10,624 research outputs found
Superhedging in illiquid markets
We study contingent claims in a discrete-time market model where trading
costs are given by convex functions and portfolios are constrained by convex
sets. In addition to classical frictionless markets and markets with
transaction costs or bid-ask spreads, our framework covers markets with
nonlinear illiquidity effects for large instantaneous trades. We derive dual
characterizations of superhedging conditions for contingent claim processes in
a market without a cash account. The characterizations are given in terms of
stochastic discount factors that correspond to martingale densities in a market
with a cash account. The dual representations are valid under a topological
condition and a weak consistency condition reminiscent of the ``law of one
price'', both of which are implied by the no arbitrage condition in the case of
classical perfectly liquid market models. We give alternative sufficient
conditions that apply to market models with nonlinear cost functions and
portfolio constraints
Essentially Grounded Non-Naturalism and Normative Supervenience
Non-naturalism – roughly the view that normative properties and facts are sui generis and incompatible with a purely scientific worldview – faces a difficult challenge with regard to explaining why it is that the normative features of things supervene on their natural features. More specifically: non-naturalists have trouble explaining the necessitation relations, whatever they are, that hold between the natural and the normative. My focus is on Stephanie Leary's recent response to the challenge, which offers an attempted non-naturalism-friendly explanation for the supervenience of the normative on the natural by appealing to hybrid properties, the essences of which link them to both natural and sui generis normative properties in suitable ways. I argue that despite its ingenuity, Leary's solution fails. This is so, I claim, because there are no hybrid properties of the sort that her suggestion appeals to. If non-naturalists are to deal with the supervenience challenge, they will have to find another way of doing so
Colonialism Without Colonies: On the Extraterritorial Jurisprudence of the U.S. Court for China
The US Court for China was created by Congress in 1906, and it was not abolished until 1943. The Shanghai-based court had extraterritorial jurisdiction over all American citizens within its district, known as the District of China for jurisdictional purposes. The court is fascinating in its own right, and it produced what one observer has described as a system of jurisdiction that was more complete than that of any body extraterritorial law. Here, Ruskola elaborates the court\u27s jurisprudence. He focuses on some of the conflicts-of-law problems the court had to face. Also, he describes the law applied by the court, which consisted of a melange of colonial common law as it existed prior to American independence, general congressional acts, the municipal code of the District of Columbia, and the code of the Territory of Alaska
Engineering nodal topological phases in Ising superconductors by magnetic superstructures
Recently it was discovered that superconductivity in transition metal
dichalcogenides (TMDs) is strongly affected by an out-of-plane spin-orbit
coupling (SOC). In addition, new techniques of fabricating 2d ferromagnets on
van der Waals materials are rapidly emerging. Combining these breakthroughs, we
propose a realization of nodal topological superconductivity in TMDs by
fabricating nanostructured ferromagnets with an in-plane magnetization on the
top surface. The proposed procedure does not require application of external
magnetic fields and applies to monolayer and multilayer (bulk) systems. The
signatures of the topological phase include Majorana flat bands that can be
directly observed by Scanning Tunneling Microscopy (STM) techniques. We
concentrate on NbSe and argue that the proposed structures demonstrating
the nodal topological phase can be realized withing existing technology.Comment: 8 pages, 7 figure
- …