Hit-and-run planetary collisions

Terrestrial planet formation is believed to have concluded in our Solar System with about 10 million to 100 million years of giant impacts, where hundreds of Moon- to Mars-sized planetary embryos acquired random velocities through gravitational encounters and resonances with one another and with Jupiter. This led to planet-crossing orbits and collisions that produced the four terrestrial planets, the Moon and asteroids. But here we show that colliding planets do not simply merge, as is commonly assumed. In many cases, the smaller planet escapes from the collision highly deformed, spun up, depressurized from equilibrium, stripped of its outer layers, and sometimes pulled apart into a chain of diverse objects. Remnants of these 'hit-and-run' collisions are predicted to be common among remnant planet-forming populations, and thus to be relevant to asteroid formation and meteorite petrogenesis.     

Can forecasters forecast successfully? Evidence from UK betting markets

This paper investigates the performance of professional racetrack forecasting services in the UK. The racetrack market is chosen for investigation because it offers a clear and well‐defined set of costs and returns. As such, it provides a useful perspective from which to consider the efficiency of professional forecasting performance. Five services are selected based on their reported success in a period prior to the sample selection. The results of this study indicate that all the services showed evidence of net pre‐tax profits, notably for more strongly recommended tips, but this would have required quite high stakes to cover the costs of accessing the information. Statistical tests of significance were unable, however, to confirm the evidence of profitability at conventional levels of acceptance. Taking into account the transactions costs of using these services, it is even more difficult to confirm the existence of abnormal returns. Copyright © 2000 John Wiley & Sons, Ltd.