In the 1930s, when the British ruled the country, Jawaharlal Nehru described India's situation as follows: "A servile state, with its splendid strength caged up, hardly daring to breathe freely, governed by strangers from afar; her people poor beyond compare; shortlived and incapable of resisting disease and epidemic; illiteracy rampant; vast areas devoid of all sanitary or medical provision; u...

Given two n-bit (cyclic) binary strings, A and B, represented on a circle (necklace instances). Let each sequence have the same number k of 1’s. We are interested in computing the cyclic swap distance between A and B, i.e., the minimum number of swaps needed to convert A to B, minimized over all rotations of B. We show that, given the compressed representation of A and B, this distance may be c...

This paper tests a model based on Wall's (Wall, L., 1989. Journal of Banking and Finance 13, 261±270) hypothesis of agency cost reduction using interest rate swaps. We ®nd a signi®cant positive relationship between the risk of the ®rm and the reduction of agency costs measured by the continuously compounded excess return (CAR) of the ®rm. Our ®ndings are consistent with WallÕs hypothesis and ot...

A self-contained theory is presented for pricing and hedging LIBOR and swap derivatives by arbitrage. Appropriate payoff homogeneity and measurability conditions are identified which guarantee that a given payoff can be attained by a self-financing trading strategy. LIBOR and swap derivatives satisfy this condition, implying they can be priced and hedged with a finite number of zero-coupon bond...

We give the optimal decomposition of a universal two-qubit circuit using Heisenberg exchange interactions and single qubit rotations. Tuning the strength and duration of the Heisenberg exchange allows one to implement SWAP gates. Our optimal circuit is constructed from only three SWAP gates and six single qubit gates. We show that three SWAP gates are not only sufficient, but necessary. Since s...

The design of concurrent data structures is greatly facilitated by the availability of synchronization operations that atomically modify k arbitrary items, such as kread–modify–write (krmw). Aiming to increase concurrency in order to exploit the parallelism offered by today’s multi-core andmulti-processing architectures, we propose a highly concurrent software implementation of krmw, with only ...

Models driven by Lévy processes are attractive since they allow for better statistical fitting compared to classical diffusion models. We derive the dynamics of the forward swap rate process in a semimartingale setting and introduce a Lévy swap market model. In order to guarantee positive rates, we model the swap rates as ordinary exponentials. We start with the most distant rate which is drive...

Pregnancy can be daunting. Prenatal gadgets tempt expecting mothers at every turn, as the market is saturated with ever-changing options for mommy, daddy and baby. But underneath it all, we are simply driven by a common desire to fulfill the ideals of motherhood and to connect with our babies. Stroller technology alone is enough to baffle the mind. Maybe next year we’ll see an organic, Tempur-P...

The traditional Distributed Shared Memory (DSM) model provides atomicity at levels of read and write on single objects. Therefore, multi-object operations such as double compare and swap, and atomic m-register assignment cannot be eeciently expressed in this model. We extend the traditional DSM model to allow operations to span multiple objects. We show that memory consistency conditions such a...