for high-fidelity full-polarimetric interferometric imaging., Comment: 12 pages, 4 Figures, accepted for publication in the Astronomical Journal (AJ)

The comparative analysis of the standard of living of the population is significant from the viewpoint of evaluation of economic changes as well as determination of the distance between countries with regard to social development. The goal of the article was to compare, using the methods of multidimensional comparative analysis (MCA), the standard of living in the countries of the European Union using a single indicator. This indicator, as an aggregated value, synthesizes the information from all variables defining a complex phenomenon, enabling a comparison of countries with regard to the standard of living. The point of departure for the research was a creation of a set of variables, divided into 8 subgroups: health care, labour market, salaries, housing conditions, education, culture and recreation, communication, environmental protection, and social benefits. On the basis of this group of variables, a comparison of the European Union countries between 2006 and 2011 was made, specifying the position of Poland, with regard to the standard of living of inhabitants and evaluation of the extent of Poland’s similarity to other EU countries. The source base of the articles was information from secondary sources: Internet sites, publications on European statistics, as well as data published by the GUS (Central Statistical Office of Poland).

It has been proposed that Very Long Baseline Interferometry (VLBI) at sub-millimeter waves will allow us to image the shadow of the black hole in the center of our Milky Way, Sagittarius A* (Sgr A*), and thereby test basic predictions of general relativity. This paper presents imaging simulations of a new Space VLBI mission concept. An initial design study of the concept has been presented as the Event Horizon Imager (EHI). The EHI may be suitable for imaging Sgr A* at high frequencies (up to ~690 GHz), which has significant advantages over performing ground-based VLBI at 230 GHz. The concept EHI design consists of two or three satellites in polar or equatorial circular Medium-Earth Orbits with slightly different radii. Due to the relative drift of the satellites along the individual orbits, this setup will result in a dense spiral-shaped uv-coverage with long baselines (up to ~60 Glambda), allowing for extremely high-resolution and high-fidelity imaging of radio sources. We simulate EHI observations of general relativistic magnetohydrodynamics models of Sgr A* and calculate the expected noise based on preliminary system parameters. On long baselines, where the signal-to-noise ratio may be low, fringes could be detected if the system is sufficiently phase stable and the satellite orbits can be reconstructed with sufficient accuracy. Averaging visibilities accumulated over multiple epochs of observations could then help improving the image quality. With three satellites, closure phases could be used for imaging. Our simulations show that the EHI could be capable of imaging the black hole shadow of Sgr A* with a resolution of 4 uas (about 8% of the shadow diameter) within several months of observing time. The EHI concept could thus be used to measure black hole shadows much more precisely than with ground-based VLBI, allowing for stronger tests of general relativity and accretion models., 19 pages, 14 figures, accepted for publication in A&A

The emission region and black hole shadow of Sagittarius A*, the supermassive black hole at the Galactic Center, can be probed with millimeter Very Long Baseline Interferometry. Our goal is to probe the geometry of the emitting plasma around Sgr A* by using modeled mm-VLBI closure phase calculations at 1.3 mm and to constrain the observer's inclination angle and position angle of the black hole spin axis. We have simulated images for three different models of the emission of Sgr A*: an orbiting spot, a disk model, and a jet model. The orbiting spot model was used as a test case scenario, while the disk and jet models are physically driven scenarios based on standard three-dimensional general relativistic magnetohydrodynamic simulations of hot accretion flows. Our results are compared to currently available closure phase observational limits. Our results indicate that more models with closer to edge-on viewing angles are consistent with observational limits. In general, jet and disk geometries can reproduce similar closure phases for different sets of viewing and position angles. Consequently, the favored black hole spin orientation and its magnitude are strongly model dependent. We find that both the jet and the disk models can explain current VLBI limits. We conclude that new observations at 1.3 mm and possibly at longer wavelengths including other triangles of VLBI baselines are necessary to interpret Sgr A* emission and the putative black hole spin parameters., 13 pages, 7 figures

We present the results of a closure phase analysis of 3 mm very long baseline interferometry (VLBI) measurements performed on Sagittarius A* (Sgr A*). We have analyzed observations made in May 2015 using the Very Long Baseline Array, the Robert C. Byrd Green Bank Telescope and the Large Millimeter Telescope Alfonso Serrano and obtained non-zero closure phase measurements on several station triangles - indicative of a non-point-symmetric source structure. The data are fitted with an asymmetric source structure model in Sgr A*, represented by a simple two-component model, which favours a fainter component due East of the main source. This result is discussed in light of a scattering screen with substructure or an intrinsically asymmetric source., Comment: To be published in MNRAS. First published online July 19, 2016

We study a slightly rotating accretion flow onto a black hole, using the fully three-dimensional (3D) numerical simulations. We consider hydrodynamics of an inviscid flow, assuming a spherically symmetric density distribution at the outer boundary and a small, latitude-dependent angular momentum. We investigate the role of the adiabatic index and gas temperature, and the flow behavior due to non-axisymmetric effects. Our 3D simulations confirm axisymmetric results: the material that has too much angular momentum to be accreted forms a thick torus near the equator, and the mass accretion rate is lower than the Bondi rate. In our previous study of the 3D accretion flows, for γ = 5/3, we found that the inner torus precessed, even for axisymmetric conditions at large radii. The present study shows that the inner torus precesses also for other values of the adiabatic index: γ = 4/3, 1.2, and 1.01. However, the time for the precession to set increases with decreasing γ. In particular, for γ = 1.01, we find that depending on the outer boundary conditions, the torus may shrink substantially due to the strong inflow of the non-rotating matter, and the precession will have insufficient time to develop. On the other hand, if the torus is supplied by the continuous inflow of the rotating material from the outer radii, its inner parts will eventually tilt and precess, as was for the larger γ's.

In this paper, we investigate the stock price behaviour of newly listed companies on the stock exchange market with an extremely high level of information asymmetry. We show a unique mechanism of how informed investors influence the stock prices before entering the market to consume abnormal returns. We point out that weak entry regulation and low disclosure requirements, which are implemented by regulators to meet the needs of small and young companies in gaining capital, together with weak legal enforcement, in reality, encourage market participants to overvalue stock prices in the short-term before debut and squeeze out aftermarket uninformed investors.

The supermassive black hole in the center of the Milky Way, Sgr A*, displays a nearly flat radio spectrum which is typical for jets in Active Galactic Nuclei. Indeed, time dependent, magnetized models of radiatively inefficient accretion flows, which are commonly used to explain the millimeter, near-infrared, and X-ray emission of Sgr A* also often produce jet-like outflows. However, the emission from these models so far has failed to reproduce the flat radio spectrum. We show that current GRMHD simulations can naturally reproduce the flat spectrum, when using a two-temperature plasma in the disk and a constant electron temperature plasma in the jet. This assumption is consistent with current state-of-the art simulations, in which the electron temperature evolution is not explicitly modeled. Stronger magnetization and stronger shearing seen in the jet sheath could possibly explain the difference in electron heating between jet and disk. The model images and spectra are consistent with the radio sizes and spectrum of Sgr A*.

Context. We analyse 134 ks Chandra ACIS-I observations of the Galactic Centre (GC) performed in July 2011. The X-ray image with the field of view 17′ × 17′ contains the hot plasma surrounding the Sgr A*. The obtained surface brightness map allows us to fit the Bondi hot accretion flow to the innermost hot plasma around the GC. Aims. Contrary to the XMM-Newton data where a strong 6.4 keV iron line was observed andinterpreted as a reflection from molecular clouds, we search here for the diffuse X-ray emission with prominent 6.69 keV iron line. We found a surface brightness profile that allowed us to determine the stagnation radius of the flow around Sgr A*. Methods. We fitted spectra from the region up to 5′′ from Sgr A* using a thermal bremsstrahlung model and four Gaussian profiles responsible for Kα emission lines of Fe, S, Ar, and Ca. The X-ray surface brightness profile up to 3′′ from Sgr A* found in our data image was successfully fitted with the dynamical model of Bondi spherical accretion. Results. We show that the temperature of the hot plasma derived from our spectral fitting is of the order of 2.2−2.7 keV depending on the choice of background. By modelling the surface brightness profile, we derived the temperature and number density profiles in the vicinity of the black hole. The best fitted model of spherical Bondi accretion shows that this type of flow works only up to 3′′ and implies that the outer plasma density and temperature are cm-3 and keV, respectively.Conclusions. We show that the Bondi flow can reproduce observed surface brightness profiles up to 3′′ from Sgr A* in the Galactic centre. This result strongly suggests the position of stagnation radius in the complicated dynamics around GC. The temperature at the outer radius of the flow is higher by 1 keV than the value found by our spectral fitting of thermal plasma within the circle of 5′′. The Faraday rotation computed from our model towards the pulsar PSR J1745-2900 near the GC agrees with the observed one, recently reported. We speculate here that the emission lines observed in spectra up to 5′′ can be interpreted as the reflection of the radiation from two-phase regions occurring at distances between 3 − 5′′ of the flow. The hot plasma in Sgr A* illuminated in the past by a strong radiation field may be a seed for thermal instabilities and eventual strong clumpiness.

We explore the conditions for the thermal instability to operate in the mini-spiral region of the Galactic centre (Sgr A*), where both the hot and cold media are known to coexist. The photoionisation Cloudy calculations are performed for different physical states of plasma. We neglect the dynamics of the material and concentrate on the study of the parameter ranges where the thermal instability may operate, taking into account the past history of Sgr A* bolometric luminosity. We show that the thermal instability does not operate at the present very low level of the Sgr A* activity. However, Sgr A* was much more luminous in the past. For the highest luminosity states the two-phase medium can be created up to 1.4 pc from the centre. The presence of dust grains tends to suppress the instability, but the dust is destroyed in the presence of strong radiation field and hot plasma. The clumpiness is thus induced in the high activity period, and the cooling/heating timescales are long enough to preserve later the past multi-phase structure. The instability enhances the clumpiness of the mini-spiral medium and creates a possibility of episodes of enhanced accretion of cold clumps towards Sgr A*. The mechanism determines the range of masses and sizes of clouds; under the conditions of Sgr A*, the likely values come out $1$ - $10^2M_{\oplus}$ for the cloud typical mass.

We present various instability mechanisms in the accreting black hole systems which might indicate at the connection between the accretion disk and jet. The jets observed in microquasars can have a persistent or blobby morphology. Correlated with the accretion luminosity, this might provide a link to the cyclic outbursts of the disk. Such duty-cycle type of behavior on short timescales results from the thermal instability caused by the radiation pressure domination. The same type of instability may explain the cyclic radioactivity of the supermassive black hole systems. The somewhat longer timescales are characteristic for the instability caused by the partial hydrogen ionization. The distortions of the jet direction and complex morphology of the sources can be caused by precession of the disk-jet axis., Comment: 2 pages, 2 figures; Proceedings of the 275 IAU Symposium "Jets at all scales", Buenos Aires, 13-17.09.2010; eds. G. Romero, R. Sunyaev, T. Belloni

We study how axisymmetric magnetohydrodynamical (MHD) accretion flows depend on gamma adiabatic index in the polytropic equation of state. This work is an extension of Moscibrodzka & Proga (2008), where we investigated the gamma dependence of 2-D Bondi-like accretion flows in the hydrodynamical (HD) limit. Our main goal is to study if simulations for various gamma can give us insights into to the problem of various modes of accretion observed in several types of accretion systems such as black hole binaries (BHB), active galactic nuclei (AGN), and gamma-ray bursts (GRBs). We find that for gamma >~ 4/3, the fast rotating flow forms a thick torus that is supported by rotation and gas pressure. As shown before for gamma=5/3, such a torus produces a strong, persistent bipolar outflow that can significantly reduce the polar funnel accretion of a slowly rotating flow. For low gamma, close to 1, the torus is thin and is supported by rotation. The thin torus produces an unsteady outflow which is too weak to propagate throughout the polar funnel inflow. Compared to their HD counterparts, the MHD simulations show that the magnetized torus can produce an outflow and does not exhibit regular oscillations. Generally, our simulations demonstrate how the torus thickness affects the outflow production. They also support the notion that the geometrical thickness of the torus correlates with the power of the torus outflow. Our results, applied to observations, suggest that the torus ability to radiatively cool and become thin can correspond to a suppression of a jet as observed in the BHB during a transition from a hard/low to soft/high spectral state and a transition from a quiescent to hard/low state in AGN., 17 pages, 7 figures, accepted for publication in MNRAS

We consider the sample of weakly active galactic nuclei from the Local Universe. We apply the Bondi model to describe the dynamics of the accreting gas and we calculate the emerging radiation spectra and the effective efficiency of the flow. We show that in most cases the Bondi flow does not predict the observed X‐ray luminosities LX when equipartition of the gas pressure with magnetic field is assumed. Nevertheless, in some cases LX can be fitted to the data while changing model parameters.