The Rise in Firm-Level Volatility: Causes and Consequences

We document that the recent decline in aggregate volatility has been accompanied by a large increase in firm level risk. The negative relationship between firm and aggregate risk seems to be present across industries in the US, and across OECD countries. Firm volatility increases after deregulation. Firm volatility is linked to research and development spending as well as access to external financing. Further, R&D intensity is also associated with lower correlation of sectoral growth with the rest of the economy.

Cosmological perturbation theory at three-loop order

We analyze the dark matter power spectrum at three-loop order in standard perturbation theory of large scale structure. We observe that at late times the loop expansion does not converge even for large scales (small momenta) well within the linear regime, but exhibits properties compatible with an asymptotic series. We propose a technique to restore the convergence in the limit of small momentum, and use it to obtain a perturbative expansion with improved convergence for momenta in the range where baryonic acoustic oscillations are present. Our results are compared with data from N-body simulations at different redshifts, and we find good agreement within this range.Comment: 29 pages, 8 figures, 1 table; v2 Typos corrected, references added. Matches published versio

Periodic Mean-Field Solutions and the Spectra of Discrete Bosonic Fields: Trace Formula for Bose-Hubbard Models

We consider the many-body spectra of interacting bosonic quantum fields on a lattice in the semiclassical limit of large particle number $N$. We show that the many-body density of states can be expressed as a coherent sum over oscillating long-wavelength contributions given by periodic, non-perturbative solutions of the, typically non-linear, wave equation of the classical (mean-field) limit. To this end we construct the semiclassical approximation for both the smooth and oscillatory part of the many-body density of states in terms of a trace formula starting from the exact path integral form of the propagator between many-body quadrature states. We therefore avoid the use of a complexified classical limit characteristic of the coherent state representation. While quantum effects like vacuum fluctuations and gauge invariance are exactly accounted for, our semiclassical approach captures quantum interference and therefore is valid well beyond the Ehrenfest time where naive quantum-classical correspondence breaks down. Remarkably, due to a special feature of harmonic systems with incommesurable frequencies, our formulas are generically valid also in the free-field case of non-interacting bosons.Comment: submitted to Phys. Rev.

Chiral anomalies on a circle and their cancellation in F-theory

We study in detail how four-dimensional local anomalies manifest themselves when the theory is compactified on a circle. By integrating out the Kaluza-Klein modes in a way that preserves the four-dimensional symmetries in the UV, we show that the three-dimensional theory contains field-dependent Chern-Simons terms that appear at one-loop. These vanish if and only if the four-dimensional anomaly is canceled, so the anomaly is not lost upon compactification. We extend this analysis to situations where anomalies are canceled through a Green-Schwarz mechanism. We then use these results to show automatic cancellation of local anomalies in F-theory compactifications that can be obtained as a limit of M-theory on a smooth Calabi-Yau fourfold with background flux.Comment: 39 pages, 3 figures. v2: references added and typos correcte

The semiclassical propagator in fermionic Fock space

We present a rigorous derivation of a semiclassical propagator for anticommuting (fermionic) degrees of freedom, starting from an exact representation in terms of Grassmann variables. As a key feature of our approach the anticommuting variables are integrated out exactly, and an exact path integral representation of the fermionic propagator in terms of commuting variables is constructed. Since our approach is not based on auxiliary (Hubbard-Stratonovich) fields, it surpasses the calculation of fermionic determinants yielding a standard form $\int {\cal D}[\psi,\psi^{*}] {\rm e}^{i R[\psi,\psi^{*}]}$ with real actions for the propagator. These two features allow us to provide a rigorous definition of the classical limit of interacting fermionic fields and therefore to achieve the long-standing goal of a theoretically sound construction of a semiclassical van Vleck-Gutzwiller propagator in fermionic Fock space. As an application, we use our propagator to investigate how the different universality classes (orthogonal, unitary and symplectic) affect generic many-body interference effects in the transition probabilities between Fock states of interacting fermionic systems.Comment: 20 pages, 1 figur