13,653 research outputs found
Hedge fund replication strategies: implications for investors and regulators.
Over the past decade, academic research has identified a number of replication strategies capable of capturing between 40% to 80% of the average return of many popular hedge fund strategies. Investors are beginning to take notice of these replication strategies, especially because of their rule based, transparent features and the fact that they can be executed at low cost. Armed with this alternative way of accessing passive hedge fund returns, investors can effectively structure incentive fee contracts to reward skill-based returns (i.e., alternative alpha) differently from passive index-liked returns (i.e., alternative beta). This can raise the barrier to entry for new funds to the industry in that hedge fund managers must demonstrate skill in order to participate in profi t sharing. This should reduce the risk of herding by hedge fund managers who may otherwise be enticed by incentive fee contracts that rewards them for taking popular factor bets.
Dimensional crossover in a layered ferromagnet detected by spin correlation driven distortions
Magneto-elastic distortions are commonly detected across magnetic long-range
ordering (LRO) transitions. In principle, they are also induced by the magnetic
short-range ordering (SRO) that precedes a LRO transition, which contains
information about short-range correlations and energetics that are essential
for understanding how LRO is established. However these distortions are
difficult to resolve because the associated atomic displacements are
exceedingly small and do not break symmetry. Here we demonstrate high-multipole
nonlinear optical polarimetry as a sensitive and mode selective probe of SRO
induced distortions using CrSiTe as a testbed. This compound is composed of
weakly bonded sheets of nearly isotropic ferromagnetically interacting spins
that, in the Heisenberg limit, would individually be impeded from LRO by the
Mermin-Wagner theorem. Our results show that CrSiTe evades this law via a
two-step crossover from two- to three-dimensional magnetic SRO, manifested
through two successive and previously undetected totally symmetric distortions
above its Curie temperature.Comment: 17 pages main text, 4 figures, 12 pages supplementary informatio
High-speed measurement of rotational anisotropy nonlinear optical harmonic generation using position sensitive detection
We present a method of performing high-speed rotational anisotropy nonlinear
optical harmonic generation experiments at rotational frequencies of several
hertz by projecting the harmonic light reflected at different angles from a
sample onto a stationary position sensitive detector. The high rotational speed
of the technique, to times larger than existing methods, permits
precise measurements of the crystallographic and electronic symmetries of
samples by averaging over low frequency laser power, beam pointing, and pulse
width fluctuations. We demonstrate the sensitivity of our technique by
resolving the bulk four-fold rotational symmetry of GaAs about its [001] axis
using second harmonic generation
Analytical technique for simplification of the encoder-decoder circuit for a perfect five-qubit error correction
Simpler encoding and decoding networks are necessary for more reliable
quantum error correcting codes (QECCs). The simplification of the
encoder-decoder circuit for a perfect five-qubit QECC can be derived
analytically if the QECC is converted from its equivalent one-way entanglement
purification protocol (1-EPP). In this work, the analytical method to simplify
the encoder-decoder circuit is introduced and a circuit that is as simple as
the existent simplest circuits is presented as an example. The encoder-decoder
circuit presented here involves nine single- and two-qubit unitary operations,
only six of which are controlled-NOT (CNOT) gates
Charge collective modes in an incommensurately modulated cuprate
We report the first measurement of collective charge modes of insulating
Sr14Cu24O41 using inelastic resonant x-ray scattering over the complete
Brillouin zone. Our results show that the intense excitation modes at the
charge gap edge predominantly originate from the ladder-containing planar
substructures. The observed ladder modes (E vs. Q) are found to be dispersive
for momentum transfers along the "legs" but nearly localized along the "rungs".
Dispersion and peakwidth characteristics are similar to the charge spectrum of
1D Mott insulators, and we show that our results can be understood in the
strong coupling limit (U >> t_{ladder}> t_{chain}). The observed behavior is in
marked contrast to the charge spectrum seen in most two dimensional cuprates.
Quite generally, our results also show that momentum-tunability of inelastic
scattering can be used to resolve mode contributions in multi-component
incommensurate systems.Comment: 4+ pages, 5 figure
The double life of electrons in magnetic iron pnictides, as revealed by NMR
We present a phenomenological, two-fluid approach to understanding the
magnetic excitations in Fe pnictides, in which a paramagnetic fluid with
gapless, incoherent particle-hole excitations coexists with an
antiferromagnetic fluid with gapped, coherent spin wave excitations. We show
that this two-fluid phenomenology provides an excellent quantitative
description of NMR data for magnetic "122" pnictides, and argue that it finds a
natural justification in LSDA and spin density wave calculations. We further
use this phenomenology to estimate the maximum renormalisation of the ordered
moment that can follow from low-energy spin fluctuations in Fe pnictides. We
find that this is too small to account for the discrepancy between ab intio
calculations and neutron scattering measurements.Comment: Accepted for publication in Europhys. Lett. 6 pages, 4 figure
Don't bleach chaotic data
A common first step in time series signal analysis involves digitally
filtering the data to remove linear correlations. The residual data is
spectrally white (it is ``bleached''), but in principle retains the nonlinear
structure of the original time series. It is well known that simple linear
autocorrelation can give rise to spurious results in algorithms for estimating
nonlinear invariants, such as fractal dimension and Lyapunov exponents. In
theory, bleached data avoids these pitfalls. But in practice, bleaching
obscures the underlying deterministic structure of a low-dimensional chaotic
process. This appears to be a property of the chaos itself, since nonchaotic
data are not similarly affected. The adverse effects of bleaching are
demonstrated in a series of numerical experiments on known chaotic data. Some
theoretical aspects are also discussed.Comment: 12 dense pages (82K) of ordinary LaTeX; uses macro psfig.tex for
inclusion of figures in text; figures are uufile'd into a single file of size
306K; the final dvips'd postscript file is about 1.3mb Replaced 9/30/93 to
incorporate final changes in the proofs and to make the LaTeX more portable;
the paper will appear in CHAOS 4 (Dec, 1993
NP-hardness of decoding quantum error-correction codes
Though the theory of quantum error correction is intimately related to the
classical coding theory, in particular, one can construct quantum error
correction codes (QECCs) from classical codes with the dual containing
property, this does not necessarily imply that the computational complexity of
decoding QECCs is the same as their classical counterparts. Instead, decoding
QECCs can be very much different from decoding classical codes due to the
degeneracy property. Intuitively, one expect degeneracy would simplify the
decoding since two different errors might not and need not be distinguished in
order to correct them. However, we show that general quantum decoding problem
is NP-hard regardless of the quantum codes being degenerate or non-degenerate.
This finding implies that no considerably fast decoding algorithm exists for
the general quantum decoding problems, and suggests the existence of a quantum
cryptosystem based on the hardness of decoding QECCs.Comment: 5 pages, no figure. Final version for publicatio
- …