Financial Fragmentation and Insider Arbitrage

If there were no impediments to the flow of capital across space, then the returns to capital should be equalized. We provide evidence to the contrary. There are large differences in the return to comparable investments across different towns in the state of Tamil Nadu in South India. We explore why these differences are not arbitraged away - and suggest that if an insider has monopoly power in arbitraging across towns then it is in his profit-maximizing interest to reduce but not eliminate the di¤erences in returns to capital.credit constraints;limits to arbitrage

Does Microcredit Reach the Poor and Vulnerable? Evidence from Northern Bangldesh.

The Grameen Bank's success in Bangladesh has made microcredit the hot new idea for reducing poverty. This paper uses panel data from two Bangladeshi villages to test if loan recipients are poorer and more vulnerable than non-recipients. Poverty is measured by levels of consumption. Vulnerablitiy is measured as fluctuations in consumption (associated with inefficient risk sharing). We find that loan recipients are poorer than non-recipients in both villages, but are more vulnerable than non-recipients only in the richer and more diversified village. Though microcredit programs target the landless, there is substantial leakage to the landed. Landlessness is not significangly associated with either poverty or vulnerablitiy, but female headship is. Female headed households may be a more appropriate target group for anti-poverty credit programs.POVERTY ; RISK ; ECONOMIC GROWTH

Study of Bs-> \phi l^+ l^-$ Decay in a Single Universal Extra Dimension

Utilizing form factors calculated within the light-cone sum rules, we have evaluated the decay branching ratios of $B_s\to \phi\gamma$ and $B_s\to \phi \ell^+\ell^-$ in a single universal extra dimension model (UED), which is viewed as one of the alternative theories beyond the standard model (SM). For the decay $B_s \to \phi \ell^+\ell^-$, the dilepton invariant mass spectra, the forward-backward asymmetry, and double lepton polarization are also calculated. For each case, we compared the obtained results with predictions of the SM. In lower values of the compactification factor 1/R, the only parameter in this model, we see the considerable discrepancy between the UED and SM models. However, when 1/R increases, the results of UED tend to diminish and at $1/R = 1000 \mathrm{GeV}$, two models have approximately the same predictions. Compared with data from CDF of $B_s \to \phi \mu^+ \mu^-$, the 1/R tends to be larger than $350 \mathrm{GeV}$. We also note that the zero crossing point of the forward-backward asymmetry is become smaller, which will be an important plat to prob the contribution from the extra dimension model. The results obtained in this work will be very useful in searching new physics beyond SM. Moreover, the order of magnitude for branching ratios shows a possibility to study these channels at the Large Hadron Collider (LHC), CDF and the future super-B factory.Comment: 13 pages, 16 figure

Genetic effects on liver chromatin accessibility identify disease regulatory variants

Identifying the molecular mechanisms by which genome-wide association study (GWAS) loci influence traits remains challenging. Chromatin accessibility quantitative trait loci (caQTLs) help identify GWAS loci that may alter GWAS traits by modulating chromatin structure, but caQTLs have been identified in a limited set of human tissues. Here we mapped caQTLs in human liver tissue in 20 liver samples and identified 3,123 caQTLs. The caQTL variants are enriched in liver tissue promoter and enhancer states and frequently disrupt binding motifs of transcription factors expressed in liver. We predicted target genes for 861 caQTL peaks using proximity, chromatin interactions, correlation with promoter accessibility or gene expression, and colocalization with expression QTLs. Using GWAS signals for 19 liver function and/or cardiometabolic traits, we identified 110 colocalized caQTLs and GWAS signals, 56 of which contained a predicted caPeak target gene. At the LITAF LDL-cholesterol GWAS locus, we validated that a caQTL variant showed allelic differences in protein binding and transcriptional activity. These caQTLs contribute to the epigenomic characterization of human liver and help identify molecular mechanisms and genes at GWAS loci

Analysis of B_s->\phi \ell^+ \ell^- decay with new physics effects

The rare B_s-> \phi \ell^+ \ell^- decay is investigated by using the most general model independent effective Hamiltonian for $\ell= \mu, \tau$. The calculated Br(B_s \rar \phi \mu^+ \mu^-) = 1.92 \times 10^{-6} is in consistent with the experimental upper bound. The dependencies of the branching ratios and polarization asymmetries of leptons and combined lepton-antilepton asymmetries on the new Wilson coefficients are presented. The analysis shows that the branching ratios and the lepton polarization asymmetries are very sensitive to the scalar and tensor type interactions. The results obtained in this work will be very useful in searching new physics beyond the standard model.Comment: 28 pages, 14 figure

Demonstration of the temporal matter-wave Talbot effect for trapped matter waves

We demonstrate the temporal Talbot effect for trapped matter waves using ultracold atoms in an optical lattice. We investigate the phase evolution of an array of essentially non-interacting matter waves and observe matter-wave collapse and revival in the form of a Talbot interference pattern. By using long expansion times, we image momentum space with sub-recoil resolution, allowing us to observe fractional Talbot fringes up to 10th order.Comment: 17 pages, 7 figure

Kaon Production and Kaon to Pion Ratio in Au+Au Collisions at \snn=130 GeV

Mid-rapidity transverse mass spectra and multiplicity densities of charged and neutral kaons are reported for Au+Au collisions at \snn=130 GeV at RHIC. The spectra are exponential in transverse mass, with an inverse slope of about 280 MeV in central collisions. The multiplicity densities for these particles scale with the negative hadron pseudo-rapidity density. The charged kaon to pion ratios are $K^+/\pi^- = 0.161 \pm 0.002 {\rm (stat)} \pm 0.024 {\rm (syst)}$ and $K^-/\pi^- = 0.146 \pm 0.002 {\rm (stat)} \pm 0.022 {\rm (syst)}$ for the most central collisions. The $K^+/\pi^-$ ratio is lower than the same ratio observed at the SPS while the $K^-/\pi^-$ is higher than the SPS result. Both ratios are enhanced by about 50% relative to p+p and $\bar{\rm p}$+p collision data at similar energies.Comment: 6 pages, 3 figures, 1 tabl

Quantum walks: a comprehensive review

Quantum walks, the quantum mechanical counterpart of classical random walks, is an advanced tool for building quantum algorithms that has been recently shown to constitute a universal model of quantum computation. Quantum walks is now a solid field of research of quantum computation full of exciting open problems for physicists, computer scientists, mathematicians and engineers. In this paper we review theoretical advances on the foundations of both discrete- and continuous-time quantum walks, together with the role that randomness plays in quantum walks, the connections between the mathematical models of coined discrete quantum walks and continuous quantum walks, the quantumness of quantum walks, a summary of papers published on discrete quantum walks and entanglement as well as a succinct review of experimental proposals and realizations of discrete-time quantum walks. Furthermore, we have reviewed several algorithms based on both discrete- and continuous-time quantum walks as well as a most important result: the computational universality of both continuous- and discrete- time quantum walks.Comment: Paper accepted for publication in Quantum Information Processing Journa

Azimuthal anisotropy at RHIC: the first and fourth harmonics

We report the first observations of the first harmonic (directed flow, v_1), and the fourth harmonic (v_4), in the azimuthal distribution of particles with respect to the reaction plane in Au+Au collisions at the Relativistic Heavy Ion Collider (RHIC). Both measurements were done taking advantage of the large elliptic flow (v_2) generated at RHIC. From the correlation of v_2 with v_1 it is determined that v_2 is positive, or {\it in-plane}. The integrated v_4 is about a factor of 10 smaller than v_2. For the sixth (v_6) and eighth (v_8) harmonics upper limits on the magnitudes are reported.Comment: 6 pages with 3 figures, as accepted for Phys. Rev. Letters The data tables are at http://www.star.bnl.gov/central/publications/pubDetail.php?id=3