On the efficacy of Fourier series approximations for pricing European options

This paper investigates several competing procedures for computing the prices of vanilla European options, such as puts, calls and binaries, in which the underlying model has a characteristic function that is known in semi-closed form. The algorithms investigated here are the half-range Fourier cosine series, the half-range Fourier sine series and the full-range Fourier series. Their performance is assessed in simulation experiments in which an analytical solution is available and also for a simple affine model of stochastic volatility in which there is no closed-form solution. The results suggest that the half-range sine series approximation is the least effective of the three proposed algorithms. It is rather more difficult to distinguish between the performance of the halfrange cosine series and the full-range Fourier series. However there are two clear differences. First, when the interval over which the density is approximated is relatively large, the full-range Fourier series is at least as good as the half-range Fourier cosine series, and outperforms the latter in pricing out-of-the-money call options, in particular with maturities of three months or less. Second, the computational time required by the half-range Fourier cosine series is uniformly longer than that required by the full-range Fourier series for an interval of fixed length. Taken together,these two conclusions make a case for pricing options using a full-range range Fourier series as opposed to a half-range Fourier cosine series if a large number of options are to be priced in as short a time as possible.

The modern day bystander: Online and face-to-face bystander actions of adolescents in traditional bullying and cyberbullying

This study investigated whether bystanders of traditional bullying and cyberbullying used face-to-face methods, online methods or both methods when reporting, discouraging and providing support to the victims of traditional bullying and cyberbullying. A questionnaire was completed by 348 high school students (Years 7 – 12) from seven independent schools in Australia. Overall, students predominantly utilized face-to-face methods when reporting to others for both types of bullying. Older students were more likely to use online methods to discourage the traditional bully (i.e., asking the bully to stop). Males and older students were more likely to use online methods to support victims of traditional bullying. Females were more likely to use face-to-face methods to support victims of cyberbullying. Implications for practice and future research are discussed.

Provinicializing curriculum? On the preparation of subjectivity for globality

The recent availability of international forums devoted expressly to discussing subfields of education such as curriculum studies has brought to visibility preexisting flashpoints that are not easily defused by strict adherence to definition of key terms. The difficulty of translating the term curriculum into “non”-Indo-European root languages, as well as among them, is a case in point and not just an issue of vocabulary. The difficulty of translation indexes a cleavage that is beyond-conceptual and exo-technical. Efforts to locate analogs or equivalents might suggest on the one hand, an ethnocentric preoccupation to extend the reach of a provincial concept (i.e., curriculum), while the effort to avoid or move to the side of such a preoccupation for translation might suggest structures of subjectivity that refuse co-option into foreign frames of reference. Both of these possibilities are, however, constitutive of and pointing to productive interstices from which to reengage and rephrase the weight given to subjectivity and language, to global/local divisions, and to the politics of traveling discourses in educational research.

Place making facilitators of knowledge and innovation spaces: Insights from European best practices

Knowledge economy seeks its nourishment from diversity and dissemination of ideas and creativity of its talent base. This has led to the acknowledgement of place making as a major strategy to attract and retain the knowledge base into the emerging knowledge and innovation spaces. The study seeks to explore the adoption of place making in this context. Literature and practice provide information to understand the evolution of various spatial typologies and the specialised role of place making in such locations. This helps in determining the key facilitators of place making. The paper takes an interdisciplinary approach and develops an integrated conceptual framework considering dimensions and facilitators of place making. Through the lens of the framework, best practices across Europe—i.e., Cambridge Science Park (UK), 22@Barcelona (Spain), Arabianranta (Finland), Strijp-S (Netherlands), and Digital Hub (Ireland)—are scrutinised to highlight various approaches to place making. The findings provide insights and a discussion into the interplay of form, function, image and underlying processes in globally emerging spatial typologies of contemporary knowledge and innovation spaces.

Waste not want not: Applying an old adage to the modern issue of pharmaceutical waste

Our predecessors taught us, ‘waste not, want not’ – if we did not waste anything we would always have enough. Unfortunately, we did not heed their sage advice. Over the last three centuries, human kind’s wastefulness, or lack of respect for the finite resources of this planet, has contributed to climate change and negatively impacted on ‘ecosystem services’ with a significant, irreversible loss of biodiversity...

Visual demands in modern Australian primary school classrooms

BACKGROUND The visual demands of modern classrooms are poorly understood yet are relevant in determining the levels of visual function required to perform optimally within this environment. METHODS Thirty-three Year 5 and 6 classrooms from eight south-east Queensland schools were included. Classroom activities undertaken during a full school day (9 am to 3 pm) were observed and a range of measurements recorded, including classroom environment (physical dimensions, illumination levels), text size and contrast of learning materials, habitual working distances (distance and estimated for near) and time spent performing various classroom tasks. These measures were used to calculate demand-related minimum criteria for distance and near visual acuity, contrast and sustained use of accommodation and vergence. RESULTS The visual acuity demands for distance and near were 0.33 ± 0.13 and 0.72 ± 0.09 logMAR, respectively (using habitual viewing distances and smallest target sizes) or 0.33 ± 0.09 logMAR assuming a 2.5 times acuity reserve for sustained near tasks. The mean contrast levels of learning materials at distance and near were greater than 70 per cent. Near tasks (47 per cent) dominated the academic tasks performed in the classroom followed by distance (29 per cent), distance to near (15 per cent) and computer-based (nine per cent). On average, children engaged in continuous near fixation for 23 ± 5 minutes at a time and during distance-near tasks performed fixation changes 10 ± 1 times per minute. The mean estimated habitual near working distance was 23 ± 1 cm (4.38 ± 0.24 D accommodative demand) and the vergence demand was 0.86 ± 0.07Δ at distance and 21.94 ± 1.09Δ at near assuming an average pupillary distance of 56 mm. CONCLUSIONS Relatively high levels of visual acuity, contrast demand and sustained accommodative-convergence responses are required to meet the requirements of modern classroom environments. These findings provide an evidence base to inform prescribing guidelines and develop paediatric vision screening protocols and referral criteria.

Football supporter cultures in modern-day Brazil: Hypercommodification, networked collectivisms and digital productivity

This thesis analyses the implications for football cultures of the profound socio-economic changes that Brazil has experienced in the last decade. It explores two major impacts: the economic boom of the domestic football sector, and the large-scale adoption of new technologies in fans' activities. The study identified a new phase of football culture in Brazil, characterised by the domination of market logics and intense commercialisation. The empirical findings also showed that new technologies are changing how supporters coordinate activities that challenge the gentrification of the game.

Making Sense of Mass Education, 2nd Edition

Making Sense of Mass Education provides an engaging and accessible analysis of traditional issues associated with mass education. The book challenges preconceptions about social class, gender and ethnicity discrimination; highlights the interplay between technology, media, popular culture and schooling; and inspects the relevance of ethics and philosophy in the modern classroom. This new edition has been comprehensively updated to provide current information regarding literature, statistics and legal policies, and significantly expands on the previous edition's structure of derailing traditional myths about education as a point of discussion. It also features two new chapters on Big Data and Globalisation and what they mean for the Australian classroom. Written for students, practising teachers and academics alike, Making Sense of Mass Education summarises the current educational landscape in Australia and looks at fundamental issues in society as they relate to education.

Big data

Making Sense of Mass Education provides an engaging and accessible analysis of traditional issues associated with mass education. The book challenges preconceptions about social class, gender and ethnicity discrimination; highlights the interplay between technology, media, popular culture and schooling; and inspects the relevance of ethics and philosophy in the modern classroom. This new edition has been comprehensively updated to provide current information regarding literature, statistics and legal policies, and significantly expands on the previous edition's structure of derailing traditional myths about education as a point of discussion. It also features two new chapters on Big Data and Globalisation and what they mean for the Australian classroom. Written for students, practising teachers and academics alike, Making Sense of Mass Education summarises the current educational landscape in Australia and looks at fundamental issues in society as they relate to education.

Meta-analysis of genome-wide association for migraine in six population-based European cohorts

Migraine is a common neurological disorder with a genetically complex background. This paper describes a meta-analysis of genome-wide association (GWA) studies on migraine, performed by the Dutch-Icelandic migraine genetics (DICE) consortium, which brings together six population-based European migraine cohorts with a total sample size of 10,980 individuals (2446 cases and 8534 controls). A total of 32 SNPs showed marginal evidence for association at a P-value<10(-5). The best result was obtained for SNP rs9908234, which had a P-value of 8.00 x 10(-8). This top SNP is located in the nerve growth factor receptor (NGFR) gene. However, this SNP did not replicate in three cohorts from the Netherlands and Australia. Of the other 31 SNPs, 18 SNPs were tested in two replication cohorts, but none replicated. In addition, we explored previously identified candidate genes in the meta-analysis data set. This revealed a modest gene-based significant association between migraine and the metadherin (MTDH) gene, previously identified in the first clinic-based GWA study (GWAS) for migraine (Bonferroni-corrected gene-based P-value=0.026). This finding is consistent with the involvement of the glutamate pathway in migraine. Additional research is necessary to further confirm the involvement of glutamate.

A reanalysis of 409 European-Ancestry and African American schizophrenia pedigrees reveals significant linkage to 8p23.3 with evidence of locus heterogeneity

The detection and replication of schizophrenia risk loci can require substantial sample sizes, which has prompted various collaborative efforts for combining multiple samples. However, pooled samples may comprise sub-samples with substantial population genetic differences, including allele frequency differences. We investigated the impact of population differences via linkage reanalysis of Molecular Genetics of Schizophrenia 1 (MGS1) affected sibling-pair data, comprising two samples of distinct ancestral origin: European (EA: 263 pedigrees) and African-American (AA: 146 pedigrees). To exploit the linkage information contained within these distinct continental samples, we performed separate analyses of the individual samples, allowing for within-sample locus heterogeneity, and the pooled sample, allowing for both within-sample and between-sample heterogeneity. Significance levels, corrected for the multiple tests, were determined empirically. For all suggestive peaks, stronger linkage evidence was obtained in either the EA or AA sample than the combined sample, regardless of how heterogeneity was modeled for the latter. Notably, we report genomewide significant linkage of schizophrenia to 8p23.3 and evidence for a second, independent susceptibility locus, reaching suggestive linkage, 29 cM away on 8p21.3. We also detected suggestive linkage on chromosomes 5p13.3 and 7q36.2. Many regions showed pronounced differences in the extent of linkage between the EA and AA samples. This reanalysis highlights the potential impact of population differences upon linkage evidence in pooled data and demonstrates a useful approach for the analysis of samples drawn from distinct continental groups.

Moving European research on work and ageing forward: Overview and agenda

This paper summarizes the state of affairs of European research on ageing and work. After a close inspection of the age construct, an overview is presented of research in four areas: the relationship between age and HR-policies, early retirement, age and performance/employability, age and health/well-being. The overview results in a research agenda on work and ageing and in recommendations for practice.

Phylogenetic analysis of human Chlamydia pneumoniae strains reveals a distinct Australian indigenous clade that predates European exploration of the continent

Background The obligate intracellular bacterium Chlamydia pneumoniae is a common respiratory pathogen, which has been found in a range of hosts including humans, marsupials and amphibians. Whole genome comparisons of human C. pneumoniae have previously highlighted a highly conserved nucleotide sequence, with minor but key polymorphisms and additional coding capacity when human and animal strains are compared. Results In this study, we sequenced three Australian human C. pneumoniae strains, two of which were isolated from patients in remote indigenous communities, and compared them to all available C. pneumoniae genomes. Our study demonstrated a phylogenetically distinct human C. pneumoniae clade containing the two indigenous Australian strains, with estimates that the most recent common ancestor of these strains predates the arrival of European settlers to Australia. We describe several polymorphisms characteristic to these strains, some of which are similar in sequence to animal C. pneumoniae strains, as well as evidence to suggest that several recombination events have shaped these distinct strains. Conclusions Our study reveals a greater sequence diversity amongst both human and animal C. pneumoniae strains, and suggests that a wider range of strains may be circulating in the human population than current sampling indicates.