Global corporate bond issuance: what role for US quantitative easing?

The paper investigates the impact of US quantitative easing (QE) on global non-financial corporate bond issuance. It distinguishes between two QE instruments, MBS/GSE debt and Treasury bonds, and disentangles between two channels of transmission of QE to global bond markets, namely flow effects (purchases) and stock effects (holdings). We control for a number of domestic and global macro-financial factors. In particular, we control for weaknesses in crossborder and domestic banking which might have induced the corporate sector to issue more bonds. The results indicate that US QE had a large impact on corporate bond issuance, especially in emerging markets, and that flow effects (i.e. portfolio rebalancing) were the main transmission channel of QE. A counterfactual analysis shows that bond issuance in emerging markets since 2009 would have been halved without QE

Irrversibility of Entanglement Manipulations: Vagueness of the Entanglement of Cost and Entanglement of Distillation

We show that the entanglement of cost and entanglement of distillation can be vague when we consider a more general form of entanglement manipulation in which we collectively deal with not only states of our concern but also other states. We introduce the most general entanglement manipulation in which the formation and distillation can be simultaneously performed. We show that in a certain case entanglement manipulations are reversible with respect to the most general entanglement manipulation. This broadens our scope of vision on the irreversibility of entanglement manipulations.Comment: Typos and minor errors corrected, 3 pages, RevTe

Catalysis in non--local quantum operations

We show how entanglement can be used, without being consumed, to accomplish unitary operations that could not be performed with out it. When applied to infinitesimal transformations our method makes equivalent, in the sense of Hamiltonian simulation, a whole class of otherwise inequivalent two-qubit interactions. The new catalysis effect also implies the asymptotic equivalence of all such interactions.Comment: 4 pages, revte

Protocols for entanglement transformations of bipartite pure states

We present a general theoretical framework for both deterministic and probabilistic entanglement transformations of bipartite pure states achieved via local operations and classical communication. This framework unifies and greatly simplifies previous works. A necessary condition for ``pure contraction'' transformations is given. Finally, constructive protocols to achieve both probabilistic and deterministic entanglement transformations are presented.Comment: 7 pages, no figures. Version slightly modified on Physical Review A reques

On the communication cost of entanglement transformations

We study the amount of communication needed for two parties to transform some given joint pure state into another one, either exactly or with some fidelity. Specifically, we present a method to lower bound this communication cost even when the amount of entanglement does not increase. Moreover, the bound applies even if the initial state is supplemented with unlimited entanglement in the form of EPR pairs, and the communication is allowed to be quantum mechanical. We then apply the method to the determination of the communication cost of asymptotic entanglement concentration and dilution. While concentration is known to require no communication whatsoever, the best known protocol for dilution, discovered by Lo and Popescu [Phys. Rev. Lett. 83(7):1459--1462, 1999], requires a number of bits to be exchanged which is of the order of the square root of the number of EPR pairs. Here we prove a matching lower bound of the same asymptotic order, demonstrating the optimality of the Lo-Popescu protocol up to a constant factor and establishing the existence of a fundamental asymmetry between the concentration and dilution tasks. We also discuss states for which the minimal communication cost is proportional to their entanglement, such as the states recently introduced in the context of ``embezzling entanglement'' [W. van Dam and P. Hayden, quant-ph/0201041].Comment: 9 pages, 1 figure. Added a reference and some further explanations. In v3 some arguments are given in more detai

Entanglement capabilities of non-local Hamiltonians

We quantify the capability of creating entanglement for a general physical interaction acting on two qubits. We give a procedure for optimizing the generation of entanglement. We also show that a Hamiltonian can create more entanglement if one uses auxiliary systems.Comment: replaced with published version, 4 pages, no figure

Local symmetry properties of pure 3-qubit states

Entanglement types of pure states of 3 qubits are classified by means of their stabilisers in the group of local unitary operations. It is shown that the stabiliser is generically discrete, and that a larger stabiliser indicates a stationary value for some local invariant. We describe all the exceptional states with enlarged stabilisers.Comment: 32 pages, 5 encapsulated PostScript files for 3 figures. Published version, with minor correction

Classification of multipartite entangled states by multidimensional determinants

We find that multidimensional determinants "hyperdeterminants", related to entanglement measures (the so-called concurrence or 3-tangle for the 2 or 3 qubits, respectively), are derived from a duality between entangled states and separable states. By means of the hyperdeterminant and its singularities, the single copy of multipartite pure entangled states is classified into an onion structure of every closed subset, similar to that by the local rank in the bipartite case. This reveals how inequivalent multipartite entangled classes are partially ordered under local actions. In particular, the generic entangled class of the maximal dimension, distinguished as the nonzero hyperdeterminant, does not include the maximally entangled states in Bell's inequalities in general (e.g., in the $n \geq 4$ qubits), contrary to the widely known bipartite or 3-qubit cases. It suggests that not only are they never locally interconvertible with the majority of multipartite entangled states, but they would have no grounds for the canonical n-partite entangled states. Our classification is also useful for the mixed states.Comment: revtex4, 10 pages, 4 eps figures with psfrag; v2 title changed, 1 appendix added, to appear in Phys. Rev.

Simple test for quantum channel capacity

Basing on states and channels isomorphism we point out that semidefinite programming can be used as a quick test for nonzero one-way quantum channel capacity. This can be achieved by search of symmetric extensions of states isomorphic to a given quantum channel. With this method we provide examples of quantum channels that can lead to high entanglement transmission but still have zero one-way capacity, in particular, regions of symmetric extendibility for isotropic states in arbitrary dimensions are presented. Further we derive {\it a new entanglement parameter} based on (normalised) relative entropy distance to the set of states that have symmetric extensions and show explicitly the symmetric extension of isotropic states being the nearest to singlets in the set of symmetrically extendible states. The suitable regularisation of the parameter provides a new upper bound on one-way distillable entanglement.Comment: 6 pages, no figures, RevTeX4. Signifficantly corrected version. Claim on continuity of channel capacities removed due to flaw in the corresponding proof. Changes and corrections performed in the part proposing a new upper bound on one-way distillable etanglement which happens to be not one-way entanglement monoton