959 resultados para Volatilità implicita, formula di Black and Scholes


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Black and red ink on linen. Area divided into 8 sections. 152 x 73 cm. Cale: 1" = 100' [from photographic copy by Lance Burgharrdt]

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Mode of access: Internet.

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OBJECTIVES: To examine the association between physical activity and inflammatory markers, with consideration for body fatness and antioxidant use. DESIGN: Cross-sectional study, using baseline data from the Health, Aging and Body Composition Study. SETTING: Metropolitan areas surrounding Pittsburgh, Pennsylvania, and Memphis, Tennessee. PARTICIPANTS: Black and white, well-functioning men and women (N=3,075), aged 70 to 79. MEASUREMENTS: Interviewer-administered questionnaires of previous-week household, walking, exercise, and occupational/volunteer physical activities. Analysis of covariance was used to examine the association between activity level and serum C-reactive protein (CRP), interleukin-6 (IL-6), and plasma tumor necrosis factor alpha (TNFalpha) with covariate adjustment. Antioxidant supplement use (multivitamin, vitamins E or C, beta carotene) was evaluated as an effect modifier of the association. RESULTS: Higher levels of exercise were associated with lower levels of CRP (P

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In this paper, we evaluate the performance of the 1- and 5-site models of methane on the description of adsorption on graphite surfaces and in graphitic slit pores. These models have been known to perform well in the description of the fluid-phase behavior and vapor-liquid equilibria. Their performance in adsorption is evaluated in this work for nonporous graphitized thermal carbon black, and simulation results are compared with the experimental data of Avgul and Kiselev (Chemistry and Physics of Carbon; Dekker: New York, 1970; Vol. 6, p 1). On this nonporous surface, it is found that these models perform as well on isotherms at various temperatures as they do on the experimental isosteric heat for adsorption on a graphite surface. They are then tested for their performance in predicting the adsorption isotherms in graphitic slit pores, in which we would like to explore the effect of confinement on the molecule packing. Pore widths of 10 and 20 angstrom are chosen in this investigation, and we also study the effects of temperature by choosing 90.7, 113, and 273 K. The first two are for subcritical conditions, with 90.7 K being the triple point of methane and 113 K being its boiling point. The last temperature is chosen to represent the supercritical condition so that we can investigate the performance of these models at extremely high pressures. We have found that for the case of slit pores investigated in this paper, although the two models yield comparable pore densities (provided the accessible pore width is used in the calculation of pore density), the number of particles predicted by the I-site model is always greater than that predicted by the 5-site model, regardless of whether temperature is subcritical or supercritical. This is due to the packing effect in the confined space such that a methane molecule modeled as a spherical particle in the I-site model would pack better than the fused five-sphere model in the case of the 5-site model. Because the 5-site model better describes the liquid- and solid-phase behavior, we would argue that the packing density in small pores is better described with a more detailed 5-site model, and care should be exercised when using the 1-site model to study adsorption in small pores.

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Bone mineral density (BMD) may be associated with hearing loss in older adults. Demineralization of the cochlear capsule has been associated with hearing loss in those with Paget's disease of the bone and otosclerosis. Osteoporosis may also result in cochlear capsule demineralization. We hypothesized that lower hip BMD and lower heel ultrasound measurements would be associated with hearing loss in a population-based sample of 2,089 older black and white men and women. Bone parameters and hearing function were measured at the fourth clinical follow-up visit. Audiometric threshold testing was used to measure air- and bone-conduction hearing sensitivity. BMD of the hip and its subregions was measured using dual-energy X-ray absorptiometry. Calcaneal bone measurements [broadband ultrasound attenuation (BUA), speed of sound (SOS) and the quantitative ultrasound index (QUI)] were obtained using heel ultrasound. After adjusting for known hearing loss risk factors, no association was found between hearing and any of the bone measurements in whites and black women. In black men, however, lower hip BMD was associated with higher odds of hearing loss; for each standard deviation decrease in total hip BMD, the odds of hearing loss were 1.41 (95% confidence interval 1.08, 1.83), 1.39 (95% CI 1.07, 1.82) for femoral neck BMD and 1.65 (95% CI 1.26, 2.16) for trochanter BMD. Conductive hearing loss was associated with lower heel ultrasound measurements, though only among white men. The results of this study are mixed and inconclusive. Lower BMD of the hip and its subregions was associated with hearing loss among black men, but not among whites or black women. Lower measurements on heel ultrasound were associated with conductive hearing loss, though only among white men. These results suggest that axial and appendicular bone parameters may be modestly associated with hearing loss in older men, but not in women.

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The application of nonlocal density functional theory (NLDFT) to determine pore size distribution (PSD) of activated carbons using a nongraphitized carbon black, instead of graphitized thermal carbon black, as a reference system is explored. We show that in this case nitrogen and argon adsorption isotherms in activated carbons are precisely correlated by the theory, and such an excellent correlation would never be possible if the pore wall surface was assumed to be identical to that of graphitized carbon black. It suggests that pore wall surfaces of activated carbon are closer to that of amorphous solids because of defects of crystalline lattice, finite pore length, and the presence of active centers.. etc. Application of the NLDFT adapted to amorphous solids resulted in quantitative description of N-2 and Ar adsorption isotherms on nongraphitized carbon black BP280 at their respective boiling points. In the present paper we determined solid-fluid potentials from experimental adsorption isotherms on nongraphitized carbon black and subsequently used those potentials to model adsorption in slit pores and generate a corresponding set of local isotherms, which we used to determine the PSD functions of different activated carbons. (c) 2005 Elsevier Ltd. All rights reserved.

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Many food materials exist in a disordered amorphous solid state due to processing. Therefore, understanding the concept of amorphous state, its important phase transition (i.e., glass transition), and the related phenomena (e.g., enthalpy relaxation) is important to food scientists. Food saccharides, including mono-, di-, oligo-, and polysaccharides, are among the most important major components in food. Focusing on the food saccharides, this review covers important topics related to amorphous solids, including the concept and molecular arrangement of amorphous solid, the formation of amorphous food saccharides, the concept of glass transition and enthalpy relaxation, physical property changes and molecular mobility around the glass transition, measurement of the glass transition and enthalpy relaxation, their mathematical descriptions and models, and influences on food stability.

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A novel synthetic approach towards N1-alkylated 3-propyl-1,4-benzodiazepines was developed in five synthetic steps from 2-amino-4-chlorobenzophenone, in which the N-oxide 4 served as a key intermediate. The structure-activity relationship optimization of this 3-prophyl-1,4-benzodiazepine template was carried out on the N1-position by selective alkylation reactions and resulted in a ligand with an improved affinity on the cholecystokinin (CCK2) receptor. The N-allyl-3-propyl-benzodiazepine 6d displayed an affinity towards the CCK2 (CCK-B) receptor of 170 nM in a radiolabelled receptor-binding assay. The anxiolytic activity of this allyl-3-propyl-1,4-benzodiazepine 6d was subsequently determined in in-vivo psychotropic assays. This novel ligand had ED50 values of 4.7 and 5.2 mg kg-1 in the black and white box test and the x-maze, respectively, and no significant sedation/muscle relaxation was observed.

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The dimethyl-xanthine derivative pentoxifylline (PTX) increases blood flow through capillaries. In elderly humans the drug leads to improvement in a number of imapired neuropsychological parameters. We now report that oral administration to 29-month female mice (C57, black and tan) over six days induced four different patterns of behavioural reponse: (1) consistent improvement in grooming behaviour throughout the six day trial; (2) significant improvement in light/dark zone curiosity and curiosity towards a strange object on day three, which declined but remained significantly above pre-treatment levels at day 6; (3) an improvement in general activity which only becomes detectable on day six; (4) a significant improvement in rod-walking, rearing an shuttle-box crosses on day three which returned to pre-treatment levels by day 6. Age-related deficits in general activity, grooming and curiosity were completely eliminated by the drug - the mean group performance levels attained those seen in 9-12 month individuals of this strain.

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The cationic polymerisation of various monomers, including cyclic ethers bearing energetic nitrate ester (-ON02) groups, substituted styrenes and isobutylene has been investigated. The main reaction studied has been the ring-opening polymerisation of 3- (nitratomethyl)-3-methyl oxetane (NIMMO) using the alcohol/BF3.0Et2 binary initiator system. A series of di-, tri- and tetrafunctional telechelic polymers has been synthesised. In order to optimise the system, achieve controlled molecular weight polymers and understand the mechanism of polymerisation the effects of certain parameters on the molecular weight distribution, as determined by Size Exclusion Chromatography, have been examined. This shows the molecular weight achieved depends on a combination of factors including -OH concentration, addition rate of monomer and, most importantly, temperature. A lower temperature and OH concentration tends to produce higher molecular weight, whereas, slower addition rates of monomer, either have no significant effect or produce a lower molecular weight polymer. These factors were used to increase the formation of a cyclic oligomer, by a side reaction, and suggest, that the polymerisation of NIMMO is complicated with endbiting and back biting reactions, along with other transfer/termination processes. These observations appear to fit the model of an active-chain end mechanism. Another cyclic monomer, glycidyl nitrate (GLYN), has been polymerised by the activated monomer mechanism. Various other monomers have been used to end-cap the polymer chains to produce hydroxy ends which are expected to form more stable urethane links, than the glycidyl nitrate ends, when cured with isocyanates. A novel monomer, butadiene oxide dinitrate (BODN), has been prepared and its homopolymerisation and copolymerisation with GL YN studied. In concurrent work the carbocationic polymerisations of isobutylene or substituted styrenes have been studied. Materials with narrow molecular weight distributions have been prepared using the diphenyl phosphate/BCl3 initiator. These systems and monomers are expected to be used in the synthesis of thermoplastic elastomers.

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This thesis examines the effect of rights issue announcements on stock prices by companies listed on the Kuala Lumpur Stock Exchange (KLSE) between 1987 to 1996. The emphasis is to report whether the KLSE is semi strongly efficient with respect to the announcement of rights issues and to check whether the implications of corporate finance theories on the effect of an event can be supported in the context of an emerging market. Once the effect is established, potential determinants of abnormal returns identified by previous empirical work and corporate financial theory are analysed. By examining 70 companies making clean rights issue announcements, this thesis will hopefully shed light on some important issues in long term corporate financing. Event study analysis is used to check on the efficiency of the Malaysian stock market; while cross-sectional regression analysis is executed to identify possible explanators of the rights issue announcements' effect. To ensure the results presented are not contaminated, econometric and statistical issues raised in both analyses have been taken into account. Given the small amount of empirical research conducted in this part of the world, the results of this study will hopefully be of use to investors, security analysts, corporate financial managements, regulators and policy makers as well as those who are interested in capital market based research of an emerging market. It is found that the Malaysian stock market is not semi strongly efficient since there exists a persistent non-zero abnormal return. This finding is not consistent with the hypothesis that security returns adjust rapidly to reflect new information. It may be possible that the result is influenced by the sample, consisting mainly of below average size companies which tend to be thinly traded. Nevertheless, these issues have been addressed. Another important issue which has emerged from the study is that there is some evidence to suggest that insider trading activity existed in this market. In addition to these findings, when the rights issue announcements' effect is compared to the implications of corporate finance theories in predicting the sign of abnormal returns, the signalling model, asymmetric information model, perfect substitution hypothesis and Scholes' information hypothesis cannot be supported.

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This research examines the relationship between 'race' and class in Britain. This is achieved by considering how these two concepts articulate in the overall structuring of class relationships in a society which is typified by the incorporatation of black labour into a majority white society, This relationship is examined through an investigation of those black workers who occupy a position in the objectively defined middle class. The basic theme underlying this research is that 'race, in the form of structural racism, plays a significant role at two levels. Firstly, it serves to structure the class position of black labour in Britain. Secondly, it serves to determine the type of race, class and political consciousness generated by black labour. The study was carried out in the London area. Occupation was used as an indicator of 'objective' class position when selecting respondents to be included in the two survey populations required for the research. A 'network' approach was used to actually locate the respondents. In-depth interviews were carried out with all the respondents. The study concludes that the concepts of 'race' and class are not independent of each other in the overall structuring of class relationships between black and white labour. It is argued that the inter-relationship identified between these two concepts serves to highlight the fact that the structural position of black labour, the type of consciousness generated and the type of decisions taken by those who took part in the research are to a large extent a result of the structural constraints deriving from the effects of structural racism in Britain.

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The purpose of this research is to profile the characteristics and entrepreneurial motivations of graduate entrepreneurs from black and minority ethnic (BME) communities. The authors found that: BME graduate entrepreneurs were diverse in terms of their characteristics: size, gender, ethnicity and when they started the business. Almost all interviewees had worked for someone before they started their business. The two most compelling motivations for start up were 'being your own boss', especially for Indians and Bangladeshis; and making more money (31%), in particular for African Caribbeans. Over half of interviewees started a business in a sector in which they had prior experience, knowledge or skills. Two thirds of interviewees obtained advice from family and friends, while just over a third had completed any kind of training or course. This study has provided an insight into characteristics and entrepreneurial motivations of BME graduate entrepreneurs. Though the results of this study are indicative, there is a compelling case for further research into this relatively unexplored group.