Value Relevance of Financial and Non-Financial Information: Evidence from the Gaming Industry

Using financial and non-financial data from casino gaming firms listed in the United States from 1999–2017, we explore two research questions: (1) Is financial information value relevant to financial markets in the casino gaming industry? (2) Does non-financial information have incremental explanatory power over financial information? In general, we find that accounting numbers can explain a firm’s market value and stock returns in the casino gaming industry, except for accounting accruals, which may behave differently compared to other industries. We also find that non-financial information, such as the number of table games, number of slot machines, and their relative proportion, have significant value relevance in explaining market valuation. Our findings contribute to a better understanding of the value relevance of financial and non-financial information in the casino gaming industry. We also provide analysis of firms characterized by these non-financial attributes. Keywords: hospitality, casino, gaming, value relevance, table games, slot machines JEL Code: L83, M19, M4

Quantum enhanced positioning and clock synchronization

A wide variety of positioning and ranging procedures are based on repeatedly sending electromagnetic pulses through space and measuring their time of arrival. This paper shows that quantum entanglement and squeezing can be employed to overcome the classical power/bandwidth limits on these procedures, enhancing their accuracy. Frequency entangled pulses could be used to construct quantum positioning systems (QPS), to perform clock synchronization, or to do ranging (quantum radar): all of these techniques exhibit a similar enhancement compared with analogous protocols that use classical light. Quantum entanglement and squeezing have been exploited in the context of interferometry, frequency measurements, lithography, and algorithms. Here, the problem of positioning a party (say Alice) with respect to a fixed array of reference points will be analyzed.Comment: 4 pages, 2 figures. Accepted for publication by Natur

Simulating quantum statistics with entangled photons: a continuous transition from bosons to fermions

In contrast to classical physics, quantum mechanics divides particles into two classes-bosons and fermions-whose exchange statistics dictate the dynamics of systems at a fundamental level. In two dimensions quasi-particles known as 'anyons' exhibit fractional exchange statistics intermediate between these two classes. The ability to simulate and observe behaviour associated to fundamentally different quantum particles is important for simulating complex quantum systems. Here we use the symmetry and quantum correlations of entangled photons subjected to multiple copies of a quantum process to directly simulate quantum interference of fermions, bosons and a continuum of fractional behaviour exhibited by anyons. We observe an average similarity of 93.6\pm0.2% between an ideal model and experimental observation. The approach generalises to an arbitrary number of particles and is independent of the statistics of the particles used, indicating application with other quantum systems and large scale application.Comment: 10 pages, 5 figure

Shaping the Phase of a Single Photon

While the phase of a coherent light field can be precisely known, the phase of the individual photons that create this field, considered individually, cannot. Phase changes within single-photon wave packets, however, have observable effects. In fact, actively controlling the phase of individual photons has been identified as a powerful resource for quantum communication protocols. Here we demonstrate the arbitrary phase control of a single photon. The phase modulation is applied without affecting the photon's amplitude profile and is verified via a two-photon quantum interference measurement, which can result in the fermionic spatial behaviour of photon pairs. Combined with previously demonstrated control of a single photon's amplitude, frequency, and polarisation, the fully deterministic phase shaping presented here allows for the complete control of single-photon wave packets.Comment: 4 pages, 4 figure

Multimode quantum interference of photons in multiport integrated devices

We report the first demonstration of quantum interference in multimode interference (MMI) devices and a new complete characterization technique that can be applied to any photonic device that removes the need for phase stable measurements. MMI devices provide a compact and robust realization of NxM optical circuits, which will dramatically reduce the complexity and increase the functionality of future generations of quantum photonic circuits

Quantum Interference of Photon Pairs from Two Trapped Atomic Ions

We collect the fluorescence from two trapped atomic ions, and measure quantum interference between photons emitted from the ions. The interference of two photons is a crucial component of schemes to entangle atomic qubits based on a photonic coupling. The ability to preserve the generated entanglement and to repeat the experiment with the same ions is necessary to implement entangling quantum gates between atomic qubits, and allows the implementation of protocols to efficiently scale to larger numbers of atomic qubits.Comment: 4 pages, 4 figure

Quantum-inspired interferometry with chirped laser pulses

We introduce and implement an interferometric technique based on chirped femtosecond laser pulses and nonlinear optics. The interference manifests as a high-visibility (> 85%) phase-insensitive dip in the intensity of an optical beam when the two interferometer arms are equal to within the coherence length of the light. This signature is unique in classical interferometry, but is a direct analogue to Hong-Ou-Mandel quantum interference. Our technique exhibits all the metrological advantages of the quantum interferometer, but with signals at least 10^7 times greater. In particular we demonstrate enhanced resolution, robustness against loss, and automatic dispersion cancellation. Our interferometer offers significant advantages over previous technologies, both quantum and classical, in precision time delay measurements and biomedical imaging.Comment: 6 pages, 4 figure

Improving the performance of bright quantum dot single photon sources using amplitude modulation

Single epitaxially-grown semiconductor quantum dots have great potential as single photon sources for photonic quantum technologies, though in practice devices often exhibit non-ideal behavior. Here, we demonstrate that amplitude modulation can improve the performance of quantum-dot-based sources. Starting with a bright source consisting of a single quantum dot in a fiber-coupled microdisk cavity, we use synchronized amplitude modulation to temporally filter the emitted light. We observe that the single photon purity, temporal overlap between successive emission events, and indistinguishability can be greatly improved with this technique. As this method can be applied to any triggered single photon source, independent of geometry and after device fabrication, it is a flexible approach to improve the performance of solid-state systems, which often suffer from excess dephasing and multi-photon background emission

De Broglie Wavelength of a Nonlocal Four-Photon

Superposition is one of the most distinct features of quantum theory and has been demonstrated in numerous realizations of Young's classical double-slit interference experiment and its analogues. However, quantum entanglement - a significant coherent superposition in multiparticle systems - yields phenomena that are much richer and more interesting than anything that can be seen in a one-particle system. Among them, one important type of multi-particle experiments uses path-entangled number-states, which exhibit pure higher-order interference and allow novel applications in metrology and imaging such as quantum interferometry and spectroscopy with phase sensitivity at the Heisenberg limit or quantum lithography beyond the classical diffraction limit. Up to now, in optical implementations of such schemes lower-order interference effects would always decrease the overall performance at higher particle numbers. They have thus been limited to two photons. We overcome this limitation and demonstrate a linear-optics-based four-photon interferometer. Observation of a four-particle mode-entangled state is confirmed by interference fringes with a periodicity of one quarter of the single-photon wavelength. This scheme can readily be extended to arbitrary photon numbers and thus represents an important step towards realizable applications with entanglement-enhanced performance.Comment: 19 pages, 4 figures, submitted on November 18, 200

Optimal quantum cloning of orbital angular momentum photon qubits via Hong-Ou-Mandel coalescence

The orbital angular momentum (OAM) of light, associated with a helical structure of the wavefunction, has a great potential for quantum photonics, as it allows attaching a higher dimensional quantum space to each photon. Hitherto, however, the use of OAM has been hindered by its difficult manipulation. Here, exploiting the recently demonstrated spin-OAM information transfer tools, we report the first observation of the Hong-Ou-Mandel coalescence of two incoming photons having nonzero OAM into the same outgoing mode of a beam-splitter. The coalescence can be switched on and off by varying the input OAM state of the photons. Such effect has been then exploited to carry out the 1 \rightarrow 2 universal optimal quantum cloning of OAM-encoded qubits, using the symmetrization technique already developed for polarization. These results are finally shown to be scalable to quantum spaces of arbitrary dimension, even combining different degrees of freedom of the photons.Comment: 5 pages, 3 figure