On the formation of Dodd-Frank Act derivatives regulations

Following the 2007-2009 financial crisis, governments around the world passed laws that marked the beginning of new period of enhanced regulation of the financial industry. These laws called for a myriad of new regulations, which in the U.S. are created through the so-called notice-and-comment process. Through examining the text documents generated through this process, we study the formation of regulations to gain insight into how new regulatory regimes are implemented following major laws like the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. Due to the variety of constituent preferences and political pressures, we find evidence that the government implements rules strategically to extend the regulatory boundary by first pursuing procedural rules that establish how economic activities will be regulated, followed by specifying who is subject to the procedural requirements. Our findings together with the unique nature of the Dodd-Frank Act translate to a number of stylized facts that should guide development of formal models of the rule-making process.National Science Foundation Grant No. 163315

Copyright and Digital Sovereignty

Digital transformation affects all social spheres bringing to life interactive technologies and virtual reality. Since the virtual (digital) space depends on the digital and creative solutions that form its technological base, insofar the legal regime of copying creative solutions affects both the freedom of creativity necessary for sustainable development and public control which is significant for maintaining the manageability of sovereign states and integrational unions.Aim. Improving the legal regime for the protection of interactive works to create a universal and harmonious information space where the rights of authors and the economic interests of software developers are protected, as well as digital sovereignty is guaranteed.Tasks. The concept development for legal protection of interactive works and the political and legal modeling of the digital (information) space presuppose the implementation of international agreements in the field of intellectual rights, as well as solution of several tasks to formalize the results of the creative activity that are perceived through digital technologies.Methods. Political and legal modeling of the digital space is carried out by introducing terminological certainty and creating a system of the interactive works protection. Such legal construction should provide effective public control while preserving creative freedom in digital space.Results. The protection of the copyright and moral rights of the authors of interactive works differs significantly from the legal protection of audiovisual artworks and literature. While the form of objective expression in computer programs may be similar to a literary artwork, their perception by the target audience is fundamentally different in that it models a virtual (digital) space, which the state administration seeks to control in recent years.Conclusion. The state administration’s tendency to digital sovereignty makes sense only if the target audience demonstrates high demand for interactive artworks published under the state jurisdiction. Since the information space is universal, the digital sovereignty of the state is inextricably linked with participation in integration unions that ensure the p roper quality of the results of creative work and create the digital space that is necessary under digital transformation for the interactive art development and the prosperity of creative corporations

Tunka Advanced Instrument for cosmic rays and Gamma Astronomy

The paper is a script of a lecture given at the ISAPP-Baikal summer school in 2018. The lecture gives an overview of the Tunka Advanced Instrument for cosmic rays and Gamma Astronomy (TAIGA) facility including historical introduction, description of existing and future setups, and outreach and open data activities.Comment: Lectures given at the ISAPP-Baikal Summer School 2018: Exploring the Universe through multiple messengers, 12-21 July 2018, Bol'shie Koty, Russi

SYNTHESIS OF THICK GALLIUM NITRIDE LAYERS BY METHOD OF MULTI-STAGE GROWTH ON SUBSTRATES WITH COLUMN STRUCTURE

Subject of Research.The paper deals with processes of formation and transformation of defects during multi-stage growth of thick gallium nitride layers with hydride vapor phase epitaxy on GaN/Al2O3 substrates with buried column pattern formed with the use of metal-organic vapor phase epitaxy. Methods. The growth of initial GaN layers was performed with the use of metal-organic vapor phase epitaxy. On the surface of the initial layers columns with the height of 800 nm were generated by means of ion etching. These columns were overgrown with 3-4 µm-thick GaN layers. On thus formed substrate multi-stage growth of GaN layers was performed with the use of hydride vapor-phase epitaxy. The total thickness of GaN layers was 100-1500 µm. The grown layers were studied by optical and electron microscopy and Raman spectroscopy. Main Results. Density of threading dislocations in the layers grown by hydride vapor-phase epitaxy was (3-6)·107 cm-2, that was one order of magnitude lower than in the used substrate, and two to three orders lower than dislocation density in typical GaN layers grown on commercial sapphire substrates. Raman spectroscopy data were indicative of low level of mechanical stress in the layers and their high structural uniformity. It was established that under multi-stage growth conditions, non-catastrophic cracks (those that do not cause sample destruction) are able to transform into macropores and appear to be an important structural element, serving to stress relaxation in the bulk of thick gallium nitride layers grown on foreign substrates. Practical Relevance. The results of the study can be used in the development of III-nitride heterostructures for optoelectronics and high-power and high-frequency microelectronics

On the concentration of large deviations for fat tailed distributions, with application to financial data

Large deviations for fat tailed distributions, i.e. those that decay slower than exponential, are not only relatively likely, but they also occur in a rather peculiar way where a finite fraction of the whole sample deviation is concentrated on a single variable. The regime of large deviations is separated from the regime of typical fluctuations by a phase transition where the symmetry between the points in the sample is spontaneously broken. For stochastic processes with a fat tailed microscopic noise, this implies that while typical realizations are well described by a diffusion process with continuous sample paths, large deviation paths are typically discontinuous. For eigenvalues of random matrices with fat tailed distributed elements, a large deviation where the trace of the matrix is anomalously large concentrates on just a single eigenvalue, whereas in the thin tailed world the large deviation affects the whole distribution. These results find a natural application to finance. Since the price dynamics of financial stocks is characterized by fat tailed increments, large fluctuations of stock prices are expected to be realized by discrete jumps. Interestingly, we find that large excursions of prices are more likely realized by continuous drifts rather than by discontinuous jumps. Indeed, auto-correlations suppress the concentration of large deviations. Financial covariance matrices also exhibit an anomalously large eigenvalue, the market mode, as compared to the prediction of random matrix theory. We show that this is explained by a large deviation with excess covariance rather than by one with excess volatility.Comment: 38 pages, 12 figure

Identification of clusters of investors from their real trading activity in a financial market

We use statistically validated networks, a recently introduced method to validate links in a bipartite system, to identify clusters of investors trading in a financial market. Specifically, we investigate a special database allowing to track the trading activity of individual investors of the stock Nokia. We find that many statistically detected clusters of investors show a very high degree of synchronization in the time when they decide to trade and in the trading action taken. We investigate the composition of these clusters and we find that several of them show an over-expression of specific categories of investors.Comment: 25 pages, 5 figure

The precision of the IACT mechanical mounts of the TAIGA observatory

The TAIGA (Tunka Advanced Instrument for cosmic ray physics and Gamma Astronomy) observatory is located in the Tunka valley (~50 km west from the southern shore of Lake Baikal) at an altitude of 675m a.s.l. The TAIGA observatory aims to address gamma-ray astronomy at energies from a few TeV to several PeV and CR physics from 100 TeV to several EeV. Its main feature is the complementary, hybrid approach to distinguish CR events from those of gamma rays. Currently TAIGA consists of ~80 wide-angle air Cherenkov detectors (HiSCORE stations), three ~4m diameter IACTs and several hundred surface and underground muon detectors, grouped in three jointly operating arrays. The exceptional feature of the TAIGA IACT array is it’s topology that allows one to aim for the optimal cost/performance by scanning the optimal inter-telescope distances from 300m up to 600m. The IACTs have alt-azimuth type mounts and 576-pixel imaging cameras in the foci, covering 9.6° aperture in the sky. The segmented reflectors of ~10m² area follow the Davis-Cotton design. The largest diameter of the hexagonal shape reflector is 4.3m and the focal length is 4.75m. The rigid telescope mount provides a maximum displacement of EAS image below 2mm (i.e. ≤ 0.024°) in the photodetector plane. The main parameters of IACTs are of a crucial importance for their efficient operation and is presented

Method of Separation Between Light and Heavy Groups of Primary CR Nuclei by LDF of Cherenkov Light in the Range 300–3000 TeV

The problem of chemical composition below the knee in the cosmic-ray energy spectrum has not yet been solved due to low statistics collected from direct experiments. In the HiSCORE experiment the lateral distribution functions (LDF) of Cherenkov light of EASs with energy greater than hundreds of TeV can be measured in detail for millions of individual events. A full steepness of LDF is sensitive to the depth of shower maximum and as a result to primary particle type. In this paper, we developed a parametric method of separation between heavy and light groups of nuclei using the ’knee-like’ approximation of LDF and taking into account measurement uncertainty