No arbitrage and closure results for trading cones with transaction costs

In this paper, we consider trading with proportional transaction costs as in Schachermayer’s paper (Schachermayer in Math. Finance 14:19–48, 2004). We give a necessary and sufficient condition for ${\mathcal{A}}$ , the cone of claims attainable from zero endowment, to be closed. Then we show how to define a revised set of trading prices in such a way that, firstly, the corresponding cone of claims attainable for zero endowment, ${\tilde{ {\mathcal{A}}}}$ , does obey the fundamental theorem of asset pricing and, secondly, if ${\tilde{ {\mathcal{A}}}}$ is arbitrage-free then it is the closure of ${\mathcal{A}}$ . We then conclude by showing how to represent claims

Tibetan sheep are better able to cope with low energy intake than Small-tailed Han sheep due to lower maintenance energy requirements and higher nutrient digestibilities

Tibetan sheep are indigenous to the Qinghai-Tibetan Plateau (QTP) and are well-adapted to and even thrive under the harsh alpine conditions. Small-tailed Han sheep were introduced to the plateau because of their high prolificacy and are maintained mainly in feedlots. Because of their different backgrounds, we hypothesised that Tibetan and Small-tailed Han sheep would differ in their utilization of energy intake and predicted that Tibetan sheep would cope better with low energy intake than Small-tailed Han sheep. To test this prediction, we determined nutrient digestibilities, energy requirements for maintenance and blood metabolite and hormone concentrations involved in energy metabolism in these breeds. Sheep of each breed (n = 24 of each, all wethers and 1.5 years of age) were distributed randomly into one of four groups and offered ad libitum diets of different digestible energy (DE) densities: 8.21, 9.33, 10.45 and 11.57 MJ DE/kg Dry matter (DM). Following 42 d of measuring feed intake, a 1-week digestion and metabolism experiment was done. DM intakes did not differ between breeds nor among treatments but, by design, DE intake increased linearly in both breeds as dietary energy level increased (P < 0.001). The average daily gain (ADG) was significantly greater in the Tibetan than Small-tailed Han sheep (P = 0.003) and increased linearly in both breeds (P < 0.001). In addition, from the regression analysis of ADG on DE intake, daily DE maintenance requirements were lower for Tibetan than for Small-tailed Han sheep (0.41 vs 0.50 MJ/BW0.75, P < 0.05). The DE and metabolizable energy (ME) digestibilities were higher in the Tibetan than Small-tailed Han sheep (P < 0.001) and increased linearly as the energy level increased in the diet (P < 0.001). At the lowest energy treatment, Tibetan sheep when compared with Small-tailed Han sheep, had: 1) higher serum glucose and glucagon, but lower insulin concentrations (P < 0.05), which indicated a higher capacity for gluconeogenesis and ability to regulate glucose metabolism; and 2) higher non-esterified fatty acids (NEFA) and lower very low density lipoprotein (VLDL) and triglyceride (TG) concentrations (P < 0.05), which indicated a higher capacity for NEFA oxidation but lower ability for triglyceride (TG) synthesis. We concluded that our prediction was supported as these differences between breeds conferred an advantage for Tibetan over Small-tailed Han sheep to cope better with low energy diets

Ca/Al of plagioclase-hosted melt inclusions as an indicator for post-entrapment processes at mid-ocean ridges?

The composition of melt inclusions in basalts erupted at mid-ocean ridges may be modified by post-entrapment processes, so the present composition of melt inclusions may not represent their original composition at the time of entrapment. By combining the melt inclusion composition in samples from the South Mid-Atlantic Ridge at 19ºS analyzed in this study, and from the Petrological Database, we found that post-entrapment crystallization processes resulted in higher Ca/Al, Mg#[100°—atomic Mg2+/(Mg2++Fe2+)], MgO and FeO contents, and lower CaO and Al2O3 contents of plagioclase-hosted melt inclusions relative to those hosted in olivine. In addition, melt inclusions hosted in plagioclase with anorthite content larger than 80mol.% had been modified more readily than others. By discussing the relationships between Ca/Al and fractional crystallization, post-entrapment crystallization, and the original melt composition, we propose that Ca/Al can be regarded as an indicator of the effect of post-entrapment processes on melt inclusion composition. Specifically, i) when Ca/Al&lt;0.78, melt inclusion compositions corrected for fractional crystallization to Mg#=72 can represent the primary magma at mid-ocean ridges; ii) when 0.78&lt;Ca/Al&lt;1.0, melt inclusions are mainly modified by post-entrapment crystallization effects, and can reveal the original melt composition after correcting for these effects; iii) when Ca/Al&gt;1.0, the compositions of melt inclusions do not reflect the original melt composition nor preserve information about the mantle source. According to these criteria, plagioclase-hosted melt inclusions with Ca/Al&gt;1.0 in basalts from the South Mid-Atlantic Ridge at 19ºS cannot represent the composition of the melt at the moment of their entrapment

Mass measurements of neutron-deficient Y, Zr, and Nb isotopes and their impact on rp and νp nucleosynthesis processes

© 2018 The Authors. Published by Elsevier B.V. This manuscript is made available under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International licence (CC BY-NC-ND 4.0). For further details please see: https://creativecommons.org/licenses/by-nc-nd/4.0/Using isochronous mass spectrometry at the experimental storage ring CSRe in Lanzhou, the masses of 82Zr and 84Nb were measured for the first time with an uncertainty of ∼10 keV, and the masses of 79Y, 81Zr, and 83Nb were re-determined with a higher precision. The latter are significantly less bound than their literature values. Our new and accurate masses remove the irregularities of the mass surface in this region of the nuclear chart. Our results do not support the predicted island of pronounced low α separation energies for neutron-deficient Mo and Tc isotopes, making the formation of Zr–Nb cycle in the rp-process unlikely. The new proton separation energy of 83Nb was determined to be 490(400) keV smaller than that in the Atomic Mass Evaluation 2012. This partly removes the overproduction of the p-nucleus 84Sr relative to the neutron-deficient molybdenum isotopes in the previous νp-process simulations.Peer reviewe

Rapidity distribution as a probe for elliptical flow at intermediate energies

Interplay between the spectator and participant matter in heavy-ion collisions is investigated within isospin dependent quantum molecular dynamics (IQMD) model in term of rapidity distribution of light charged particles. The effect of different types and size rapidity distributions is studied in elliptical flow. The elliptical flow patterns show important role of the nearby spectator matter on the participant zone. This role is further explained on the basis of passing time of the spectator and expansion time of the participant zone. The transition from the in-plane to out-of-plane is observed only when the mid-rapidity region is included in the rapidity bin, otherwise no transition occurs. The transition energy is found to be highly sensitive towards the size of the rapidity bin, while weakly on the type of the rapidity distribution. The theoretical results are also compared with the experimental findings and are found in good agreement.Comment: 8 figure

Measurements of the Mass and Full-Width of the ηc\eta_c Meson

In a sample of 58 million $J/\psi$ events collected with the BES II detector, the process J/$\psi\to\gamma\eta_c$ is observed in five different decay channels: $\gamma K^+K^-\pi^+\pi^-$, $\gamma\pi^+\pi^-\pi^+\pi^-$, $\gamma K^\pm K^0_S \pi^\mp$ (with $K^0_S\to\pi^+\pi^-$), $\gamma \phi\phi$ (with $\phi\to K^+K^-$) and $\gamma p\bar{p}$. From a combined fit of all five channels, we determine the mass and full-width of $\eta_c$ to be $m_{\eta_c}=2977.5\pm1.0 ({stat.})\pm1.2 ({syst.})$ MeV/$c^2$ and $\Gamma_{\eta_c} = 17.0\pm3.7 ({stat.})\pm7.4 ({syst.})$ MeV/$c^2$.Comment: 9 pages, 2 figures and 4 table. Submitted to Phys. Lett.

Direct Measurements of the Branching Fractions for D0→K−e+νeD^0 \to K^-e^+\nu_e and D0→π−e+νeD^0 \to \pi^-e^+\nu_e and Determinations of the Form Factors f+K(0)f_{+}^{K}(0) and f+π(0)f^{\pi}_{+}(0)

The absolute branching fractions for the decays $D^0 \to K^-e ^+\nu_e$ and $D^0 \to \pi^-e^+\nu_e$ are determined using $7584\pm 198 \pm 341$ singly tagged $\bar D^0$ sample from the data collected around 3.773 GeV with the BES-II detector at the BEPC. In the system recoiling against the singly tagged $\bar D^0$ meson, $104.0\pm 10.9$ events for $D^0 \to K^-e ^+\nu_e$ and $9.0 \pm 3.6$ events for $D^0 \to \pi^-e^+\nu_e$ decays are observed. Those yield the absolute branching fractions to be $BF(D^0 \to K^-e^+\nu_e)=(3.82 \pm 0.40\pm 0.27)$ and $BF(D^0 \to \pi^-e^+\nu_e)=(0.33 \pm 0.13\pm 0.03)$. The vector form factors are determined to be $|f^K_+(0)| = 0.78 \pm 0.04 \pm 0.03$ and $|f^{\pi}_+(0)| = 0.73 \pm 0.14 \pm 0.06$. The ratio of the two form factors is measured to be $|f^{\pi}_+(0)/f^K_+(0)|= 0.93 \pm 0.19 \pm 0.07$.Comment: 6 pages, 5 figure

Measurements of J/psi Decays into 2(pi+pi-)eta and 3(pi+pi-)eta

Based on a sample of 5.8X 10^7 J/psi events taken with the BESII detector, the branching fractions of J/psi--> 2(pi+pi-)eta and J/psi-->3(pi+pi-)eta are measured for the first time to be (2.26+-0.08+-0.27)X10^{-3} and (7.24+-0.96+-1.11)X10^{-4}, respectively.Comment: 11 pages, 6 figure

BESII Detector Simulation

A Monte Carlo program based on Geant3 has been developed for BESII detector simulation. The organization of the program is outlined, and the digitization procedure for simulating the response of various sub-detectors is described. Comparisons with data show that the performance of the program is generally satisfactory.Comment: 17 pages, 14 figures, uses elsart.cls, to be submitted to NIM