Time domain decomposition for European options in financial modelling

Finance is one of the fastest growing areas in modern applied mathematics with real world applications. The interest of this branch of applied mathematics is best described by an example involving shares. Shareholders of a company receive dividends which come from the profit made by the company. The proceeds of the company, once it is taken over or wound up, will also be distributed to shareholders. Therefore shares have a value that reflects the views of investors about the likely dividend payments and capital growth of the company. Obviously such value will be quantified by the share price on stock exchanges. Therefore financial modelling serves to understand the correlations between asset and movements of buy/sell in order to reduce risk. Such activities depend on financial analysis tools being available to the trader with which he can make rapid and systematic evaluation of buy/sell contracts. There are other financial activities and it is not an intention of this paper to discuss all of these activities. The main concern of this paper is to propose a parallel algorithm for the numerical solution of an European option. This paper is organised as follows. First, a brief introduction is given of a simple mathematical model for European options and possible numerical schemes of solving such mathematical model. Second, Laplace transform is applied to the mathematical model which leads to a set of parametric equations where solutions of different parametric equations may be found concurrently. Numerical inverse Laplace transform is done by means of an inversion algorithm developed by Stehfast. The scalability of the algorithm in a distributed environment is demonstrated. Third, a performance analysis of the present algorithm is compared with a spatial domain decomposition developed particularly for time-dependent heat equation. Finally, a number of issues are discussed and future work suggested.

Higher Education - Border or Boundary? Can Theatre in Education Help Promote a University Education?

With the expansion and increased availability of Higher Education the progression to study for an undergraduate degree has been viewed as a simple stepping stone with examination success a straight - forward border pass. Changes in the funding of degree courses has established a series of more challenging boundaries to entry which demand a rigorous assessment of the benefits of Higher Education. The Widening Participation Unit at The University of Worcester has sought to ease this border crossing for pupils whose parents have not been to university. Their experience from previous projects was that school pupils more easily relate to undergraduate students whose experience of Higher Education is recent and relevant. With this in mind they commissioned the Drama and Performance Department to create a Theatre in Education programme that introduced an awareness of post sixteen options and future choices to challenge Higher Education stereotypes. As a result of this collaboration Why Bother? was created, directed by myself and devised and researched with four students who were studying drama. Their own experiences were used to inform the character development and dealt with worrying as a mature student about integration into full – time education, loss of income after working, the pressures of emotional commitments to partners and being away from home. The programme toured to two thousand year 9 – 11 pupils in Worcestershire and Herefordshire schools in January and May 2011. Devising and touring Why Bother provided students with an opportunity to work as a professional paid TIE team that it is not possible for them to do as part of their undergraduate degree course. My initial research looks at the effectiveness and limitations of this project based on pupil questionnaires and the experiences of the team which are explored within the broader context of TIE and its potential for affecting attitudinal change. This has given rise to a number of questions that need consideration in the development of a new TIE programme aimed at raising the awareness of sixth form students who are about to make the decision whether to apply to university or not. Collaboration with university students in exploring the value of an education that they have subscribed to raises issues of bias and whether their powers of persuasion actually prevent pupils from making their own individual decision. The ethics of promoting a “free” university education seem much less complex than the decision required now which involves balancing the real value against the high financial cost suggested in the working title of Is it Worth it? This paper will present my first attempts to develop research methods and methodologies that will enable me to evaluate the success of this and future TIE.

"Everything was designed to make sure that this thing endured" : Processus de légitimation et la Responsabilité de protéger

L’objet de cette thèse est la « Responsabilité de protéger » (RdP), son émergence et les processus de légitimation qui ont contribué à son acceptation dans les arènes de la politique globale. Le principe d’une intervention militaire à des fins humanitaires gagne en légitimité dans les années 1990, bien qu’il soit marqué par d’intenses polémiques dans la pratique. Les situations de conflits où les civils sont brutalement persécutés et les interventions demandées et organisées pour y répondre sont maintenant largement justifiées dans les termes de la RdP. Est donc apparu d’abord un changement normatif. Ce changement s’est cristallisé dans le rapport de la Commission internationale sur l’intervention et la souveraineté des États (CIISE) qui a forgé l’expression « responsabilité de protéger ». Le point de départ ici est cependant que la RdP marque un changement discursif dans la manière de parler et de justifier ces pratiques. Je montre comment les termes de la RdP en sont venus à être ceux qui dégagent le plus large consensus autour de la question de l’intervention à des fins humanitaires. La thèse centrale de cette recherche est que le relatif succès de la RdP tient au fait que les architectes de la CIISE et les entrepreneurs de la RdP ont déployé un sens pratique aiguisé du champ de la politique globale. Le procédé principal employé est de mettre en lumière les processus de légitimation activement mis en oeuvre pour stimuler ce changement discursif. J’avance que les agents ont su placer la RdP, et par extension le principe de l’intervention à des fins humanitaires, dans le domaine du non problématique en déployant un langage et des pratiques vus comme ne posant pas problème. Concrètement, il s’est agi de choisir les agents à qui serait accordée la reconnaissance de parler, mais qui seraient aussi en mesure de proposer une solution d’une manière considérée comme légitime dans les arènes de la politique globale. Traquer les processus de légitimation est un procédé analytique qui permet de comprendre le succès de la RdP, mais qui révèle également des éléments fondamentaux du fonctionnement formel et informel de la politique globale.

Clickers versus hand-raising in the physics college classroom : do clickers make a difference?

Abstract: Students who are actively involved in the learning process tend to develop deeper knowledge than those in traditional lecture classrooms (Beatty, 2007; Crouch & Mazur, 2001; Hake, 1998; Richardson, 2003). An instructional strategy that promotes active involvement is Peer Instruction. This strategy encourages student engagement by asking them to respond to conceptual multiple-choice questions intermittently throughout the lecture. These questions can be responded to by using an electronic hand-held device commonly known as a clicker that enables students’ responses to be displayed on a screen. When clickers are not available, a show of hands or other means can be used. The literature suggests that the impact on student learning is the same, whether the teacher uses clickers or simply asks students to raise their hand or use flashcards when responding to the questions (Lasry, 2007). This critical analysis argues that using clickers to respond to these in-class conceptual multiple-choice questions as opposed to using a show of hands leads to deeper conceptual understanding, better performance on tests, and greater overall enjoyment during class.||Résumé: Les étudiants qui sont activement impliqués dans le processus d'apprentissage ont tendance à développer des connaissances plus approfondies que lors de cours traditionnels (Beatty, 2007; Crouch & Mazur, 2001; Hake, 1998; Richardson, 2003). Une stratégie d'enseignement qui favorise la participation active est l’apprentissage par les pairs. Cette stratégie d’enseignement encourage l'engagement des élèves en leur demandant de répondre à des questions à choix multiples conceptuelles à plusieurs reprises durant le déroulement du cours. Ces questions peuvent être répondues à l'aide d'un appareil portatif électronique (un « clicker ») qui permet d’afficher de façon anonyme les réponses des élèves sur un écran. Si les clickers ne sont pas disponibles, les étudiants peuvent aussi répondre aux questions en levant la main. La littérature suggère que la méthode utilisée n’a pas d’impact sur l'apprentissage des élèves, que l'enseignant utilise des clickers, des flashcards ou qu’il demande simplement aux élèves de lever la main pour répondre aux questions (Lasry, 2007). Cette analyse critique fait valoir que l'utilisation de clickers pour répondre à ces questions à choix multiples conceptuelles en classe, plutôt que de faire lever la main aux étudiants, résulte en une compréhension conceptuelle plus approfondie, une meilleure performance aux examens et plus de plaisir pendant les cours.

Helping you to make the right choice for your web filtering

We have designed this flowchart to help you choose the web filtering option that best suits your needs from three different options: Our free standard web filtering service, enhanced user based filtering or a solution from our framework agreement.

make half your grains whole : 10 tips to help you eat whole grains

Any food made from wheat, rice, oats, cornmeal, barley, or another cereal grain is a grain product. Bread, pasta, oatmeal, breakfast cereals, tortillas, and grits are examples. Grains are divided into two subgroups, whole grains and refined grains. Whole grains contain the entire grain kernel—the bran, germ, and endosperm. People who eat whole grains as part of a healthy diet have a reduced risk of some chronic diseases

“English Language Learning Strategies used by the Foreign Language Department Seminar Students Year 2006 with Either Above Eight Grade or Below it Obtained in Their Studies in the Basic Skills Area.

Nowadays language communication plays an important role in the world. For the technological explosion in the 20th century, the electronic mass media collapsed space and time barriers in human communication, enabling people to interact and live on a global scale. In this sense, the earth has been turned into a village by the electronic mass media. It not only changes the distance between countries, societies, but also shortens it between people. It means that the technological advancement makes the earth become a village. Since the distance between people is shortened, language communication becomes more important than before. To enhance language abilities, people can apply many different types of language learning strategies according to the learning styles that they have in order to learn the target language. In the Foreign Language Department of University of El Salvador Seminar students year 2006 apply different language learning strategies which make some of them get a grade either above eight or below it. To understand learning strategies, people can go back to basic term, strategy. This word comes from the ancient Greek term strategia meaning generalship or the art of war. A different, but related, word is tactics, which are tools to achieve the success of strategies. The two expressions share some basic implied characteristics: planning, competition, conscious manipulation, and movement toward a goal.

Does time ever fly or slow down? The difficult interpretation of psychophysical data on time perception.

Time perception is studied with subjective or semi-objective psychophysical methods. With subjective methods, observers provide quantitative estimates of duration and data depict the psychophysical function relating subjective duration to objective duration. With semi-objective methods, observers provide categorical or comparative judgments of duration and data depict the psychometric function relating the probability of a certain judgment to objective duration. Both approaches are used to study whether subjective and objective time run at the same pace or whether time flies or slows down under certain conditions. We analyze theoretical aspects affecting the interpretation of data gathered with the most widely used semi-objective methods, including single-presentation and paired-comparison methods. For this purpose, a formal model of psychophysical performance is used in which subjective duration is represented via a psychophysical function and the scalar property. This provides the timing component of the model, which is invariant across methods. A decisional component that varies across methods reflects how observers use subjective durations to make judgments and give the responses requested under each method. Application of the model shows that psychometric functions in single-presentation methods are uninterpretable because the various influences on observed performance are inextricably confounded in the data. In contrast, data gathered with paired-comparison methods permit separating out those influences. Prevalent approaches to fitting psychometric functions to data are also discussed and shown to be inconsistent with widely accepted principles of time perception, implicitly assuming instead that subjective time equals objective time and that observed differences across conditions do not reflect differences in perceived duration but criterion shifts. These analyses prompt evidence-based recommendations for best methodological practice in studies on time perception.

Does gender make a difference? Gender-related fairness of high-stakes testing in A-level examinations in English as foreign language in the German state of North Rhine-Westphalia in the context of Educational Governance

The shift from decentralized to centralized A-level examinations (Abitur) was implemented in the German school system as a measure of Educational Governance in the last decade. This reform was mainly introduced with the intention of providing higher comparability of school examinations and student achievement as well as increasing fairness in school examinations. It is not known yet if these ambitious aims and functions of the new centralized examination format have been achieved and if fairer assessment can be guaranteed in terms of providing all students with the same opportunities to pass the examinations by allocating fair tests to different student subpopulations e.g., students of different background or gender. The research presented in this article deals with these questions and focuses on gender differences. It investigates gender-specific fairness of the test items in centralized Abitur examinations as high school exit examinations in Germany. The data are drawn from Abitur examinations in English (as a foreign language). Differential item functioning (DIF) analysis reveals that at least some parts of the examinations indicate gender inequality. (DIPF/Orig.)

Strategic business plan: Strategies to make coaching for all a successful project

Coaching for all (C4all) is a project created by TESE-Associação para o Desenvolvimento or TESE-Association for development (TESE), aimed at disseminating and democratizing access to coaching methods among people seeking employment and other vulnerable groups of people. The initial results of the C4All project were well below their expectations. Therefore, we developed a Business Plan in order to understand if and how the performance of C4all can be improved. The results of our analysis suggest a number of changes that C4all need to undertake in order to survive and achieve better outcomes in the future

Don’t expect me to vote for you just because I like you, even if you do make me feel warm inside: a comparison of the validity of non-ipsative measures of party support

The inclusion of non-ipsative measures of party preference (in essence ratings for each of the parties of a political system) has become established practice in mass surveys conducted for election studies. They exist in different forms, known as thermometer ratings or feeling scores, likes and dislikes scores, or support propensities. Usually only one of these is included in a single survey, which makes it difficult to assess the relative merits of each. The questionnaire of the Irish National Election Study 2002 (INES2002) contained three different batteries of non-ipsative party preferences. This paper investigates some of the properties of these different indicators. We focus in particular on two phenomena. First, the relationship between non-ipsative preferences and the choices actually made on the ballot. In Ireland this relationship is more revealing than in most other countries owing to the electoral system (STV) which allows voters to cast multiple ordered votes for candidates from different parties. Second, we investigate the latent structure of each of the batteries of party preferences and the relationships between them. We conclude that the three instruments are not interchangeable, that they measure different orientations, and that one –the propensity to vote for a party– is by far preferable if the purpose of the study is the explanation of voters’ actual choice behaviour. This finding has important ramifications for the design of election study questionnaires.

Tubular and Sector Heat Pipes with Interconnected Branches for Gas Turbine and/or Compressor Cooling

Designing turbines for either aerospace or power production is a daunting task for any heat transfer scientist or engineer. Turbine designers are continuously pursuing better ways to convert the stored chemical energy in the fuel into useful work with maximum efficiency. Based on thermodynamic principles, one way to improve thermal efficiency is to increase the turbine inlet pressure and temperature. Generally, the inlet temperature may exceed the capabilities of standard materials for safe and long-life operation of the turbine. Next generation propulsion systems, whether for new supersonic transport or for improving existing aviation transport, will require more aggressive cooling system for many hot-gas-path components of the turbine. Heat pipe technology offers a possible cooling technique for the structures exposed to the high heat fluxes. Hence, the objective of this dissertation is to develop new radially rotating heat pipe systems that integrate multiple rotating miniature heat pipes with a common reservoir for a more effective and practical solution to turbine or compressor cooling. In this dissertation, two radially rotating miniature heat pipes and two sector heat pipes are analyzed and studied by utilizing suitable fluid flow and heat transfer modeling along with experimental tests. Analytical solutions for the film thickness and the lengthwise vapor temperature distribution for a single heat pipe are derived. Experimental tests on single radially rotating miniature heat pipes and sector heat pipes are undertaken with different important parameters and the manner in which these parameters affect heat pipe operation. Analytical and experimental studies have proven that the radially rotating miniature heat pipes have an incredibly high effective thermal conductance and an enormous heat transfer capability. Concurrently, the heat pipe has an uncomplicated structure and relatively low manufacturing costs. The heat pipe can also resist strong vibrations and is well suited for a high temperature environment. Hence, the heat pipes with a common reservoir make incorporation of heat pipes into turbo-machinery much more feasible and cost effective.

Unity in Christ or Pan-Europeanism?:Nathan Söderblom and the ecumenical peace movement in the interwar period

In the summer of 2014 the Swedish Church is celebrating the 100th anniversary of the appointment of Nathan Söderblom as archbishop of Uppsala, and thus head of the Swedish church organisation. As a Lutheran with an enormously broad-minded and broad-reaching approach to ecumenical understanding and community-building, Söderblom shot to prominence in the interwar period not only because of his ecumenical engagement, calling for an evangelical catholicity so stand side by side with the Roman catholic and Orthodox catholic traditions, but also because of his comprehensive secular engagement for peace and understanding between peoples. In the latter context he also acquired a solid reputation as a perhaps less prominent but still noteworthy figure in the history of European integration. This article investigates how, why and to what extent Söderblom’s ecumenical and secular engagements were intertwined. The first part discusses how his biographical and academic background led to such staunch ecumenical positions, while the second part focuses on the secular engagement, which was perceived by Söderblom as necessary to make progress on the ecumenical front in the practical political realities of the 1920s. The final part, comparing and contrasting Söderblom’s views with those of Count Richard von Coudenhove-Calergi and the Pan-European Union, demonstrates why Söderblom’s engagement for Europe had to be limited: unity in Christ is by definition global in nature and therefore cannot be continent-specific.

Buy three but get only two: The smallest effect in a 2 × 2 ANOVA is always uninterpretable

Loftus (Memory & Cognition 6:312-319, 1978) distinguished between interpretable and uninterpretable interactions. Uninterpretable interactions are ambiguous, because they may be due to two additive main effects (no interaction) and a nonlinear relationship between the (latent) outcome variable and its indicator. Interpretable interactions can only be due to the presence of a true interactive effect in the outcome variable, regardless of the relationship that it establishes with its indicator. In the present article, we first show that same problem can arise when an unmeasured mediator has a nonlinear effect on the measured outcome variable. Then we integrate Loftus's arguments with a seemingly contradictory approach to interactions suggested by Rosnow and Rosenthal (Psychological Bulletin 105:143-146, 1989). We show that entire data patterns, not just interaction effects alone, produce interpretable or noninterpretable interactions. Next, we show that the same problem of interpretability can apply to main effects. Lastly, we give concrete advice on what researchers can do to generate data patterns that provide unambiguous evidence for hypothesized interactions.

The significant role of third-party logistics (3pl) operators as fosterers of organizational performance in colombian companies

La eliminación de barreras entre países es una consecuencia que llega con la globalización y con los acuerdos de TLC firmados en los últimos años. Esto implica un crecimiento significativo del comercio exterior, lo cual se ve reflejado en un aumento de la complejidad de la cadena de suministro de las empresas. Debido a lo anterior, se hace necesaria la búsqueda de alternativas para obtener altos niveles de productividad y competitividad dentro de las empresas en Colombia, ya que el entorno se ha vuelto cada vez más complejo, saturado de competencia no sólo nacional, sino también internacional. Para mantenerse en una posición competitiva favorable, las compañías deben enfocarse en las actividades que le agregan valor a su negocio, por lo cual una de las alternativas que se están adoptando hoy en día es la tercerización de funciones logísticas a empresas especializadas en el manejo de estos servicios. Tales empresas son los Proveedores de servicios logísticos (LSP), quienes actúan como agentes externos a la organización al gestionar, controlar y proporcionar actividades logísticas en nombre de un contratante. Las actividades realizadas pueden incluir todas o parte de las actividades logísticas, pero como mínimo la gestión y ejecución del transporte y almacenamiento deben estar incluidos (Berglund, 2000). El propósito del documento es analizar el papel de los Operadores Logísticos de Tercer nivel (3PL) como promotores del desempeño organizacional en las empresas colombianas, con el fin de informar a las MIPYMES acerca de los beneficios que se obtienen al trabajar con LSP como un medio para mejorar la posición competitiva del país.