Using synchronous transactions data for IBM from the New York, Pacific, and Midwest Stock Exchanges, we estimate an error correction model to investigate whether each of the exchanges is contributing to price discovery. Johansen's test yields two cointegrating vectors, which together verify the expected long-run equilibrium of equal prices across the three exchanges. Two error correction terms specified as the differences from IBM prices on the NYSE indicate that adjustments maintaining the long-run cointegration equilibrium take place on all three exchanges. That is, IBM prices on the NYSE adjust toward IBM prices on the Midwest and Pacific Exchanges, just as Midwest and Pacific prices adjust to the NYSE.

We consider the application of photorefractive beam fanning as an optical limiter. Results indicate that by focusing the incident laser light into the photorefractive crystal and by applying electric fields that limiting is possible at the 10μJ range with an optical density or O. D. of 3. These results are independent of the incident optical pulse width.

Optical limiting in a solution of tetrabenzporphyrin (TBP) dissolved in tetrahydrofuran (THF) was measured in an f/5 optical focusing arrangement using 532 nm wavelength laser light with a 9 ns pulse duration. The performance of this solution was compared to a variety of other materials. In order to better understand the nonlinear behavior of this material, apertured and unapertured Z-scans were performed. From these measurements it was determined that the excited-state cross section and its ratio to ground-state cross section were large. The nonlinear refraction of this material is made up of contributions from thermal density change and population redistribution. Limiter performance was modeled in an f/64 limiter. The limiter behavior of a slightly modified compound and an additional solvent were measured.