The profitability of technical analysis in the Taiwan-U.S. forward foreign exchange market

Based on technical analysis and White's and Hansen's data-snooping-robust tests, we examine the efficiency of the Taiwan-U.S. forward foreign exchange market and find that, unlike the spot market, the forward market is inefficient even under a very high transaction cost, suggesting that the failure of forward rate unbiasedness documented in the literature may be due to forward market inefficiency.data snooping, forward exchange rate unbiasedness, market efficiency, profitability, reality check, technical analysis

Binomial Difference Ideal and Toric Difference Variety

In this paper, the concepts of binomial difference ideals and toric difference varieties are defined and their properties are proved. Two canonical representations for Laurent binomial difference ideals are given using the reduced Groebner basis of Z[x]-lattices and regular and coherent difference ascending chains, respectively. Criteria for a Laurent binomial difference ideal to be reflexive, prime, well-mixed, perfect, and toric are given in terms of their support lattices which are Z[x]-lattices. The reflexive, well-mixed, and perfect closures of a Laurent binomial difference ideal are shown to be binomial. Four equivalent definitions for toric difference varieties are presented. Finally, algorithms are given to check whether a given Laurent binomial difference ideal I is reflexive, prime, well-mixed, perfect, or toric, and in the negative case, to compute the reflexive, well-mixed, and perfect closures of I. An algorithm is given to decompose a finitely generated perfect binomial difference ideal as the intersection of reflexive prime binomial difference ideals.Comment: 72 page

Dominant Superconducting Fluctuations in the One-Dimensional Extended Holstein-Extended Hubbard model

The search for realistic one-dimensional (1D) models that exhibit dominant superconducting (SC) fluctuations effects has a long history. In these 1D systems, the effects of commensurate band fillings--strongest at half-filling--and electronic repulsions typically lead to a finite charge gap and the favoring of insulating density wave ordering over superconductivity. Accordingly, recent proposals suggesting a gapless metallic state in the Holstein-Hubbard (HH) model, possibly superconducting, have generated considerable interest and controversy, with the most recent work demonstrating that the putative dominant superconducting state likely does not exist. In this paper we study a model with non-local electron-phonon interactions, in addition to electron-electron interactions, this model unambiguously possesses dominant superconducting fluctuations at half filling in a large region of parameter space. Using both the numerical multi-scale functional renormalization group for the full model and an analytic conventional renormalization group for a bosonized version of the model, we demonstrate the existence of dominant superconducting (SC) fluctuations. These dominant SC fluctuations arise because the spin-charge coupling at high energy is weakened by the non-local electron-phonon interaction and the charge gap is destroyed by the resultant suppression of the Umklapp process. The existence of the dominant SC pairing instability in this half-filled 1D system suggests that non-local boson-mediated interactions may be important in the superconductivity observed in the organic superconductors.Comment: 8 pages, 4 figure