The tensor structure on the representation category of the Wp\mathcal{W}_p triplet algebra

We study the braided monoidal structure that the fusion product induces on the abelian category $\mathcal{W}_p$-mod, the category of representations of the triplet $W$-algebra $\mathcal{W}_p$. The $\mathcal{W}_p$-algebras are a family of vertex operator algebras that form the simplest known examples of symmetry algebras of logarithmic conformal field theories. We formalise the methods for computing fusion products, developed by Nahm, Gaberdiel and Kausch, that are widely used in the physics literature and illustrate a systematic approach to calculating fusion products in non-semi-simple representation categories. We apply these methods to the braided monoidal structure of $\mathcal{W}_p$-mod, previously constructed by Huang, Lepowsky and Zhang, to prove that this braided monoidal structure is rigid. The rigidity of $\mathcal{W}_p$-mod allows us to prove explicit formulae for the fusion product on the set of all simple and all projective $\mathcal{W}_p$-modules, which were first conjectured by Fuchs, Hwang, Semikhatov and Tipunin; and Gaberdiel and Runkel.Comment: 58 pages; edit: added references and revisions according to referee reports. Version to appear on J. Phys.

Open-closed field algebras

We introduce the notions of open-closed field algebra and open-closed field algebra over a vertex operator algebra V. In the case that V satisfies certain finiteness and reductivity conditions, we show that an open-closed field algebra over V canonically gives an algebra over a \C-extension of the Swiss-cheese partial operad. We also give a tensor categorical formulation and categorical constructions of open-closed field algebras over V.Comment: 55 pages, largely revised, an old subsection is deleted, a few references are adde

N K and Delta K states in the chiral SU(3) quark model

The isospin I=0 and I=1 kaon-nucleon $S$, $P$, $D$, $F$ wave phase shifts are studied in the chiral SU(3) quark model by solving the resonating group method (RGM) equation. The calculated phase shifts for different partial waves are in agreement with the experimental data. Furthermore, the structures of the $\Delta K$ states with L=0, I=1 and I=2 are investigated. We find that the interaction between $\Delta$ and $K$ in the case of L=0, I=1 is attractive, which is not like the situation of the $NK$ system, where the $S$-wave interactions between $N$ and $K$ for both I=0 and I=1 are repulsive. Our numerical results also show that when the model parameters are taken to be the same as in our previous $NN$ and $YN$ scattering calculations, the $\Delta K$ state with L=0 and I=1 is a weakly bound state with about 2 MeV binding energy, while the one with I=2 is unbound in the present one-channel calculation.Comment: 14 pages, 6 figures. PRC70,064004(2004

Understanding Internal Capital Markets and Corporate Policies

This study looks inside a large retail-banking group to understand how corporate politics affect internal capital allocation. The group consists of a headquarters organization and about 150 member banks which own the headquarters. Our data is from the firm’s managerial accounting system and covers all cash flows, internal capital transfers, and investments at the local member bank level. We first show that a member bank’s investment (net loan growth) is generally not fully independent from its own cash flow (net deposit growth). Then we show that such constraints are not apparent at more influential member banks, where influence is measured by the divergence of voting rights from ownership rights. The more influential banks are allocated more funds from the headquarters, but also show more restraints in investments when experiencing large deposit inflows. Influence matters more among member banks requiring more information exchanges with the headquarters as a result of more volatile funding requests. Influence also matters more for small business loans, which contain more soft information, than for standardized residential mortgage loans. These results suggest that corporate politics can be used to address allocation inefficiencies resulting from information asymmetries between the headquarters and divisions (member banks in our case).internal capital markets;capital markets;retail banking;corporate politics

Are Investors Warned by Disclosure of Conflicts of Interest? The Moderating Effect of Investment Horizon

Financial analysts are required to disclose conflicts of interest (COI) in their research reports, but there is limited evidence on the effectiveness of COI disclosures. We investigate whether the influence of disclosing COI in analyst reports on investors' decision making depends on investment horizon. Experimental results show that short-term investors who view a COI disclosure are significantly less willing to invest in the recommended stock compared to short-term investors who do not view such a disclosure, while the presence of a COI disclosure does not significantly affect long-term investors’ willingness to invest. Results further demonstrate that the COI disclosure decreases short-term investors’ willingness to invest by reducing their perception of analysts’ trustworthiness and expertness. This study provides evidence on when and how the COI disclosure can influence investors’ behavior and enhances our understanding of investors’ reactions to cautionary disclaimers

Kaon-nucleon interaction in the extended chiral SU(3) quark model

The chiral SU(3) quark model is extended to include the coupling between the quark and vector chiral fields. The one-gluon exchange (OGE) which dominantly governs the short-range quark-quark interaction in the original chiral SU(3) quark model is now nearly replaced by the vector-meson exchange. Using this model, the isospin I=0 and I=1 kaon-nucleon S, P, D, F wave phase shifts are dynamically studied by solving the resonating group method (RGM) equation. Similar to those given by the original chiral SU(3) quark model, the calculated results for many partial waves are consistent with the experiment, while there is no improvement in this new approach for the P_{13} and D_{15} channels, of which the theoretical phase shifts are too much repulsive and attractive respectively when the laboratory momentum of the kaon meson is greater than 300 MeV.Comment: 19 pages, 16 figures. Accepted by Phys. Rev.

Gamma-Ray Burst Afterglows from Realistic Fireballs

A GRB afterglow has been commonly thought to be due to continuous deceleration of a postburst fireball. Many analytical models have made simplifications for deceleration dynamics of the fireball and its radiation property, although they are successful at explaining the overall features of the observed afterglows. We here propose a model for a GRB afterglow in which the evolution of a postburst fireball is in an intermediate case between the adiabatic and highly radiative expansion. In our model, the afterglow is both due to the contribution of the adiabatic electrons behind the external blastwave of the fireball and due to the contribution of the radiative electrons. In addition, this model can describe evolution of the fireball from the extremely relativistic phase to the non-relativistic phase. Our calculations show that the fireball will go to the adiabatic expansion phase after about a day if the accelerated electrons are assumed to occupy the total internal energy. In all cases considered, the fireball will go to the mildly relativistic phase about $10^4$ seconds later, and to the non-relativistic phase after several days. These results imply that the relativistic adiabatic model cannot describe the deceleration dynamics of the several-days-later fireball. The comparison of the calculated light curves with the observed results at late times may imply the presence of impulsive events or energy injection with much longer durations.Comment: 18 pages, 10 figures, plain latex file, submitted to Ap

Theory and Calibration of Swap Market Models

This paper introduces a general framework for market models, named Market Model Approach, through the concept of admissible sets of for-ward swap rates spanning a given tenor structure. We relate this concept to results in graph theory by showing that a set is admissible if and only if the associated graph is a tree. This connection enables us to enumerate all admissible models for a given tenor structure. Three main classes are identified within this framework, and correspond to the co-terminal, co-initial, and co-sliding model. We prove that the LIBOR market model is the only admissible model of a co-sliding type. By focusing on the co-terminal model in a lognormal setting, we develop and compare several approximating analytical formulae for caplets, while swaptions can be priced by a simple Black-type formula. A novel calibration technique is introduced to allow simultaneous calibration to caplet and swaption prices. Empirical calibration of the co-terminal model is shown to be faster, more robust and more efficient than the same procedure applied to the LIBOR market model. We then argue that the co-terminal approach is the simplest and most convenient market model for pricing and hedging a large variety of exotic interest-rate derivatives.Swap Market Model, Cap, Swaption, Calibration, Graph Theory