Margin trading and leverage management

We use granular data covering regulated (brokerage-financed) and unregulated (shadow-financed) margin trading during the 2015 market turmoil in China to provide the first systematic analysis of margin investors' characteristics, leverage management policies, and liquidation choices. We show that leverage constraints induced substantial forced and preemptive sales, and leverage and cash management differed substantially across investor and account types. We explore the relation between margin trading and shock propagation, and show that China's price limit rule led to unintended contagion across stocks. Compared to brokerage investors, shadow investors were closer to their leverage constraints, and played a more significant role in transmitting shocks across stocks

New fermions on the line in topological symmorphic metals

Topological metals and semimetals (TMs) have recently drawn significant interest. These materials give rise to condensed matter realizations of many important concepts in high-energy physics, leading to wide-ranging protected properties in transport and spectroscopic experiments. The most studied TMs, i.e., Weyl and Dirac semimetals, feature quasiparticles that are direct analogues of the textbook elementary particles. Moreover, the TMs known so far can be characterized based on the dimensionality of the band crossing. While Weyl and Dirac semimetals feature zero-dimensional points, the band crossing of nodal-line semimetals forms a one-dimensional closed loop. In this paper, we identify a TM which breaks the above paradigms. Firstly, the TM features triply-degenerate band crossing in a symmorphic lattice, hence realizing emergent fermionic quasiparticles not present in quantum field theory. Secondly, the band crossing is neither 0D nor 1D. Instead, it consists of two isolated triply-degenerate nodes interconnected by multi-segments of lines with two-fold degeneracy. We present materials candidates. We further show that triplydegenerate band crossings in symmorphic crystals give rise to a Landau level spectrum distinct from the known TMs, suggesting novel magneto-transport responses. Our results open the door for realizing new topological phenomena and fermions including transport anomalies and spectroscopic responses in metallic crystals with nontrivial topology beyond the Weyl/Dirac paradigm.Comment: 24 pages, 4 figures, and 1 tabl

Gapped Electronic Structure of Epitaxial Stanene on InSb(111)

Stanene (single-layer grey tin), with an electronic structure akin to that of graphene but exhibiting a much larger spin-orbit gap, offers a promising platform for room-temperature electronics based on the quantum spin Hall (QSH) effect. This material has received much theoretical attention, but a suitable substrate for stanene growth that results in an overall gapped electronic structure has been elusive; a sizable gap is necessary for room-temperature applications. Here, we report a study of stanene epitaxially grown on the (111)B-face of indium antimonide (InSb). Angle-resolved photoemission spectroscopy (ARPES) measurements reveal a gap of 0.44 eV, in agreement with our first-principles calculations. The results indicate that stanene on InSb(111) is a strong contender for electronic QSH applications.Comment: 15 pages, 4 figure