Long-term Information, Short-lived Securities

We explore strategic trade in short-lived securities by agents who possess long-term information. Trading short-lived securities is profitable only if enough of the private information becomes public prior to contract expiration; otherwise the security will worthlessly expire. We highlight how this results in trading behavior fundamentally different from that observed in standard models of informed trading in equity. Specifically, we show that informed agents are more reluctant to trade shorter-term securities too far in advance of when their information will necessarily be made public, and that existing positions in a shorter-term security make future purchases more attractive. Because informed agents prefer longer-term securities, this can make trading shorter-term contracts more attractive for liquidity traders. We characterize the conditions under which liquidity traders choose to incur extra costs to roll over short-term positions rather than trade in distant contracts, providing an explanation for why most longer-term derivative security markets have little liquidity and large bid-ask spreads.Priviate information, derivative securities, rolling the hedge, fixed transaction costs

The NCAA: A Racist Institution

The NCAA has a long history embedded in racism due to systemic abuse and unfairness for people of color. This paper will examine how the NCAA is a racist institution, which includes exclusion of most blacks from the college system while still making revenue off of black athletes, not valuing the education of these black athletes, and tight control over these black athletes by the NCAA and college institutions. All of these factors create a different educational experience than white students receive. The paper will also highlight multiple cases showing this and propose the course of actions for changes to be made

Hard x-ray polarimeter for gamma-ray bursts and solar flares

We report on the development of a dedicated polarimeter design that is capable of studying the linear polarization of hard X-rays (50-300 keV) from gamma-ray bursts and solar flares. This compact design, based on the use of a large area position-sensitive PMT (PSPMT), is referred to as GRAPE (Gamma-RAy Polarimeter Experiment). The PSPMT is used to determine the Compton interaction location within an array of small plastic scintillator elements. Some of the photons that scatter within the plastic scintillator array are subsequently absorbed by a small centrally-located array of CsI(Tl) crystals that is read out by an independent multi-anode PMT. One feature of GRAPE that is especially attractive for studies of gamma-ray bursts is the significant off-axis response (at angles \u3e 60 degrees). The modular nature of this design lends itself toward its accomodation on a balloon or spacecraft platform. For an array of GRAPE modules, sensitivity levels below a few percent can be achieved for both gamma-ray bursts and solar flares. Here we report on the latest results from the testing of a laboratory science model

Dedicated polarimeter design for hard x-ray and soft gamma-ray astronomy

We have developed a modular design for a hard X-ray and soft gamma-ray polrimeter that we call GRAPE (Gamma RAy Polarimeter Experiment). Optimized for the energy range of 50-300 keV, the GRAPE design is a Compton polarimeter based on the use of an array of plastic scintillator scattering elements in conjunction with a centrally positioned high-Z calorimeter detector. Here we shall review the results from a laboratory model of the baseline GRAPE design. The baseline design uses a 5-inch diameter position sensitive PMT (PSPMT) for readout of the plastic scintillator array and a small array of CsI detectors for measurement of the scattered photon. An improved design, based on the use of large area multi-anode PMTs (MAPMTs), is also discussed along with plans for laboratory testing of a prototype. An array of GRAPE modules could be used as the basis for a dedicated science mission, either on a long duration balloon or on an orbital mission. With a large effective FoV, a non-imaging GRAPE mission would be ideal for studying polarization in transient sources (gamma ray bursts and solar flares). It may also prove useful for studying periodically varying sources, such as pulsars. An imaging system would improve the sensitivity of the polarization measurements for transient and periodic sources and may also permit the measurement of polarization in steady-state sources

The Development of GRAPE, a Gamma Ray Polarimeter Experiment

The measurement of hard X‐ray polarization in γ‐ray bursts (GRBs) would add yet another piece of information in our effort to resolve the true nature of these enigmatic objects. Here we report on the development of a dedicated polarimeter design with a relatively large FoV that is capable of studying hard X‐ray polarization (50–300 keV) from GRBs. This compact design, based on the use of a large area position‐sensitive PMT (PSPMT), is referred to as GRAPE (Gamma‐RAy Polarimeter Experiment). The feature of GRAPE that is especially attractive for studies of GRBs is the significant off‐axis polarization response (at angles greater than 60°). For an array of GRAPE modules, current sensitivity estimates give minimum detectable polarization (MDP) levels of a few percent for the brightest GRBs

Formation Flight System Extremum-Seeking-Control Using Blended Performance Parameters

An extremum-seeking control system for formation flight that uses blended performance parameters in a conglomerate performance function that better approximates drag reduction than performance functions formed from individual measurements. Generally, a variety of different measurements are taken and fed to a control system, the measurements are weighted, and are then subjected to a peak-seeking control algorithm. As measurements are continually taken, the aircraft will be guided to a relative position which optimizes the drag reduction of the formation. Two embodiments are discussed. Two approaches are shown for determining relative weightings: "a priori" by which they are qualitatively determined (by minimizing the error between the conglomerate function and the drag reduction function), and by periodically updating the weightings as the formation evolves

Methods of Constructing a Blended Performance Function Suitable for Formation Flight

This paper presents two methods for constructing an approximate performance function of a desired parameter using correlated parameters. The methods are useful when real-time measurements of a desired performance function are not available to applications such as extremum-seeking control systems. The first method approximates an a priori measured or estimated desired performance function by combining real-time measurements of readily available correlated parameters. The parameters are combined using a weighting vector determined from a minimum-squares optimization to form a blended performance function. The blended performance function better matches the desired performance function mini- mum than single-measurement performance functions. The second method expands upon the first by replacing the a priori data with near-real-time measurements of the desired performance function. The resulting blended performance function weighting vector is up- dated when measurements of the desired performance function are available. Both methods are applied to data collected during formation- flight-for-drag-reduction flight experiments