Model risk in the pricing of exotic options

The growth experimented in recent years in both the variety and volume of structured products implies that banks and other financial institutions have become increasingly exposed to model risk. In this article we focus on the model risk associated with the local volatility (LV) model and with the Variance Gamma (VG) model. The results show that the LV model performs better than the VG model in terms of its ability to match the market prices of European options. Nevertheless, both models are subject to significant pricing errors when compared with the stochastic volatility framework.

Evaluation of staining techniques on the results of micronucleus in exfoliated oral mucosa cells

Micronuclei (MN) in exfoliated epithelial cells are widely used as biomarkers of cancer risk in humans. MN are classified as biomarkers of the break age and loss of chromosomes. They are small, extra nuclear bodies that arise in dividing cells from centric chromosome/chromatid fragments or whole chromosomes/chromatids that lag behind in anaphase and are not included in the daughter nuclei in telophase. Buccal mucosa cells have been used in biomonitoring exposed populations because these cells are in the direct route of exposure to ingested pollutant, are capable of metabolizing proximate carcinogens to reactive chemicals, and are easily and rapidly collected by brushing the buccal mucosa. The objective of the present study was to further investigate if, and to what extent, different stains have an effect on the results of micronuclei studies in exfoliated cells. These techniques are: Papanicolaou (PAP), Modified Papanicolaou, May-Grünwald Giemsa (MGG), Giemsa, Harris’s Hematoxylin, Feulgen with Fast Green counterstain and Feulgen without counterstain.

Strange matter in the universe

The strange quark matter hypothesis is one of the most exciting speculations of the XX Century Physics. If this hypothesis is correct, the ground state of the matter would be the strange matter, which could form the core of compact objects like neutron stars or even more exotic objects like quarks stars. Due to the high-density and low-temperature regime in these stars, the interaction between quarks through gluon exchange could favor the appearance of a color superconducting state, significantl modifying the equation of state of the system. In this paper we present a general overview of this Subject, taking also into account the effect of strong magnetic field in the quark stars.

SU(5) x SU(5) unification revisited

The idea of grand unification in a minimal supersymmetric SU(5) x SU(5) framework is revisited. It is shown that the unification of gauge couplings into a unique coupling constant can be achieved at a high-energy scale compatible with proton decay constraints. This requires the addition of minimal particle content at intermediate energy scales. In particular, the introduction of the SU(2)(L) triplets belonging to the (15, 1)+((15) over bar, 1) representations, as well as of the scalar triplet Sigma(3) and octet Sigma(8) in the (24, 1) representation, turns out to be crucial for unification. The masses of these intermediate particles can vary over a wide range, and even lie in the TeV region. In contrast, the exotic vector-like fermions must be heavy enough and have masses above 10(10) GeV. We also show that, if the SU(5) x SU(5) theory is embedded into a heterotic string scenario, it is not possible to achieve gauge coupling unification with gravity at the perturbative string scale.

The 27th British liquid crystal society annual meeting 2013, Cambridge

Attending the British Liquid Crystal Society’s (BLCS) Annual Meeting was a formative experience in my days as a PhD student, starting way back in the 1990s. At that time, this involved travelling to (to me) exotic parts of the United Kingdom, such as Reading, Oxford or Manchester, away from Southampton where I was based. Some postdoctoral years in a different country followed, and three BLCS Meetings were missed, until in 1997 and 1998, I was able to attend again, in Southampton and Leeds, respectively. Not much had changed from my student days, the size and the format were still about the same, many of the leading characters were still around, and the closing talk would still be given by John Lydon. Well, at some point, I got myself a proper academic job on the Continent and stopped attending BLCS Annual Meetings altogether. The fond memories of my youth started to fade. Were the Meetings still on? It seemed so, as old friends and acquaintances would occasionally recount attending them, and even winning prizes at them. But, it all seemed rather remote now. Until, that is, it came to pass that the 27th BLCS Meeting would be held in Selwyn College, Cambridge, just down (or up, depending on how you look at it) the road from the Isaac Newton Institute, where I was spending part of my sabbatical leave. The opportunity to resume attendance could not be missed. A brief e-mail exchange with the organisers, and a cheque to cover the fee, duly secured this. And thus, it was with trepidation that I approached my first BLCS Annual Meeting in more than a decade.

Revestimento de pisos em madeira para interiores

Dissertação para a obtenção do grau de Mestre em Engenharia Civil

Carcinoma neuroendócrino de pequenas células: um estudo de caso em citopatologia ginecológica

O presente estudo reporta o caso de uma mulher de 63 anos da qual a única informação clínica era a suspeita de um sarcoma da cérvix. Simultaneamente à colpocitologia, foram enviadas biópsias do colo e do endométrio para diagnóstico. A visualização da amostra citológica revelou vários agregados de número variável de células monótonas, com tamanho pequeno, formato redondo e citoplasma escasso, num fundo com diátese. Os núcleos apresentavam moldagem, hipercromasia, cromatina “sal-e-pimenta” e ausência de nucléolos. O aspeto microscópico das biópsias foi concordante com os achados citológicos, tendo sido igualmente identificados focos glanduliformes com características atípicas. A neoplasia mostrou expressão imunohistoquímica dos antigénios enolase neurónio-específica (neuron specific enolase, NSE), sinaptofisina e citoqueratina (clones AE1/AE3), e uma elevada atividade proliferativa demonstrada pela imunorreactividade para o marcador nuclear Ki67/Mib1. Os achados citológicos, histológicos e imunohistoquímicos foram consistentes com o diagnóstico de carcinoma neuroendócrino de pequenas células. Dos tumores cervicais, esta neoplasia maligna é das mais raras, mostrando um comportamento muito agressivo, com prognóstico muito pobre, em que as terapêuticas existentes são pouco consensuais quanto à sua eficácia. A sua etiologia ainda é estudada, podendo estar relacionada com a infeção pelo Vírus do Papiloma Humano.