Pricing Liquidity Risk with Heterogeneous Investment Horizons

We develop an asset pricing model with stochastic transaction costs and investors with heterogeneous horizons. Depending on their horizon, investors hold different sets of assets in equilibrium. This generates segmentation and spillover effects for expected returns, where the liquidity (risk) premium of illiquid assets is determined by investor horizons and the correlation between liquid and illiquid asset returns. We estimate our model for the cross-section of U.S. stock returns and find that it generates a good fit, mainly due to a combination of a substantial expected liquidity premium and segmentation effects, while the liquidity risk premium is small

Anomalous response of superconducting titanium nitride resonators to terahertz radiation

We present an experimental study of KIDs fabricated of atomic layer deposited TiN films, and characterized at radiation frequencies of $350$~GHz. The responsivity to radiation is measured and found to increase with increasing radiation powers, opposite to what is expected from theory and observed for hybrid niobium titanium nitride / aluminium (NbTiN/Al) and all-aluminium (all-Al) KIDs. The noise is found to be independent of the level of the radiation power. The noise equivalent power (NEP) improves with higher radiation powers, also opposite to what is observed and well understood for hybrid NbTiN/Al and all-Al KIDs. We suggest that an inhomogeneous state of these disordered superconductors should be used to explain these observations

Метаморфози терміна "ідентичність" у західній філософській традиції

Стаття присвячена інтерпретації категорії «ідентичність» у європейській філософській традиції від Парменіда до П. Рікера. Авторка виокремлює головні чотири парадигми її тлумачення: космологічну, теоцентричну, новоєвропейську та сучасну. У статті також простежується еволюція змістовних значень слова «ідентичність» у західній та вітчизняній філософії та інших галузях гуманітарного знання.Статья посвящена интерпретации категории «идентичность» в европейской философской традиции от Парменида до П. Рикера. Автор выделяет четыре главные парадигмы её толкования: космологическую, теоцентрическую, новоевропейскую и современную. В статье также прослеживается эволюция содержательных значений слова «идентичность» в западной и отечественной философии и других областях гуманитарного знания

One- and two-photon spectroscopy of a flux qubit coupled to a microscopic defect

We observed the dynamics of a superconducting flux qubit coupled to an extrinsic quantum system (EQS). The presence of the EQS is revealed by an anticrossing in the spectroscopy of the qubit. The excitation of a two-photon transition to the third excited state of the qubit-EQS system allows us to extract detailed information about the energy level structure and the coupling of the EQS. We deduce that the EQS is a two-level system, with a transverse coupling to the qubit. The transition frequency and the coupling of the EQS changed during experiments, which supports the idea that the EQS is a two-level system of microscopic origin.Comment: accepted in Physical Review

Space hierarchy theorem revised

AbstractWe show that, for an arbitrary function h(n) and each recursive function ℓ(n), that are separated by a nondeterministically fully space constructible g(n), such that h(n)∈Ω(g(n)) but ℓ(n)∉Ω(g(n)), there exists a unary language L in NSPACE(h(n)) that is not contained in NSPACE(ℓ(n)). The same holds for the deterministic case.The main contribution to the well-known Space Hierarchy Theorem is that (i) the language L separating the two space classes is unary (tally), (ii) the hierarchy is independent of whether h(n) or ℓ(n) are in Ω(logn) or in o(logn), (iii) the functions h(n) or ℓ(n) themselves need not be space constructible nor monotone increasing, (iv) the hierarchy is established both for strong and weak space complexity classes. This allows us to present unary languages in such complexity classes as, for example, NSPACE(loglogn·log∗n)⧹NSPACE(loglogn), using a plain diagonalization

The role of BoFLC2 in cauliflower (Brassica oleracea var. botrytis L.) reproductive development

In agricultural species that are sexually propagated or whose marketable organ is a reproductive structure, management of the flowering process is critical. Inflorescence development in cauliflower is particularly complex, presenting unique challenges for those seeking to predict and manage flowering time. In this study, an integrated physiological and molecular approach was used to clarify the environmental control of cauliflower reproductive development at the molecular level. A functional allele of BoFLC2 was identified for the first time in an annual brassica, along with an allele disrupted by a frameshift mutation (boflc2). In a segregating F2 population derived from a cross between late-flowering (BoFLC2) and early-flowering (boflc2) lines, this gene behaved in a dosage-dependent manner and accounted for up to 65% of flowering time variation. Transcription of BoFLC genes was reduced by vernalization, with the floral integrator BoFT responding inversely. Overall expression of BoFT was significantly higher in early-flowering boflc2 lines, supporting the idea that BoFLC2 plays a key role in maintaining the vegetative state. A homologue of Arabidopsis VIN3 was isolated for the first time in a brassica crop species and was up-regulated by two days of vernalization, in contrast to findings in Arabidopsis where prolonged exposure to cold was required to elicit up-regulation. The correlations observed between gene expression and flowering time in controlled-environment experiments were validated with gene expression analyses of cauliflowers grown outdoors under 'natural' vernalizing conditions, indicating potential for transcript levels of flowering genes to form the basis of predictive assays for curd initiation and flowering time