Risk Management Using Futures Contracts: The Impact of Spot Market Contracts and Production Horizons on the Optimal Hedge Ratio

We specify a principal-agent marketing channel involving producers, wholesalers, retailers and a futures market. Our hedge ratio for producers appears to be much lower than the common price-risk minimising ones as we account for producers vertical contracts and, by using annual data, their production horizon. The Dutch ware potato marketing channel and its futures market in Amsterdam show that possibly through decreases in producers and wholesalers risk aversions, their optimal dynamic hedge ratios decreased from 38% and 12%, respectively, in 1982 to 18% and 10%, respectively, in 2003. These results comply with the decreased futures volume traded in Amsterdam over the years.Principal-Agent Model, Risk Management, Futures and Spot Market Contracts, Production Horizons, Food Marketing Channels, Marketing, Risk and Uncertainty,

Pressure Dependence of Fragile-to-Strong Transition and a Possible Second Critical Point in Supercooled Confined Water

By confining water in nano-pores of silica glass, we can bypass the crystallization and study the pressure effect on the dynamical behavior in deeply supercooled state using neutron scattering. We observe a clear evidence of a cusp-like fragile-to-strong (F-S) dynamic transition. Here we show that the transition temperature decreases steadily with an increasing pressure, until it intersects the homogenous nucleation temperature line of bulk water at a pressure of 1600 bar. Above this pressure, it is no longer possible to discern the characteristic feature of the F-S transition. Identification of this end point with the possible second critical point is discussed.Comment: 4 pages, 3 figure

Gaugephobic Higgs Signals at the LHC

The Gaugephobic Higgs model provides an interpolation between three different models of electroweak symmetry breaking: Higgsless models, Randall-Sundrum models, and the Standard Model. At parameter points between the extremes, Standard Model Higgs signals are present at reduced rates, and Higgsless Kaluza-Klein excitations are present with shifted masses and couplings, as well as signals from exotic quarks necessary to protect the Zbb coupling. Using a new implementation of the model in SHERPA, we show the LHC signals which differentiate the generic Gaugephobic Higgs model from its limiting cases. These are all signals involving a Higgs coupling to a Kaluza-Klein gauge boson or quark. We identify the clean signal $p p \to W^(i) \to W H$ mediated by a Kaluza-Klein W, which can be present at large rates and is enhanced for even Kaluza-Klein numbers. Due to the very hard lepton coming from the W decay, this signature has little background, and provides a better discovery channel for the Higgs than any of the Standard Model modes, over its entire mass range. A Higgs radiated from new heavy quarks also has large rates, but is much less promising due to very high multiplicity final states.Comment: 16 pages, 8 figure

In Vitro Reconstituted Biotransformation of 4-Fluorothreonine from Fluoride Ion: Application of the Fluorinase

SummaryIn this paper, we report that fluoride ion is converted to the amino acid/antibiotic 4-fluorothreonine 2 in a biotransformation involving five (steps a–e) overexpressed enzymes. The biotransformation validates the biosynthetic pathway to 4-fluorothreonine in the bacterium Streptomyces cattleya (Schaffrath et al., 2002). To achieve an in vitro biotransformation, the fluorinase and the purine nucleoside phosphorylase (PNP) enzymes (steps a and b), which are coded for by the flA and flB genes of the fluorometabolite gene cluster in S. cattleya, were overexpressed. Also, an isomerase gene product that can convert 5-FDRP 6 to 5-FDRibulP 7 (step c) was identified in S. cattleya, and the enzyme was overexpressed for the biotransformation. A fuculose aldolase gene from S. coelicolor was overexpressed in E. coli and was used as a surrogate aldolase (step d) in these experiments. To complete the complement of enzymes, an ORF coding the PLP-dependent transaldolase, the final enzyme of the fluorometabolite pathway, was identified in genomic DNA by a reverse genetics approach, and the S. cattleya gene/enzyme was then overexpressed in S. lividans. This latter enzyme is an unusual PLP-dependent catalyst with some homology to both bacterial serine hydroxymethyl transferases (SHMT) and C5 sugar isomerases/epimerases. The biotransformation demonstrates the power of the fluorinase to initiate C-F bond formation for organo-fluorine synthesis

Resonant dipole-dipole interaction in the presence of dispersing and absorbing surroundings

Within the framework of quantization of the macroscopic electromagnetic field, equations of motion and an effective Hamiltonian for treating both the resonant dipole-dipole interaction between two-level atoms and the resonant atom-field interaction are derived, which can suitably be used for studying the influence of arbitrary dispersing and absorbing material surroundings on these interactions. The theory is applied to the study of the transient behavior of two atoms that initially share a single excitation, with special emphasis on the role of the two competing processes of virtual and real photon exchange in the energy transfer between the atoms. In particular, it is shown that for weak atom-field interaction there is a time window, where the energy transfer follows a rate regime of the type obtained by ordinary second-order perturbation theory. Finally, the resonant dipole-dipole interaction is shown to give rise to a doublet spectrum of the emitted light for weak atom-field interaction and a triplet spectrum for strong atom-field interaction.Comment: 15 pages, 1 figure, RevTE

Symmetry Nonrestoration in a Gross-Neveu Model with Random Chemical Potential

We study the symmetry behavior of the Gross-Neveu model in three and two dimensions with random chemical potential. This is equivalent to a four-fermion model with charge conjugation symmetry as well as Z_2 chiral symmetry. At high temperature the Z_2 chiral symmetry is always restored. In three dimensions the initially broken charge conjugation symmetry is not restored at high temperature, irrespective of the value of the disorder strength. In two dimensions and at zero temperature the charge conjugation symmetry undergoes a quantum phase transition from a symmetric state (for weak disorder) to a broken state (for strong disorder) as the disorder strength is varied. For any given value of disorder strength, the high-temperature behavior of the charge conjugation symmetry is the same as its zero-temperature behavior. Therefore, in two dimensions and for strong disorder strength the charge conjugation symmetry is not restored at high temperature.Comment: 16 pages, 3 figure

The Effective Lagrangian in the Randall-Sundrum Model and Electroweak Physics

We consider the two-brane Randall-Sundrum (RS) model with bulk gauge fields. We carefully match the bulk theory to a 4D low-energy effective Lagrangian. In addition to the four-fermion operators induced by KK exchange we find that large negative S and T parameters are induced in the effective theory. This is a tree-level effect and is a consequence of the shapes of the W and Z wave functions in the bulk. Such effects are generic in extra dimensional theories where the standard model (SM) gauge bosons have non-uniform wave functions along the extra dimension. The corrections to precision electroweak observables in the RS model are mostly dominated by S. We fit the parameters of the RS model to the experimental data and find somewhat stronger bounds than previously obtained; however, the standard model bound on the Higgs mass from precision measurements can only be slightly relaxed in this theory.Comment: 16 pages, LaTeX, 1 figure included, uses JHEP.cls, extended introduction, added reference

Jamming at Zero Temperature and Zero Applied Stress: the Epitome of Disorder

We have studied how 2- and 3- dimensional systems made up of particles interacting with finite range, repulsive potentials jam (i.e., develop a yield stress in a disordered state) at zero temperature and applied stress. For each configuration, there is a unique jamming threshold, $\phi_c$, at which particles can no longer avoid each other and the bulk and shear moduli simultaneously become non-zero. The distribution of $\phi_c$ values becomes narrower as the system size increases, so that essentially all configurations jam at the same $\phi$ in the thermodynamic limit. This packing fraction corresponds to the previously measured value for random close-packing. In fact, our results provide a well-defined meaning for "random close-packing" in terms of the fraction of all phase space with inherent structures that jam. The jamming threshold, Point J, occurring at zero temperature and applied stress and at the random close-packing density, has properties reminiscent of an ordinary critical point. As Point J is approached from higher packing fractions, power-law scaling is found for many quantities. Moreover, near Point J, certain quantities no longer self-average, suggesting the existence of a length scale that diverges at J. However, Point J also differs from an ordinary critical point: the scaling exponents do not depend on dimension but do depend on the interparticle potential. Finally, as Point J is approached from high packing fractions, the density of vibrational states develops a large excess of low-frequency modes. All of these results suggest that Point J may control behavior in its vicinity-perhaps even at the glass transition.Comment: 21 pages, 20 figure

The role of the heel pad and shank soft tissue during impacts: a further resolution of a paradox

This article was accepted for publication in the Journal of Biomechanics [© Elsevier]. It is also available at: www.elsevier.com/locate/jbiomechThe aim of this study was to test the hypothesis that by accounting for soft tissue motion of the lower leg during the impacts associated with in vivo testing, that the differences between in vivo and in vitro estimates of heel pad properties can be explained. To examine this a two-dimensional model of the shank and heel pad was developed using DADS. The model contained a heel pad element and a rigid skeleton to which was connected soft tissue which could move relative to the bone. Simulations permitted estimation of heel pad properties directly from heel pad deformations, and from the kinematics of an impacting pendulum. These two approaches paralleled those used in vitro and in vivo respectively. Measurements from the pendulum indicated that heel pad properties changed from those found in vitro to those found in vivo as relative motion of the bone and soft tissue was allowed. This would indicate that pendulum measures of the in vivo heel pad properties are also measuring the properties of the whole lower leg. The ability of the wobbling mass of the shank to dissipate energy during an impact was found to be significant. These results demonstrate the important role of both the heel pad and soft tissue of the shank to the dissipation of mechanical energy during impacts. These results provide a further clarification of the paradox between the measurements of heel pad properties made in vivo and in vitro

Search for R-Parity Violating Decays of Scalar Fermions at LEP

A search for pair-produced scalar fermions under the assumption that R-parity is not conserved has been performed using data collected with the OPAL detector at LEP. The data samples analysed correspond to an integrated luminosity of about 610 pb-1 collected at centre-of-mass energies of sqrt(s) 189-209 GeV. An important consequence of R-parity violation is that the lightest supersymmetric particle is expected to be unstable. Searches of R-parity violating decays of charged sleptons, sneutrinos and squarks have been performed under the assumptions that the lightest supersymmetric particle decays promptly and that only one of the R-parity violating couplings is dominant for each of the decay modes considered. Such processes would yield final states consisting of leptons, jets, or both with or without missing energy. No significant single-like excess of events has been observed with respect to the Standard Model expectations. Limits on the production cross- section of scalar fermions in R-parity violating scenarios are obtained. Constraints on the supersymmetric particle masses are also presented in an R-parity violating framework analogous to the Constrained Minimal Supersymmetric Standard Model.Comment: 51 pages, 24 figures, Submitted to Eur. Phys. J.