The longest excursion of stochastic processes in nonequilibrium systems

We consider the excursions, i.e. the intervals between consecutive zeros, of stochastic processes that arise in a variety of nonequilibrium systems and study the temporal growth of the longest one l_{\max}(t) up to time t. For smooth processes, we find a universal linear growth \simeq Q_{\infty} t with a model dependent amplitude Q_\infty. In contrast, for non-smooth processes with a persistence exponent \theta, we show that < l_{\max}(t) > has a linear growth if \theta \sim t^{1-\psi} if \theta > \theta_c. The amplitude Q_{\infty} and the exponent \psi are novel quantities associated to nonequilibrium dynamics. These behaviors are obtained by exact analytical calculations for renewal and multiplicative processes and numerical simulations for other systems such as the coarsening dynamics in Ising model as well as the diffusion equation with random initial conditions.Comment: 4 pages,2 figure

Impact of firm specific and macroeconomic factors on financial performance of the UAE insurance sector

This study analyses the impact of firm specific and macroeconomic factors on the profitability of the insurance sector in UAE during the period of 2009–2013. In the recent past, the global insurance sector was impacted by the ripple effect of the financial crisis of 2007–2008. Along the lines of the global trend, although profitability of the UAE, insurance sector witnessed a decline from 2008–2010, the spur in its growth rates (10%) in 2012 and 2013 is impressive compared to the negative growth rate in developed markets. Our research contributes to the existing body of knowledge on financial performance of the insurance sector post the global financial crisis. Our results indicate that within the firm specific factors; company size, growth in gross written premium (GWP), leverage, investment ratio and market share are statistically significant in explaining profitability of the insurance companies. Further, GDP growth has a significant positive influence on profitability

Exact Tagged Particle Correlations in the Random Average Process

We study analytically the correlations between the positions of tagged particles in the random average process, an interacting particle system in one dimension. We show that in the steady state the mean squared auto-fluctuation of a tracer particle grows subdiffusively as $sigma^2(t) ~ t^{1/2}$ for large time t in the absence of external bias, but grows diffusively $sigma^2(t) ~ t$ in the presence of a nonzero bias. The prefactors of the subdiffusive and diffusive growths as well as the universal scaling function describing the crossover between them are computed exactly. We also compute $sigma_r^2(t)$, the mean squared fluctuation in the position difference of two tagged particles separated by a fixed tag shift r in the steady state and show that the external bias has a dramatic effect in the time dependence of $sigma_r^2(t)$. For fixed r, $sigma_r^2(t)$ increases monotonically with t in absence of bias but has a non-monotonic dependence on t in presence of bias. Similarities and differences with the simple exclusion process are also discussed.Comment: 10 pages, 2 figures, revte

Residual resistivity ratio and its relation to the positive magnetoresistance behavior in natural multilayer LaMn2Ge2; relevance to artificial multilayer physics

Results of low temperature magnetoresistance ($\Delta\rho/\rho$) and isothermal magnetization (M) measurements on polycrystalline ferromagnetic (T_C close to 300 K) natural multilayers, LaMn_{2+x}Ge_{2-y}Si_y, are reported. It is found that the samples with large residual resistivity ratio, $\rho(300K)/\rho(4.2K)$, exhibit large positive magnetoresistance at high magnetic fields. The Kohler's rule is not obeyed in these alloys. In addition, at 4.5 K, there is a tendency towards linear variation of $\Delta\rho/\rho$ with magnetic field with increasing $\rho(300K)/\rho(4.2K$); however, the field dependence of $\Delta\rho/\rho$ does not track that of M, thereby suggesting that the magnetoresistance originates from non-magnetic layers. It is interesting that these experimental findings on bulk polycrystals are qualitatively similar to what is seen in artificially grown multilayer systems recently.Comment: 5 pages, 3 figures, separate figures. This work is a follow-up of our earlier paper in APL, Ref. : APL Vol 71, pp 2385 (1997

Condensation Transition in Polydisperse Hard Rods

We study a mass transport model, where spherical particles diffusing on a ring can stochastically exchange volume $v$, with the constraint of a fixed total volume $V=\sum_{i=1}^N v_i$, $N$ being the total number of particles. The particles, referred to as $p$-spheres, have a linear size that behaves as $v_i^{1/p}$ and our model thus represents a gas of polydisperse hard rods with variable diameters $v_i^{1/p}$. We show that our model admits a factorized steady state distribution which provides the size distribution that minimizes the free energy of a polydisperse hard rod system, under the constraints of fixed $N$ and $V$. Complementary approaches (explicit construction of the steady state distribution on the one hand ; density functional theory on the other hand) completely and consistently specify the behaviour of the system. A real space condensation transition is shown to take place for $p>1$: beyond a critical density a macroscopic aggregate is formed and coexists with a critical fluid phase. Our work establishes the bridge between stochastic mass transport approaches and the optimal polydispersity of hard sphere fluids studied in previous articles

Application of multi-criteria decision analysis for investment strategies in the Indian equity market

In the Indian equity market, the Systematic Investment Plan (SIP) is the most popular strategy due to its convenience for disciplined investing regardless of market conditions. This study analyzes the excess returns of an extensive dataset of listed Indian companies from 2010 to 2019, along with a value-based version of the Multi-Criteria Decision Analysis (MCDA), to identify top performing stocks, based on their sectors and market capitalization. The findings of the study provide empirical evidence of Value Averaging (VA) as a viable alternative strategy over SIP (also known as Dollar Cost Averaging or Rupee Cost Averaging) as 352 out of 359 companies yielded higher returns under VA. The superiority of the VA strategy over the SIP was particularly marked in the consumer goods, financial services and industrial manufacturing sectors, with a clear dominance of small cap companies. The results also show that risk factors for VA strategy play an important role and should be taken into account, rather than base investment decisions on excess returns alone. The efficiency scores of individual stocks provide important insights for mutual funds, financial brokers and individual investors in India

Exact Calculation of the Spatio-temporal Correlations in the Takayasu model and in the q-model of Force Fluctuations in Bead Packs

We calculate exactly the two point mass-mass correlations in arbitrary spatial dimensions in the aggregation model of Takayasu. In this model, masses diffuse on a lattice, coalesce upon contact and adsorb unit mass from outside at a constant rate. Our exact calculation of the variance of mass at a given site proves explicitly, without making any assumption of scaling, that the upper critical dimension of the model is 2. We also extend our method to calculate the spatio-temporal correlations in a generalized class of models with aggregation, fragmentation and injection which include, in particular, the $q$-model of force fluctuations in bead packs. We present explicit expressions for the spatio-temporal force-force correlation function in the $q$-model. These can be used to test the applicability of the $q$-model in experiments.Comment: 15 pages, RevTex, 2 figure