17,276 research outputs found
Hedge fund replication strategies: implications for investors and regulators.
Over the past decade, academic research has identified a number of replication strategies capable of capturing between 40% to 80% of the average return of many popular hedge fund strategies. Investors are beginning to take notice of these replication strategies, especially because of their rule based, transparent features and the fact that they can be executed at low cost. Armed with this alternative way of accessing passive hedge fund returns, investors can effectively structure incentive fee contracts to reward skill-based returns (i.e., alternative alpha) differently from passive index-liked returns (i.e., alternative beta). This can raise the barrier to entry for new funds to the industry in that hedge fund managers must demonstrate skill in order to participate in profi t sharing. This should reduce the risk of herding by hedge fund managers who may otherwise be enticed by incentive fee contracts that rewards them for taking popular factor bets.
Was the Federal Reserve Fettered? Devaluation Expectations in the 1932 Monetary Expansion
A key question about the Great Depression is whether expansionary monetary policy in the United States would have led to a loss of confidence in the U. S. commitment to the gold standard. This paper uses the $1 billion expansionary open market operation undertaken in the spring of 1932 as a crucial case study of the link between monetary expansion and expectations of devaluation. Data on forward exchange rates are used to measure expectations of devaluation during this episode. We find little evidence that the large monetary expansion led investors to believe that the United States would devalue. The financial press and the records of the Federal Reserve also show little evidence of expectations of devaluation or fear of a speculative attack. We find that a flawed model of the effects of monetary policy and conflict among the twelve Federal Reserve banks, rather than concern about the gold standard, led the Federal Reserve to suspend the expansionary policy in the summer of 1932.
Dimensional crossover in a layered ferromagnet detected by spin correlation driven distortions
Magneto-elastic distortions are commonly detected across magnetic long-range
ordering (LRO) transitions. In principle, they are also induced by the magnetic
short-range ordering (SRO) that precedes a LRO transition, which contains
information about short-range correlations and energetics that are essential
for understanding how LRO is established. However these distortions are
difficult to resolve because the associated atomic displacements are
exceedingly small and do not break symmetry. Here we demonstrate high-multipole
nonlinear optical polarimetry as a sensitive and mode selective probe of SRO
induced distortions using CrSiTe as a testbed. This compound is composed of
weakly bonded sheets of nearly isotropic ferromagnetically interacting spins
that, in the Heisenberg limit, would individually be impeded from LRO by the
Mermin-Wagner theorem. Our results show that CrSiTe evades this law via a
two-step crossover from two- to three-dimensional magnetic SRO, manifested
through two successive and previously undetected totally symmetric distortions
above its Curie temperature.Comment: 17 pages main text, 4 figures, 12 pages supplementary informatio
Investigation of nonlinear absorption processes with femtosecond light pulses in lithium niobate crystals
The propagation of high-power femtosecond light pulses in lithium niobate crystals (LiNbO3) is investigated experimentally and theoretically in collinear pump-probe transmission experiments. It is found within a wide intensity range that a strong decrease of the pump transmission coefficient at wavelength 388 nm fully complies with the model of two-photon absorption; the corresponding nonlinear absorption coefficient is betap~=3.5 cm/GW. Furthermore, strong pump pulses induce a considerable absorption for the probe at 776 nm. The dependence of the probe transmission coefficient on the time delay Deltat between probe and pump pulses is characterized by a narrow dip (at Deltat~=0) and a long (on the picosecond time scale) lasting plateau. The dip is due to direct two-photon transitions involving pump and probe photons; the corresponding nonlinear absorption coefficient is betar~=0.9 cm/GW. The plateau absorption is caused by the presence of pump-excited charge carriers; the effective absorption cross section at 776 nm is sigmar~=8×10^–18 cm^2. The above nonlinear absorption parameters are not strongly polarization sensitive. No specific manifestations of the relaxation of hot carriers are found for a pulse duration of ~=0.24 ps
Femtosecond time-resolved absorption processes in lithium niobate crystals
emtosecond pump pulses are strongly attenuated in lithium niobate owing to two-photon absorption; the relevant nonlinear coefficient beta_p ranges from ~3.5 cm/GW for lambda_p = 388 nm to ~0.1 cm/GW for 514 nm. In collinear pump-probe experiments the probe transmission at the double pump wavelength 2lambda_p=776 nm is controlled by two different processes: A direct absorption process involving pump and probe photons (beta_r ~ or = 0.9 cm/GW) leads to a pronounced short-duration transmission dip, whereas the probe absorption by pump-excited charge carriers results in a long-duration plateau. Coherent pump-probe interactions are of no importance. Hot-carrier relaxation occurs on the time scale of < or ~0.1 ps
High-speed measurement of rotational anisotropy nonlinear optical harmonic generation using position sensitive detection
We present a method of performing high-speed rotational anisotropy nonlinear
optical harmonic generation experiments at rotational frequencies of several
hertz by projecting the harmonic light reflected at different angles from a
sample onto a stationary position sensitive detector. The high rotational speed
of the technique, to times larger than existing methods, permits
precise measurements of the crystallographic and electronic symmetries of
samples by averaging over low frequency laser power, beam pointing, and pulse
width fluctuations. We demonstrate the sensitivity of our technique by
resolving the bulk four-fold rotational symmetry of GaAs about its [001] axis
using second harmonic generation
A parity-breaking electronic nematic phase transition in the spin-orbit coupled metal CdReO
Strong electron interactions can drive metallic systems toward a variety of
well-known symmetry-broken phases, but the instabilities of correlated metals
with strong spin-orbit coupling have only recently begun to be explored. We
uncovered a multipolar nematic phase of matter in the metallic pyrochlore
CdReO using spatially resolved second-harmonic optical anisotropy
measurements. Like previously discovered electronic nematic phases, this
multipolar phase spontaneously breaks rotational symmetry while preserving
translational invariance. However, it has the distinguishing property of being
odd under spatial inversion, which is allowed only in the presence of
spin-orbit coupling. By examining the critical behavior of the multipolar
nematic order parameter, we show that it drives the thermal phase transition
near 200 kelvin in CdReO and induces a parity-breaking lattice
distortion as a secondary order.Comment: 9 pages main text, 4 figures, 10 pages supplementary informatio
Analytical technique for simplification of the encoder-decoder circuit for a perfect five-qubit error correction
Simpler encoding and decoding networks are necessary for more reliable
quantum error correcting codes (QECCs). The simplification of the
encoder-decoder circuit for a perfect five-qubit QECC can be derived
analytically if the QECC is converted from its equivalent one-way entanglement
purification protocol (1-EPP). In this work, the analytical method to simplify
the encoder-decoder circuit is introduced and a circuit that is as simple as
the existent simplest circuits is presented as an example. The encoder-decoder
circuit presented here involves nine single- and two-qubit unitary operations,
only six of which are controlled-NOT (CNOT) gates
Charge collective modes in an incommensurately modulated cuprate
We report the first measurement of collective charge modes of insulating
Sr14Cu24O41 using inelastic resonant x-ray scattering over the complete
Brillouin zone. Our results show that the intense excitation modes at the
charge gap edge predominantly originate from the ladder-containing planar
substructures. The observed ladder modes (E vs. Q) are found to be dispersive
for momentum transfers along the "legs" but nearly localized along the "rungs".
Dispersion and peakwidth characteristics are similar to the charge spectrum of
1D Mott insulators, and we show that our results can be understood in the
strong coupling limit (U >> t_{ladder}> t_{chain}). The observed behavior is in
marked contrast to the charge spectrum seen in most two dimensional cuprates.
Quite generally, our results also show that momentum-tunability of inelastic
scattering can be used to resolve mode contributions in multi-component
incommensurate systems.Comment: 4+ pages, 5 figure
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