The Cms, LHCb Collaborations V. Khachatryan, A. Sirunyan
et al.
The standard model of particle physics describes the fundamental particles and their interactions via the strong, electromagnetic and weak forces. It provides precise predictions for measurable quantities that can be tested experimentally. The probabilities, or branching fractions, of the strange B meson () and the B0 meson decaying into two oppositely charged muons (μ+ and μ−) are especially interesting because of their sensitivity to theories that extend the standard model. The standard model predicts that the and decays are very rare, with about four of the former occurring for every billion mesons produced, and one of the latter occurring for every ten billion B0 mesons. A difference in the observed branching fractions with respect to the predictions of the standard model would provide a direction in which the standard model should be extended. Before the Large Hadron Collider (LHC) at CERN started operating, no evidence for either decay mode had been found. Upper limits on the branching fractions were an order of magnitude above the standard model predictions. The CMS (Compact Muon Solenoid) and LHCb (Large Hadron Collider beauty) collaborations have performed a joint analysis of the data from proton–proton collisions that they collected in 2011 at a centre-of-mass energy of seven teraelectronvolts and in 2012 at eight teraelectronvolts. Here we report the first observation of the µ+µ− decay, with a statistical significance exceeding six standard deviations, and the best measurement so far of its branching fraction. Furthermore, we obtained evidence for the µ+µ− decay with a statistical significance of three standard deviations. Both measurements are statistically compatible with standard model predictions and allow stringent constraints to be placed on theories beyond the standard model. The LHC experiments will resume taking data in 2015, recording proton–proton collisions at a centre-of-mass energy of 13 teraelectronvolts, which will approximately double the production rates of and B0 mesons and lead to further improvements in the precision of these crucial tests of the standard model.
Precision measurements by the Alpha Magnetic Spectrometer on the International Space Station of the primary cosmic-ray electron flux in the range 0.5 to 700 GeV and the positron flux in the range 0.5 to 500 GeV are presented. The electron flux and the positron flux each require a description beyond a single power-law spectrum. Both the electron flux and the positron flux change their behavior at ∼30 GeV but the fluxes are significantly different in their magnitude and energy dependence. Between 20 and 200 GeV the positron spectral index is significantly harder than the electron spectral index. The determination of the differing behavior of the spectral indices versus energy is a new observation and provides important information on the origins of cosmic-ray electrons and positrons.
We introduce Look-Ahead-Bench, a standardized benchmark measuring look-ahead bias in Point-in-Time (PiT) Large Language Models (LLMs) within realistic and practical financial workflows. Unlike most existing approaches that primarily test inner lookahead knowledge via Q\\&A, our benchmark evaluates model behavior in practical scenarios. To distinguish genuine predictive capability from memorization-based performance, we analyze performance decay across temporally distinct market regimes, incorporating several quantitative baselines to establish performance thresholds. We evaluate prominent open-source LLMs -- Llama 3.1 (8B and 70B) and DeepSeek 3.2 -- against a family of Point-in-Time LLMs (Pitinf-Small, Pitinf-Medium, and frontier-level model Pitinf-Large) from PiT-Inference. Results reveal significant lookahead bias in standard LLMs, as measured with alpha decay, unlike Pitinf models, which demonstrate improved generalization and reasoning abilities as they scale in size. This work establishes a foundation for the standardized evaluation of temporal bias in financial LLMs and provides a practical framework for identifying models suitable for real-world deployment. Code is available on GitHub: https://github.com/benstaf/lookaheadbench
This paper evaluates the causal impact of Generative Artificial Intelligence (GenAI) adoption on productivity and systemic risk in the U.S. banking sector. Using a novel dataset linking SEC 10-Q filings to Federal Reserve regulatory data for 809 financial institutions over 2018--2025, we employ two complementary identification strategies: Dynamic Spatial Durbin Models (DSDM) to capture network spillovers and Synthetic Difference-in-Differences (SDID) for causal inference using the November 2022 ChatGPT release as an exogenous shock. Our findings reveal a striking ``Productivity Paradox'': while DSDM estimates show that AI-adopting banks are high performers ($β> 0$), the causal SDID analysis documents a significant ``Implementation Tax'' -- adopting banks experience a 428-basis-point decline in ROE as they absorb GenAI integration costs. This tax falls disproportionately on smaller institutions, with bottom-quartile banks suffering a 517-basis-point ROE decline compared to 129 basis points for larger banks, suggesting that economies of scale provide significant advantages in AI implementation. Most critically, our DSDM analysis reveals significant positive spillovers ($θ= 0.161$ for ROA, $p < 0.01$; $θ= 0.679$ for ROE, $p < 0.05$), with spillovers among large banks reaching $θ= 3.13$ for ROE, indicating that the U.S. banking system is becoming ``algorithmically coupled.'' This synchronization of AI-driven decision-making creates a new channel for systemic contagion: a technical failure in widely-adopted AI models could trigger correlated shocks across the entire financial network.
Knowledge of the precise rigidity dependence of the helium flux is important in understanding the origin, acceleration, and propagation of cosmic rays. A precise measurement of the helium flux in primary cosmic rays with rigidity (momentum/charge) from 1.9 GV to 3 TV based on 50 million events is presented and compared to the proton flux. The detailed variation with rigidity of the helium flux spectral index is presented for the first time. The spectral index progressively hardens at rigidities larger than 100 GV. The rigidity dependence of the helium flux spectral index is similar to that of the proton spectral index though the magnitudes are different. Remarkably, the spectral index of the proton to helium flux ratio increases with rigidity up to 45 GV and then becomes constant; the flux ratio above 45 GV is well described by a single power law.
This paper delves into the spectrum of credit risks associated with decentralized stablecoin issuance, ranging from overcollateralized lending to business-to-business credit. It examines the mechanisms, risks, and mitigation strategies at each layer, highlighting the potential for scaling decentralized stablecoins while ensuring systemic health.
This paper describes the dependence of market-based statistical moments of returns on statistical moments and correlations of the current and past trade values. We use Markowitz's definition of value weighted return of a portfolio as the definition of market-based average return of trades during the averaging period. Then we derive the dependence of market-based volatility and higher statistical moments of returns on statistical moments, volatilities, and correlations of the current and past trade values. We derive the approximations of the characteristic function and the probability of returns by a finite number q of market-based statistical moments. To forecast market-based average and volatility of returns at horizon T, one should predict the first two statistical moments and correlation of current and past trade values at the same horizon. We discuss the economic reasons that limit the number of predicted statistical moments of returns by the first two. That limits the accuracy of the forecasts of probability of returns by the accuracy of the Gaussian approximations. To improve the reliability of large macroeconomic and market models like BlackRock's Aladdin, JP Morgan, and the U.S. Fed., the developers should use market-based statistical moments of returns.
We report high statistics measurements of inclusive charged hadron production in Au+Au and p+p collisions at sqrt[s(NN)]=200 GeV. A large, approximately constant hadron suppression is observed in central Au+Au collisions for 5<p(T)<12 GeV/c. The collision energy dependence of the yields and the centrality and p(T) dependence of the suppression provide stringent constraints on theoretical models of suppression. Models incorporating initial-state gluon saturation or partonic energy loss in dense matter are largely consistent with observations. We observe no evidence of p(T)-dependent suppression, which may be expected from models incorporating jet attenuation in cold nuclear matter or scattering of fragmentation hadrons.
Despite mounting evidence linking pyroptotic cell death to tumor growth, the clinical significance and disease mechanism of pyroptosis in cancer remain uncertain. In this study, we established a unique gene signature (π signature) that can be used as a predictive and prognostic tool in pyroptosis-related cancer subtypes. We found that the 13 core pyroptosis genes exerted opposite prognostic effects in different cancer types, which were subgrouped as pyroptosis positively related cancer and pyroptosis negatively related cancer. Subsequently, π signature was identified separately from the hub genes in pyroptosis positively related cancer and pyroptosis negatively related cancer subtypes. It was shown that π signature was well correlated with patient survival, pathological stages, tumor lymphocyte infiltration, and immunotherapy response. π signature was also applied as a predictive tool for chemotherapy drug responses and used as an independent factor for patient overall survival prediction. In short, this elaborated genetic signature could help us understand the oncogenic mechanism and pave the way for further therapeutic strategies based on pyroptosis.
Answers to interview questions sent to a selected group of former physicists working in finance. The interview will be published as part of a Special Issue on Physics and Derivatives by The Journal of Derivatives in the second half of 2020.
We report a successful observation of pressure-induced superconductivity in a topological compound Bi2Te3 with Tc of ∼3 K between 3 to 6 GPa. The combined high-pressure structure investigations with synchrotron radiation indicated that the superconductivity occurred at the ambient phase without crystal structure phase transition. The Hall effects measurements indicated the hole-type carrier in the pressure-induced superconducting Bi2Te3 single crystal. Consequently, the first-principles calculations based on the structural data obtained by the Rietveld refinement of X-ray diffraction patterns at high pressure showed that the electronic structure under pressure remained topologically nontrivial. The results suggested that topological superconductivity can be realized in Bi2Te3 due to the proximity effect between superconducting bulk states and Dirac-type surface states. We also discuss the possibility that the bulk state could be a topological superconductor.
Let $ψ$ be a multi-dimensional random variable. We show that the set of probability measures $\mathbb{Q}$ such that the $\mathbb{Q}$-martingale $S^{\mathbb{Q}}_t=\mathbb{E}^{\mathbb{Q}}\left[ψ\lvert\mathcal{F}_{t}\right]$ has the Martingale Representation Property (MRP) is either empty or dense in $\mathcal{L}_\infty$-norm. The proof is based on a related result involving analytic fields of terminal conditions $(ψ(x))_{x\in U}$ and probability measures $(\mathbb{Q}(x))_{x\in U}$ over an open set $U$. Namely, we show that the set of points $x\in U$ such that $S_t(x) = \mathbb{E}^{\mathbb{Q}(x)}\left[ψ(x)\lvert\mathcal{F}_{t}\right]$ does not have the MRP, either coincides with $U$ or has Lebesgue measure zero. Our study is motivated by the problem of endogenous completeness in financial economics.