Valuable Information and Costly Liquidity: Evidence from Individual Mutual Fund Trades

Until recently, all Canadian mutual funds were required to disclose all their individual trades, offering a unique and ideal opportunity to measure and analyze the cost and performance of mutual funds\u27 trades. We find that active management delivers both cheaper trades and better subsequent performance, and that the dissipative effect of flow-driven transactions costs is primarily through forced sales. Fund size associates with both cheaper trades and better subsequent performance, and a series of trades predicts more price movement in the predicted direction, indicating the value to funds of keeping their trading anonymous

On Interferometric Duality in Multibeam Experiments

We critically analyze the problem of formulating duality between fringe visibility and which-way information, in multibeam interference experiments. We show that the traditional notion of visibility is incompatible with any intuitive idea of complementarity, but for the two-beam case. We derive a number of new inequalities, not present in the two-beam case, one of them coinciding with a recently proposed multibeam generalization of the inequality found by Greenberger and YaSin. We show, by an explicit procedure of optimization in a three-beam case, that suggested generalizations of Englert's inequality, do not convey, differently from the two-beam case, the idea of complementarity, according to which an increase of visibility is at the cost of a loss in path information, and viceversa.Comment: 26 pages, 1 figure, substantial changes in the text, new material has been added in Section 3. Version to appear in J.Phys.

Failure Is an Option: Impediments to Short Selling and Options Prices

Regulations allow market makers to short sell without borrowing stock, and the transactions of a major options market maker show that in most hard-to-borrow situations, it chooses not to borrow and instead fails to deliver stock to its buyers. A part of the value of failing passes through to options prices: when failing is cheaper than borrowing, the relation between borrowing costs and options prices is significantly weaker. The remaining value is profit to the market maker, and its ability to profit despite competition between market makers appears to result from the cost advantage of larger market makers

Thermo-Induced Fluorochromism in Two AIE Zinc Complexes: A Deep Insight into the Structure-Property Relationship

Solid-state emitters exhibiting mechano-fluorochromic or thermo-fluorochromic responses represent the foundation of smart tools for novel technological applications. Among fluo-rochromic (FC) materials, solid-state emissive coordination complexes offer a variety of fluorescence responses related to the dynamic of noncovalent metal-ligand coordination bonds. Relevant FC behaviour can result from the targeted choice of metal cation and ligands. Herein, we report the synthesis and characterization of two different colour emitters consisting of zinc complexes obtained from N,O bidentate ligands with different electron-withdrawing substituents. The two complexes are blue and orange solid-state fluorophores, respectively, highly responsive to thermal and me-chanical stress. These emitters show a very different photoluminescent (PL) pattern as recorded before and after the annealing treatment. Through X-ray structural analysis combined with thermal analysis, infrared (IR) spectroscopy, PL, and DFT simulation we provide a comprehensive analysis of the structural feature involved in the fluorochromic response. Notably, we were able to correlate the on-off thermo-fluorochromism of the complexes with the structural rearrangement at the zinc coordination core

QED in strong, finite-flux magnetic fields

Lower bounds are placed on the fermionic determinants of Euclidean quantum electrodynamics in two and four dimensions in the presence of a smooth, finite-flux, static, unidirectional magnetic field $B(r) =(0,0,B(r))$, where $B(r) \geq 0$ or $B(r) \leq 0$, and $r$ is a point in the xy-plane.Comment: 10 pages, postscript (in uuencoded compressed tar file

On the relevance of the mathematics curriculum to young people

In this paper we draw upon focus group data from a large study of learner trajectories through 14-19 mathematics education to think about the notion of relevance in the mathematics curriculum. Drawing on data from three socially distanced sites we explore how different emphases on what might be termed practical, process and/or professional forms of relevance affect the experiences and aspirations of learners of mathematics. We consider whether an emphasis on practical relevance in schools serving relatively disadvantaged communities might aid the reproduction of students’ social position. This leads us to suggest that a fourth category of curriculum relevance – political relevance – is largely missing from classrooms

The Single-Particle density of States, Bound States, Phase-Shift Flip, and a Resonance in the Presence of an Aharonov-Bohm Potential

Both the nonrelativistic scattering and the spectrum in the presence of the Aharonov-Bohm potential are analyzed. The single-particle density of states (DOS) for different self-adjoint extensions is calculated. The DOS provides a link between different physical quantities and is a natural starting point for their calculation. The consequences of an asymmetry of the S matrix for the generic self-adjoint extension are examined. I. Introduction II. Impenetrable flux tube and the density of states III. Penetrable flux tube and self-adjoint extensions IV. The S matrix and scattering cross sections V. The Krein-Friedel formula and the resonance VI. Regularization VII. The R --> 0 limit and the interpretation of self-adjoint extensions VIII. Energy calculations IX. The Hall effect in the dilute vortex limit X. Persistent current of free electrons in the plane pierced by a flux tube XI. The 2nd virial coefficient of nonrelativistic interacting anyons XII. Discussion of the results and open questionsComment: 68 pages, plain latex, 7 figures, 3 references and one figure added plus a few minor text correction

Prevalence of hepatitis C virus infection in patients with lymphoproliferative disorders in Southern Turkey

PubMedID: 10424729Anti-hepatitis C virus (HCV) antibody prevalence was investigated in 228 patients with lymphoproliferative disorders (LPDs). Twenty-six of 228 (11.40%) patients with LPDs were positive for anti-HCV which was higher than the donor population (P = 0.0007). Nine of 98 cases with non-Hodgkin's lymphoma, five of 47 cases with multiple myeloma, seven of 36 cases with Hodgkin's disease, four of 38 cases with chronic lymphocytic leukaemia and one of nine cases with acute lymphoblastic leukaemia had anti-HCV antibody. In all patients, odds ratio (OR) for anti-HCV was 24.09. This value was higher in patients less than 35 years as 62.04 for below 25 years and 32.00 for between 25-35 years. Our findings suggest that HCV infection might be a causative and/or contributing factor in lymphoproliferation