Pricing Index Options with Stochastic Volatility

The objective of this paper is to investigate the pricing accuracy under stochastic volatility where the volatility follows a square root process. The theoretical prices are compared with market price data (the German DAX index options market) by using two different techniques of parameter estimation, the method of moments and implicit estimation by inversion. Standard Black & Scholes pricing is used as a benchmark. The results indicate that the stochastic volatility model with parameters estimated by inversion using the available prices on the preceding day, is the most accurate pricing method of the three in this study and can be considered satisfactory. However, as the same model with parameters estimated using a rolling window (the method of moments) proved to be inferior to the benchmark, the importance of stable and correct estimation of the parameters is evident.

Towards Explaining the Tasks and Roles of the Boards of Directors

While previous research has helped to improve our understanding of corporate governance and boards of directors, less is known about the factors that affect boards’ tasks and roles and directors’ motivation and engagement. This requires knowledge of how board decisions are being made and the internal and external factors that affect the decision-making process. Large inferential leaps have been made from board demographics to firm performance with equivocal results. This thesis concentrates on how the institutional, behavioral and social identification factors impact the enactment of board roles and tasks. Data used in this thesis were collected in 2009 through a mailed survey to Finnish large and middle-sized corporations. The findings suggest that firstly, the national context of an organization is reflected in board roles and shapes how and for what reasons the board roles are carried out; secondly, the directors’ human and external social capital invariably impacts their engagement in board tasks and that conflicts among directors moderate those relationships; finally, directors’ identification with the organization, its shareholders and its customers affect the directors’ involvement in board tasks. By addressing the impact of organisational context, board-internal behaviour and social identification of board members on board roles and tasks, this thesis firstly complements the shareholder supremacy view as the only reason for the board’s involvement with specific tasks; secondly questions the existence of the board as separate from its institutional context; and thirdly questions the view that a board is a ‘black box’, subject to a selection of input demographic variables and producing quantifiable results. The thesis demonstrates that boards are complex organisational bodies, which involve much interaction among board members. Director behaviour and its influence on board decision making is an important determinant of board tasks and boards are likely subjected to inter-group tensions and are susceptible to the influence of internal and external social forces.

Kokeellisten aivovaltimoaneurysmien molekulaarinen kuvantaminen

Tutkimuksessa arvioitiin Sinerem-rautananopartikkelivarjoaineen soveltuvuutta aivovaltimoaneurysmiin liittyvän tulehdusreaktion kuvantamiseen. Tutkimuksessa tarkasteltiin 17 kokeellista rotan aivovaltimoaneurysmamallia. Eläimet jaettiin 9 ja 7 rotan sarjoihin, joista 9 rotan sarjasta kaikki ja 7 rotan sarjasta 3 satunnaistettua eläintä saivat varjoainetta. Kaikki eläimet kuvattiin ennen ja jälkeen varjoaineruiskutuksen ja kuvista arvioitiin varjoaineen aiheuttamaa artefaktaa. 7 rotan sarja kuvattiin lisäksi ex vivo. Kaikista aneurysmista tehtiin histologisia ja immunohistokemiallisia värjäyksiä raudan ja makrofagien osoittamiseksi. 9 rotan sarjasta vain 5 oli elossa koesarjan lopussa. 7 rotan sarjasta yksi eläin kuoli kesken koesarjan. Kaikissa 9 rotan sarjan aneurysmissa havaittiin varjoaineen aiheuttamaksi sopivaa artefaktaa. 3 aneurysmassa varsinaisessa koesarjassa havaittiin vastaavaa artefaktaa ja 2 näistä oli saanut varjoainetta. 1 negatiivisessa kontrollissa havaittiin artefaktaa. Ex vivo –kuvissa ei havaittu varjoaineen aiheuttamaksi sopivaa artefaktaa. Kaikissa aneurysmissa havaittiin eri-ikäistä trombia histologiassa. Varjoaineinjektio ei liittynyt negatiivisia kontrolleja suurempaan aneurysman rautapitoisten solujen osuuteen. Tutkimuksessa ei kyetty osoittamaan rautananopartikkelivarjoaineen soveltuvuutta aneurysmaan liittyvän tulehdusreaktion kuvantamisessa. (146 sanaa)