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Probing gluonic saturation in deeply virtual meson production beyond leading power
No full textInternational audienceExclusive diffractive meson production represents a golden channel for investigating gluonic saturation inside nucleons and nuclei. In this letter, we settle a systematic framework to deal with beyond leading power corrections at small-, including the saturation regime, and obtain the impact factor with both incoming photon and outgoing meson carrying arbitrary polarizations. This is of particular interest since the saturation scale at modern colliders, although entering a perturbative regime, is not large enough to prevents higher-twist effects to be sizable
Understanding the worst-kept secret of high-frequency trading
No full textInternational audienceVolume imbalance in a limit order book is often considered as a reliable indicator for predicting future price moves. In this work, we seek to analyse the nuances of the relationship between prices and volume imbalance. To this end, we study a market-making problem which allows us to view the imbalance as an optimal response to price moves. In our model, there is an underlying efficient price driving the mid-price, which follows the model with uncertainty zones. A single market maker knows the underlying efficient price and consequently the probability of a mid-price jump in the future. She controls the volumes she quotes at the best bid and ask prices. Solving her optimization problem allows us to understand endogenously the price-imbalance connection and to confirm in particular that it is optimal to quote a predictive imbalance. Our model can also be used by a platform to select a suitable tick size, which is known to be a crucial topic in financial regulation. The value function of the market maker's control problem can be viewed as a family of functions, indexed by the level of the market maker's inventory, solving a coupled system of PDEs. We show existence and uniqueness of classical solutions to this coupled system of equations. In the case of a continuous inventory, we also prove uniqueness of the market maker's optimal control policy
Quark confinement from an infrared safe approach
No full textInternational audienceWe revisit the nonabelian dipole problem in the context of a simple semiclassical approach which incorporates some essential features of the infrared sector of Yang-Mills theories in the Landau gauge, in particular, the fact that the running coupling remains of moderate size at infrared scales. We obtain a simple flux-tube solution in a controlled approximation scheme, that we compare to the results of lattice simulations
Search for new resonances decaying to pairs of merged diphotons in proton-proton collisions at = 13 TeV
No full textInternational audienceA search is presented for an extended Higgs sector with two new particles, X and , in the process X . Novel neural networks classify events with diphotons that are merged and determine the diphoton masses. The search uses LHC proton-proton collision data at = 13 TeV collected with the CMS detector, corresponding to an integrated luminosity of 138 fb. No evidence of such resonances is seen. Upper limits are set on the production cross section versus the resonance masses, representing the most sensitive search in this channel
Asymptotic Distribution of Parameters in Trivalent Maps and Linear Lambda Terms
No full text40 pages, 16 figuresInternational audienceStructural properties of large random maps and lambda-terms may be gleaned by studying the limit distributions of various parameters of interest. In our work we focus on restricted classes of maps and their counterparts in the lambda-calculus, building on recent bijective connections between these two domains. In such cases, parameters in maps naturally correspond to parameters in lambda-terms and vice versa. By an interplay between lambda-terms and maps, we obtain various combinatorial specifications which allow us to access the distributions of pairs of related parameters such as: the number of bridges in rooted trivalent maps and of subterms in closed linear lambda-terms, the number of vertices of degree 1 in (1,3)-valent maps and of free variables in open linear lambda-terms etc. To analyse asymptotically these distributions, we introduce appropriate tools: a moment-pumping schema for differential equations and a composition schema inspired by Bender's theorem
Taita Taveta County Annual Development Plan 2026/2027
Get PDFArticle 126 of the Public Finance Management Act, 2012 states that every County Government shall prepare a County Annual Development Plan to be submitted to the County Assembly not later than 1st September each year for approval. It provides the basis for implementing the County Integrated Development Plans (CIDP) priorities into annual targets. The preparation process of this CADP adopts the Programme Based Budgeting (PBB) approach, where the sector working groups in the County formulate their respective sector proposal policies and programmes with clear outputs, outcomes as well as performance indicators which are related to the achievement of the programme objectives. In preparation reference was made to key National and County Government Policy documents that included the Kenya Vision 2030, the SDG’s, the Bottom Up Economic Transformation Agenda (BETA), Governor’s manifesto, the County Integrated Development Plan (CIDP) and respective sector policy plans. The County made great strides in the previous fiscal year despite the numerous challenges faced. Among the areas where significant advancements were realized include Health care where the county made progress in strengthening health governance, planning, and management systems. food security where farmers were trained through different extension approaches which include demonstrations, field days, farm and group visits, trade fairs and exhibitions. The county also championed digital transformation by establishing ICT facilities, improving internet connectivity, and equipping VTCs with computers. This was accompanied by comprehensive training for instructors and trainees in digital economy skills to prepare them for modern job markets. The plan was prepared through a participatory process and involved data collection from the County Government departments and other stakeholders. The sectors incorporated views from key stakeholders into their reports and ensured the development priorities and strategies were in line with the County Integrated Development plan (2023-2027). The strategies prioritized in the plan will form the basis for preparation of FY 2026/2027 Budget estimates thus enhancing the linkage between policy, plans and budgets
Laikipia County Programme Based Budget 2025 - 2026
Get PDFThe annual estimates for financial year 2025/2026 have been prepared in line with Article 220 (2) of the Constitution of Kenya (2010) and section 129 of the public finance management act (2012).
These estimates are geared towards achievement of the objectives laid out in the 3rd County Integrated Development Plan (CIDP), the annual development plan (ADP) 2025/26, the County fiscal strategy paper (CFSP) 2025. This framework will enable the County deliver the following objectives; Provide quality health services at affordable cost. Ensure the safety of people and property while enhancing service delivery to citizens. Facilitate infrastructure development through construction and periodic maintenance of road infrastructures, physical planning and land management. Make agriculture a profitable business through increased agricultural and livestock productivity, provision of extension services, use of modern technologies, supply of subsidized farm inputs and linking farmers to markets. Improve access to education through bursaries and scholarships, enhance early childhood development education and vocational training through investment in infrastructure and human capital development. Enhance business environment & financial inclusion, promote tourism development and ensure a robust and competitive cooperative movement to drive the County’s economy. Provide safe drinking water, improve sanitation through solid waste management and enhance climate change mitigation
Kwale County Programme Based Budget 2025/2026
No full textThis County Budget for the financial year (FY) 2025/2026 is the third to be prepared under the new county government administration and strictly complies with the provisions of the Public Finance Management Act 2012 and the requirements of the Constitution 2010. The total anticipated revenues are pegged at Ksh.15,827,562,406 which include equitable share of revenue, additional allocations from the National Government and conditional grants from development partners, county government own source revenues and the facility improvement fund (FIF). The main source of the county government budgetary resources comes from the Equitable Share of Revenue which stands at Ksh 9,078,699,643 which is about 57 percent. The Additional Allocations comprise of Ksh 656,040,399 from the National Government and Ksh 264,756,500 from Development Partners. These constitute about 5.8 percent of the anticipated budgetary resources. The other sources are the own source revenue (OSR) Ksh 486,044,840 (3.1 percent) , facility improvement fund (FIF) at Ksh 400,000,000 (2.5 percent) and balances brought forward as pending bills and commitments amounting to Ksh 4,942,019,024(31.0 percent). The budgetary resources have been allocated as follows: - development expenditure Ksh 7,867,181,315 which translates to 49.7 percent of the budget and the remaining Kshs.7,960,381,091 about 64.3 percent to recurrent expenditures. Under the recurrent expenditure, Ksh 3,652,328,207 (23.1 percent) has been allocated to personnel emoluments and Ksh 4,308,052,884 (about 27.2 percent) to operations and maintenance. All salaries in the County Executive departments have been put under the department of Public Service and Administration in line with the new Government Human Resources Payroll system
Tharaka Nithi County Fiscal Strategy Paper 2025
No full textThe 2025 Tharaka Nithi County Fiscal Strategy Paper is the third to be prepared under the third CIDP 2023-2027. The Paper outlines the budgeting and development framework that the County Government seeks to pursue in the 2025/26, 2026/27 and 2027/28 MTEF period. The paper focuses on key medium-term policies and priorities as highlighted in the Governors Manifesto and CIDP 2023-2027. The document further outlines the current state of the County in terms of budget implementation and specifies the set strategic priorities and policy goals together with a summary of the County government spending plans. The development framework advances achievement of the key thematic areas envisaged in the 2023-2027 CIDP as we focus on improving the livelihood of the County residents through investments in key priority areas that support increased agricultural productivity, improved healthcare, sustainable infrastructure, socio-economic empowerment, improved natural resource management and Skills development. In FY 2025/2026, the total county budget is projected at Kshs. 6784.2 million with recurrent allocated Kshs. 4,211.4 million and development Kshs. 2,572.52 million to be financed from equitable share from the national government of Ksh 14.587.14 million, conditional and unconditional additional allocations of of Kshs 1717 million, and own source revenue of Kshs 480 million. In the medium term, the projected county resources are constrained. Therefore, strict ceilings have been provided for the FY2025/2026 Budget and the Medium Term which will form the basis for departmental detailed budgets which shall be submitted to the County Assembly for approval by April 30, 2025. Furthermore, considering the limited projected resources vis a vis the development needs of the county, emphasis will be on pursuit of robust resource mobilization strategies including enhanced own source revenue collections and strategic partnerships
Kericho County Debt Management Strategy Paper 2025
Get PDFThe Medium-Term Debt Management Strategy (MTDS) outlines the approaches adopted by the County government for the effective management of its debt obligations. According to Section 140 of the Public Finance Management (PFM) Act 2012, a County Executive Committee Member responsible for finance is permitted to borrow on behalf of the County Government, provided that the loan's terms and conditions are documented in writing and comply with Article 212 of the Constitution, as well as Sections 58 and 142 of the PFM Act 2012, among other stipulations. The National Treasury has established guidelines for
both domestic and external borrowing by counties, aimed at facilitating collaboration between the Government of Kenya (GOK), development partners, counties, and the National Government. This ensures effective coordination not only in loan management but also in the administration of grants and other forms of assistance. The strategy delineates key priorities aimed at mitigating financial risk. Consequently, the County Government of Kericho (CGK) acknowledges the importance of exercising caution in its debt management practices to prevent excessive financial risks associated with ineffective debt management strategies. The County is dedicating substantial efforts and resources to enhance its debt management capabilities and improve risk assessment processes. This document aims to guarantee that the service and management of CGK's financial needs and payment responsibilities are fulfilled promptly and at the most economical cost over the medium to long term, while adhering to a prudent level of risk