19 resultados para Idiosyncratic skewness

em Repositório Institucional UNESP - Universidade Estadual Paulista "Julio de Mesquita Filho"


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There is a well-developed framework, the Black-Scholes theory, for the pricing of contracts based on the future prices of certain assets, called options. This theory assumes that the probability distribution of the returns of the underlying asset is a Gaussian distribution. However, it is observed in the market that this hypothesis is flawed, leading to the introduction of a fudge factor, the so-called volatility smile. Therefore, it would be interesting to explore extensions of the Black-Scholes theory to non-Gaussian distributions. In this paper, we provide an explicit formula for the price of an option when the distributions of the returns of the underlying asset is parametrized by an Edgeworth expansion, which allows for the introduction of higher independent moments of the probability distribution, namely skewness and kurtosis. We test our formula with options in the Brazilian and American markets, showing that the volatility smile can be reduced. We also check whether our approach leads to more efficient hedging strategies of these instruments. (C) 2004 Elsevier B.V. All rights reserved.

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Idiosyncratic hepatotoxicity is a well-known complication associated with aromatic antiepileptic drugs (AAED), and it has been suggested to occur due to the accumulation of toxic arene oxide metabolites. Although there is clear evidence of the participation of an immune process, a direct toxic effect involving mitochondria dysfunction is also possible. The effects of AAED on mitochondrial function have not been studied yet. Therefore, we investigated, in vitro, the cytotoxic mechanism of carbamazepine (CB), phenytoin (PT) and phenobarbital (PB), unaltered and bioactivated, in the hepatic mitochondrial function. The murine hepatic microsomal system was used to produce the anticonvulsant metabolites. All the bioactivated drugs (CB-B, PB-B, PT-B) affected mitochondrial function causing decrease in state three respiration, RCR, ATP synthesis and membrane potential, increase in state four respiration as well as impairment of Ca(2+) uptake/release and inhibition of calcium-induced swelling. As an unaltered drug, only PB, was able to affect mitochondrial respiration (except state four respiration) ATP synthesis and membrane potential; however, Ca(2+) uptake/release as well as swelling induction were not affected. The potential to induce mitochondrial dysfunction was PT-B > PB-B > CB-B > PB. Results suggest the involvement of mitochondrial toxicity in the pathogenesis of AAED-induced hepatotoxicity. (C) 2008 Elsevier Ltd. All rights reserved.

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Beach deposits occur in high energy environments with continual sorting by swash and backswash. The fines are removed by the backswash, which is not competent to remove the coarser material. Hence negative asymmetry (skewness) results. The wind transports only the finer fraction to the dunes, resulting in a tendency towards a positively skewed distribution. In the case studied the aeolian sand has a mean asymmetry of 0.13, the beach sand -0.11. Equivalent values for mean grain size and standard deviation are 2.51 and 0.24 (aeolian) and 2.41 and 0.37 (beach). Beach sands are therefore coarser and less well sorted than aeolian sands. -V.Gardiner

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The HIV-infected individuals have been identified as a peculiar group whose propensity to the development of abnormalities in lipids metabolism supports the hypothesis that AIDS itself can be considered as an independent risk factor for the occlusive diseases development. The AIDS progression, as well as the therapy against HIV has been capable to show an array of metabolic disturbances that HIV-infected patients are prone to. These metabolic alterations affect the fate of plasmatic lipids and homocysteine as a result of three factor mainly: (i) the viral infection per se which triggers the development of hypertriglyceridemia and hipocholesterolemia; (ii) multiple vitamins and micronutrients deficiencies, that favors an onset of hyperhomocysteinemia; (iii) the state-of-the-art therapy for HIV infection, which is accompanied to idiosyncratic effects encompassing the lipid metabolism. In this context, a variety of risk factors to atherosclerosis can be identified in the HIV-infected individual. Of note, it must be considered that once life expectancy of these patients has been expanded due to the effective therapy, on the other hand they can accelerate atherosclerotic disease or its pathological appearance in the same extent.

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To evaluate the effects of distinct management of the matrix in which forest fragments are found upon plant populations thriving in forest remnants in south Brazil, we assessed the conservation status of populations of four woody species (Campomanesia rhombea, Diospyros incontans, Myrciaria cuspidata and Sebastiania commersoniana) through analyses of size structure. Analyzes were carried out at two scales. At a local scale, we consider populations in fragments surrounded by pastures or eucalypts forest plantations, and at a regional scale we also consider larger forest tracts taken as reference areas (Rio Grande do Sul Forest Inventory databank). Population size structures were summarized using the symmetry of height distributions. Small individual size classes prevailed at the local scale in fragments surrounded by eucalypts plantations, whereas in areas exposed to cattle ranching, populations of the same species consistently lack small individuals. At the regional scale, populations in fragments surrounded by pastures presented greater skewness (prevalence of small plants) than populations in reference areas, while populations surrounded by eucalypts plantations presented intermediate skewness. These results reinforce the notion that plantations have a higher conservation value for forest ecosystems than other commercial land uses, like cattle ranching. © 2010 Springer Science+Business Media B.V.

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Forest dynamics will depend upon the physiological performance of individual tree species under more stressful conditions caused by climate change. In order to compare the idiosyncratic responses of Mediterranean tree species (Quercus faginea, Pinus nigra, Juniperus thurifera) coexisting in forests of central Spain, we evaluated the temporal changes in secondary growth (basal area increment; BAI) and intrinsic water-use efficiency (iWUE) during the last four decades, determined how coexisting species are responding to increases in atmospheric CO2 concentrations (Ca) and drought stress, and assessed the relationship among iWUE and growth during climatically contrasting years. All species increased their iWUE (ca. +15 to +21 %) between the 1970s and the 2000s. This increase was positively related to Ca for J. thurifera and to higher Ca and drought for Q. faginea and P. nigra. During climatically favourable years the study species either increased or maintained their growth at rising iWUE, suggesting a higher CO2 uptake. However, during unfavourable climatic years Q. faginea and especially P. nigra showed sharp declines in growth at enhanced iWUE, likely caused by a reduced stomatal conductance to save water under stressful dry conditions. In contrast, J. thurifera showed enhanced growth also during unfavourable years at increased iWUE, denoting a beneficial effect of Ca even under climatically harsh conditions. Our results reveal significant inter-specific differences in growth driven by alternative physiological responses to increasing drought stress. Thus, forest composition in the Mediterranean region might be altered due to contrasting capacities of coexisting tree species to withstand increasingly stressful conditions. © 2013 Springer-Verlag Berlin Heidelberg.

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Pós-graduação em Música - IA

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Pós-graduação em Estudos Linguísticos - IBILCE

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