Anomalous price impact and the critical nature of liquidity in financial markets

We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V-shaped and {\it vanishes} around the current price. This result is generic, and only relies on mild assumptions about the order flow and on the fact that prices are (to a first approximation) diffusive. This naturally accounts for two striking stylized facts: first, large metaorders have to be fragmented in order to be digested by the liquidity funnel, leading to long-memory in the sign of the order flow. Second, the anomalously small local liquidity induces a breakdown of linear response and a diverging impact of small orders, explaining the "square-root" impact law, for which we provide additional empirical support. Finally, we test our arguments quantitatively using a numerical model of order flow based on the same minimal ingredients.Comment: 16 pages, 7 figure

Analysis of a Very Massive DA White Dwarf via the Trigonometric Parallax and Spectroscopic Methods

By two different methods, we show that LHS 4033 is an extremely massive white dwarf near its likely upper mass limit for destruction by unstable electron captures. From the accurate trigonometric parallax reported herein, the effective temperature (T=10,900 K) and the stellar radius (R=0.00368 R_sun) are directly determined from the broad-band spectral energy distribution -- the parallax method. The effective temperature and surface gravity are also estimated independently from the simultaneous fitting of the observed Balmer line profiles with those predicted from pure-hydrogen model atmospheres -- the spectroscopic method (T=10,760 K, log g=9.46). The mass of LHS 4033 is then inferred from theoretical mass-radius relations appropriate for white dwarfs. The parallax method yields a mass estimate of 1.310--1.330 M_sun, for interior compositions ranging from pure magnesium to pure carbon, respectively, while the spectroscopic method yields an estimate of 1.318--1.335 M_sun for the same core compositions. This star is the most massive white dwarf for which a robust comparison of the two techniques has been made.Comment: 17 pages, including 4 figures, Accepted for Ap.

Design and experimental evaluation of a swept supercritical Laminar Flow Control (LFC) airfoil

A large chord swept supercritical laminar flow control (LFC) airfoil was designed, constructed, and tested in the NASA Langley 8-ft Transonic Pressure Tunnel (TPT). The LFC airfoil experiment was established to provide basic information concerning the design and compatibility of high-performance supercritical airfoils with suction boundary layer control achieved through discrete fine slots or porous surface concepts. It was aimed at validating prediction techniques and establishing a technology base for future transport designs and drag reduction. Good agreement was obtained between measured and theoretically designed shockless pressure distributions. Suction laminarization was maintained over an extensive supercritical zone up to high Reynolds numbers before transition gradually moved forward. Full-chord laminar flow was maintained on the upper and lower surfaces at M sub infinity = 0.82 up to R sub c is less than or equal to 12 x 10 to the 6th power. When accounting for both the suction and wake drag, the total drag could be reducted by at least one-half of that for an equivalent turbulent airfoil. Specific objectives for the LFC experiment are given

State business: gender, sex and marriage in Tajikistan

This article examines the relation of the state to masculinity and sexuality by way of an exploration of the sexual problems of a young man and his wife in Tajikistan at the end of the Soviet era. It suggests that the regime’s inattention to this kind of issue was bound up with the importance to the state of projecting appropriate versions of masculinity. It further posits the idea that the continued refusal of the independent Tajik state to offer appropriate treatments for sexual dysfunction is consistent with the image of modernity President Rahmon wishes to present to the world. The article shows that as masculinity discursively occupies the superior gender position, with men expected to dominate, the state is itself impotent to respond when they are, in fact, unable to do so in sexual practice. However, the myth of male dominance persists to the point that it may prevent women from seeing beyond their subordination and finding mutually beneficial solutions in their familial and sexual relationships

The Anomalous Hall Effect in YBa2_2Cu3_3O7_7

The temperature dependence of the normal state Hall effect and magnetoresistance in YBa$_2$Cu$_3$O$_7$ is investigated using the Nearly Antiferromagnetic Fermi Liquid description of planar quasiparticles. We find that highly anisotropic scattering at different regions of the Fermi surface gives rise to the measured anomalous temperature dependence of the resistivity and Hall coefficient while yielding the universal temperature dependence of the Hall angle observed for both clean and dirty samples. This universality is shown to arise from the limited momentum transfers available for the anomalous, spin fluctuation scattering and is preserved for any system with strong antiferromagnetic correlations.Comment: REVTeX, 10 pages + 4 figures in a single (compressed/uuencoded) PostScript fil

Effect of side chains on the dielectric properties of alkyl esters derived from palm kernel oil

Alkyl ester derivatives were synthesized from laboratory purified palm kernel oil. The steps in the synthesis involved transesterification of palm kernel oil to produce a methyl ester, followed by epoxidation and then the grafting of side chains by esterification with propionic and butyric anhydride. The dielectric and thermal properties of the ester derivatives were analyzed and compared with the methyl ester. The melting point of the ester derivatives were found to reduce with side chain attachment and antioxidant improved its thermal stability. The dielectric loss was dominated by mobile charged particles and the chemical modification appeared to increase the rate at which electric double layer was formed at the electrode-liquid interface. The esters possessed excellent breakdown strengths suggesting that the processing to optimize their physical properties did not have a negative influence on their electrical breakdown strength. This product may prove useful as an insulation fluid in Electrical Power Transformers

Energy Conversion Alternatives Study (ECAS), General Electric Phase 1. Volume 2: Advanced energy conversion systems. Part 3: Direct energy conversion cycles

For abstract, see N76-23680

Failure of the ERBE scanner instrument aboard NOAA 10 spacecraft and results of failure analysis

The Earth Radiation Budget Experiment (ERBE) scanner instrument on the NOAA 10 spacecraft malfunctioned on May 22, 1989, after more than 4 years of in-flight operation. After the failure, all instrument operational mode commands were tested and the resulting data analyzed. Details of the tests and analysis of output data are discussed therein. The radiometric and housekeeping data appear to be valid. However, the instrument will not correctly execute operational scan mode commands or the preprogrammed calibration sequences. The data indicate the problem is the result of a failure in the internal address decoding circuity in one of the ROM (read only memory) chips of the instrument computer

Valence-bond crystal in a {111} slice of the pyrochlore antiferromagnet

We investigate theoretically the ordering effect of quantum spin fluctuations in a Heisenberg antiferromagnet on a two-dimensional network of corner sharing tetrahedra. This network is obtained as a {111} slice of the highly frustrated pyrochlore lattice, from which it inherits the equivalence of all three pairs of opposite bonds of each tetrahedron. The lowest-order (in 1/S) quantum corrections partially lift the huge degeneracy of the classical ground state and select an ensemble of states with long-range valence-bond order.Comment: 4 pages, 2 EPS figures. Minor revision: clarifications in response to referee comments, additional reference

Impact hazard protection efficiency by a small kinetic impactor

In this paper the ability of a small kinetic impactor spacecraft to mitigate an Earth-threatening asteroid is assessed by means of a novel measure of efficiency. This measure estimates the probability of a space system to deflect a single randomly-generated Earth-impacting object to a safe distance from the Earth. This represents a measure of efficiency that is not biased by the orbital parameters of a test-case object. A vast number of virtual Earth-impacting scenarios are investigated by homogenously distributing in orbital space a grid of 17,518 Earth impacting trajectories. The relative frequency of each trajectory is estimated by means Opik’s theory and Bottke’s near Earth objects model. A design of the entire mitigation mission is performed and the largest deflected asteroid computed for each impacting trajectory. The minimum detectable asteroid can also be estimated by an asteroid survey model. The results show that current technology would likely suffice against discovered airburst and local damage threats, whereas larger space systems would be necessary to reliably tackle impact hazard from larger threats. For example, it is shown that only 1,000 kg kinetic impactor would suffice to mitigate the impact threat of 27.1% of objects posing similar threat than that posed by Apophis