Asset Management with Price Impact and Fair Treatment of Clients

In light of recent regulatory initiatives focusing on fair treatment of customers in financial markets, this paper examines the agency problem created by an asset manager with market impact, segregated accounts and preference-based contracts. It illustrates how aggregate client welfare and assets under management are affected by the order in which clients' accounts are sequentially traded and demonstrates that the manager is unlikely to have incentives for equal treatment of clients. Effectively, she may conduct limited invisible transfers of wealth among largely uninformed clients by granting preferential market access to some of them and this may be purely the result of her dollar-alpha maximization efforts rather than size/importance-based client discrimination. Increased transparency and/or effective regulation in this area seem socially desirable since the manager's incentives and client welfare generally appear to be misaligned

Quantum cavitation in liquid helium

Using a functional-integral approach, we have determined the temperature below which cavitation in liquid helium is driven by thermally assisted quantum tunneling. For both helium isotopes, we have obtained the crossover temperature in the whole range of allowed negative p essures. Our results are compatible with recent experimental results on 4He.Comment: Typeset using Revtex, 10 pages and 2 figures, Phys. Rev B (1996

Quantum cavitation in liquid 3^3He: dissipation effects

We have investigated the effect that dissipation may have on the cavitation process in normal liquid $^3$He. Our results indicate that a rather small dissipation decreases sizeably the quantum-to-thermal crossover temperature $T^*$ for cavitation in normal liquid $^3$He. This is a possible explanation why recent experiments have not yet found clear evidence of quantum cavitation at temperatures below the $T^*$ predicted by calculations which neglect dissipation.Comment: To be published in Physical Review B6

Thermally assisted quantum cavitation in solutions of 3He in 4He

We have investigated the quantum-to-thermal crossover temperature T* for cavitation in liquid helium mixtures up to 0.05 3He concentrations. With respect to the pure 4He case, T* is sizeably reduced, to a value below 50 mK for 3He concentrations above 0.02. As in pure 4He, the homogeneous cavitation pressure is systematically found close to the spinodal pressure.Comment: Typeset using Revtex, 9 pages and 4 figure

On reconciling ground-based with spaceborne normalized radar cross section measurements

©2002 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE.This study examines differences in the normalized radar cross section, derived from ground-based versus spaceborne radar data. A simple homogeneous half-space model, indicates that agreement between the two improves as 1) the distance from the scatterer is increased; and/or 2) the extinction coefficient increases

Stability of vortex lines in liquid 3He-4He mixtures at zero temperature

At low temperatures and 3He concentrations below 6.6 %, there is experimental evidence about the existence in liquid helium mixtures, of stable vortices with 3He-rich cores. When the system is either supersaturated or submitted to a tensile strength, vortices lose stability becoming metastable and eventually completely unstable, so that their cores freely expand. Within a density functional approach, we have determined the pressure-3He concentration curve along which this instability appears at zero temperature.Comment: Typeset using Revtex, 9 pages and 5 Postscript figure

Unusual radar echoes from the Greenland ice sheet

In June 1991, the NASA/Jet Propulsion Laboratory airborne synthetic-aperture radar (AIRSAR) instrument collected the first calibrated data set of multifrequency, polarimetric, radar observations of the Greenland ice sheet. At the time of the AIRSAR overflight, ground teams recorded the snow and firn (old snow) stratigraphy, grain size, density, and temperature at ice camps in three of the four snow zones identified by glaciologists to characterize four different degrees of summer melting of the Greenland ice sheet. The four snow zones are: (1) the dry-snow zone, at high elevation, where melting rarely occurs; (2) the percolation zone, where summer melting generates water that percolates down through the cold, porous, dry snow and then refreezes in place to form massive layers and pipes of solid ice; (3) the soaked-snow zone where melting saturates the snow with liquid water and forms standing lakes; and (4) the ablation zone, at the lowest elevations, where melting is vigorous enough to remove the seasonal snow cover and ablate the glacier ice. There is interest in mapping the spatial extent and temporal variability of these different snow zones repeatedly by using remote sensing techniques. The objectives of the 1991 experiment were to study changes in radar scattering properties across the different melting zones of the Greenland ice sheet, and relate the radar properties of the ice sheet to the snow and firn physical properties via relevant scattering mechanisms. Here, we present an analysis of the unusual radar echoes measured from the percolation zone

Radar backscatter measurements from Arctic sea ice during the fall freeze-up

Radar backscatter measurements from sea ice during the fall freeze-up were performed by the United States Coast Guard Icebreaker Polar Star as a part of the International Arctic Ocean Expedition (IAOE'91) from Aug. to Sep. 1991. The U.S. portion of the experiment took place on board the Polar Star and was referred to as TRAPOLEX '91 (Transpolar expedition) by some investigators. Before prematurely aborting its mission because of mechanical failure of her port shaft, the Polar Star reached 84 deg 57 min N latitude at 35 deg E longitude. The ship was in the ice (greater than 50 percent coverage) from 14 Aug. until 3 Sep. and was operational for all but 6 days due to two instances of mechanical problems with the port shaft. The second was fatal to the ship's participation in the expedition. During the expedition, radar backscatter was measured at C-band under a variety of conditions. These included measurements from young ice types as well as from multiyear and first-/second-year sea ice during the fall freeze-up. The sea ice types were determined by measurement of the ice properties at several of the stations and by visual inspection on others. Radar backscatter measurements were performed over a large portion of the ship's transit into the Arctic ice pack. These were accompanied by in situ sea ice property characterization by the U.S. Army Cold Regions Research and Engineering Laboratory (CRREL) at several stations and, when snow was present, its properties were documented by The Microwave Group, Ottawa River (MWG)

A dipolar self-induced bosonic Josephson junction

We propose a new scheme for observing Josephson oscillations and macroscopic quantum self-trapping phenomena in a toroidally confined Bose-Einstein condensate: a dipolar self-induced Josephson junction. Polarizing the atoms perpendicularly to the trap symmetry axis, an effective ring-shaped, double-well potential is achieved which is induced by the dipolar interaction. By numerically solving the three-dimensional time-dependent Gross-Pitaevskii equation we show that coherent tunneling phenomena such as Josephson oscillations and quantum self-trapping can take place. The dynamics in the self-induced junction can be qualitatively described by a two-mode model taking into account both s-wave and dipolar interactions.Comment: Major changes. Accepted for publication in EP