Two-stage Kondo effect in a four-electron artificial atom

An artificial atom with four electrons is driven through a singlet-triplet transition by varying the confining potential. In the triplet, a Kondo peak with a narrow dip at drain-source voltage V_ds=0 is observed. The low energy scale V_ds* characterizing the dip is consistent with predictions for the two-stage Kondo effect. The phenomenon is studied as a function of temperature T and magnetic field B, parallel to the two-dimensional electron gas. The low energy scales T* and B* are extracted from the behavior of the zero-bias conductance and are compared to the low energy scale V_ds* obtained from the differential conductance. Good agreement is found between kT* and |g|muB*, but eV_ds* is larger, perhaps because of nonequilibrium effects.Comment: 7 pages, 7 figures. Added labels on Fig. 3f and one referenc

Detecting intraday periodicities with application to high frequency exchange rates

Many recent papers have documented periodicities in returns, return volatility, bid–ask spreads and trading volume, in both equity and foreign exchange markets. We propose and employ a new test for detecting subtle periodicities in time series data based on a signal coherence function. The technique is applied to a set of seven half-hourly exchange rate series. Overall, we find the signal coherence to be maximal at the 8-h and 12-h frequencies. Retaining only the most coherent frequencies for each series, we implement a trading rule that is based on these observed periodicities. Our results demonstrate in all cases except one that, in gross terms, the rules can generate returns that are considerably greater than those of a buy-and-hold strategy, although they cannot retain their profitability net of transactions costs. We conjecture that this methodology could constitute an important tool for financial market researchers which will enable them to detect, quantify and rank the various periodic components in financial data better

Time series aggregation, disaggregation and long memory

We study the aggregation/disaggregation problem of random parameter AR(1) processes and its relation to the long memory phenomenon. We give a characterization of a subclass of aggregated processes which can be obtained from simpler, "elementary", cases. In particular cases of the mixture densities, the structure (moving average representation) of the aggregated process is investigated

Macroeconometric Modelling with a Global Perspective

This paper provides a synthesis and further development of a global modelling approach introduced in Pesaran, Schuermann and Weiner (2004), where country specific models in the form of VARX* structures are estimated relating a vector of domestic variables to their foreign counterparts and then consistently combined to form a Global VAR (GVAR). It is shown that VARX* models can be derived as the solution to a dynamic stochastic general equilibrium (DSGE) model where over-identifying long-run theoretical relations can be tested and imposed if acceptable. Similarly, short-run over-identifying theoretical restrictions can be tested and imposed if accepted. The assumption of the weak exogeneity of the foreign variables for the long-run parameters can be tested, where foreign variables can be interpreted as proxies for global factors. Rather than using deviations from ad hoc statistical trends, the equilibrium values of the variables reflecting the long-run theory embodied in the model can be calculated

Analysis of aggregated tick returns: evidence for anomalous diffusion

In order to investigate the origin of large price fluctuations, we analyze stock price changes of ten frequently traded NASDAQ stocks in the year 2002. Though the influence of the trading frequency on the aggregate return in a certain time interval is important, it cannot alone explain the heavy tailed distribution of stock price changes. For this reason, we analyze intervals with a fixed number of trades in order to eliminate the influence of the trading frequency and investigate the relevance of other factors for the aggregate return. We show that in tick time the price follows a discrete diffusion process with a variable step width while the difference between the number of steps in positive and negative direction in an interval is Gaussian distributed. The step width is given by the return due to a single trade and is long-term correlated in tick time. Hence, its mean value can well characterize an interval of many trades and turns out to be an important determinant for large aggregate returns. We also present a statistical model reproducing the cumulative distribution of aggregate returns. For an accurate agreement with the empirical distribution, we also take into account asymmetries of the step widths in different directions together with crosscorrelations between these asymmetries and the mean step width as well as the signs of the steps.Comment: 9 pages, 10 figures, typos correcte

Quantum interference and phonon-mediated back-action in lateral quantum dot circuits

Spin qubits have been successfully realized in electrostatically defined, lateral few-electron quantum dot circuits. Qubit readout typically involves spin to charge information conversion, followed by a charge measurement made using a nearby biased quantum point contact. It is critical to understand the back-action disturbances resulting from such a measurement approach. Previous studies have indicated that quantum point contact detectors emit phonons which are then absorbed by nearby qubits. We report here the observation of a pronounced back-action effect in multiple dot circuits where the absorption of detector-generated phonons is strongly modified by a quantum interference effect, and show that the phenomenon is well described by a theory incorporating both the quantum point contact and coherent phonon absorption. Our combined experimental and theoretical results suggest strategies to suppress back-action during the qubit readout procedure.Comment: 25 pages, 8 figure

Impact of Unexpected Events, Shocking News and Rumours on Foreign Exchange Market Dynamics

We analyze the dynamical response of the world's financial community to various types of unexpected events, including the 9/11 terrorist attacks as they unfolded on a minute-by-minute basis. We find that there are various 'species' of news, characterized by how quickly the news get absorbed, how much meaning and importance is assigned to it by the community, and what subsequent actions are then taken. For example, the response to the unfolding events of 9/11 shows a gradual collective understanding of what was happening, rather than an immediate realization. For news items which are not simple economic statements, and hence whose implications are not immediately obvious, we uncover periods of collective discovery during which collective opinions seem to oscillate in a remarkably synchronized way. In the case of a rumour, our findings also provide a concrete example of contagion in inter-connected communities. Practical applications of this work include the possibility of producing selective newsfeeds for specific communities, based on their likely impact

The core phageome and its interrelationship with preterm human milk lipids

\ua9 2023 The AuthorsPhages and lipids in human milk (HM) may benefit preterm infant health by preventing gastrointestinal pathobiont overgrowth and microbiome modulation. Lipid association may promote vertical transmission of phages to the infant. Despite this, interrelationships between lipids and phages are poorly characterized in preterm HM. Shotgun metagenomics and untargeted lipidomics of phage and lipid profiles from 99 preterm HM samples reveals that phages are abundant and prevalent from the first week and throughout the first 100 days of lactation. Phage-host richness of preterm HM increases longitudinally. Core phage communities characterized by Staphylococcus- and Propionibacterium-infecting phages are significantly correlated with long-chain fatty acid abundances over lactational age. We report here a phage-lipid interaction in preterm HM, highlighting the potential importance of phage carriage in preterm HM. These results reveal possible strategies for phage carriage in HM and their importance in early-life microbiota development