Martingales, detrending data, and the efficient market hypothesis

We discuss martingales, detrending data, and the efficient market hypothesis (EMH) for stochastic processes x(t) with arbitrary diffusion coefficients D(x,t). Beginning with x-independent drift coefficients R(t) we show that martingale stochastic processes generate uncorrelated, generally non-stationary increments. Generally, a test for a martingale is therefore a test for uncorrelated increments. A detrended process with an x-dependent drift coefficient is generally not a martingale, and so we extend our analysis to include the class of (x,t)-dependent drift coefficients of interest in finance. We explain why martingales look Markovian at the level of both simple averages and 2-point correlations. And while a Markovian market has no memory to exploit and presumably cannot be beaten systematically, it has never been shown that martingale memory cannot be exploited in 3-point or higher correlations to beat the market. We generalize our Markov scaling solutions presented earlier, and also generalize the martingale formulation of the EMH to include (x,t)-dependent drift in log returns. We also use the analysis of this paper to correct a misstatement of the ‘fair game’ condition in terms of serial correlations in Fama's paper on the EMH. We end with a discussion of Levy's characterization of Brownian motion and prove that an arbitrary martingale is topologically inequivalent to a Wiener process.     

Polarization singularities in 2D and 3D speckle fields

The 3D structure of randomly polarized light fields is exemplified by its polarization singularities: lines along which the polarization is purely circular (C lines) and surfaces on which the polarization is linear (L surfaces). We visualize these polarization singularities experimentally in vector laser speckle fields, and in numerical simulations of random wave superpositions. Our results confirm previous analytical predictions [M. R. Dennis, Opt. Commun. 213, 201 (2002)] regarding the statistical distribution of types of C points and relate their 2D properties to their 3D structure.     

Robust passive range estimation using the waveguide invariant

The waveguide invariant principle is used to estimate the range to a broadband acoustic source in a shallow-water waveguide using a single acoustic receiver towed along a path directly toward the acoustic source. A relationship between the signal processing parameters and the ocean-acoustic environmental parameters is used to increase the effective signal-to-noise ratio without requiring detailed knowledge of the environment. Heuristics are developed to estimate the minimum source bandwidth and minimum horizontal aperture required for range estimation. A range estimation algorithm is tested on experimental and simulated data for source ranges of 500-2200 m and frequencies from 350 to 700 Hz. The algorithm is accurate to within approximately 25% for the cases tested and requires only a minimal amount of a priori environmental knowledge.     

On Higher Order Pyramidal Finite Elements

In this paper we first prove a theorem on the nonexistence of pyramidal polynomial basis functions. Then we present a new symmetric composite pyramidal finite element which yields a better convergence than the nonsymmetric one. It has fourteen degrees of freedom and its basis functions are incomplete piecewise triquadratic polynomials. The space of ansatz functions contains all quadratic functions on each of four sub-tetrahedra that form a given pyramidal element.     

Ordering and excitations in the field-induced magnetic phase of Cs3Cr2Br9

Field-induced magnetic order has been investigated in detail in the interacting spin 3/2 dimer system Cs3Cr2Br9. Elastic and inelastic neutron scattering measurements were performed up to H=6 T, well above the critical field H(c1) approximately 1.5 T. The ordering displays incommensurabilities and a large hysteresis before a commensurate structure is reached. This structure is fully determined. Surprisingly, the lowest excitation branch never closes. Above H(c1), the gap increases slowly with the field. An analysis in terms of projected pseudospins is given.     

Kondo screening in a magnetically frustrated nanostructure: exact results on a stable non-fermi-liquid phase

Triangular symmetry stabilizes a novel non-Fermi-liquid phase in the three-impurity Kondo model with frustrating antiferromagnetic interactions between half-integer impurity spins. The phase arises without fine-tuning of couplings, and is stable against magnetic fields and particle-hole symmetry breaking. We find a conformal field theory describing this phase, verify it using the numerical renormalization group, and extract various exact, universal low-energy properties. Signatures predicted in electrical transport may be testable in scanning tunneling microscopy or quantum-dot experiments.     

Imaging spin-reorientation transitions in consecutive atomic Co layers on Ru(0001)

By means of spin-polarized low-energy electron microscopy, we show that the magnetic easy axis of one to three atomic-layer thick cobalt films on Ru(0001) changes its orientation twice during deposition: One-monolayer and three-monolayer thick films are magnetized in plane, while two-monolayer films are magnetized out of plane. The Curie temperatures of films thicker than one monolayer are well above room temperature. Fully relativistic calculations based on the screened Korringa-Kohn-Rostoker method demonstrate that only for two-monolayer cobalt films does the interplay between strain, surface, and interface effects lead to perpendicular magnetization.     

A data broadband fiber for local access systems

This article focuses on the application of optical fiber technology to meet the needs of local network communication systems. To put the technology in perspective, a brief evolution of fiber optics is provided. The evolution resulted in wide acceptance of fiber optics in telephony applications. Also reviewed is the impact of fiber on local networks, fiber optic components, emerging LAN (local area network) system trends, and the most cost-effective fiber for use in local network applications.     

Quantum Emulation of Extreme Non‐Equilibrium Phenomena with Trapped Atoms

Ultracold atomic physics experiments offer a nearly ideal context for the investigation of quantum systems far from equilibrium. We describe three related emerging directions of research into extreme non‐equilibrium phenomena in atom traps: quantum emulation of ultrafast atom‐light interactions, coherent phasonic spectroscopy in tunable quasicrystals, and realization of Floquet matter in strongly‐driven lattice systems. We show that all three should enable quantum emulation in parameter regimes inaccessible in solid‐state experiments, facilitating a complementary approach to open problems in non‐equilibrium condensed matter.