Valoración de credit default swaps: una aplicación del modelo de Hull-White al mercado español

En este trabajo se presenta una aplicación empírica del modelo de Hull-White (2000) al mercado de renta fija español. Este modelo proporciona la expresión por el cálculo de los pagos hechos por el comprador de un credit default swap (CDS), bajo la hipótesis de que no existe riesgo de contrapartida. Se supone, además, que la curva cupón cero, la tasa de recuperación constante y el momento del suceso de crédito son independientes. Se utilizan bonos del Banco Santander Central Hispano para mesurar la probabilidad neutra al riesgo de quiebra y, bajo hipótesis de no arbitraje, se calculan las primas de un CDS, por un bono subyacente con la misma calificación crediticia que la entidad de referencia. Se observa que las primas se ajustan bien a los spreads crediticios del mercado, que se acostumbran a utilizar como alternativa a las mismas.

Winter ecology of a female White-Backed Woodpecker Dendrocopos leucotos (Bechstein)

Summary

Water-soluble nutrients in aerial plant parts of peanut and white oat as affected by lime and gypsum application

Lime and gypsum influence nutrient availability and uptake, as well as the content of organic acids in the aerial plant parts. These changes, quantified by plant analysis of soluble nutrients, may potentiate the effect of soil amendment, ensuring the sustainability of the no-tillage system. In this sense the effect of lime and gypsum surface application on the content of water-soluble nutrients in peanut and oat residues was evaluated. The experiment was conducted on an Oxisol in Botucatu (SP) in the growing seasons 2004/2005 and 2005/2006. It was arranged in a randomized block design in split plots with four replications, where lime rates represented the plots and presence or absence of gypsum application the subplots. Peanut was grown in summer and white oat in the winter in the entire experimental area. Gypsum applied to peanut increased soluble Ca only in the first season, due to the short period between product application and determination of soluble nutrient contents in the plant extract. Liming of peanut and oat increased soluble Ca, Mg, K contents, did not alter Cu content and reduced Zn, Mn and Fe contents in both years of cultivation. Gypsum on the other hand reduced the electrical conductivity of peanut (2004/2005 and 2005/2006) and white oat (2004/2005).

Landscape structure affects dispersal in the greater white-toothed shrew: inference between genetic and simulated ecological distances

Animal dispersal in a fragmented landscape depends on the complex interaction between landscape structure and animal behavior. To better understand how individuals disperse, it is important to explicitly represent the properties of organisms and the landscape in which they move. A common approach to modelling dispersal includes representing the landscape as a grid of equal sized cells and then simulating individual movement as a correlated random walk. This approach uses a priori scale of resolution, which limits the representation of all landscape features and how different dispersal abilities are modelled. We develop a vector-based landscape model coupled with an object-oriented model for animal dispersal. In this spatially explicit dispersal model, landscape features are defined based on their geographic and thematic properties and dispersal is modelled through consideration of an organism's behavior, movement rules and searching strategies (such as visual cues). We present the model's underlying concepts, its ability to adequately represent landscape features and provide simulation of dispersal according to different dispersal abilities. We demonstrate the potential of the model by simulating two virtual species in a real Swiss landscape. This illustrates the model's ability to simulate complex dispersal processes and provides information about dispersal such as colonization probability and spatial distribution of the organism's path

Requête servant de factum pour Sébastien Aubry,... sieur de la Houssaye,... pour prouver la fausseté et la subornation des... témoins produits... par Henry Guichard contre l'innocence dudit Aubry. (Affaire du prétendu empoisonnement de Lully par Guichard.)

[Factum. Lully, Jean-Baptiste. 1678]

Relaxation times in a bistable system with parametric, white noise: Theory and experiment

We consider the effects of external, multiplicative white noise on the relaxation time of a general representation of a bistable system from the points of view provided by two, quite different, theoretical approaches: the classical Stratonovich decoupling of correlations and the new method due to Jung and Risken. Experimental results, obtained from a bistable electronic circuit, are compared to the theoretical predictions. We show that the phenomenon of critical slowing down appears as a function of the noise parameters, thereby providing a correct characterization of a noise-induced transition.

[Illustrations de Descriptio ac delineatio geographica detectionis freti supra terras Americanas in China atque, Japonem ducturi] / [Non identifié] ; Henry Hudson, aut. du texte

Comprend : [Fig. au verso de la Page de Titre : un trois-mâts, enseigne de l'imprimeur.] [Cote : G 3486/Microfilm R 122140] ; [pl. double après le Titre :] Planisphère. [Cote : G 3486/Microfilm R 122140] ; [Carte double et dépl. après le Prologue : carte nautique de l'Atlantique Nord. Blason armorié avec devise "Dieu est mon droit".] Tabula Nautica (...). [Cote : G 3486/Microfilm R 122140] ; [Fig. après folio C2 : un Samoyède sur son traineau. Idoles vôtives.] [Cote : G 3486/Microfilm R 122140] ; [Carte dépl. et double avant folio C3 : carte de l'Arctique.] [Cote : G 3486/Microfilm R 122140] ; [Fig. au verso du Second Titre : un trois-mâts, enseigne de l'imprimeur.] [Cote : G 3486/Microfilm R 122140] ; [Carte double en reg. folio A2 : carte du Pôle, Norvège, Groënland, Nouvelle-Zélande etc.] [Cote : G 3486/Microfilm R 122140] ; [pl. double après p.16 : morses du grand Nord. Région du Spitzsberghe.] [Cote : G 3486/Microfilm R 122140] ; [Fig. p.18 : baleine du cercle polaire. Région du Spitzsberghe.] [Cote : G 3486/Microfilm R 122140]