Understanding the fundamentals of freight markets volatility

We analyse empirically the drivers of freight market volatility. We use several macroeconomic and shipping-related factors that are known to affect the supply and demand for shipping and examine their impact on the term structure of freight options implied volatilities (IV). We find that the level of IVs is affected by the level of the spot rate, the slope of the forward curve, as well as by both demand and supply factors, especially the former. We demonstrate that the relation between the volatility of futures prices and the slope of the forward curve is non-monotonic and convex, that is, it has a V-shape. In general, anticipation of economic growth and of a stronger freight market reduces IV whereas higher uncertainty and anticipation of excess shipping capacity may increase IV. Panel regressions as well as a series of robustness tests produce strong validation of the results

Unexpected phase locking of magnetic fluctuations in the multi-k magnet USb

The spin waves in the multi-k antiferromagnet USb soften and become quasielastic well below the antiferromagnetic ordering temperature TN. This occurs without a magnetic or structural transition. It has been suggested that this change is in fact due to dephasing of the different multi-k components: a switch from 3-k to 1-k behavior. In this work, we use inelastic neutron scattering with tridirectional polarization analysis to probe the quasielastic magnetic excitations and reveal that the 3-k structure does not dephase. More surprisingly, the paramagnetic correlations also maintain the same clear phase correlations well above TN (up to at least 1.4TN)

Rotating Electromagnetic Waves in Toroid-Shaped Regions

Electromagnetic waves, solving the full set of Maxwell equations in vacuum, are numerically computed. These waves occupy a fixed bounded region of the three dimensional space, topologically equivalent to a toroid. Thus, their fluid dynamics analogs are vortex rings. An analysis of the shape of the sections of the rings, depending on the angular speed of rotation and the major diameter, is carried out. Successively, spherical electromagnetic vortex rings of Hill's type are taken into consideration. For some interesting peculiar configurations, explicit numerical solutions are exhibited.Comment: 27 pages, 40 figure

Machine Learning and Portfolio Optimization

The portfolio optimization model has limited impact in practice due to estimation issues when applied with real data. To address this, we adapt two machine learning methods, regularization and cross-validation, for portfolio optimization. First, we introduce performance-based regularization (PBR), where the idea is to constrain the sample variances of the estimated portfolio risk and return, which steers the solution towards one associated with less estimation error in the performance. We consider PBR for both mean-variance and mean-CVaR problems. For the mean-variance problem, PBR introduces a quartic polynomial constraint, for which we make two convex approximations: one based on rank-1 approximation and another based on a convex quadratic approximation. The rank-1 approximation PBR adds a bias to the optimal allocation, and the convex quadratic approximation PBR shrinks the sample covariance matrix. For the mean-CVaR problem, the PBR model is a combinatorial optimization problem, but we prove its convex relaxation, a QCQP, is essentially tight. We show that the PBR models can be cast as robust optimization problems with novel uncertainty sets and establish asymptotic optimality of both Sample Average Approximation (SAA) and PBR solutions and the corresponding efficient frontiers. To calibrate the right hand sides of the PBR constraints, we develop new, performance-based k-fold cross-validation algorithms. Using these algorithms, we carry out an extensive empirical investigation of PBR against SAA, as well as L1 and L2 regularizations and the equally-weighted portfolio. We find that PBR dominates all other benchmarks for two out of three of Fama-French data sets

A possible minimal gauge-Higgs unification

A possible minimal model of the gauge-Higgs unification based on the higher dimensional spacetime M^4 X (S^1/Z_2) and the bulk gauge symmetry SU(3)_C X SU(3)_W X U(1)_X is constructed in some details. We argue that the Weinberg angle and the electromagnetic current can be correctly identified if one introduces the extra U(1)_X above and a bulk scalar triplet. The VEV of this scalar as well as the orbifold boundary conditions will break the bulk gauge symmetry down to that of the standard model. A new neutral zero-mode gauge boson Z' exists that gains mass via this VEV. We propose a simple fermion content that is free from all the anomalies when the extra brane-localized chiral fermions are taken into account as well. The issues on recovering a standard model chiral-fermion spectrum with the masses and flavor mixing are also discussed, where we need to introduce the two other brane scalars which also contribute to the Z' mass in the similar way as the scalar triplet. The neutrinos can get small masses via a type I seesaw mechanism. In this model, the mass of the Z' boson and the compactification scale are very constrained as respectively given in the ranges: 2.7 TeV < m_Z' < 13.6 TeV and 40 TeV < 1/R < 200 TeV.Comment: 20 pages, revised versio

Neutrino scattering on polarized electron target and neutrino magnetic moment

The completed and proposed experiments for the measurement of the neutrino magnetic moment are discussed. To improve the sensitivity of the search for the neutrino magnetic moment we suggest to use a polarized electron target in the processes of neutrino (antineutrino) -- electron scattering. It is shown that in this case the weak interaction term in the total cross section is few times smaller comparing with unpolarized case, but the electromagnetic term does not depend on electron polarization.Comment: 12 pages, 7 figures. Talk given at the XXVIII ITEP Winter School of Physics, Snegiri, Russia, February 22 - March 1, 200

Detection-Loophole-Free Test of Quantum Nonlocality, and Applications

We present a source of entangled photons that violates a Bell inequality free of the "fair-sampling" assumption, by over 7 standard deviations. This violation is the first experiment with photons to close the detection loophole, and we demonstrate enough "efficiency" overhead to eventually perform a fully loophole-free test of local realism. The entanglement quality is verified by maximally violating additional Bell tests, testing the upper limit of quantum correlations. Finally, we use the source to generate secure private quantum random numbers at rates over 4 orders of magnitude beyond previous experiments.Comment: Main text: 5 pages, 2 figures, 1 table. Supplementary Information: 7 pages, 2 figure

Finite temperature Casimir pistons for electromagnetic field with mixed boundary conditions and its classical limit

In this paper, the finite temperature Casimir force acting on a two-dimensional Casimir piston due to electromagnetic field is computed. It was found that if mixed boundary conditions are assumed on the piston and its opposite wall, then the Casimir force always tends to restore the piston towards the equilibrium position, regardless of the boundary conditions assumed on the walls transverse to the piston. In contrary, if pure boundary conditions are assumed on the piston and the opposite wall, then the Casimir force always tend to pull the piston towards the closer wall and away from the equilibrium position. The nature of the force is not affected by temperature. However, in the high temperature regime, the magnitude of the Casimir force grows linearly with respect to temperature. This shows that the Casimir effect has a classical limit as has been observed in other literatures.Comment: 14 pages, 3 figures, accepted by Journal of Physics