Pharmaceutical innovation, reference pricing and therapeutic classes

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Option pricing in market models driven by telegraph processes with jumps

Esta tesis está dividida en dos partes: en la primera parte se presentan y estudian los procesos telegráficos, los procesos de Poisson con compensador telegráfico y los procesos telegráficos con saltos. El estudio presentado en esta primera parte incluye el cálculo de las distribuciones de cada proceso, las medias y varianzas, así como las funciones generadoras de momentos entre otras propiedades. Utilizando estas propiedades en la segunda parte se estudian los modelos de valoración de opciones basados en procesos telegráficos con saltos. En esta parte se da una descripción de cómo calcular las medidas neutrales al riesgo, se encuentra la condición de no arbitraje en este tipo de modelos y por último se calcula el precio de las opciones Europeas de compra y venta.

A Jump Telegraph Model for Option Pricing

In this paper we introduce a financial market model based on continuos time random motions with alternanting constant velocities and with jumps ocurring when the velocity switches. if jump directions are in the certain corresondence with the velocity directions of the underlyng random motion with respect to the interest rate, the model is free of arbitrage. The replicating strategies for options are constructed in details. Closed form formulas for the opcion prices are obtained.

Quantil Hedging for telegraph markets and its applications to a pricing of equity-linked life insurance contracts

En este documento está desarrollado un modelo de mercado financiero basado en movimientos aleatorios con tiempo continuo, con velocidades constantes alternantes y saltos cuando hay cambios en la velocidad. Si los saltos en la dirección tienen correspondencia con la dirección de la velocidad del comportamiento aleatorio subyacente, con respecto a la tasa de interés, el modelo no presenta arbitraje y es completo. Se construye en detalle las estrategias replicables para opciones, y se obtiene una presentación cerrada para el precio de las opciones. Las estrategias de cubrimiento quantile para opciones son construidas. Esta metodología es aplicada al control de riesgo y fijación de precios de instrumentos de seguros.

Airline industry problems and prospects

Presentation Outline -The elements of the jig-saw puzzle -Trends in financial results -Industry charcateristics and problems -Major constraints -Trends in load factors -Financing? -Traffic growth prospects -Productivity is the key -The environmental challenge -Summary of main points

Key strategic issues affecting the airline industry

Scheduled and charter airlines: current issues and future developments - Key characteristics of airline markets - Market penetration of low cost scheduled airlines - Recent developments in the charter sector - Future prospects

Nature of Airline Demand

The Airline Industry • Big and Wide and Tall • Characteristics • Changes in Demand • Key Issues

airline marketing: an overview

Outline • Definition of Marketing • Realities of the Market Place • Realities of Airline Market • Marketing Strategies • The Challenges

Air cargo economics

Air Cargo Economics - Outline - Air cargo participants - Air cargo pricing, rates & yields - Cargo related costs - Freighter aircraft operating costs - Methods of cost allocation - Pax/combi vs freighter services - Lufthansa’s cargo strategy - Quick change aircraft - Aircraft wet leasing - Conclusions

Airline distribution

Distribution - Factors affecting distribution strategy • Airlines drive to reduce costs - Distribution has been around 20% of operating costs • Airlines wishing to have more direct contact with their clients • Technology has provided the possibility of a direct channel between the airline and its customers • Disintermediation - as airlines doubt the ability of agents to influence customers’ choice • GDSs fees • Large corporates are more professional in the way they purchase travel products

Sources of airline and aircraft finance

Presentation Outline - Internal vs external sources of finance - Long versus short-term finance - Bonds, deentures and convertibles - The term loan - Manufacturers’ support - Export credits - Summary

Introduction to airline network planning

Contents 1.What kind of airlines? 2. Network Planning – Data – Generic / traditional – Low cost 1.What kind of airlines? 2. Network Planning – Data – Generic / traditional – Low cost

Strategic airline alliances

Airline alliances: overview - Alliances goals - Impact of airline alliances on customers - Types of alliance Marketing agreements Codesharing Franchising Global alliances Equity alliance - The Future