Jets in Effective Theory: Summing Phase Space Logs

We demonstrate how to resum phase space logarithms in the Sterman-Weinberg (SW) dijet decay rate within the context of Soft Collinear Effective theory (SCET). An operator basis corresponding to two and three jet events is defined in SCET and renormalized. We obtain the RGE of the two and three jet operators and run the operators from the scale $\mu^2 = Q^2$ to the phase space scale $\mu^2_\delta = \delta^2 Q^2$. This phase space scale, where $\delta$ is the cone half angle of the jet, defines the angular region of the jet. At $\mu^2_{\delta}$ we determine the mixing of the three and two jet operators. We combine these results with the running of the two jet shape function, which we run down to an energy cut scale $\mu^2_{\beta}$. This defines the resumed SW dijet decay rate in the context of SCET. The approach outlined here demonstrates how to establish a jet definition in the context of SCET. This allows a program of systematically improving the theoretical precision of jet phenomenology to be carried out.Comment: 25 pages, 4 figures, V2: Typos fixed, writing clarified, detail on PSRG added. Matching onto jet definition changed to taking place at collinear scal

Drift dependence of optimal trade execution strategies under transient price impact

We give a complete solution to the problem of minimizing the expected liquidity costs in presence of a general drift when the underlying market impact model has linear transient price impact with exponential resilience. It turns out that this problem is well-posed only if the drift is absolutely continuous. Optimal strategies often do not exist, and when they do, they depend strongly on the derivative of the drift. Our approach uses elements from singular stochastic control, even though the problem is essentially non-Markovian due to the transience of price impact and the lack in Markovian structure of the underlying price process. As a corollary, we give a complete solution to the minimization of a certain cost-risk criterion in our setting

Light--like Wilson loops and gauge invariance of Yang--Mills theory in 1+1 dimensions

A light-like Wilson loop is computed in perturbation theory up to ${\cal O} (g^4)$ for pure Yang--Mills theory in 1+1 dimensions, using Feynman and light--cone gauges to check its gauge invariance. After dimensional regularization in intermediate steps, a finite gauge invariant result is obtained, which however does not exhibit abelian exponentiation. Our result is at variance with the common belief that pure Yang--Mills theory is free in 1+1 dimensions, apart perhaps from topological effects.Comment: 10 pages, plain TeX, DFPD 94/TH/

An Optimal Execution Problem with Market Impact

We study an optimal execution problem in a continuous-time market model that considers market impact. We formulate the problem as a stochastic control problem and investigate properties of the corresponding value function. We find that right-continuity at the time origin is associated with the strength of market impact for large sales, otherwise the value function is continuous. Moreover, we show the semi-group property (Bellman principle) and characterise the value function as a viscosity solution of the corresponding Hamilton-Jacobi-Bellman equation. We introduce some examples where the forms of the optimal strategies change completely, depending on the amount of the trader's security holdings and where optimal strategies in the Black-Scholes type market with nonlinear market impact are not block liquidation but gradual liquidation, even when the trader is risk-neutral.Comment: 36 pages, 8 figures, a modified version of the article "An optimal execution problem with market impact" in Finance and Stochastics (2014

Instanton Contribution to the Quark Form Factor

The nonperturbative effects in the quark form factor are considered in the Wilson loop formalism. The properties of the Wilson loops with cusp singularities are studied taking into account the perturbative and nonperturbative contributions, where the latter are considered within the framework of the instanton liquid model. For the integration path corresponding to this form factor -- the angle with infinite sides -- the explicit expression for the vacuum expectation value of the Wilson operator is found to leading order. The calculations are performed in the weak-field limit for the instanton vacuum contribution and compared with the one- and two-loop order results for the perturbative part. It is shown that the instantons produce the powerlike corrections to the perturbative result, which are comparable in magnitude with the perturbative part at the scale of order of the inverse average instanton size. It is demonstrated that the instanton contributions to the quark form factor are exponentiated to high orders in the small instanton density parameter.Comment: Version coincident with the journal publication. LaTeX, 15 pages, 1 figur

Exponentiation of the Drell-Yan cross section near partonic threshold in the DIS and MSbar schemes

It has been observed that in the DIS scheme the refactorization of the Drell-Yan cross section leading to exponentiation of threshold logarithms can also be used to organize a class of constant terms, most of which arise from the ratio of the timelike Sudakov form factor to its spacelike counterpart. We extend this exponentiation to include all constant terms, and demonstrate how a similar organization may be achieved in the MSbar scheme. We study the relevance of these exponentiations in a two-loop analysis.Comment: 20 pages, JHEP style, no figure

Dijet Event Shapes as Diagnostic Tools

Event shapes have long been used to extract information about hadronic final states and the properties of QCD, such as particle spin and the running coupling. Recently, a family of event shapes, the angularities, has been introduced that depends on a continuous parameter. This additional parameter-dependence further extends the versatility of event shapes. It provides a handle on nonperturbative power corrections, on non-global logarithms, and on the flow of color in the final state.Comment: 18 pages, 3 figure

Electroweak Gauge-Boson Production at Small q_T: Infrared Safety from the Collinear Anomaly

Using methods from effective field theory, we develop a novel, systematic framework for the calculation of the cross sections for electroweak gauge-boson production at small and very small transverse momentum q_T, in which large logarithms of the scale ratio M_V/q_T are resummed to all orders. These cross sections receive logarithmically enhanced corrections from two sources: the running of the hard matching coefficient and the collinear factorization anomaly. The anomaly leads to the dynamical generation of a non-perturbative scale q_* ~ M_V e^{-const/\alpha_s(M_V)}, which protects the processes from receiving large long-distance hadronic contributions. Expanding the cross sections in either \alpha_s or q_T generates strongly divergent series, which must be resummed. As a by-product, we obtain an explicit non-perturbative expression for the intercept of the cross sections at q_T=0, including the normalization and first-order \alpha_s(q_*) correction. We perform a detailed numerical comparison of our predictions with the available data on the transverse-momentum distribution in Z-boson production at the Tevatron and LHC.Comment: 34 pages, 9 figure

The Extraction of VubV_{ub} from Inclusive B Decays and the Resummation of End Point Logs

In this paper we discuss the theoretical difficulties in extracting $V_{ub}$ using the data from inclusive B decays. Specifically, we address the issue of the end point singularities. We perform the resummation of both the leading and next to leading end point logs and include the leading corrections to the hard scattering amplitude. We find that the resummation is a $20\%-50\%$ effect in the end point region where the resummation is valid. Furthermore, the resummed sub-leading logs dominate the resummed double logs. The consequences of this result for a model independent extraction of the mixing angle $V_{ub}$ are explored.Comment: Published Version. Minor changes in discussion. 31 pages, 4 figure

Instanton Corrections to Quark Form Factor at Large Momentum Transfer

Within the Wilson integral formalism, we discuss the structure of nonperturbative corrections to the quark form factor at large momentum transfer analyzing the infrared renormalon and instanton effects. We show that the nonperturbative effects determine the initial value for the perturbative evolution of the quark form factor and attribute their general structure to the renormalon ambiguities of the perturbative series. It is demonstrated that the instanton contributions result in the finite renormalization of the next-to-leading perturbative result and numerically are characterized by a small factor reflecting the diluteness of the QCD vacuum within the instanton liquid model.Comment: Version coincident with the journal publication, 9 pages; REVTe