Thu, 29 May 2025
16:00
L5

Sovereign debt default and climate risk

Emilio Barucci
(Politecnico di Milano)
Abstract
We explore the interplay between sovereign debt default and climate risk. Pollution  (e.g., pollution from land use, natural resource exploitation) contributes to the likelihood of natural disasters and influences economic growth rates. The country can default on its debt at any time while also deciding whether to invest in pollution abatement. The framework provides insights into the credit spreads of sovereign bonds and explains the observed relationship between bond spread and country's climate vulnerability. Through calibration for developing and low-income countries, we show that there is limited incentive for these countries to address climate risk, and the sensitivity of bond spreads to climate vulnerability is limited. Climate risk does not play a relevant role on the decision to default on sovereign debt. Financial support for climate abatement expenditures can effectively foster climate adaptation actions, instead renegotiation conditional upon pollution abatement does not produce any effect. 


 

Thu, 22 May 2025
16:00
L5

Liquidity Competition Between Brokers and an Informed Trader

Ryan Donnelly
(King's College London)
Abstract

We study a multi-agent setting in which brokers transact with an informed trader. Through a sequential Stackelberg-type game, brokers manage trading costs and adverse selection with an informed trader. In particular, supplying liquidity to the informed traders allows the brokers to speculate based on the flow information. They simultaneously attempt to minimize inventory risk and trading costs with the lit market based on the informed order flow, also known as the internalization-externalization strategy. We solve in closed form for the trading strategy that the informed trader uses with each broker and propose a system of equations which classify the equilibrium strategies of the brokers. By solving these equations numerically we may study the resulting strategies in equilibrium. Finally, we formulate a competitive game between brokers in order to determine the liquidity prices subject to precommitment supplied to the informed trader and provide a numerical example in which the resulting equilibrium is not Pareto efficient.

Search for dark matter from the center of the Earth with 10 years of IceCube data
 Abbasi, R Ackermann, M Adams, J Agarwalla, S Aguilar, J Ahlers, M Alameddine, J Amin, N Andeen, K Argüelles, C Ashida, Y Athanasiadou, S Axani, S Babu, R Bai, X V., A Baricevic, M Barwick, S Bash, S Basu, V Bay, R Beatty, J Tjus, J Beise, J Bellenghi, C BenZvi, S Berley, D Bernardini, E Besson, D Blaufuss, E Bloom, L Blot, S Bontempo, F Motzkin, J Meneguolo, C Böser, S Botner, O Böttcher, J Braun, J Brinson, B Brisson-Tsavoussis, Z Brostean-Kaiser, J Brusa, L Burley, R Butterfield, D Campana, M Caracas, I Carloni, K Carpio, J Chattopadhyay, S Chau, N Chen, Z Chirkin, D Choi, S Clark, B Coleman, A Coleman, P Collin, G Connolly, A Conrad, J Corley, R Cowen, D De Clercq, C DeLaunay, J Delgado, D Deng, S Desai, A Desiati, P de Vries, K de Wasseige, G DeYoung, T Diaz, A Díaz-Vélez, J Dierichs, P Dittmer, M Domi, A Draper, L Dujmovic, H Durnford, D Dutta, K DuVernois, M Ehrhardt, T Eidenschink, L Eimer, A Eller, P Ellinger, E Mentawi, S Elsässer, D Engel, R Erpenbeck, H Esmail, W Evans, J Evenson, P Fan, K Fang, K Farrag, K Fazely, A Fedynitch, A Feigl, N Fiedlschuster, S Finley, C Fischer, L Fox, D Franckowiak, A Fukami, S Fürst, P Gallagher, J Ganster, E Garcia, A Garcia, M Garg, G Genton, E Gerhardt, L Ghadimi, A Girard-Carillo, C Glaser, C Glüsenkamp, T Gonzalez, J Goswami, S Granados, A Grant, D Gray, S Griffin, S Griswold, S Groth, K Guevel, D Günther, C Gutjahr, P Ha, C Haack, C Hallgren, A Halve, L Halzen, F Hamacher, L Hamdaoui, H Minh, M Handt, M Hanson, K Hardin, J Harnisch, A Hatch, P Haungs, A Häußler, J Helbing, K Hellrung, J Hermannsgabner, J Heuermann, L Heyer, N Hickford, S Hidvegi, A Hill, C Hill, G Hmaid, R Hoffman, K Hori, S Hoshina, K Hostert, M Hou, W Huber, T Hultqvist, K Hünnefeld, M Hussain, R Hymon, K Ishihara, A Iwakiri, W Jacquart, M Jain, S Janik, O Jansson, M Jeong, M Jin, M Jones, B Kamp, N Kang, D Kang, W Kang, X Kappes, A Kappesser, D Kardum, L Karg, T Karl, M Karle, A Katil, A Katz, U Kauer, M Kelley, J Khanal, M Zathul, A Kheirandish, A Kiryluk, J Klein, S Kobayashi, Y Kochocki, A Koirala, R Kolanoski, H Kontrimas, T Köpke, L Kopper, C Koskinen, D Koundal, P Kowalski, M Kozynets, T Krieger, N Krishnamoorthi, J Kruiswijk, K Krupczak, E Kumar, A Kun, E Kurahashi, N Lad, N Gualda, C Lamoureux, M Larson, M Lauber, F Lazar, J Lee, J DeHolton, K Leszczyńska, A Liao, J Lincetto, M Liu, Y Liubarska, M Love, C Lu, L Lucarelli, F Luszczak, W Lyu, Y Madsen, J Magnus, E Mahn, K Makino, Y Manao, E Mancina, S Mand, A Sainte, W Mariş, I Marka, S Marka, Z Marsee, M Martinez-Soler, I Maruyama, R Mayhew, F McNally, F Mead, J Meagher, K Mechbal, S Medina, A Meier, M Merckx, Y Merten, L Mitchell, J Montaruli, T Moore, R Morii, Y Morse, R Moulai, M Mukherjee, T Naab, R Nakos, M Naumann, U Necker, J Negi, A Neste, L Neumann, M Niederhausen, H Nisa, M Noda, K Noell, A Novikov, A Pollmann, A O’Dell, V Olivas, A Orsoe, R Osborn, J O’Sullivan, E Palusova, V Pandya, H Park, N Parker, G Parrish, V Paudel, E Paul, L de los Heros, C Pernice, T Peterson, J Pizzuto, A Plum, M Pontén, A Popovych, Y Rodriguez, M Pries, B Procter-Murphy, R Przybylski, G Pyras, L Raab, C Rack-Helleis, J Rad, N Ravn, M Rawlins, K Rechav, Z Rehman, A Renzi, G Resconi, E Reusch, S Rhode, W Riedel, B Rifaie, A Roberts, E Robertson, S Rodan, S Roellinghoff, G Rongen, M Rosted, A Rott, C Ruhe, T Ruohan, L Ryckbosch, D Safa, I Saffer, J Salazar-Gallegos, D Sampathkumar, P Sandrock, A Santander, M Sarkar, S Savelberg, J Savina, P Schaile, P Schaufel, M Schieler, H Schindler, S Schlickmann, L Schlüter, B Schlüter, F Schmeisser, N Schmidt, T Schneider, J Schröder, F Schumacher, L Schwirn, S Sclafani, S Seckel, D Seen, L Seikh, M Seo, M Seunarine, S Myhr, P Shah, R Shefali, S Shimizu, N Silva, M Skrzypek, B Smithers, B Snihur, R Soedingrekso, J Søgaard, A Soldin, D Soldin, P Sommani, G Spannfellner, C Spiczak, G Spiering, C Stachurska, J Stamatikos, M Stanev, T Stezelberger, T Stürwald, T Stuttard, T Sullivan, G Taboada, I Ter-Antonyan, S Terliuk, A Thiesmeyer, M Thompson, W Thwaites, J Tilav, S Tollefson, K Tönnis, C Toscano, S Tosi, D Trettin, A Turcotte, R Elorrieta, M Upadhyay, A Upshaw, K Vaidyanathan, A Valtonen-Mattila, N Vandenbroucke, J Eijndhoven, N Vannerom, D Santen, J Vara, J Varsi, F Veitch-Michaelis, J Venugopal, M Vereecken, M Carrasco, S Verpoest, S Veske, D Vijai, A Walck, C Wang, A Weaver, C Weigel, P Weindl, A Weldert, J Wen, A Wendt, C Werthebach, J Weyrauch, M Whitehorn, N Wiebusch, C Williams, D Witthaus, L Wolf, M Wrede, G Xu, X Yanez, J Yildizci, E Yoshida, S Young, R Yu, S Yuan, T Zegarelli, A Zhang, S Zhang, Z Zhelnin, P Zilberman, P Zimmerman, M European Physical Journal C volume 85 issue 5 490 (05 May 2025)
T cell memory response to MPXV infection exhibits greater effector function and migratory potential compared to MVA-BN vaccination
 Chen, J Wang, B Lu, Y Antoun, E Bird, O Drennan, P Yin, Z Liu, G Yao, X Pidoux, M Bates, A Jayathilaka, D Wang, J Angus, B Beer, S Espinosa, A Baillie, J Semple, M Rostron, T Waugh, C Sopp, P Knight, J Fullerton, J Coles, M Smith, G Mentzer, A Peng, Y Dong, T Nature Communications volume 16 issue 1 (10 May 2025)
Mon, 12 May 2025
15:30
L5

Surgery presentations of bordism bicategories

Filippos Sytilidis
(Oxford University)
Abstract

A topological quantum field theory (TQFT) is a functor from a category of bordisms to a category of vector spaces. Classifying low-dimensional TQFTs often involves presenting bordism categories in terms of generators and relations. In this talk, we introduce these concepts and outline a general procedure for obtaining such presentations using Morse–Cerf theory and surgery. We further discuss how this perspective can be extended to yield presentations of bordism bicategories.


 
Wavefront sets of unipotent representations of reductive p-adic groups I
 Ciubotaru, D Mason-Brown, L Okada, E American Journal of Mathematics
Wed, 14 May 2025
13:30
L5

q-deformations and (uniqueness of) string amplitudes

Maria Nocchi
Abstract

q-deformations offer a systematic way to generalize familiar mathematical structures, revealing hidden symmetries and richer geometries that collapse back to classical frameworks as the deformation parameter goes to 1. Beyond their mathematical elegance, q-deformations have naturally emerged in diverse areas of theoretical physics, offering fresh perspectives on quantization, regularization, and non-commutative geometry. In this talk, we will explore how q-deformations intersect with the intriguing question of the uniqueness of string scattering amplitudes.

 

Junior Strings is a seminar series where DPhil students present topics of common interest that do not necessarily overlap with their own research area. This is primarily aimed at PhD students and post-docs but everyone is welcome.

Turán Problems for Expanded Hypergraphs
 Keevash, P Lifshitz, N Long, E Minzer, D Combinatorica volume 45 issue 3 (23 Apr 2025)
Certifiably Robust Policies for Uncertain Parametric Environments
 Schnitzer, Y Abate, A Parker, D Tools and Algorithms for the Construction and Analysis of Systems volume 15698 63-83 (01 May 2025)
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