The Search for Benchmarks: When Do Crowds Provide Wisdom?

We compare the performance of a comprehensive set of alternative peer identification schemes used in economic benchmarking. Our results show the peer firms identified from aggregation of informed agents' revealed choices in Lee, Ma, and Wang (2014) perform best, followed by peers with the highest overlap in analyst coverage, in explaining cross-sectional variations in base firms' out-of-sample: (a) stock returns, (b) valuation multiples, (c) growth rates, (d) R&D expenditures, (e) leverage, and (f) profitability ratios. Conversely, peers firms identified by Google and Yahoo Finance, as well as product market competitors gleaned from 10-K dis-closures, turned in consistently worse performances. We contextualize these results in a simple model that predicts when information aggregation across heterogeneously informed individuals is likely to lead to improvements in dealing with the problem of economic benchmarking

Pairwise Force SPH Model for Real-Time Multi-Interaction Applications

In this paper, we present a novel pairwise-force smoothed particle hydrodynamics (PF-SPH) model to allow modeling of various interactions at interfaces in real time. Realistic capture of interactions at interfaces is a challenging problem for SPH-based simulations, especially for scenarios involving multiple interactions at different interfaces. Our PF-SPH model can readily handle multiple kinds of interactions simultaneously in a single simulation; its basis is to use a larger support radius than that used in standard SPH. We adopt a novel anisotropic filtering term to further improve the performance of interaction forces. The proposed model is stable; furthermore, it avoids the particle clustering problem which commonly occurs at the free surface. We show how our model can be used to capture various interactions. We also consider the close connection between droplets and bubbles, and show how to animate bubbles rising in liquid as well as bubbles in air. Our method is versatile, physically plausible and easy-to-implement. Examples are provided to demonstrate the capabilities and effectiveness of our approach

Energy Spectrum of Bloch Electrons Under Checkerboard Field Modulations

Two-dimensional Bloch electrons in a uniform magnetic field exhibit complex energy spectrum. When static electric and magnetic modulations with a checkerboard pattern are superimposed on the uniform magnetic field, more structures and symmetries of the spectra are found, due to the additional adjustable parameters from the modulations. We give a comprehensive report on these new symmetries. We have also found an electric-modulation induced energy gap, whose magnitude is independent of the strength of either the uniform or the modulated magnetic field. This study is applicable to experimentally accessible systems and is related to the investigations on frustrated antiferromagnetism.Comment: 8 pages, 6 figures (reduced in sizes), submitted to Phys. Rev.

Fast Multiple-Fluid Simulation Using Helmholtz Free Energy

Multiple-fluid interaction is an interesting and common visual phenomenon we often observe. In this paper, we present an energybased Lagrangian method that expands the capability of existing multiple-fluid methods to handle various phenomena, such as extraction, partial dissolution, etc. Based on our user-adjusted Helmholtz free energy functions, the simulated fluid evolves from high-energy states to low-energy states, allowing flexible capture of various mixing and unmixing processes. We also extend the original Cahn-Hilliard equation to be better able to simulate complex fluid-fluid interaction and rich visual phenomena such as motionrelated mixing and position based pattern. Our approach is easily integrated with existing state-of-the-art smooth particle hydrodynamic (SPH) solvers and can be further implemented on top of the position based dynamics (PBD) method, improving the stability and incompressibility of the fluid during Lagrangian simulation under large time steps. Performance analysis shows that our method is at least 4 times faster than the state-of-the-art multiple-fluid method. Examples are provided to demonstrate the new capability and effectiveness of our approach

Hysteresis effect in \nu=1 quantum Hall system under periodic electrostatic modulation

The effect of a one-dimensional periodic electrostatic modulation on quantum Hall systems with filling factor \nu=1 is studied. We propose that, either when the amplitude of the modulation potential or the tilt angle of the magnetic field is varied, the system can undergo a first-order phase transition from a fully spin-polarized homogeneous state to a partially spin-polarized charge-density-wave state, and show hysteresis behavior of the spin polarization. This is confirmed by our self-consistent numerical calculations within the Hartree-Fock approximation. Finally we suggest that the \nu=1/3 fractional quantum Hall state may also show similar hysteresis behavior in the presence of a periodic potential modulation.Comment: RevTeX, 4 page, 3 EPS figure

Understorey plant community and light availability in conifer plantations and natural hardwood forests in Taiwan

Questions: What are the effects of replacing mixed species natural forests with Cryptomeria japonica plantations on understorey plant functional and species diversity? What is the role of the understorey light environment in determining understorey diversity and community in the two types of forest? Location: Subtropical northeast Taiwan. Methods: We examined light environments using hemispherical photography, and diversity and composition of understorey plants of a 35‐yr C. japonica plantation and an adjacent natural hardwood forest. Results: Understorey plant species richness was similar in the two forests, but the communities were different; only 18 of the 91 recorded understorey plant species occurred in both forests. Relative abundance of plants among different functional groups differed between the two forests. Relative numbers of shade‐tolerant and shade‐intolerant seedling individuals were also different between the two forest types with only one shade‐intolerant seedling in the plantation compared to 23 seedlings belonging to two species in the natural forest. In the natural forest 11 species of tree seedling were found, while in the plantation only five were found, and the seedling density was only one third of that in the natural forest. Across plots in both forests, understorey plant richness and diversity were negatively correlated with direct sunlight but not indirect sunlight, possibly because direct light plays a more important role in understorey plant growth. Conclusions: We report lower species and functional diversity and higher light availability in a natural hardwood forest than an adjacent 30‐yr C. japonica plantation, possibly due to the increased dominance of shade‐intolerant species associated with higher light availability. To maintain plant diversity, management efforts must be made to prevent localized losses of shade‐adapted understorey plants

The Simplest Little Higgs

We show that the SU(3) little Higgs model has a region of parameter space in which electroweak symmetry breaking is natural and in which corrections to precision electroweak observables are sufficiently small. The model is anomaly free, generates a Higgs mass near 150 GeV, and predicts new gauge bosons and fermions at 1 TeV.Comment: 13 pages + appendix, typos corrected, version to appear in JHE

Congruences of lines in P5\mathbb{P}^5, quadratic normality, and completely exceptional Monge-Amp\`ere equations

The existence is proved of two new families of locally Cohen-Macaulay sextic threefolds in $\mathbb{P}^5$, which are not quadratically normal. These threefolds arise naturally in the realm of first order congruences of lines as focal loci and in the study of the completely exceptional Monge-Amp\`ere equations. One of these families comes from a smooth congruence of multidegree $(1,3,3)$ which is a smooth Fano fourfold of index two and genus 9.Comment: 16 page

Effects of the field modulation on the Hofstadter's spectrum

We study the effect of spatially modulated magnetic fields on the energy spectrum of a two-dimensional (2D) Bloch electron. Taking into account four kinds of modulated fields and using the method of direct diagonalization of the Hamiltonian matrix, we calculate energy spectra with varying system parameters (i.e., the kind of the modulation, the relative strength of the modulated field to the uniform background field, and the period of the modulation) to elucidate that the energy band structure sensitively depends on such parameters: Inclusion of spatially modulated fields into a uniform field leads occurrence of gap opening, gap closing, band crossing, and band broadening, resulting distinctive energy band structure from the Hofstadter's spectrum. We also discuss the effect of the field modulation on the symmetries appeared in the Hofstadter's spectrum in detail.Comment: 7 pages (in two-column), 10 figures (including 2 tables