Are there bubbles in the art market? The detection of bubbles when fair value is unobservable

The purpose of this paper is to look for bubbles in the Art Market using a structure based on steady state results for TAR models and appropriate definitions of bubbles recently put forward by Knight, Satchell and Srivastava (2011). The usual method for investigating bubbles is to measure prices as deviations from fair value. We assess whether it is meaningful to define a fair value of art and conclude that it is very challenging empirically to implement any definition. We then treat fair value as zero in one instance and unobservable in the other case and in both cases provide evidence of bubbles in the art market

Steady-state distributions for models of bubbles: their existence and econometric implications

The purpose of this paper is to examine the properties of bubbles in the light of steady state results for threshold auto-regressive (TAR) models recently derived by Knight and Satchell (2011). We assert that this will have implications for econometrics. We study the conditions under which we can obtain a steady state distribution of asset prices using our simple model of bubbles based on our particular definition of a bubble. We derive general results and further extend the analysis by considering the steady state distribution in three cases of a (I) a normally distributed error process, (II) a non normally (exponentially) distributed steady-state process and (III) a switching random walk with a fairly general i.i.d error process We then examine the issues related to unit root testing for the presence of bubbles using standard econometric procedures. We illustrate as an example, the market for art, which shows distinctly bubble-like characteristics. Our results shed light on the ubiquitous finding of no bubbles in the econometric literature

Supercurrent in ferromagnetic Josephson junctions with heavy metal interlayers

The length scale over which supercurrent from conventional BCS, s-wave superconductors (S) can penetrate an adjacent ferromagnetic (F) layer depends on the ability to convert singlet Cooper pairs into triplet Cooper pairs. Spin-aligned triplet Cooper pairs are not dephased by the ferromagnetic exchange interaction and can thus penetrate an F layer over much longer distances than singlet Cooper pairs. These triplet Cooper pairs carry a dissipationless spin current and are the fundamental building block for the fledgling field of superspintronics. Singlet-triplet conversion by inhomogeneous magnetism is well established. Here, we describe an attempt to use spin-orbit coupling as an alternative mechanism to mediate singlet-triplet conversion in S-F-S Josephson junctions. We report that the addition of thin Pt spin-orbit-coupling layers in our Josephson junctions significantly increases supercurrent transmission, however the decay length of the supercurrent is not found to increase. We attribute the increased supercurrent transmission to Pt acting as a buffer layer to improve the growth of the Co F layer

Supercurrent diode effect in thin film Nb tracks

We demonstrate nonreciprocal critical current in 65 nm thick polycrystalline and epitaxial Nb thin films patterned into tracks. The nonreciprocal behavior gives a supercurrent diode effect, where the current passed in one direction is a supercurrent and the other direction is a normal state (resistive) current. We study the variation of the diode effect with temperature and magnetic field, and find an unexpected dependence with the width of the Nb tracks from 2-10 $\mu$m. For both polycrystalline and epitaxial samples, we find that tracks of width 4 $\mu$m provides the largest supercurrent diode efficiency of up to $\approx30\%$, with the effect reducing or disappearing in the widest tracks of 10 $\mu$m. It is anticipated that the supercurrent diode will become a ubiquitous component of the superconducting computer.Comment: 15 pages, 4 figure

Supercurrent in ferromagnetic Josephson junctions with heavy-metal interlayers. II. Canted magnetization

It has been suggested by theoretical works that equal-spin triplet pair correlations can be generated in Josephson junctions containing both a ferromagnet and a source of spin-orbit coupling. Our recent experimental work suggested that such triplet correlations were not generated by a Pt spin-orbit coupling layer when the ferromagnetic weak link had entirely in-plane anisotropy [Satchell and Birge, Phys. Rev. B 97, 214509 (2018)]. Here, we revisit the experiment using Pt again as a source for spin-orbit coupling and a [Co(0.4 nm)/Ni(0.4 nm)]×8/Co(0.4 nm) ferromagnetic weak link with both in-plane and out-of-plane magnetization components (canted magnetization). The canted magnetization more closely matches theoretical predictions than our previous experimental work. Our results suggest that there is no supercurrent contribution in our junctions from equal-spin triplet pair correlations. In addition, this work includes systematic study of supercurrent dependence on Cu interlayer thickness, a common additional layer used to buffer the growth of the ferromagnet and which for Co may significantly improve the growth morphology. We report that the supercurrent in the [Co(0.4 nm)/Ni(0.4 nm)]×8/Co(0.4 nm) ferromagnetic weak links can be enhanced by over two orders of magnitude by tuning the Cu interlayer thickness. This result has important application in superconducting spintronics, where large critical currents are desirable for devices

Distortions to the penetration depth and coherence length of superconductor/normal-metal superlattices

Superconducting (S) thin film superlattices composed of Nb and a normal-metal spacer (N) have been extensively utilized in Josephson junctions given their favorable surface roughness compared to Nb films of comparable thickness. In this work, we characterize the London penetration depth and Ginzburg-Landau coherence lengths of S/N superlattices using polarized neutron reflectometry and electrical transport. Despite the normal-metal spacer layers being only approximately 8% of the total superlattice thickness, we surprisingly find that the introduction of these thin N spacers between S layers leads to a dramatic increase in the measured London penetration depth compared to that of a single Nb film of comparable thickness. Using the measured values for the effective in- and out-of-plane coherence lengths, we quantify the induced anisotropy of the superlattice samples and compare to a single Nb film sample. From these results, we find that the superlattices behave similarly to layered 2D superconductors

Probing the Spiral Magnetic Phase in 6 nm Textured Erbium using Polarised Neutron Reflectometry

We characterise the magnetic state of highly-textured, sputter deposited erbium for a film of thickness 6 nm. Using polarised neutron reflectometry it is found the film has a high degree of magnetic disorder, and we present some evidence that the films’ local magnetic state is consistent with bulk-like spiral magnetism. This, combined with complementary characterisation techniques, show that thin film erbium is a strong candidate material for incorporation into device structures