Eroding market stability by proliferation of financial instruments

We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability.Comment: 26 pages, 8 figure

A new quantum fluid at high magnetic fields in the marginal charge-density-wave system α\alpha-(BEDT-TTF)2M_2MHg(SCN)4_4 (where M=M=~K and Rb)

Single crystals of the organic charge-transfer salts $\alpha$-(BEDT-TTF)$_2M$Hg(SCN)$_4$ have been studied using Hall-potential measurements ($M=$K) and magnetization experiments ($M$ = K, Rb). The data show that two types of screening currents occur within the high-field, low-temperature CDW$_x$ phases of these salts in response to time-dependent magnetic fields. The first, which gives rise to the induced Hall potential, is a free current (${\bf j}_{\rm free}$), present at the surface of the sample. The time constant for the decay of these currents is much longer than that expected from the sample resistivity. The second component of the current appears to be magnetic (${\bf j}_{\rm mag}$), in that it is a microscopic, quasi-orbital effect; it is evenly distributed within the bulk of the sample upon saturation. To explain these data, we propose a simple model invoking a new type of quantum fluid comprising a CDW coexisting with a two-dimensional Fermi-surface pocket which describes the two types of current. The model and data are able to account for the body of previous experimental data which had generated apparently contradictory interpretations in terms of the quantum Hall effect or superconductivity.Comment: 13 pages, 11 figure

First and second variation formulae for the sub-Riemannian area in three-dimensional pseudo-hermitian manifolds

We calculate the first and the second variation formula for the sub-Riemannian area in three dimensional pseudo-hermitian manifolds. We consider general variations that can move the singular set of a C^2 surface and non-singular variation for C_H^2 surfaces. These formulas enable us to construct a stability operator for non-singular C^2 surfaces and another one for C2 (eventually singular) surfaces. Then we can obtain a necessary condition for the stability of a non-singular surface in a pseudo-hermitian 3-manifold in term of the pseudo-hermitian torsion and the Webster scalar curvature. Finally we classify complete stable surfaces in the roto-traslation group RT .Comment: 36 pages. Misprints corrected. Statement of Proposition 9.8 slightly changed and Remark 9.9 adde

The mental health of university students in the United Kingdom

There are increasing concerns globally about the mental health of students (Kadison,& Digeronimo, 2004). In the UK, the actual incidence of mental disturbance is unknown, although university counselling services report increased referrals (Association of University & College Counselling, 2011). This study assesses the levels of mental illness in undergraduate students to examine whether widening participation in education has resulted in increases as hypothesized by the UK Royal College of Psychiatrists (2003, 2011). Patterns of disturbance across years are compared to identify where problems arise. Students (N = 1197) completed the General Health Questionnaire-28 either on day one at university or midway through the academic year for first, second and third year students. Rates of mental illness in students equalled those of the general population but only 5.1% were currently receiving treatment. Second year students reported the most significant increases in psychiatric symptoms. Factors contributing to the problem are discussed

COVID-19: how has a global pandemic changed manual therapy technique education in chiropractic programs around the world?

Background Manual therapy is a cornerstone of chiropractic education, whereby students work towards a level of skill and expertise that is regarded as competent to work within the field of chiropractic. Due to the COVID-19 pandemic, chiropractic programs in every region around the world had to make rapid changes to the delivery of manual therapy technique education, however what those changes looked like was unknown. Aims The aims of this study were to describe the immediate actions made by chiropractic programs to deliver education for manual therapy techniques and to summarise the experience of academics who teach manual therapy techniques during the initial outbreak of COVID-19 pandemic. Methods A qualitative descriptive approach was used to describe the immediate actions made by chiropractic programs to deliver manual therapy technique education during the COVID-19 pandemic. Chiropractic programs were identified from the webpages of the Councils on Chiropractic Education International and the Council on Chiropractic Education – USA. Between May and June 2020, a convenience sample of academics who lead or teach in manual therapy technique in those programs were invited via email to participate in an online survey with open-ended questions. Responses were entered into the NVivo software program and analysed using a reflexive thematic analysis by a qualitative researcher independent to the data collection. Results Data from 16 academics in 13 separate chiropractic programs revealed five, interconnected themes: Immediate response; Move to online delivery; Impact on learning and teaching; Additional challenges faced by educators; and Ongoing challenges post lockdown. Conclusion This study used a qualitative descriptive approach to describe how some chiropractic programs immediately responded to the initial outbreak of the COVID-19 pandemic in their teaching of manual therapy techniques. Chiropractic programs around the world provided their students with rapid, innovative learning strategies, in an attempt to maintain high standards of chiropractic education; however, challenges included maintaining student engagement in an online teaching environment, psychomotor skills acquisition and staff workload

The Science of Sungrazers, Sunskirters, and Other Near-Sun Comets

This review addresses our current understanding of comets that venture close to the Sun, and are hence exposed to much more extreme conditions than comets that are typically studied from Earth. The extreme solar heating and plasma environments that these objects encounter change many aspects of their behaviour, thus yielding valuable information on both the comets themselves that complements other data we have on primitive solar system bodies, as well as on the near-solar environment which they traverse. We propose clear definitions for these comets: We use the term near-Sun comets to encompass all objects that pass sunward of the perihelion distance of planet Mercury (0.307 AU). Sunskirters are defined as objects that pass within 33 solar radii of the Sun’s centre, equal to half of Mercury’s perihelion distance, and the commonly-used phrase sungrazers to be objects that reach perihelion within 3.45 solar radii, i.e. the fluid Roche limit. Finally, comets with orbits that intersect the solar photosphere are termed sundivers. We summarize past studies of these objects, as well as the instruments and facilities used to study them, including space-based platforms that have led to a recent revolution in the quantity and quality of relevant observations. Relevant comet populations are described, including the Kreutz, Marsden, Kracht, and Meyer groups, near-Sun asteroids, and a brief discussion of their origins. The importance of light curves and the clues they provide on cometary composition are emphasized, together with what information has been gleaned about nucleus parameters, including the sizes and masses of objects and their families, and their tensile strengths. The physical processes occurring at these objects are considered in some detail, including the disruption of nuclei, sublimation, and ionisation, and we consider the mass, momentum, and energy loss of comets in the corona and those that venture to lower altitudes. The different components of comae and tails are described, including dust, neutral and ionised gases, their chemical reactions, and their contributions to the near-Sun environment. Comet-solar wind interactions are discussed, including the use of comets as probes of solar wind and coronal conditions in their vicinities. We address the relevance of work on comets near the Sun to similar objects orbiting other stars, and conclude with a discussion of future directions for the field and the planned ground- and space-based facilities that will allow us to address those science topics

Evidence of Color Coherence Effects in W+jets Events from ppbar Collisions at sqrt(s) = 1.8 TeV

We report the results of a study of color coherence effects in ppbar collisions based on data collected by the D0 detector during the 1994-1995 run of the Fermilab Tevatron Collider, at a center of mass energy sqrt(s) = 1.8 TeV. Initial-to-final state color interference effects are studied by examining particle distribution patterns in events with a W boson and at least one jet. The data are compared to Monte Carlo simulations with different color coherence implementations and to an analytic modified-leading-logarithm perturbative calculation based on the local parton-hadron duality hypothesis.Comment: 13 pages, 6 figures. Submitted to Physics Letters