No-arbitrage in discrete-time markets with proportional transaction costs and general information structure

We discuss the no-arbitrage conditions in a general framework for discrete-time models of financial markets with proportional transaction costs and general information structure. We extend the results of Kabanov and al. (2002), Kabanov and al. (2003) and Schachermayer (2004) to the case where bid-ask spreads are not known with certainty. In the "no-friction" case, we retrieve the result of Kabanov and Stricker (2003)

Bond markets where prices are driven by a general marked point process

We investigate the term structure for the case when interest rates are allowed to be driven by a general marked point process as well as by a Wiener process. Developing a theory which allows for measure-valued trading portfolios we study existence and uniqueness of a martingale measure, as well as completeness of the bond market. We also give sufficient conditions for the existence of an affine term structure. Developing the appropriate forward measures we give formulas for interest rate derivatives.Term structure of interest rates; arbitrage; bond markets; interest rates; martingales; jump processes; completeness; affine term structure

Dynamics of broken symmetry nodal and anti-nodal excitations in Bi_{2} Sr_{2} CaCu_{2} O_{8+\delta} probed by polarized femtosecond spectroscopy

The dynamics of excitations with different symmetry is investigated in the superconducting (SC) and normal state of the high-temperature superconductor Bi$_{2}$Sr$_{2}$CaCu$_{2}$O$_{8+\delta}$ (Bi2212) using optical pump-probe (Pp) experiments with different light polarizations at different doping levels. The observation of distinct selection rules for SC excitations, present in A$_{{\rm 1g}}$ and B$_{{\rm 1g}}$ symmetries, and for the PG excitations, present in A$_{{\rm 1g}}$ and B$_{{\rm 2g}}$ symmetries, by the probe and absence of any dependence on the pump beam polarization leads to the unequivocal conclusion of the existence of a spontaneous spatial symmetry breaking in the pseudogap (PG) state

Combination quantum oscillations in canonical single-band Fermi liquids

Chemical potential oscillations mix individual-band frequencies of the de Haas-van Alphen (dHvA) and Shubnikov-de Haas (SdH) magneto-oscillations in canonical low-dimensional multi-band Fermi liquids. We predict a similar mixing in canonical single-band Fermi liquids, which Fermi-surfaces have two or more extremal cross-sections. Combination harmonics are analysed using a single-band almost two-dimensional energy spectrum. We outline some experimental conditions allowing for resolution of combination harmonics

Vortex Polarity Switching in Magnets with Surface Anisotropy

Vortex core reversal in magnetic particle is essentially influenced by a surface anisotropy. Under the action of a perpendicular static magnetic field the vortex core undergoes a shape deformationof pillow- or barrel-shaped type, depending on the type of the surface anisotropy. This deformation plays a key point in the switching mechanism: We predict that the vortex polarity switching is accompanied (i) by a linear singularity in case of Heisenberg magnet with bulk anisotropy only and (ii) by a point singularities in case of surface anisotropy or exchange anisotropy. We study in details the switching process using spin-lattice simulations and propose a simple analytical description using a wired core model, which provides an adequate description of the Bloch point statics, its dynamics and the Bloch point mediated switching process. Our analytical predictions are confirmed by spin-lattice simulations for Heisenberg magnet and micromagnetic simulations for nanomagnet with account of a dipolar interaction.Comment: 17 pages, 15 figure