Financial Market Intermediaries and Information Asymmetry in Equity Markets

This dissertation examines the relationship between financial market intermediaries and information asymmetry. Chapters 5, 6, and 7 re-examines issues raised in the literature, but extends this research by using unique datasets not previously available to researchers. Overall, the results show that (i) market intermediaries help reduce information asymmetry in upstairs markets by filtering out information-motivated trades, (ii) market intermediaries produce information which is valuable to clients who are able to trade ahead of the market, and iii) market intermediaries are heterogeneously informed, and are therefore affected differently by a change in market structure

A Knob for Changing Light Propagation from Subluminal to Superluminal

We show how the application of a coupling field connecting the two lower metastable states of a lambda-system can produce a variety of new results on the propagation of a weak electromagnetic pulse. In principle the light propagation can be changed from subluminal to superluminal. The negative group index results from the regions of anomalous dispersion and gain in susceptibility.Comment: 6 pages,5 figures, typed in RevTeX, accepted in Phys. Rev.

Pressure and linear heat capacity in the superconducting state of thoriated UBe13

Even well below Tc, the heavy-fermion superconductor (U,Th)Be13 has a large linear term in its specific heat. We show that under uniaxial pressure, the linear heat capacity increases in magnitude by more than a factor of two. The change is reversible and suggests that the linear term is an intrinsic property of the material. In addition, we find no evidence of hysteresis or of latent heat in the low-temperature and low-pressure portion of the phase diagram, showing that all transitions in this region are second order.Comment: 5 pages, 4 figure

Test of Replica Theory: Thermodynamics of 2D Model Systems with Quenched Disorder

We study the statistics of thermodynamic quantities in two related systems with quenched disorder: A (1+1)-dimensional planar lattice of elastic lines in a random potential and the 2-dimensional random bond dimer model. The first system is examined by a replica-symmetric Bethe ansatz (RBA) while the latter is studied numerically by a polynomial algorithm which circumvents slow glassy dynamics. We establish a mapping of the two models which allows for a detailed comparison of RBA predictions and simulations. Over a wide range of disorder strength, the effective lattice stiffness and cumulants of various thermodynamic quantities in both approaches are found to agree excellently. Our comparison provides, for the first time, a detailed quantitative confirmation of the replica approach and renders the planar line lattice a unique testing ground for concepts in random systems.Comment: 16 pages, 14 figure

QuantifyPolarity, a new tool-kit for measuring planar polarized protein distributions and cell properties in developing tissues

The coordination of cells or structures within the plane of a tissue is known as planar polarization. It is often governed by the asymmetric distribution of planar polarity proteins within cells. A number of quantitative methods have been developed to provide a readout of planar polarized protein distributions. However, previous planar polarity quantification methods can be affected by variation in cell geometry. Hence, we developed a novel planar polarity quantification method based on Principal Component Analysis (PCA) that is shape insensitive. Here, we compare this method with other state-of-the-art methods on simulated models and biological datasets. We found that the PCA method performs robustly in quantifying planar polarity independently of variation in cell geometry and other image conditions. We designed a user-friendly graphical user interface called QuantifyPolarity, equipped with three polarity methods for automated quantification of polarity. QuantifyPolarity also provides tools to quantify cell morphology and packing geometry, allowing the relationship of these characteristics to planar polarization to be investigated. This tool enables experimentalists with no prior computational expertise to perform high-throughput cell polarity and shape analysis automatically and efficiently

Superluminal optical pulse propagation in nonlinear coherent media

The propagation of light-pulse with negative group-velocity in a nonlinear medium is studied theoretically. We show that the necessary conditions for these effects to be observable are realized in a three-level $\Lambda$-system interacting with a linearly polarized laser beam in the presence of a static magnetic field. In low power regime, when all other nonlinear processes are negligible, the light-induced Zeeman coherence cancels the resonant absorption of the medium almost completely, but preserves the dispersion anomalous and very high. As a result, a superluminal light pulse propagation can be observed in the sense that the peak of the transmitted pulse exits the medium before the peak of the incident pulse enters. There is no violation of causality and energy conservation. Moreover, the superluminal effects are prominently manifested in the reshaping of pulse, which is caused by the intensity-dependent pulse velocity. Unlike the shock wave formation in a nonlinear medium with normal dispersion, here, the self-steepening of the pulse trailing edge takes place due to the fact that the more intense parts of the pulse travel slower. The predicted effect can be easily observed in the well known schemes employed for studying of nonlinear magneto-optical rotation. The upper bound of sample length is found from the criterion that the pulse self-steepening and group-advance time are observable without pulse distortion caused by the group-velocity dispersion.Comment: 16 pages, 7 figure

Exact multilocal renormalization on the effective action : application to the random sine Gordon model statics and non-equilibrium dynamics

We extend the exact multilocal renormalization group (RG) method to study the flow of the effective action functional. This important physical quantity satisfies an exact RG equation which is then expanded in multilocal components. Integrating the nonlocal parts yields a closed exact RG equation for the local part, to a given order in the local part. The method is illustrated on the O(N) model by straightforwardly recovering the $\eta$ exponent and scaling functions. Then it is applied to study the glass phase of the Cardy-Ostlund, random phase sine Gordon model near the glass transition temperature. The static correlations and equilibrium dynamical exponent $z$ are recovered and several new results are obtained. The equilibrium two-point scaling functions are obtained. The nonequilibrium, finite momentum, two-time $t,t'$ response and correlations are computed. They are shown to exhibit scaling forms, characterized by novel exponents $\lambda_R \neq \lambda_C$, as well as universal scaling functions that we compute. The fluctuation dissipation ratio is found to be non trivial and of the form $X(q^z (t-t'), t/t')$. Analogies and differences with pure critical models are discussed.Comment: 33 pages, RevTe

Replica Symmetry Breaking Instability in the 2D XY model in a random field

We study the 2D vortex-free XY model in a random field, a model for randomly pinned flux lines in a plane. We construct controlled RG recursion relations which allow for replica symmetry breaking (RSB). The fixed point previously found by Cardy and Ostlund in the glass phase $T<T_c$ is {\it unstable} to RSB. The susceptibility $\chi$ associated to infinitesimal RSB perturbation in the high-temperature phase is found to diverge as $\chi \propto (T-T_c)^{-\gamma}$ when $T \rightarrow T_c^{+}$. This provides analytical evidence that RSB occurs in finite dimensional models. The physical consequences for the glass phase are discussed.Comment: 8 pages, REVTeX, LPTENS-94/2