On the efficacy of Fourier series approximations for pricing European options

This paper investigates several competing procedures for computing the prices of vanilla European options, such as puts, calls and binaries, in which the underlying model has a characteristic function that is known in semi-closed form. The algorithms investigated here are the half-range Fourier cosine series, the half-range Fourier sine series and the full-range Fourier series. Their performance is assessed in simulation experiments in which an analytical solution is available and also for a simple affine model of stochastic volatility in which there is no closed-form solution. The results suggest that the half-range sine series approximation is the least effective of the three proposed algorithms. It is rather more difficult to distinguish between the performance of the halfrange cosine series and the full-range Fourier series. However there are two clear differences. First, when the interval over which the density is approximated is relatively large, the full-range Fourier series is at least as good as the half-range Fourier cosine series, and outperforms the latter in pricing out-of-the-money call options, in particular with maturities of three months or less. Second, the computational time required by the half-range Fourier cosine series is uniformly longer than that required by the full-range Fourier series for an interval of fixed length. Taken together,these two conclusions make a case for pricing options using a full-range range Fourier series as opposed to a half-range Fourier cosine series if a large number of options are to be priced in as short a time as possible.

Spin populations in one-dimensional alternant spin systems: A theoretical approach

Spin-density maps, deduced from polarized neutron diffraction experiments, for both the pair and chain compounds of the system Mn2+Cu2+ have been reported recently. These results have motivated us to investigate theoretically the spin populations in such alternant mixed-spin systems. In this paper, we report our studies on the one-dimensional ferrimagnetic systems (S-A,S-B)(N) where hi is the number of AB pairs. We have considered all cases in which the spin Sri takes on allowed values in the range I to 7/2 while the spin S-B is held fixed at 1/2. The theoretical studies have been carried out on the isotropic Heisenberg model, using the density matrix renormalization group method. The effect of the magnitude of the larger spin SA On the quantum fluctuations in both A and B sublattices has been studied as a function of the system size N. We have investigated systems with both periodic and open boundary conditions, the latter with a view to understanding end-of-chain effects. The spin populations have been followed as a function of temperature as well as an applied magnetic field. High-magnetic fields are found to lead to interesting re-entrant behavior. The ratio of spin populations P-A-P-B is not sensitive to temperature at low temperatures.

Study of miRNA polymorphisms and their potential association with breast cancer risk in Australian Caucasian populations

This project established a large and well characterised prospective breast cancer DNA biobank and used this biobank to conduct genetic studies in breast cancer. The thesis presented the results of these high-throughput genotyping studies in two separate Australian Caucasian case-control populations and identified association between three novel genetic variants in microRNA genes and breast cancer risk.

Place making facilitators of knowledge and innovation spaces: Insights from European best practices

Knowledge economy seeks its nourishment from diversity and dissemination of ideas and creativity of its talent base. This has led to the acknowledgement of place making as a major strategy to attract and retain the knowledge base into the emerging knowledge and innovation spaces. The study seeks to explore the adoption of place making in this context. Literature and practice provide information to understand the evolution of various spatial typologies and the specialised role of place making in such locations. This helps in determining the key facilitators of place making. The paper takes an interdisciplinary approach and develops an integrated conceptual framework considering dimensions and facilitators of place making. Through the lens of the framework, best practices across Europe—i.e., Cambridge Science Park (UK), 22@Barcelona (Spain), Arabianranta (Finland), Strijp-S (Netherlands), and Digital Hub (Ireland)—are scrutinised to highlight various approaches to place making. The findings provide insights and a discussion into the interplay of form, function, image and underlying processes in globally emerging spatial typologies of contemporary knowledge and innovation spaces.

Impact of Grazing, Fire and Extraction on the Bamboo (Dendrocalamus-Strictus and Bambusa-Arundinacea) Populations of Karnataka

Dendrocalamus strictus and Bambusa arundinacea are monocarpic, gregariously flowering species of bamboo, common in the deciduous forests of the State of Karnataka in India. Their populations have significantly declined, especially since the last flowering. This decline parelleis increasing incidence of grazing, fire and extraction in recent decades. Results of an experiment in which the intensities of grazing and fire were varied, indicate that while grazing significantly depresses the survival of seedlings and the recruitment of new eulms of bamboo clumps, fire appeared to enhance seedling survival, presumably by reducing competition of lass fire-resistant species. New shoots of bamboo are destroyed by insects and a variety of herbivorous mammals. In areas of intense herbivore pressure, a bamboo clump initiates the production of a much larger number of new culrm, but results in many fewer and shorter intact culms. Extraction renders the new shoots more susceptible to herbivore pressure by removal of the protective covering of branches at the base of a bamboo clump. Hence, regular and extensive extraction by the paper mills in conjuction with intense grazing pressure strongly depresses the addition of new culms to bamboo clumps. Regulation of grazing in the forest by domestic livestock along with maintenance of the cover at the base of the clumps by extracting the culms at a higher level should reduce the rate of decline of the bamboo stocks.

Generalizability of established prostate cancer risk variants in men of African ancestry

Genome-wide association studies have identified more than 80 risk variants for prostate cancer, mainly in European or Asian populations. The generalizability of these variants in other racial/ethnic populations needs to be understood before the loci can be used widely in risk modeling. In our study, we examined 82 previously reported risk variants in 4,853 prostate cancer cases and 4,678 controls of African ancestry. We performed association testing for each variant using logistic regression adjusted for age, study and global ancestry. Of the 82 known risk variants, 68 (83%) had effects that were directionally consistent in their association with prostate cancer risk and 30 (37%) were significantly associated with risk at p < 0.05, with the most statistically significant variants being rs116041037 (p = 3.7 × 10(-26) ) and rs6983561 (p = 1.1 × 10(-16) ) at 8q24, as well as rs7210100 (p = 5.4 × 10(-8) ) at 17q21. By exploring each locus in search of better markers, the number of variants that captured risk in men of African ancestry (p < 0.05) increased from 30 (37%) to 44 (54%). An aggregate score comprised of these 44 markers was strongly associated with prostate cancer risk [per-allele odds ratio (OR) = 1.12, p = 7.3 × 10(-98) ]. In summary, the consistent directions of effects for the vast majority of variants in men of African ancestry indicate common functional alleles that are shared across populations. Further exploration of these susceptibility loci is needed to identify the underlying biologically relevant variants to improve prostate cancer risk modeling in populations of African ancestry.

Dynamics of plant populations in Heteropogon contortus(black speargrass) pastures on a granite landscape in southern Queensland. 2. Seed production and soil seed banks of H. contortus

Seed production and soil seed hanks of H. contortus were studied in a subset of treatments within an extensive grazing study conducted in H. contortus pasture in southern Queensland between 1990 and 1996. Seed production of H. contortus in autumn ranged from 260 to 1800 seeds/m2 with much of this variation due to differences in rainfall between years. Seed production was generally higher in the silver-leaved ironbark than in the narrow-leaved ironbark land class and was also influenced by a consistent stocking rate x pasture type interaction. Inflorescence density was the main factor contributing to the variable seed production and was related to the rainfall received during February. The number of seeds per inflorescence was unaffected by seasonal rainfall, landscape position, stocking rate or legume oversowing. Seed viability was related to the rainfall received during March. Soil seed banks in spring varied from 130 to 520 seeds/m2 between 1990 and 1995 with generally more seed present in the silver-leaved ironbark than in the narrow-leaved ironbark land class. There were poor relationships between viable seed production and the size of the soil seed bank, and between the size of the soil seed bank and seedling recruitment. This study indicates that H. contortus has the potential to produce relatively large amounts of seed and showed that the seasonal pattern of rainfall plays a major role in achieving this potential

Dynamics of plant populations in Heteropogon contortus(black speargrass) pastures on a granite landscape in southern Queensland. 1. Dynamics of H. contortus populations

The dynamics of Heteropogon contortus (black speargrass) populations were measured in a subset of treatments contained within an extensive grazing study conducted between 1990 and 1996 in H. contortus pasture in southern Queensland. This subset included 2 landscape positions and 3 stocking rates in both native pasture and legume-oversown native pasture. Severe drought conditions throughout much of the study necessitated ongoing adjustments to the original stocking rates and, as a result, drought was the major influence on the dynamics of H. contortus populations. Plant density and basal area in the silver-leaved ironbark landscape were consistently higher than those in the narrow-leaved ironbark landscape. There was limited evidence of any impact by either light or moderate stocking rate but there was evidence of an impact at the heaviest stocking rate. There was minimal impact of legume oversowing. Relatively large fluctuations in plant density occurred during this study resulting from the death of existing plants, due mainly to drought, and seedling recruitment. Similarly, there were relatively large fluctuations in basal area caused mainly by changes in plant size. Rates for turnover of plant numbers were relatively high whereas plant turnover rates of basal areas were relatively low. Regular seedling recruitment appeared necessary to ensure the persistence of this species. Despite the high turnover, populations were maintained at reasonable levels indicating the overall resilience of H. contortus.

Language change as an evolutionary process

In the thesis it is discussed in what ways concepts and methodology developed in evolutionary biology can be applied to the explanation and research of language change. The parallel nature of the mechanisms of biological evolution and language change is explored along with the history of the exchange of ideas between these two disciplines. Against this background computational methods developed in evolutionary biology are taken into consideration in terms of their applicability to the study of historical relationships between languages. Different phylogenetic methods are explained in common terminology, avoiding the technical language of statistics. The thesis is on one hand a synthesis of earlier scientific discussion, and on the other an attempt to map out the problems of earlier approaches in addition to finding new guidelines in the study of language change on their basis. Primarily literature about the connections between evolutionary biology and language change, along with research articles describing applications of phylogenetic methods into language change have been used as source material. The thesis starts out by describing the initial development of the disciplines of evolutionary biology and historical linguistics, a process which right from the beginning can be seen to have involved an exchange of ideas concerning the mechanisms of language change and biological evolution. The historical discussion lays the foundation for the handling of the generalised account of selection developed during the recent few decades. This account is aimed for creating a theoretical framework capable of explaining both biological evolution and cultural change as selection processes acting on self-replicating entities. This thesis focusses on the capacity of the generalised account of selection to describe language change as a process of this kind. In biology, the mechanisms of evolution are seen to form populations of genetically related organisms through time. One of the central questions explored in this thesis is whether selection theory makes it possible to picture languages are forming populations of a similar kind, and what a perspective like this can offer to the understanding of language in general. In historical linguistics, the comparative method and other, complementing methods have been traditionally used to study the development of languages from a common ancestral language. Computational, quantitative methods have not become widely used as part of the central methodology of historical linguistics. After the fading of a limited popularity enjoyed by the lexicostatistical method since the 1950s, only in the recent years have also the computational methods of phylogenetic inference used in evolutionary biology been applied to the study of early language history. In this thesis the possibilities offered by the traditional methodology of historical linguistics and the new phylogenetic methods are compared. The methods are approached through the ways in which they have been applied to the Indo-European languages, which is the most thoroughly investigated language family using both the traditional and the phylogenetic methods. The problems of these applications along with the optimal form of the linguistic data used in these methods are explored in the thesis. The mechanisms of biological evolution are seen in the thesis as parallel in a limited sense to the mechanisms of language change, however sufficiently so that the development of a generalised account of selection is deemed as possibly fruiful for understanding language change. These similarities are also seen to support the validity of using phylogenetic methods in the study of language history, although the use of linguistic data and the models of language change employed by these models are seen to await further development.

Dynamics of plant populations in Heteropogon contortus (black speargrass) pastures on a granite landscape in southern Queensland. 3. Dynamics of Aristida spp. populations

The dynamics of the unpalatable Aristida spp. (wiregrasses) were measured in a subset of treatments contained within an extensive grazing study conducted between 1990 and 1996 in H. contortus pasture in southern Queensland. This paper reports the results from these treatments which included 2 land classes (silver-leaved and narrowleaved ironbark), 3 stocking rates (0.3, 0.6 and 0.9 beasts/ha) in both native pasture and legumeoversown native pasture, all in the absence of fire. Changes in plant density and basal area of Aristida spp. reflected differences in both the survival and size of existing plants together with a large seedling recruitment in 1991. Two different taxa of Aristida spp. were distinguished; however, there were no clear differences in the response of these 2 taxa to the treatments. Grazing had the greatest impact on population dynamics through reducing basal area as stocking rate increased. Neither landscape position nor legume oversowing had a major impact on Aristida spp. The results suggest that populations of Aristida spp. will be highest under light grazing and that seedling recruitment may be episodic

Dynamics of plant populations in Heteropogon contortus (black speargrass) pastures on a granite landscape in southern Queensland. 4. The effects of burning on H.contortus and Aristida spp. populations

This paper reports an experiment undertaken to examine the impact of burning in spring together with reduced grazing pressure on the dynamics of H. contortus and Aristida spp. In H. contortus pasture in south-eastern Queensland. The overall results indicate that spring burning in combination with reduced grazing pressure had no marked effect on the density of either grass species. This was attributed to 2 factors. Firstly, extreme drought conditions restricted any increase in H. contortus seedling establishment despite the presence of an adequate soil seed bank prior to summer; and secondly, some differences occurred in the response to fire of the diverse taxonomic groupings in the species of Aristida spp. present at the study site. This study concluded that it is necessary to identify appropriate taxonomic units within the Aristida genus and that, where appropriate, burning in spring to manage pasture composition should be conducted under favorable rainfall conditions using seasonal forecasting indicators such as the Southern Oscillation Index

Low-density koala (Phascolarctos cinereus) populations in the mulgalands of south-west Queensland. II. Distribution and diet

This study used faecal pellets to investigate the broadscale distribution and diet of koalas in the mulgalands biogeographic region of south-west Queensland. Koala distribution was determined by conducting faecal pellet searches within a 30-cm radius of the base of eucalypts on 149 belt transects, located using a multi-scaled stratified sampling design. Cuticular analysis of pellets collected ffom 22 of these sites was conducted to identify the dietary composition of koalas within the region. Our data suggest that koala distribution is concentrated in the northern and more easterly regions of the study area, and appears to be strongly linked with annual rainfall. Over 50% of our koala records were obtained from non-riverine communities, indicating that koalas in the study area are not primarily restricted to riverine communities, as bas frequently been suggested. Cuticular analysis indicates that more than 90% of koala diet within the region consists of five eucalypt species. Our data highlights the importance of residual Tertiary landforms to koala conservation in the region.

Low-density koala (Phascolarctos cinereus) populations in the mulgalands of south-west Queensland. IV. Abundance and conservation status

Urban encroachment on dense, coastal koala populations has ensured that their management has received increasing government and public attention. The recently developed National Koala Conservation Strategy calls for maintenance of viable populations in the wild. Yet the success of this, and other, conservation initiatives is hampered by lack of reliable and generally accepted national and regional population estimates. In this paper we address this problem in a potentially large, but poorly studied, regional population in the State that is likely to have the largest wild populations. We draw on findings from previous reports in this series and apply the faecal standing-crop method (FSCM) to derive a regional estimate of more than 59 000 individuals. Validation trials in riverine communities showed that estimates of animal density obtained from the FSCM and direct observation were in close agreement. Bootstrapping and Monte Carlo simulations were used to obtain variance estimates for our population estimates in different vegetation associations across the region. The most favoured habitat was riverine vegetation, which covered only 0.9% of the region but supported 45% of the koalas. We also estimated that between 1969 and 1995 -30% of the native vegetation associations that are considered as potential koala habitat were cleared, leading to a decline of perhaps 10% in koala numbers. Management of this large regional population has significant implications for the national conservation of the species: the continued viability of this population is critically dependent on the retention and management of riverine and residual vegetation communities, and future vegetation-management guidelines should be cognisant of the potential impacts of clearing even small areas of critical habitat. We also highlight eight management implications.

Genetic diversity, aggressiveness and metalaxyl sensitivity of Pythium aphanidermatum populations infecting cucumber in Oman

Seventy three isolates of Pythium aphanidermatum obtained from cucumber from four different regions of Oman and 16 isolates of muskmelon from the Batinah region in Oman were characterized for aggressiveness, sensitivity to metalaxyl and genetic diversity using AFLP fingerprinting. Twenty isolates of P. aphanidermatum from diverse hosts from different countries were also included in the study. Most isolates from Oman were found to be aggressive on cucumber seedlings and all were highly sensitive to metalaxyl (EC50 < 0•80 µg mL−1). Isolates from cucumber and muskmelon were as aggressive as each other on both hosts (P > 0.05), which implies a lack of host specialization in P. aphanidermatum on these two hosts in Oman. AFLP analysis of all isolates using four primer-pair combinations resolved 152 bands, of which 61 (~40%) were polymorphic. Isolates of P. aphanidermatum from Oman and other countries exhibited high genetic similarity (mean = 94.1%) and produced 59 different AFLP profiles. Analysis of molecular variance indicated that most AFLP variation among populations of P. aphanidermatum in Oman was associated with geographical regions (FST = 0.118; P < 0.0001), not hosts (FST = -0.004; P = 0.4323). These data were supported by the high rate of recovery (24%) of identical phenotypes between cucumber and muskmelon fields in the same region as compared to the low recovery (10%) across regions in Oman, which suggests more frequent movement of Pythium inoculum among muskmelon and cucumber fields in the same region compared to movement across geographically separated regions. However, recovering clones among regions and different countries may imply circulation of Pythium inoculum via common sources in Oman and also intercontinental spread of isolates.