Investor Competence, Trading Frequency, and Home Bias

People are more willing to bet on their own judgments when they feel skillful or knowledgeable (Heath and Tversky (1991)). We investigate whether this "competence effect" influences trading frequency and home bias. We find that investors who feel competent trade more often and have a more internationally diversified portfolio. We also find that male investors, and investors with higher income or more education, are more likely to perceive themselves as competent investors than are female investors, and investors with lower income or less education. Our results are unlikely to be explained by other hypotheses, such as overconfidence or information advantage. Finally, we separately establish a link between optimism towards the home market and international portfolio diversification.

On the proof of some theorem on locally nilpotent subgroups in division rings

In Hai-Thin (2009), there is a theorem, stating that every locally nilpotent subnormal subgroup in a division ring $D$ is central (see Hai-Thin (2009, Th. 2.2)). Unfortunately, there is some mistake in the proof of this theorem. In this note we give the another proof of this theorem.Comment: 3 page

Diquark Higgs at LHC

Existence of color sextet diquark Higgs fields with TeV masses will indicate a fundamentally different direction for unification than conventional grand unified theories. There is a class of partial unification models based on the gauge group $SU(2)_L\times SU(2)_R\times SU(4)_c$ that implement the seesaw mechanism for neutrino mass with seesaw scale around $10^{11}$ GeV, where indeed such light fields appear naturally despite the high gauge symmetry breaking scale. They couple only to up-type quarks in this model. We discuss phenomenological constraints on these fields and show that they could be detected at LHC via their decay to either $tt$ or single top + jet. We also find that existing Tevatron data gives a lower bound on its mass somewhere in the 400-500 GeV, for reasonable values of its coupling.Comment: 5 pages, 3 figure

Population synthesis of accreting white dwarfs: II. X-ray and UV emission

Accreting white dwarfs (WDs) with non-degenerate companions are expected to emit in soft X-rays and the UV, if accreted H-rich material burns stably. They are an important component of the unresolved emission of elliptical galaxies, and their combined ionizing luminosity may significantly influence the optical line emission from warm ISM. In an earlier paper we modeled populations of accreting WDs, first generating WD with main-sequence, Hertzsprung gap and red giant companions with the population synthesis code \textsc{BSE}, and then following their evolution with a grid of evolutionary tracks computed with \textsc{MESA}. Now we use these results to estimate the soft X-ray (0.3-0.7keV), H- and He II-ionizing luminosities of nuclear burning WDs and the number of super-soft X-ray sources for galaxies with different star formation histories. For the starburst case, these quantities peak at $\sim 1$ Gyr and decline by $\sim 1-3$ orders of magnitude by the age of 10 Gyr. For stellar ages of $\sim$~10 Gyr, predictions of our model are consistent with soft X-ray luminosities observed by Chandra in nearby elliptical galaxies and He II 4686$\AA/\rm{H}{\beta}$ line ratio measured in stacked SDSS spectra of retired galaxies, the latter characterising the strength and hardness of the UV radiation field. However, the soft X-ray luminosity and He~II~4686$\AA/\rm{H}{\beta}$ ratio are significantly overpredicted for stellar ages of $\lesssim 4-8$ Gyr. We discuss various possibilities to resolve this discrepancy and tentatively conclude that it may be resolved by a modification of the typically used criteria of dynamically unstable mass loss for giant stars.Comment: 13 pages, 12 figures, MNRAS accepte

Next generation population synthesis of accreting white dwarfs: I. Hybrid calculations using BSE + MESA

Accreting, nuclear-burning white dwarfs have been deemed to be candidate progenitors of type Ia supernovae, and to account for supersoft X-ray sources, novae, etc. depending on their accretion rates. We have carried out a binary population synthesis study of their populations using two algorithms. In the first, we use the binary population synthesis code \textsf{BSE} as a baseline for the "rapid" approach commonly used in such studies. In the second, we employ a "hybrid" approach, in which we use \textsf{BSE} to generate a population of white dwarfs (WD) with non-degenerate companions on the verge of filling their Roche lobes. We then follow their mass transfer phase using the detailed stellar evolution code \textsf{MESA}. We investigate the evolution of the number of rapidly accreting white dwarfs (RAWDs) and stably nuclear-burning white dwarfs (SNBWDs), and estimate the type Ia supernovae (SNe Ia) rate produced by "single-degenerate" systems (SD). We find significant differences between the two algorithms in the predicted numbers of SNBWDs at early times, and also in the delay time distribution (DTD) of SD SNe Ia. Such differences in the treatment of mass transfer may partially account for differences in the SNe Ia rate and DTD found by different groups. Adopting 100\% efficiency for helium burning, the rate of SNe Ia produced by the SD-channel in a Milky-way-like galaxy in our calculations is $2.0\times10^{-4}\rm{yr}^{-1}$, more than an order of magnitude below the observationally inferred value. In agreement with previous studies, our calculated SD DTD is inconsistent with observations.Comment: 13 pages,11 figures, accepted by MNRA