Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts

The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied risk-neutral density functions estimated by a mixture of two-lognormals and three alternative risk-adjustments: the classic power and exponential utility functions and a habit-based specification that allows for a counter-cyclical variation of risk aversion. Our results show that at four-week horizon we can reject the hypothesis that between October 1996 and March 2000 the risk-neutral densities provide accurate predictions of the distributions of future realisations of the IBEX 35 index at a four-week horizon. When forecasting through risk-adjusted densities the performance of this period is statistically improved and we no longer reject that hypothesis. All risk-adjusted densities generate similar forecasting statistics. Then, at least for a horizon of four-weeks, the actual risk adjustment does not seem to be the issue. By contrast, at the one-week horizon risk-adjusted densities do not improve the forecasting ability of the risk-neutral counterparts.

Distribution and Density of Vegetative Hydrilla Propagules in the Sediments of Two New Zealand Lakes

The distribution and density of hydrilla (Hydrilla verticillata (L.f.)Royle) turions and tubers in two New Zealand lakes were assessed by sampling cores of sediment from Lakes Tutira and Waikapiro each year from 1994 to 1997. Turion and tuber density differed with water depth, with maximum numbers of tubers and turions found in the 1-2 m and 1.5-4m water depth ranges respectively. A high turion to tuber ratio was observed, with turions accounting for over 80% of propagules. The relatively low numbers of turions and tubers compared with other reports, and the distribution of most tubers within the shallow water is likely to be associated with black swan grazing (Cygnus atratus Latham), with maintains a canopy of hydrilla consistently 1 m below the water surface.

Measurement of Electron Density Profile Behind Strong Shock Waves with a Langmuir Probe

At the shock velocity range of 7~9km/s, the variations of electron density behind strong normal shock waves are measured in a low-density shock tube by using the Langmuir electrostatic probe technique. The electron temperature, calculated based on Park’s three-temperature model, is used in interpreting the probe current data. The peak electron densities determined in the present experiment are shown to be in a good agreement with those predicted by Lin’s calculation. The experimentally obtained ratios of the characteristic ionization distance to the mean free path of freestream ahead of the shock wave are found to be in a good agreement with the existing experiments and Park’s calculation.

Ability of Urografin Density Gradients to Separate Nonculturable Subpopulations of Escherichia coli

Poster presentado a 11th International Symposium on Microbial Ecology(ISME -11)celebrado en Viena del 20 al 25 de agosto de 2006

Estimating the Energy Density of Fish: The Importance of Ontogeny

Ontogenetic patterns in the percent dry weight (%DW) and energy density (joules per gram of wet weight) were studied in the early life stages of the subtropical estuarine and marine gray snapper Lutjanus griseus and the warmtemperate estuarine and marine spotted seatrout Cynoscion nebulosus. The %DW was variable for individuals of both species but increased significantly through larval to juvenile stages (<20% for fish ,50 mm standard length to 20–30% for fish >50 mm). The lipid percentage, which was determined only for gray snapper, was also variable between individuals but showed significant increase with body size. Strong relationships between percent dry weight and energy density were evident for both species; however, the slopes of regressions were significantly lower than in general multispecies models, demonstrating the need for species- and stagespecific energy density data in bioenergetics models.

A study of measures of population density and of concentration of fishing effort in the fishery for yellowfin tuna, Neothunnus macropterus, in the Eastern Tropical Pacific Ocean, from 1951 to 1956

ENGLISH: This study shows how the catch and effort statistics, from 1951 to 1956, of the fishery for yellowfin tuna, Neothunnus macropterus, in the Eastern Tropical Pacific Ocean, have been used to compute: (i) two indices of average population density; (ii) an index of concentration of effort on areas of greatest density of available yellowfin. These three indices were then used to determine: (i) quarterly and annual variation in each of them; (ii) the relationship between the two indices of density; (iii) the relationship of each of the indices to the number of exploited one-degree rectangles. To remove extreme sampling variation at low levels of effort, the data from all one-degree rectangles subjected to less than five logged days' fishing in a quarter were eliminated, and the computations were repeated for comparison with those of the original data. SPANISH: Este estudio da a conocer cómo las estadísticas sobre la pesca y el esfuerzo de pesca de la pesquería del atún aleta amarilla, Neothunnus macropterus, en el Océano Pacífico Oriental Tropical, durante 1951 a 1956, han servido para computar: (i) dos índices del promedio de la densidad de la población; (ií) un índice de la concentración del esfuerzo en las áreas de mayor densidad de atún aleta amarilla disponible. Estos tres índices han sido luego usados para determinar: (i) la variación trimestral y anual en cada uno de ellos; (ií) la relación entre los dos índices de densidad; (iii) la relación de cada uno de los índices con el número de rectángulos de un grado explotados. Para evitar la extrema variación del muestreo a bajos niveles de esfuerzo, se eliminaron los datos de todos los rectángulos de un grado sujetos a menos de cinco días de actividad pesquera durante un trimestre según los registros de los cuadernos de bitácora, y las computaciones se repitieron para compararlas con las de los datos originales.

A video method for quantifying size distribution, density, and three-dimensional spatial structure of reef fish spawning aggregations

There is a clear need to develop fisheries independent methods to quantify individual sizes, density, and three dimensional characteristics of reef fish spawning aggregations for use in population assessments and to provide critical baseline data on reproductive life history of exploited populations. We designed, constructed, calibrated, and applied an underwater stereo-video system to estimate individual sizes and three dimensional (3D) positions of Nassau grouper (Epinephelus striatus) at a spawning aggregation site located on a reef promontory on the western edge of Little Cayman Island, Cayman Islands, BWI, on 23 January 2003. The system consists of two free-running camcorders mounted on a meter-long bar and supported by a SCUBA diver. Paired video “stills” were captured, and nose and tail of individual fish observed in the field of view of both cameras were digitized using image analysis software. Conversion of these two dimensional screen coordinates to 3D coordinates was achieved through a matrix inversion algorithm and calibration data. Our estimate of mean total length (58.5 cm, n = 29) was in close agreement with estimated lengths from a hydroacoustic survey and from direct measures of fish size using visual census techniques. We discovered a possible bias in length measures using the video method, most likely arising from some fish orientations that were not perpendicular with respect to the optical axis of the camera system. We observed 40 individuals occupying a volume of 33.3 m3, resulting in a concentration of 1.2 individuals m–3 with a mean (SD) nearest neighbor distance of 70.0 (29.7) cm. We promote the use of roving diver stereo-videography as a method to assess the size distribution, density, and 3D spatial structure of fish spawning aggregations.

Measures of population density and concentration of fishing effort for yellowfin and skipjack tuna in the eastern Tropical Pacific Ocean 1951-1959

ENGLISH: In a previous Bulletin of this Commission, Griffiths (1960) discussed two indices of population density and an index of concentration of fishing effort of bait boats for yellowfin tuna in the Eastern Tropical Pacific for the 1951-1956 period. Yellowfin and skipjack tuna occur in the same general fishing areas and many of the commercial catches are composed of a mixture of the two species. It is desirable, therefore, to extend the investigation to skipjack and to the two species combined. SPANISH:En un Boletín anterior de esta Comisión, Griffiths (1960) se refiere a dos índices de la densidad de la población y a un índice de la concentración del esfuerzo de pesca de los barcos de carnada sobre el atún aleta amarilla en el Pacífico Oriental Tropical, correspondientes al período 1951-1956. Los atunes aleta amarilla y barrilete se encuentran en las mismas áreas generales de pesca y muchas de las pescas comerciales están compuestas de una mezcla de las dos especies. Es deseable, por lo tanto, ampliar la investigación en lo que se refiere al barrilete y a las dos especies combinadas.

Permutationally invariant state reconstruction

Feasible tomography schemes for large particle numbers must possess, besides an appropriate data acquisition protocol, an efficient way to reconstruct the density operator from the observed finite data set. Since state reconstruction typically requires the solution of a nonlinear large-scale optimization problem, this is a major challenge in the design of scalable tomography schemes. Here we present an efficient state reconstruction scheme for permutationally invariant quantum state tomography. It works for all common state-of-the-art reconstruction principles, including, in particular, maximum likelihood and least squares methods, which are the preferred choices in today's experiments. This high efficiency is achieved by greatly reducing the dimensionality of the problem employing a particular representation of permutationally invariant states known from spin coupling combined with convex optimization, which has clear advantages regarding speed, control and accuracy in comparison to commonly employed numerical routines. First prototype implementations easily allow reconstruction of a state of 20 qubits in a few minutes on a standard computer

A quantitative witness for Greenberger-Horne-Zeilinger entanglement

Along with the vast progress in experimental quantum technologies there is an increasing demand for the quantification of entanglement between three or more quantum systems. Theory still does not provide adequate tools for this purpose. The objective is, besides the quest for exact results, to develop operational methods that allow for efficient entanglement quantification. Here we put forward an analytical approach that serves both these goals. We provide a simple procedure to quantify Greenberger-Horne-Zeilinger-type multipartite entanglement in arbitrary three-qubit states. For two qubits this method is equivalent to Wootters' seminal result for the concurrence. It establishes a close link between entanglement quantification and entanglement detection by witnesses, and can be generalised both to higher dimensions and to more than three parties.

Mechanisms Responsible for the Trophic Effect of Beta-Adrenoceptors on the I-to Current Density in Type 1 Diabetic Rat Cardiomyocytes

Background/Aims: In diabetic ventricular myocytes, transient outward potassium current (I-to) amplitude is severely reduced because of the impaired catecholamine release that characterizes diabetic autonomic neuropathy. Sympathetic nervous system exhibits a trophic effect on I-to since incubation of myocytes with noradrenaline restores current amplitude via beta-adrenoceptor (beta AR) stimulation. Here, we investigate the intracellular signalling pathway though which incubation of diabetic cardiomyocytes with the beta AR agonist isoproterenol recovers I-to amplitude to normal values. Methods: Experiments were performed in ventricular myocytes isolated from streptozotocin-diabetic rats. I-to current was recorded by using the patch-clamp technique. Kv4 channel expression was determined by immunofluorescence. Protein-protein interaction was determined by coimmunoprecipitation. Results: Stimulation of beta AR activates first a G alpha s protein, adenylyl cyclase and Protein Kinase A. PKA-phosphorylated receptor then switches to the G alpha i protein. This leads to the activation of the beta AR-Kinase-1 and further receptor phosphorylation and arrestin dependent internalization. The internalized receptor-arrestin complex recruits and activates cSrc and the MAPK cascade, where Ras, c-Raf1 and finally ERK1/2 mediate the increase in Kv4.2 and Kv4.3 protein abundance in the plasma membrane. Conclusion: beta(2)AR stimulation activates a G alpha s and G alpha i protein dependent pathway where the ERK1/2 modulates the Ito current amplitude and the density of the Kv4.2 and Kv4.2 channels in the plasma membrane upon sympathetic stimulation in diabetic heart.

Increase in the density of resting microglia precedes neuritic plaque formation and microglial activation in a transgenic model of Alzheimer's disease

The formation of cerebral senile plaques composed of amyloid beta peptide (A beta) is a fundamental feature of Alzheimer's disease (AD). Glial cells and more specifically microglia become reactive in the presence of A beta. In a triple transgenic model of AD (3 x Tg-AD), we found a significant increase in activated microglia at 12 (by 111%) and 18 (by 88%) months of age when compared with non-transgenic (non-Tg) controls. This microglial activation correlated with A beta plaque formation, and the activation in microglia was closely associated with A beta plaques and smaller A beta deposits. We also found a significant increase in the area density of resting microglia in 3 x Tg-AD animals both at plaque-free stage (at 9 months by 105%) and after the development of A plaques (at 12 months by 54% and at 18 months by 131%). Our results show for the first time that the increase in the density of resting microglia precedes both plaque formation and activation of microglia by extracellular A beta accumulation. We suggest that AD pathology triggers a complex microglial reaction: at the initial stages of the disease the number of resting microglia increases, as if in preparation for the ensuing activation in an attempt to fight the extracellular A beta load that is characteristic of the terminal stages of the disease. Cell Death and Disease (2010) 1, e1; doi:10.1038/cddis.2009.2; published online 14 January 2010