A Hull and White formula for a general stochastic volatility jump-diffusion model with applications to the study of the short-time behavior of the implied volatility

In this paper, generalizing results in Alòs, León and Vives (2007b), we see that the dependence of jumps in the volatility under a jump-diffusion stochastic volatility model, has no effect on the short-time behaviour of the at-the-money implied volatility skew, although the corresponding Hull and White formula depends on the jumps. Towards this end, we use Malliavin calculus techniques for Lévy processes based on Løkka (2004), Petrou (2006), and Solé, Utzet and Vives (2007).

Diffusion with delayed informational spillovers

I study the relation between the delay in the transmission of spilloversof information and diffusion. When a firm enters or innovates it benefitsfrom the information it gets by observing past entry. Delays in the processof receiving the information reduce the benefits of the spillover and affectthe entry process.I derive the effects this delay has on diffusion, on the dynamics of priceand cost of entry, and on efficiency. I explain why, when spillovers ofinformation are delayed, a zero profit condition requires an initial set ofentrants bigger than zero. I also illustrate how an S-shaped diffusion curvecan be generated. I show that competitive equilibrium entails a slowergeneration of information relative to the social optimum and how a socialplanner can improve efficiency.

On the short-time behavior of the implied volatility for jump-diffusion models with stochastic volatility

In this paper we use Malliavin calculus techniques to obtain an expression for the short-time behavior of the at-the-money implied volatility skew for a generalization of the Bates model, where the volatility does not need to be neither a difussion, nor a Markov process as the examples in section 7 show. This expression depends on the derivative of the volatility in the sense of Malliavin calculus.

The growth and diffusion of knowlegde and the theory of the firm

We analyze the implications of a market imperfection related to the inability to establish intellectual property rights, that we label {\it unverifiable communication}. Employees are able to collude with external parties selling ``knowledge capital'' of the firm. The firm organizer engages in strategic interaction simultaneously with employees and competitors, as she introduces endogenous transaction costs in the market for information between those agents. Incentive schemes and communication costs are the key strategic variables used by the firm to induce frictions in collusive markets. Unverifiable communication introduces severe allocative distortions, both at internal product development and at intended sale of information (technology transfer). We derive implications of the model for observable decisions like characteristics of the employment relationship (full employment, incompatibility with other jobs), firms' preferences over cluster characteristics for location decisions, optimal size at entry, in--house development vs sale strategies for innovations and industry evolution.

L'estudi dels incendis en el món mediterrani

This article discusses briefly the evolution of fire in the Mediterranean biome and reviews afterwards the main research themes that geographers, ecologists and botanists have developed around forest fires issues in the Mediterranean

Caracterització de les metal·lotioneïnes CnMT1 i CnMT2 del fong Cryptococcus neoformans. Estudi de la capacitat coordinant davant dels ions Zn(II), Cd(II) i Cu(I)

En aquest treball de recerca, s’han estudiat les dues isoformes de metal·lotioneïna CnMT1 i CnMT2 presents en el fong patogen Cryptococcus neoformans. Recentment s’ha descobert que aquest fong té com a factor de virulència, els nivells de coure del medi on es troba. Les dues isoformes produïdes en medis rics en Zn(II) s’han utilitzat per a fer valoracions amb Cu(I) i Cd(II), i s’ha seguit l’evolució dels experiments mitjançant les tècniques DC, UV-vis, i ESI-MS. S’ha pogut observar que les dues isoformes tenen preferència per enllaçar Cu(I). Per altra banda també s’ha establert una gran homologia entre les dues seqüències.

Reversible ferromagnetic switching in ZnO:(Co,Mn) powders

We report here on the magnetic properties of ZnO:Mn- and ZnO:Co-doped nanoparticles. We have found that the ferromagnetism of ZnO:Mn can be switched on and off by consecutive low-temperature annealings in O2 and N2, respectively, while the opposite phenomenology was observed for ZnO:Co. These results suggest that different defects (presumably n-type for ZnO:Co and p-type for ZnO:Mn) are required to induce a ferromagnetic coupling in each case. We will argue that ferromagnetism is likely to be restricted to a very thin, nanometric layer at the grain surface. These findings reveal and give insight into the dramatic relevance of surface effects to the occurrence of ferromagnetism in ZnO-doped oxides.

Introducción a la metalogenia del Mn en Cuba

En la isla de Cuba se distinguen varios episodios metalogenéticos de manganeso. En series de edad jurásica hay depósitos estratiformes de óxidos y silicatos de manganeso, asociados a depósitos estratiformes sedex de sulfuros masivos. Durante la formación del arco cretácico se producen también mineralizaciones exhalativas de óxidos de manganeso. No obstante, es la secuencia del arco de islas volcánicas del Paleógeno de Cuba oriental donde se localizan la mayoría de los depósitos volcanogénicos de óxidos de manganeso de Cuba, incluídos los que han sido explotados, y los que cuentan con las mayores reservas...

Silicon nanocluster sensitization of erbium ions under low-energy optical excitation

The sensitizing action of amorphous silicon nanoclusters on erbium ions in thin silica films has been studied under low-energy (long wavelength) optical excitation. Profound differences in fast visible and infrared emission dynamics have been found with respect to the high-energy (shortwavelength) case. These findings point out to a strong dependence of the energy transfer process on the optical excitation energy. Total inhibition of energy transfer to erbium states higher than thefirst excited state (4I13/2) has been demonstrated for excitation energy below 1.82 eV (excitation wavelength longer than 680 nm). Direct excitation of erbium ions to the first excited state (4I13/2)has been confirmed to be the dominant energy transfer mechanism over the whole spectral range of optical excitation used (540 nm¿680 nm).

Model for the emission of Si+ ions during oxygen bombardment of Si(100) surfaces

The variation in the emission of Si+ ions from ion-beam-induced oxidized silicon surfaces has been studied. The stoichiometry and the electronic structure of the altered layer has been characterized using x-ray photoelectron spectroscopy (XPS). The XPS analysis of the Si 2p core level indicates the strong presence of suboxide chemical states when bombarding at angles of incidence larger than 30 °. Since the surface stoichiometry or degree of oxidation varies with the angle of incidence, the corresponding valence-band structures also differ among each other. A comparison between experimental measurements and theoretically calculated Si and SiO2 valence bands indicates that the valence bands for the altered layers are formed by a combination of those two. Since Si-Si bonds are present in the suboxide molecules, the top of the respective new valence bands are formed by the corresponding 3p-3p Si-like subbands, which extend up to the Si Fermi level. The changes in stoichiometry and electronic structure have been correlated with the emission of Si+ ions from these surfaces. From the results a general model for the Si+ ion emission is proposed combining the resonant tunneling and local-bond-breaking models.

Atomic diffusion induced by stress relaxation in InGaAs/GaAs epitaxial layers

The origin of the microscopic inhomogeneities in InxGa12xAs layers grown on GaAs by molecular beam epitaxy is analyzed through the optical absorption spectra near the band gap. It is seen that, for relaxed thick layers of about 2.8 mm, composition inhomogeneities are responsible for the band edge smoothing into the whole compositional range (0.05,x,0.8). On the other hand, in thin enough layers strain inhomogeneities are dominant. This evolution in line with layer thickness is due to the atomic diffusion at the surface during growth, induced by the strain inhomogeneities that arise from stress relaxation. In consequence, the strain variations present in the layer are converted into composition variations during growth. This process is energetically favorable as it diminishes elastic energy. An additional support to this hypothesis is given by a clear proportionality between the magnitude of the composition variations and the mean strain.

Inter-firm labor mobility and knowledge diffusion: a theoretical approach

[cat] Analitzem una economia amb dues característiques principals: la mobilitat dels treballadors implica transferència de coneixement i la productivitat de l’empresa augmenta amb l’intercanvi de coneixement. Cada empresa desenvolupa un tipus de coneixement que serà trasmès a la resta de la indústria mitjançant la mobilitat de treballadors. Estudiem dues estructures de mercat laboral i utilitzant un anàlisi comparatiu derivem les implicacions del model. Els resultats revelen com la mobilitat de treballadors depèn en la varietat i nivell del coneixement, la presència de costos de mobilitat, les institucions, la capacitat d’absorvir coneixement per part de les empreses i la mida de la indústria. Els resultats no depenen de l’estructura del mercat laboral.