Derivats financers al mercat espanyol: el Model de Black-Scholes i corbes de volatilitat per opcions sobre l'índex niniIBEX-35

El nostre treball es centrarà en conèixer i aprendre les nocions bàsiques del mercat financer espanyol, primer; i aplicar uns coneixements per veure si es verifica unahipòtesi plantejada, després. La incògnita que volem resoldre és la següent: comprovarsi tots els supòsits i resultats que faciliten els models teòrics emprats en l’estudi dels mercats financers a l’hora de la veritat es compleixen.D’entre els múltiples conceptes que ens proporcionen els estudis de mercatsfinancers ens centrarem sobretot en el model de Black-Scholes i els somriures devolatilitat per desenvolupar el nostre treball. Després de cercar les dades necessàries a través de la web del M.E.F.F., entrevistar-nos amb professionals del sector i fer un seguiment d’aproximadament dos mesos dels moviments de les opcions sobre l’Índex Mini-Íbex 35, amb l’ajuda d’un programa informàtic en llenguatge C, hem calculat les corbes de volatilitat de les opcions sobre l’Índex Mini-Íbex 35.Les conclusions més importants que hem extret són que el Model de Black-Scholes, malgrat va revolucionar el món dels mercats financers, està basat en 2 supòsits que no es compleixen a la realitat: la distribució lognormal del preu de les accions i unavolatilitat constant. Tal i com hem pogut comprovar, la corba de volatilitat de lesopcions sobre l’Índex Mini-Íbex 35 és decreixent amb el preu d’exercici i laMoneyness, tal i com sostenen les teories dels somriures de volatilitat; per tant, no és constant. A més, hem comprovat que a mesura que s’apropa el venciment d’una opció,el preu acordat de l’actiu subjacent a l’opció s’apropa al preu de mercat.

Association study of 182 candidate genes in anorexia nervosa.

We performed association studies with 5,151 SNPs that were judged as likely candidate genetic variations conferring susceptibility to anorexia nervosa (AN) based on location under reported linkage peaks, previous results in the literature (182 candidate genes), brain expression, biological plausibility, and estrogen responsivity. We employed a case-control design that tested each SNP individually as well as haplotypes derived from these SNPs in 1,085 case individuals with AN diagnoses and 677 control individuals. We also performed separate association analyses using three increasingly restrictive case definitions for AN: all individuals with any subtype of AN (All AN: n = 1,085); individuals with AN with no binge eating behavior (AN with No Binge Eating: n = 687); and individuals with the restricting subtype of AN (Restricting AN: n = 421). After accounting for multiple comparisons, there were no statistically significant associations for any individual SNP or haplotype block with any definition of illness. These results underscore the importance of large samples to yield appropriate power to detect genotypic differences in individuals with AN and also motivate complementary approaches involving Genome-Wide Association (GWA) studies, Copy Number Variation (CNV) analyses, sequencing-based rare variant discovery assays, and pathway-based analysis in order to make up for deficiencies in traditional candidate gene approaches to AN.

Long diagnostic delay in Crohn's disease is associated with complicated disease course and increased operation rate

Background: We have recently shown that the median diagnostic delay to establish Crohn's disease (CD) diagnosis (i.e. the period from first symptom onset to diagnosis) in the Swiss IBD Cohort (SIBDC) was 9 months. Seventy five percent of all CD patients were diagnosed within 24 months. The clinical impact of a long diagnostic delay on the natural history of CD is unknown. Aim: To compare the frequency and type of CD-related complications in the patient groups with long diagnostic delay (>24 months) vs. the ones diagnosed within 24 months. Methods: Retrospective analysis of data from the SIBDCS, comprising a large sample of CD patients followed in hospitals and private practices across Switzerland. The proportions of the following outcomes were compared between groups of patients diagnosed 1, 2-5, 6-10, 11-15, and ≥ 16 years ago and stratified according to the length of diagnostic delay: bowel stenoses, internal fistulas, perianal fistulas, CD-related surgical interventions, and extraintestinal manifestations. Results: Two hundred CD patients (121 female, mean age 44.9 ± 15.0 years, 38% smokers, 71% ever treated with immunomodulators and 35% with anti-TNF) with long diagnostic delay were compared to 697 CD patients (358 female, mean age 39.1 ± 14.9 years, 33% smokers, 74% ever treated with immunomodulators and 33% with anti-TNF) diagnosed within 24 months. No differences in the outcomes were observed between the two patient groups within year one after CD diagnosis. Among those diagnosed 2-5 years ago, CD patients with long diagnostic delay (n = 45) presented more frequently with internal fistulas (11.1% vs. 3.1%, p = 0.03) and bowel stenoses (28.9% vs. 15.7%, p = 0.05), and they more frequently underwent CD-related operations (15.6% vs. 5.0%, p = 0.02) compared to the patients diagnosed within 24 months (n = 159). Among those diagnosed 6-10 years ago, CD patients with long diagnostic delay (n = 48) presented more frequently with extraintestinal manifestations (60.4% vs. 34.6%, p = 0.001) than those diagnosed within 24 months (n = 182). For the patients diagnosed 11-15 years ago, no differences in outcomes were found between the long diagnostic delay group (n = 106) and the one diagnosed within 24 months (n = 32). Among those diagnosed ≥ 16 years ago, the group with long diagnostic delay (n = 71) more frequently underwent CD-related operations (63.4% vs. 46.5%, p = 0.01) compared to the group diagnosed with CD within 24 months (n = 241). Conclusions: A long diagnostic delay in CD patients is associated with a more complicated disease course and higher number of CD-related operations in the years following the diagnosis. Our results indicate that efforts should be undertaken to shorten the diagnostic delay in CD patients in order to reduce the risk for progression towards a complicated disease phenotype.

Earnings management and audit adjustments: An empirical study of IBEX 35 constituents

Doubts about the reliability of a company's qualitative financial disclosure increase market participant expectations from the auditor's report. The auditing process is supposed to serve as a monitoring device that reduces management incentives to manipulate reported earnings. Empirical research confirms that it could be an efficient device under some circumstancesand recognizes that our estimates of the informativeness of audit reports are unavoidably biased (e.g., because of a client's anticipation of the auditing process). This empirical study supports the significant role of auditors in the financial market, in particular in the prevention of earnings management practice. We focus on earnings misstatements, which auditors correct with anadjustment, using a sample of past and current constituents of the benchmark market index in Spain, IBEX 35, and manually collected audit adjustments reported over the 1997-2004 period (42 companies, 336 annual reports, 75 earnings misstatements). Our findings confirm that companies more often overstate than understate their earnings. An investor may foresee earningsmisreporting, as manipulators have a similar profile (e.g., more leveraged and with lower sales). However, he may receive valuable information from the audit adjustment on the size of earnings misstatement, which can be significantly large (i.e., material in almost all cases). We suggest that the magnitude of an audit adjustment depends, other things constant, on annual revenues and free cash levels. We also examine how the audit adjustment relates to the observed market price, trading volume and stock returns. Our findings are that earnings manipulators have a lower price and larger trading volume compared to their rivals. Their returns are positively associated with the magnitude of earnings misreporting, which is not consistent with the possible pricing of audit information.

Physiological state and rate protein synthesis of phytoplankton off the coast of Peru as measured by sulfur-35 incorporation

Analiza el estado de la fisiología del fitoplancton de las aguas costeras cercanas a Perú

Peces acompañantes de la merluza peruana en el verano 2003. Crucero BIC Olaya 0301-02

El crucero BIC Olaya 0301-02 se extendió de Puerto Pizarro a Huarmey, del 24 de enero al 17 de febrero 2003. La captura total fue 5.824 kg. Las principales capturas fueron: Merluccius gayi peruanus (merluza) 1.433 kg (24,6%), Ctenosciaena peruviana (bereche con barbo) 1.376 kg (23,6%), Dosidicus gigas (pota) 739 kg (12,7%), Peprilus snyderi (palometa) 372 kg (6,4%), Peprilus medius (chiri) 310 kg (5,3%), Loligo gahi (calamar) 182 kg (3,1%), Hyppoglossina macrops (lenguado ojón) 123 kg (2,1%) y Pontinus sierra (diablico) 110 kg (1,9%). Otras especies presentes en forma dispersa: Paralonchurus peruanus (coco, suco), Cynoscion analis (cachema), Galeichthys peruvianus (bagre con faja) y Prionotus stephanophrys (falso volador). La distribución vertical varió entre 21 y 185 bz de profundidad; el rango de temperatura entre 19,2 a 27,0 °C; el oxígeno disuelto entre 2,47 y 7,03 mL/L y la salinidad entre 34,17 y 35,17 ups.

Investigación de crustáceos de profundidad en la zona de Pisco - Callao

Entre el 14 y 27 de diciembre del 2005, se efectuó el crucero de investigación de crustáceos de profundidad a bordo del BIC Imarpe VI. Se realizaron 14 lances entre 12°S y 15°S y en dos estratos de profundidad (A: 700-1000 m, B: 1000-1400 m). Las operaciones de pesca se realizaron durante el día. En los experimentos de captura fueron utilizados diferentes tipos de mallas, carnadas y color de la boca de entrada de la nasa. Se registraron 4 especies: Paralomis longipes, Lithodes wiracocha, Lithodes panamensis y Lopholithodes diomedeae, siendo la de mayor incidencia Paralomis longipes. Se capturaron un total de 327 ejemplares con 305 kg. Los mayores rendimientos se registraron en el estrato B en 14°S y se encontraron los mayores tamaños de P. longipes, sin embargo, Lithodes panamensis alcanzó mayores tamaños que P. longipes. La proporción sexual fue favorable a machos. Las hembras de P. longipes en su mayoría portaban huevos. Se observó y estimó la incidencia de parásitos rizocefalos, epibiontes y la frecuencia de muda.

Evaluación de bancos naturales de “palabritas” (Donax spp.) en el litoral de Lambayeque, 2010.

En marzo y junio 2010, se efectuaron evaluaciones poblacionales del recurso Donax spp., entre El Palo y playa La Punta del litoral de Lambayeque. La talla fluctuó entre 5 y 32 mm (marzo) y 7 a 33 mm (junio). La madurez gonadal en hembras en marzo, mostró el predominio de madurez total (24,35%), y en junio predominaron en estadio de evacuación parcial (22,2%) y evacuación total (18,9%). La densidad media en marzo varió entre 5,00 y 243,74 ind.m-2, encontrándose mayor concentración en El María y mayor dispersión en Playa Monsefú; en junio fluctuó entre 9,19 y 80,48 ind.m-2 con mayor concentración en El María. En marzo la población estimada fue 329,22 millones de individuos ± 27,96% y biomasa 702,24 t ± 27,94%; en junio fue 229,20 millones de individuos ± 32,69% y biomasa 577,27 t ± 31,91%. En marzo una mayor abundancia se registró en El María (110,90 millones de individuos) y Bodegones (81,28 millones de individuos), en junio El Gigante (50,83 millones de ejemplares) y El María (46,28 millones de ejemplares).

Sacramentarium Gelasianum, pars.

F. 1 Poenitentiale Cummeani, c. VI, 22-IX, 10 et c. XIII, II-XIV, 19 (Schmitz, Bussbücher, I, 631-636 et 642-645.) F. 4v « Incipit liber sacramentorum ». F. 5-8v et 16-27v Temporal, commençant à la vig. de Noël. F. 9v-14 Sanctoral. F. 14 Préface, Canon incompl., avec mentions de s. Hilaire et s. Martin (15v). F. 28 Oraisons « super populum ». F. 28v « Incipit liber secundus de extrema parte ». F. 30 Célébration du baptême ; « Ad succurrendum infirmum catecuminum » (Martène, De ant. eccl. rit., I, 182) (32) ; confirmation (33v). F. 34v « Ordo ad paenitentiam dandam » (ibid., 803). F. 35 Bénédictions, oraisons et messes diverses. F. 43v « Oratio ad missam pro pace » (incompl.).

[Collection Jules Beau. Photographie sportive] : T. 35. Années 1908, 1909 et 1910 / Jules Beau

Donateur : Touring-Club de France

Footnotes, January - February - March 2010, Vol.35, no.1-3

Monthly newsletter of State Library

Footnotes, April-May-June 2010, Vol.35, no.4-6

Monthly newsletter of State Library