The Pump-Priming Effect of Regulatory Reform on Stock Repurchases : Evidence from Lifting the Ban on Treasury Stocks in Japan

This study investigates corporate reactions to the deregulation of stock repurchases set forth on 1 October 2001, in Japan, by looking at the motivations for stock repurchases. We found that stock repurchases increased significantly after the ban on treasury stocks was lifted. Our results show that firms with free-cash flow problems initiated a repurchase plan to distribute excess cash to shareholders and reduce agency costs over the sample period. In addition, firms who wanted to signal undervaluation also undertook stock repurchases over the sample period. These firms were affected by the deregulation, unlike firms that repurchase to reduce agency costs. We determined that firms with weak incentives to signal undervaluation increased stock repurchases significantly in order to respond to the deregulation, since these firms had the ability to take advantage of treasury stock purchases.Treasury stocks, Undervaluation, Takeover deterrence, Capital structure, Cash distribution

Artist Agent: A Reinforcement Learning Approach to Automatic Stroke Generation in Oriental Ink Painting

Oriental ink painting, called Sumi-e, is one of the most appealing painting styles that has attracted artists around the world. Major challenges in computer-based Sumi-e simulation are to abstract complex scene information and draw smooth and natural brush strokes. To automatically find such strokes, we propose to model the brush as a reinforcement learning agent, and learn desired brush-trajectories by maximizing the sum of rewards in the policy search framework. We also provide elaborate design of actions, states, and rewards tailored for a Sumi-e agent. The effectiveness of our proposed approach is demonstrated through simulated Sumi-e experiments.Comment: ICML201

Feature Selection via L1-Penalized Squared-Loss Mutual Information

Feature selection is a technique to screen out less important features. Many existing supervised feature selection algorithms use redundancy and relevancy as the main criteria to select features. However, feature interaction, potentially a key characteristic in real-world problems, has not received much attention. As an attempt to take feature interaction into account, we propose L1-LSMI, an L1-regularization based algorithm that maximizes a squared-loss variant of mutual information between selected features and outputs. Numerical results show that L1-LSMI performs well in handling redundancy, detecting non-linear dependency, and considering feature interaction.Comment: 25 page

Persistent Skyrmion Lattice of Noninteracting Electrons with Spin-Orbit Coupling

A persistent spin helix (PSH) is a robust helical spin-density pattern arising in disordered 2D electron gases with Rashba $\alpha$ and Dresselhaus $\beta$ spin-orbit (SO) tuned couplings, i.e., $\alpha=\pm\beta$. Here we investigate the emergence of a Persistent Skyrmion Lattice (PSL) resulting from the coherent superposition of PSHs along orthogonal directions -- crossed PSHs -- in wells with two occupied subbands $\nu=1,2$. For realistic GaAs wells we show that the Rashba $\alpha_\nu$ and Dresselhaus $\beta_\nu$ couplings can be simultaneously tuned to equal strengths but opposite signs, e.g., $\alpha_1= \beta_1$ and $\alpha_2=-\beta_2$. In this regime and away from band anticrossings, our {\it non-interacting} electron gas sustains a topologically non-trivial skyrmion-lattice spin-density excitation, which inherits the robustness against spin-independent disorder and interactions from its underlying crossed PSHs. We find that the spin relaxation rate due to the interband SO coupling is comparable to that of the cubic Dresselhaus term as a mechanism of the PSL decay. Near anticrossings, the interband-induced spin mixing leads to unusual spin textures along the energy contours beyond those of the Rahsba-Dresselhaus bands. Our PSL opens up the unique possibility of observing topological phenomena, e.g., topological and skyrmion Hall effects, in ordinary GaAs wells with non-interacting electrons.Comment: 5 pages, 2 figures; changed the presentation and added supplemental material (17 pages, 1 figure

Spin Hall effect due to intersubband-induced spin-orbit interaction in symmetric quantum wells

We investigate the intrinsic spin Hall effect in two-dimensional electron gases in quantum wells with two subbands, where a new intersubband-induced spin-orbit coupling is operative. The bulk spin Hall conductivity $\sigma^z_{xy}$ is calculated in the ballistic limit within the standard Kubo formalism in the presence of a magnetic field $B$ and is found to remain finite in the B=0 limit, as long as only the lowest subband is occupied. Our calculated $\sigma^z_{xy}$ exhibits a nonmonotonic behavior and can change its sign as the Fermi energy (the carrier areal density $n_{2D}$) is varied between the subband edges. We determine the magnitude of $\sigma^z_{xy}$ for realistic InSb quantum wells by performing a self-consistent calculation of the intersubband-induced spin-orbit coupling.Comment: 7 pages, 3 figure

Heavy Quark Radiative Energy Loss - Applications to RHIC

Heavy quark energy loss in a hot QCD plasma is computed taking into account the competing effects due to suppression of zeroth order gluon radiation bellow the plasma frequency and the enhancement of gluon radiation due to transition energy loss and medium induced Bremsstrahlung. Heavy quark medium induced radiative energy loss is derived to all orders in opacity, $(L/\lambda_g)^n$. Numerical evaluation of the energy loss suggest small suppression of high $p_\perp$ charm quarks, and therefore provide a possible explanation for the null effects observed by PHENIX in the prompt electron spectrum in $Au+Au$ as $\sqrt{s}=130$ and 200 AGeV.Comment: 4 pages, 4 figures, Contributed to 17th International Conference on Ultra Relativistic Nucleus-Nucleus Collisions (Quark Matter 2004), Oakland, California, 11-17 Jan 200