On the Perils of Security Pricing by Financial Intermediaries: The Case of Open-End Mutual Funds

There are many instances where financial claims trade at prices set by intermediaries. Pricing by an intermediary introduces the potential for economic distortions from innumerable sources. As one example, we show that nonsynchronous-trading generates predictable, readily exploitable, changes in mutual fund-share prices (NAV). The exploitation of predictable changes in mutual fund NAVs involved a wealth transfer from buy-and-hold fund investors to active fund traders and is costly to all fund investors. A simple modification to the mutual fund pricing algorithm eliminates much of this predictability, but nonsynchronous trading is just one of the issues intermediaries face when setting prices.

de Sitter thermodynamics and the braneworld

The de Sitter thermodynamics of cosmological models with a modified Friedmann equation is considered, with particular reference to high-energy Randall-Sundrum and Gauss-Bonnet braneworlds. The Friedmann equation can be regarded as the first law of thermodynamics of an effective gravitational theory in quasi de Sitter spacetime. The associated entropy provides some selection rules for the range of the parameters of the models, and is proposed for describing tunneling processes in the class of high-energy gravities under consideration.Comment: 16 pages JHEP style, no figures. v2: references added; v3: typo corrected in Eq.(3.1), supersedes published versio

Localized Tachyons and the Quantum McKay Correspondence

The condensation of closed string tachyons localized at the fixed point of a C^d/\Gamma orbifold can be studied in the framework of renormalization group flow in a gauged linear sigma model. The evolution of the Higgs branch along the flow describes a resolution of singularities via the process of tachyon condensation. The study of the fate of D-branes in this process has lead to a notion of a ``quantum McKay correspondence.'' This is a hypothetical correspondence between fractional branes in an orbifold singularity in the ultraviolet with the Coulomb and Higgs branch branes in the infrared. In this paper we present some nontrivial evidence for this correspondence in the case C^2/Z_n by relating the intersection form of fractional branes to that of ``Higgs branch branes,'' the latter being branes which wrap nontrivial cycles in the resolved space.Comment: 25 pages; harvma

Type 0A 2D Black Hole Thermodynamics and the Deformed Matrix Model

Recently, it has been proposed that the deformed matrix model describes a two-dimensional type 0A extremal black hole. In this paper, the thermodynamics of 0A charged non-extremal black holes is investigated. We observe that the free energy of the deformed matrix model to leading order in 1/q can be seen to agree to that of the extremal black hole. We also speculate on how the deformed matrix model is able to describe the thermodynamics of non-extremal black holes.Comment: 12 page

Open String Star as a Continuous Moyal Product

We establish that the open string star product in the zero momentum sector can be described as a continuous tensor product of mutually commuting two dimensional Moyal star products. Let the continuous variable $\kappa \in [~0,\infty)$ parametrize the eigenvalues of the Neumann matrices; then the noncommutativity parameter is given by $\theta(\kappa) =2\tanh(\pi\kappa/4)$. For each $\kappa$, the Moyal coordinates are a linear combination of even position modes, and the Fourier transform of a linear combination of odd position modes. The commuting coordinate at $\kappa=0$ is identified as the momentum carried by half the string. We discuss the relation to Bars' work, and attempt to write the string field action as a noncommutative field theory.Comment: 30 pages, LaTeX. One reference adde

Ultracold molecules for quantum simulation: rotational coherence in CaF and RbCs

Polar molecules offer a new platform for quantum simulation of systems with long-range interactions, based on the electrostatic interaction between their electric dipole moments. Here, we report the development of coherent quantum state control using microwave fields in $^{40}$Ca$^{19}$F and $^{87}$Rb$^{133}$Cs molecules, a crucial ingredient for many quantum simulation applications. We perform Ramsey interferometry measurements with fringe spacings of $\sim 1~\rm kHz$ and investigate the dephasing time of a superposition of $N=0$ and $N=1$ rotational states when the molecules are confined. For both molecules, we show that a judicious choice of molecular hyperfine states minimises the impact of spatially varying transition-frequency shifts across the trap. For magnetically trapped $^{40}$Ca$^{19}$F we use a magnetically insensitive transition and observe a coherence time of 0.61(3)~ms. For optically trapped $^{87}$Rb$^{133}$Cs we exploit an avoided crossing in the AC Stark shifts and observe a maximum coherence time of 0.75(6)~ms

Branes, Instantons, And Taub-NUT Spaces

ALE and Taub-NUT (or ALF) hyper-Kahler four-manifolds can be naturally constructed as hyper-Kahler quotients. In the ALE case, this construction has long been understood in terms of D-branes; here we give a D-brane derivation in the Taub-NUT case. Likewise, instantons on ALE spaces and on Taub-NUT spaces have ADHM-like constructions related to hyper-Kahler quotients. Here we refine the analysis in the Taub-NUT case by making use of a D-brane probe, and give an application to M-theory.Comment: 63 p