Analytic approximations for multi-asset option pricing

We derive general analytic approximations for pricing European basket and rainbow options on N assets. The key idea is to express the option’s price as a sum of prices of various compound exchange options, each with different pairs of subordinate multi- or single-asset options. The underlying asset prices are assumed to follow lognormal processes, although our results can be extended to certain other price processes for the underlying. For some multi-asset options a strong condition holds, whereby each compound exchange option is equivalent to a standard single-asset option under a modified measure, and in such cases an almost exact analytic price exists. More generally, approximate analytic prices for multi-asset options are derived using a weak lognormality condition, where the approximation stems from making constant volatility assumptions on the price processes that drive the prices of the subordinate basket options. The analytic formulae for multi-asset option prices, and their Greeks, are defined in a recursive framework. For instance, the option delta is defined in terms of the delta relative to subordinate multi-asset options, and the deltas of these subordinate options with respect to the underlying assets. Simulations test the accuracy of our approximations, given some assumed values for the asset volatilities and correlations. Finally, a calibration algorithm is proposed and illustrated.

D. H. Lawrence and the publication of Look! We Have Come Through!

In 1917 D.H. Lawrence's whole outlook on the social and cultural environment of his country was embodied in his attitude towards the literary marketplace. The suppression of The Rainbow in 1915 and his opposition to the war contributed to his feeling of detachment from what he called ‘the bourgeois world, the world which controls press, publication and all’. Presenting new archival evidence, this article examines the publishing history of the poetry volume Look! We Have Come Through, issued by Chatto & Windus in 1917. Closer examination of the motives of the individual editors involved in the production of the volume reveals why Lawrence was required to make changes to his text but also why the firm were eager to publish a volume that was to have little commercial impact. Issued at a critical moment in Lawrence's relationship with the marketplace, and in the history of literary modernism, the episode shows how, in spite of general hostility to his work, there were forces in the mainstream publishing market that were keen to embrace modern literary forms and take risks with the work of authors whose subject-matter was challenging and potentially dangerous.

The effects of stocking density in physiological parameters and growth of the endangered teleost species piabanha, Brycon insignis (Steindachner, 1877)

This study investigated the effects of stocking density on the growth and fatty acid (FA) of Brycon insignis metabolism. Fingerlings (360) were distributed into eight ponds at two stocking densities (105 and 210 g/m(3)). The analysis of growth showed that the condition factor (K) and the coefficient of variation (CV) for body mass were not affected by stocking density. However, final body mass and length, specific growth rate (SGR), and weight gain (WG) were higher in the low stocking density group, which also presented a higher feed efficiency (FE) and survival (S). By contrast, muscle protein levels were higher in the high stocking density group. The plasma and muscle lipid content were not affected by stocking density, but fish reared at lower stocking density presented higher lipid concentration in the liver, with no differences in hepatosomatic index values. Even with the differences observed in metabolic and growth parameters, plasma cortisol was not affected by stocking density. The FA profile in the muscle and liver neutral fraction were not affected by stocking density, but the FA in the polar fractions differed between the two stocking densities. In the liver, total polyunsaturated fatty acids (PUFA) and PUFA n - 3 increased in higher stocking density, mainly due to an increase in docosahexaenoic acid (DHA). In addition, PUFA n - 6 were also increased in the higher stocking density group, mainly due to an increase in arachidonic acid (AA) and docosadienoic acid (22:2n - 6). In the muscle polar fraction, the saturated fatty acids (SFA) and monounsaturated fatty acids (MUFA) decreased in the animals from the higher stocking density group, and this reduction was compensated by an increase in PUFA n - 3 and PUFA n - 6, mainly the FA with 20-22 carbons (20:4n - 6: 22:4:n - 6; 22:5n - 6, 22:5n - 3, and 22:6n - 3). A different profile was observed for the C18 PUFAs, mainly 18:2n - 6 and 18:4n - 6, which were higher in the lower density stocking group. The data suggest that when living in high stocking density, B. insignis differentially utilizes the hepatic lipids as energy source and remodels the membrane fatty acids, with higher amounts of DHA in the polar muscle fraction compensated for by a decrease in MUFA. The zootechnical and physiological indices reveal that the lower stocking density group achieve overall better performance. (C) 2010 Elsevier B.V. All rights reserved.

Aluminum as an endocrine disruptor in female Nile tilapia (Oreochromis niloticus)

The effects of aluminum on plasma ion, lipid, protein and steroid hormone concentration were evaluated in Oreochromis niloticus broodstock females. Lipid and protein concentrations from the gonads and liver were also measured Experiments were performed at neutral and acidic water pH Four groups of fish were tested for 96 h. 1) control conditions at neutral water pH, 2) control conditions at acidic water pH (CTR-Ac). 3) aluminum at neutral water pH (Al-N), and 4) aluminum at acidic water pH (Al-Ac) Aluminum and acidic water pH exposure caused no ionoregulatory disturbances Total lipid concentration increased in the mature gonads and decreased in the liver, suggesting an acceleration of lipid mobilization to the ovaries in animals exposed to aluminum However, a decreased protein concentration in ovaries was also observed Exposure of control fish to acidic water pH caused an increased concentration of plasma 17 alpha-hydroxyprogesterone However, females exposed to aluminum at acidic water pH showed a decreased of plasma 17 alpha-hydroxyprogesterone and cortisol. No differences in plasma 17 beta-estradiol were observed The physiological mechanisms underlying the disturbances observed are discussed focusing on reproduction We suggest that aluminum can be considered an endocrine disrupting compound in mature O. mloticus females (C) 2010 Elsevier Inc. All rights reserved

Gene Mapping of 18S and 5S rDNA Genes in the Karyotype of the Three-Spot Gourami Trichogaster trichopterus (Perciformes, Osphronemidae)

Ornamental fish culture is important as an economic activity and for biodiversity conservation as well. The species of the genus Trichogaster (Perciformes, Osphronemidae), popularly known as three-spot gourami, are among the several commercial species raised around the world. In the present work, eight specimens of Thrichogaster trichopterus from aquarium trade facilities were analyzed. The karyotype was composed of 23 pairs of subtelo/acrocentric chromosomes. Fluorescent in situ hybridization allowed identifying the 18S ribosomal gene at telomeric region on long arms of the largest acrocentric pair. On the other hand, the 5S rRNA gene is located at a proximal region on a pair of medium-sized chromosomes. Such information is extremely useful in face of the risks of introduction and the development of ornamental fish trade, once many fish species can be identified only by genetic studies.

(65)Zn(2+) transport by isolated gill epithelial cells of the American lobster, Homarus americanus

Gills are the first site of impact by metal ions in contaminated waters. Work on whole gill cells and metal uptake has not been reported before in crustaceans. In this study, gill filaments of the American lobster, Homarus americanus, were dissociated in physiological saline and separated into several cell types on a 30, 40, 50, and 80% sucrose gradient. Cells from each sucrose solution were separately resuspended in physiological saline and incubated in (65)Zn(2+) in order to assess the nature of metal uptake by each cell type. Characteristics of zinc accumulation by each kind of cell were investigated in the presence and absence of 10 mM calcium, variable NaCl concentrations and pH values, and 100 mu M verapamil, nifedipine, and the calcium ionophore A23187. (65)Zn(2+) influxes were hyperbolic functions of zinc concentration (1-1,000 mu M) and followed Michaelis-Menten kinetics. Calcium reduced both apparent zinc binding affinity (K (m)) and maximal transport velocity (J (max)) for 30% sucrose cells, but doubled the apparent maximal transport velocity for 80% sucrose cells. Results suggest that calcium, sodium, and protons enter gill epithelial cells by an endogenous broad-specificity cation channel and trans-stimulate metal uptake by a plasma membrane carrier system. Differences in zinc transport observed between gill epithelial cell types appear related to apparent affinity differences of the transporters in each kind of cell. Low affinity cells from 30% sucrose were inhibited by calcium, while high affinity cells from 80% sucrose were stimulated. (65)Zn(2+) transport was also studied by isolated, intact, gill filament tips. These intact gill fragments generally displayed the same transport properties as did cells from 80% sucrose and provided support for metal uptake processes being an apical phenomenon. A working model for zinc transport by lobster gill cells is presented.

Comparison of fatty acid composition in nine organs of the sympatric Antarctic teleost fish species Notothenia coriiceps and Notothenia rossii (Perciformes: Nototheniidae)

Fatty acid (FA) composition of nine organs from two closely related Antarctic fish species, Notothenia codiceps and Notothenia rossii, was determined through gas chromatography with flame ionization detection. A data set for each species was obtained using major FA profiles from specimens caught in the sea waters of Admiralty Bay during the summer season. The FA profiles for both species are overall similar, but organ peculiarities have been found, which could reflect metabolic specificities and feeding habits between species. With the exception of liver, the most abundant FA in organs was the n-3 polyunsaturated FA. The total n-6 polyunsaturated FAs were minor components in all evaluated organs. Palmitic acid was identified as the major saturated FA, whereas oleic acid was the most represented of the monounsaturated FA in almost all assessed organs of both species. The n-3/n-6 ratios of all organs were higher than 3.5. Differences in individual FA and FA metabolic profiles of some organs observed between N. coriiceps and N. rossii suggest specific requirements in the mobilization, transport, incorporation, and/or catabolism of lipids that were reinforced by differences on some FA ratios expressing the activity coefficient of enzymes implicated on the FA pathway flux. (C) 2009 Elsevier Inc. All rights reserved.

The combined effect of copper and low pH on antioxidant defenses and biochemical parameters in neotropical fish pacu, Piaractus mesopotamicus (Holmberg, 1887)

Copper sulfate is widely used in aquaculture. Exposure to this compound can be harmful to fish, resulting in oxidative metabolism alterations and gill tissue damage. Pacu, Piaractus mesopotamicus, (wt = 43.4 +/- A 3.35 g) were distributed in experimental tanks (n = 10; 180 l) and exposed for 48 h to control (without copper addition), 0.4Cu (0.4 mg l(-1)), 0CupH (without copper addition, pH = 5.0) and 0.4CupH (0.4 mg l(-1), pH = 5.0). In liver and red muscle, the superoxide dismutase (SOD) was responsive to the increases in the aquatic copper. The plasmatic intermediary metabolites and hematological variables in the fish of group 0.4Cu were similar to those of the control group. Conversely, the exposure to 0.4CupH caused an increase in the plasmatic lactate, number of red blood cells (RBC) and hemoglobin (Hb). Plasmatic copper concentration [Cu(p)] increased in group 0.4Cu and 0.4CupH, which is higher in group 0.4CupH, suggests an effect of water pH on the absorbed copper. Exposure to 0.4Cu and 0.4CupH resulted in a reduction in the Na(+)/K(+)-ATPase activity and an increase in metallothionein (MT) in the gills. Exposure to 0CupH caused a decrease in glucose and pyruvate concentrations and an increase in RBC, Hb, and the branchial Na(+)/K(+)-ATPase activity. These responses suggest that the fish triggered mechanisms to revert the blood acidosis, save energy and increase the oxygen uptake. MT was an effective biomarker, responding to copper in different pHs and dissolved oxygen. Combined-factors caused more significant disturbance in the biomarkers than single-factors.

An imaginary potential with universal normalization for dissipative processes in heavy-ion reactions

In this work we present new coupled channel calculations with the Sao Paulo potential (SPP) as the bare interaction, and an imaginary potential with system and energy independent normalization that has been developed to take into account dissipative processes in heavy-ion reactions. This imaginary potential is based on high-energy nucleon interaction in nuclear medium. Our theoretical predictions for energies up to approximate to 100 MeV/nucleon agree very well with the experimental data for the p, n + nucleus, (16)O + (27)Al, (16)O + (60)Ni, (58)Ni + (124)Sn, and weakly bound projectile (7)Li + (120)Sn systems. (C) 2008 Elsevier B.V. All rights reserved.

Introdução da truta arco-íris (Oncorhynchus mykiss) e suas conseqüências para a comunidade aquática dos rios de altitude do sul do Brasil

A introdução de espécies exóticas é uma prática que acompanha a história da humanidade, sendo as espécies introduzidas a base da nutrição e economia em vários países. Porém, esse processo contínuo tem levado a uma homogeneização da flora e fauna global. Os ecossistemas aquáticos, que têm recebido menor atenção que os terrestres, têm sofrido perda de diversidade, hibridação, introdução de patógenos, degradação do habitat além da necessidade e alto custo de controle das espécies introduzidas. O desenvolvimento da aqüicultura tem acelerado a introdução de peixes exóticos, que são a base dessa produção em países como o Brasil. Além desta, entre as razões para a introdução citam-se o esporte, a manipulação ecológica com controle de organismos indesejáveis, o melhoramento dos estoques, a ornamentação ou ainda introduções acidentais. No Rio Grande do Sul, nos rios dos Campos de Cima da Serra estão ocorrendo introduções da espécie exótica truta arco- íris (Oncorhynchus mykiss) desde meados da década de 90 como forma de estímulo ao turismo rural. O objetivo dessa prática é a pesca esportiva, que atrai turistas de várias regiões. Porém, os rios da região possuem várias espécies de peixes endêmicas e as conseqüências dessa prática sobre a biota aquática são desconhecidas. O objetivo do presente trabalho é avaliar o efeito da introdução da truta arco-íris sobre o ecossistema de rios de baixa ordem no município de São José dos Ausentes – RS, Brasil. Para tanto foi descrita a biologia da truta arco- íris no novo ambiente, verificando sua alimentação, movimentação, presença e viabilidade da reprodução. A ictiofauna autóctone dos rios com ausência e presença de trutas foi comparada, bem como o efeito da predação sobre a macrofauna bentônica. A ictiofauna foi amostrada com o uso da pesca elétrica, sendo o conteúdo estomacal das trutas avaliado sazonalmente. Três trutas foram marcadas e acompanhadas por ii biotelemetria para determinação da sua área de vida. Um experimento com ninhos artificiais foi conduzido para verificação da sobrevivência de ovos de trutas nas condições dos rios de São José dos Ausentes. O experimento de exclusão de peixes foi feito a fim de avaliar o efeito da predação sobre a macrofauna bentônica, comparando a macrofauna em rios com e sem trutas. Os resultados indicaram que a truta arco- íris tem como alimento principal os invertebrados bentônicos, porém as maiores classes de tamanho incluem peixes em seus alimentos principais. Logo após sua introdução a movimentação é restrita, porém alguns exemplares foram capturados em um rio onde não foi feita introdução dessa espécie. Apesar de baixa, a sobrevivência dos adultos ocorre, assim como a reprodução. A sobrevivência dos ovos também é baixa, porém, uma pós-larva foi encontrada. A ictiofauna autóctone é diferenciada nos rios com presença de truta, apresentando menor riqueza e diversidade e uma tendência a diminuição da biomassa. A macrofauna bentônica também é diferenciada, apesar de não ser possível atribuir essa diferença somente à presença das trutas.

Aproximações do teatro do oprimido com a Psicologia e o Psicodrama

O presente artigo aborda as aproximações do teatro do oprimido na modalidade do arco-íris do desejo, método de terapia e teatro criado por Augusto Boal com a Psicologia, em especial com o psicodrama. O teatro do oprimido é frequentemente comparado e até mesmo confundido com o psicodrama, daí a necessidade de apontarmos algumas semelhanças e diferenças entre os dois métodos, as teorias que inspiraram seus criadores, bem como os objetivos que procuravam alcançar. Procuraremos problematizar o uso das técnicas do arco-íris do desejo considerando a função e a preparação do curinga para aplicá-las, seu manejo, bem como o lugar de autoridade que lhe é conferido. As técnicas boalianas devem ser utilizadas com o devido cuidado, pois é necessário não perder de vista as possíveis consequências que o seu uso indevido pode provocar nos participantes, posto que são técnicas mobilizadoras de fortes conteúdos emocionais.

SEX-CHROMOSOME POLYMORPHISM AND HETEROGAMETIC MALES REVEALED BY 2 CLONED DNA PROBES IN THE ZW ZZ FISH LEPORINUS-ELONGATUS

In order to study the divergence of teleost sex chromosomes, subtractive cloning was carried out between genomic DNA of males and females of the rainbow trout (XX/XY) and of Leporinus elongatus (ZW/ZZ). Inserts cloned in a plasmid vector were individually tested on Southern blots of DNA of males and females for sex specificity. No sex-specific insert was obtained from trout, but two out of ten inserts cloned from L. elongatus showed sex-specific patterns in this species: one corresponds to a sequence present on both Z and W chromosomes, while the other is W specific. Sequences of these two inserts show neither clear homology with other known sequences, nor an open reading frame. They cross-hybridize with the genomic DNA of Leporinus friderici, but without sex-specific patterns. Twenty-four L. elongatus adults were sexed by gonadal observation, chromosomed examination and Southern hybridization with one or the other insert. Ten males and 11 females had chromosomes and hybridization patterns typical of their sex. One ZW female was recognized as a male with the W-specific probe. This was also the case for two unusual ZW males, one having a male hybridization pattern with the other probe. These three atypical individuals may result from single genetic exchanges between four regions of the Z and the W, giving rise to three atypical W chromosomes. Finding males with such atypical heterochromosomes in a female heterogametic species may indicate that a gradual transition occurs between the heterogametic systems.

Flicts, livro de artista

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Avaliação comparativa in vitro da rugosidade superficial de resinas compostas submetidas a diferentes técnicas de polimento

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)