A stochastic dynamic programming approach for pricing options on stock-index futures

The aim of this thesis is to price options on equity index futures with an application to standard options on S&P 500 futures traded on the Chicago Mercantile Exchange. Our methodology is based on stochastic dynamic programming, which can accommodate European as well as American options. The model accommodates dividends from the underlying asset. It also captures the optimal exercise strategy and the fair value of the option. This approach is an alternative to available numerical pricing methods such as binomial trees, finite differences, and ad-hoc numerical approximation techniques. Our numerical and empirical investigations demonstrate convergence, robustness, and efficiency. We use this methodology to value exchange-listed options. The European option premiums thus obtained are compared to Black's closed-form formula. They are accurate to four digits. The American option premiums also have a similar level of accuracy compared to premiums obtained using finite differences and binomial trees with a large number of time steps. The proposed model accounts for deterministic, seasonally varying dividend yield. In pricing futures options, we discover that what matters is the sum of the dividend yields over the life of the futures contract and not their distribution.

Ontario Forest Industries Association records, 1900-1989, n.d.

The Ontario Forest Industries Association (OFIA) was founded in 1944. It is a provincial trade association that represents member companies who produce a wide range of products, including pulp, paper, paperboard, lumber, panelboard, plywood and veneer. The OFIA works with its member companies to address issues of common interest and concern, and communicates these issues to the appropriate government, industrial or business sector. The Ontario Forest Information Service represented the OFIA from 1951 to 1988 as the publishers of their industry periodicals. Bush News was the first periodical published by the Service for the OFIA and ran until 1964, when it was replaced by Ontario Logger. In 1968, the name was changed to The Logger. In 1970, this was replaced by The Forest Scene. This new periodical was a departure from the earlier versions, which had served primarily as an internal communication system for the industry. The Forest Scene adopted a new format and editorial approach, emphasizing outdoor activities, recreation, hunting and fishing, conservation, and forestry operations and methods, thus appealing to a much wider readership. The Forest Scene ceased publication in 1988.

Gauging the Success of Technical Trading Strategies in the S&P 500 Index Futures Market.

Rapport de recherche

Prévisions du taux de rendement hebdomadaire d'un contrat futures sur le taux de change dollar américain/ dollar canadien.

Rapport de recherche

Certification of community-based forest enterprises (CFEs): limits of the Brazilian experiences

The Brazilian Amazon is one of the world’s largest tropical forests. It supplies more than 80 % of Brazil’s timber production and makes this nation the second largest producer of tropical wood. The forestry sector is of major importance in terms of economic production and employment creation. However, the Brazilian Amazon is also known for its high deforestation rate and for its rather unsustainably managed timber resources, a fact which puts in the balance the long-term future of the forestry sector in the region. Since the mid- 1990s, with strong support from World Wildlife Fund (WWF), the number of tropical forests certified by the Forest Stewardship Council (FSC) has significantly increased. This is especially true for projects sponsored by large scale companies. The number of community- based forest management projects has also increased. Certification of community-based forest enterprises (CFEs) was initially a goal for the sponsors and community members. Certification is viewed as a way to reach alternative timber markets. In Brazil, the state of Acre has the highest concentration of CFEs certified by FSC. Most of them have been implemented with the support of environmental NGOs and public funds. Environmental NGOs strongly defend the advantages of certification for communities; however, in reality, this option is not that advantageous. Despite all the efforts, the number of participants in each project remains low. Why is this occurring? In this paper, we analyze the underlying motives of a few individual’s participation in CFEs certification projects. We aim to present and discuss some factors that shape the success of CFEs and their later certification. The results are based on surveys conducted in two certified CFEs in the state of Acre.

Implantation des futures sur un système distribué par passage de messages

Ce mémoire présente une implantation de la création paresseuse de tâches desti- née à des systèmes multiprocesseurs à mémoire distribuée. Elle offre un sous-ensemble des fonctionnalités du Message-Passing Interface et permet de paralléliser certains problèmes qui se partitionnent difficilement de manière statique grâce à un système de partitionnement dynamique et de balancement de charge. Pour ce faire, il se base sur le langage Multilisp, un dialecte de Scheme orienté vers le traitement parallèle, et implante sur ce dernier une interface semblable à MPI permettant le calcul distribué multipro- cessus. Ce système offre un langage beaucoup plus riche et expressif que le C et réduit considérablement le travail nécessaire au programmeur pour pouvoir développer des programmes équivalents à ceux en MPI. Enfin, le partitionnement dynamique permet de concevoir des programmes qui seraient très complexes à réaliser sur MPI. Des tests ont été effectués sur un système local à 16 processeurs et une grappe à 16 processeurs et il offre de bonnes accélérations en comparaison à des programmes séquentiels équiva- lents ainsi que des performances acceptables par rapport à MPI. Ce mémoire démontre que l’usage des futures comme technique de partitionnement dynamique est faisable sur des multiprocesseurs à mémoire distribuée.

Services sociaux et judiciaires de la naissance à la mi-adolescence : est-il possible de prédire les trajectoires délinquantes futures ?

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal

Extraction automatique et visualisation des thèmes abordés dans des résumés de mémoires et de thèses en anthropologie au Québec, de 1985 à 2009

S’insérant dans les domaines de la Lecture et de l’Analyse de Textes Assistées par Ordinateur (LATAO), de la Gestion Électronique des Documents (GÉD), de la visualisation de l’information et, en partie, de l’anthropologie, cette recherche exploratoire propose l’expérimentation d’une méthodologie descriptive en fouille de textes afin de cartographier thématiquement un corpus de textes anthropologiques. Plus précisément, nous souhaitons éprouver la méthode de classification hiérarchique ascendante (CHA) pour extraire et analyser les thèmes issus de résumés de mémoires et de thèses octroyés de 1985 à 2009 (1240 résumés), par les départements d’anthropologie de l’Université de Montréal et de l’Université Laval, ainsi que le département d’histoire de l’Université Laval (pour les résumés archéologiques et ethnologiques). En première partie de mémoire, nous présentons notre cadre théorique, c'est-à-dire que nous expliquons ce qu’est la fouille de textes, ses origines, ses applications, les étapes méthodologiques puis, nous complétons avec une revue des principales publications. La deuxième partie est consacrée au cadre méthodologique et ainsi, nous abordons les différentes étapes par lesquelles ce projet fut conduit; la collecte des données, le filtrage linguistique, la classification automatique, pour en nommer que quelques-unes. Finalement, en dernière partie, nous présentons les résultats de notre recherche, en nous attardant plus particulièrement sur deux expérimentations. Nous abordons également la navigation thématique et les approches conceptuelles en thématisation, par exemple, en anthropologie, la dichotomie culture ̸ biologie. Nous terminons avec les limites de ce projet et les pistes d’intérêts pour de futures recherches.

Sustainability of Medicinal Plants in Kerala Economic Considerations in Domestication and Conservation of Forest Resources

The present study on the sustainability of medicinal plants in Kerala economic considerations in domestication and conservation of forest resources. There is worldwide consensus on the fact that medicinal plants are important not only in the local health support systems but in rural income and foreign exchange earnings. Sustainability of medicinal plants is important for the survival of forest dwellers, the forest ecosystem, conserving a heritage of human knowledge and overall development through linkages. More equitable sharing of the benefits from commercial utilization of the medicinal plants was found essential for the sustainability of the plants. Cultivation is very crucial for the sustainability of the sector. Through a direct tie-up with the industry, the societies can earn more income and repatriate better collection charges to its members. Cultivation should be carried out in wastelands, tiger reserves and in plantation forests. In short, the various players in the in the sector could find solution to their specific problems through co-operation and networking among them. They should rely on self-help rather than urging the government to take care of their needs. As far as the government is concerned, the forest department through checking over- exploitation of wild plants and the Agriculture Dept. through encouraging cultivation could contribute to the sustainable development of the medicinal plant sector.

Dynamics of Land Use in Recently Settled Forest Areas: a Case Study of Attappady , Kerala

The present study on the dynamics of land use in recently settled forest areas. In the course of events, tribals lost their land; the demographic structure of Attappady changed; the cropping pattern got diversified; traditional techniques of production were ruined; new crops and new techniques of cultivation came to stay; and the entire cost and return structure of production underwent radical change. Migration to Attappady is essentially a continuation of the Malabar migration process from Travancore, through, some people from Tamil Nadu also had migrated to this region earlier. The demographic structure, along with land structure, has changed in favour of the settlers within a short span of time. Lack of security of ownership has acted as a strong reason for wanton exploitation of land resources. The major influencing factors on crop choices among settlers were labour endowment, date of settlement and education. Attappady is an unique ecosystem in Kerala characterized by many interdependables. The latest hand of environmental degradation is a grave danger especially on sloppy terrains,which are under cultivation of tapioca and dry annual crops like groundnuts, cotton, grams etc. Soil erosion as a result of the unplanned cultivation of these crops has resulted in dramatic decline in soil fertility and hence low crop productivity. This calls for a watershed management approach for the sustainable development of the region. A progressive agrarian transformation is warranted to maintain the homegarden as a sustainable production system in ecological and socio-economic terms.

Forest and the Law

Forest is essential for the healthy subsistence of human being on earth. Law has been framed to regulate exploitation of forest.This study is an analysis of the law relating to forest from an environmental perspective.Practical suggestions are also made for the better protection of forest .Forest is a valuable component of human environment.For healthy subsistence of human beings on earth it is essential that at least one third of the land area on earth should be under forest cover. Forest helps in keeping air and water fresh and climate good.The Indian Forest Act 1927 and State legislation relating to forest impose Governmental control over forests by classifying them into reserved forests. Protected forests and village forests.Effective environmental impact studies facilitate adoption of the practice of sustainable development.Permission should not be granted for a project before examination of its impact on the flora and fauna in forest.Kerala, much of the vested forest remains under the control of the State Government and are managed like reserved forests.Infrastructural facilities require improvement in almost all States for protecting forest.Inter-State problems can be minimised if a central forest legislation is applied uniformly throughout India.Voluntary organisations should be encouraged to taxe part actively in the programmes for conserving forest and wildlife.The new Forest Act should provide for effective environmental impact study before development projects are undertaken in forest areas. The guidelines for this should be clearly laid down in the Act.The law relating to forest should also clearly lay down the guidelines for implementing social forestry programmes. The Forest Department should be authorised to lease lands for planting useful trees. The new forest legislation should also recognise the traditional tribal rights in forest. The Indian Forest Act 1927 and the State legislation relating to forest with their outdated revenue policy and scheme should be replaced by such a new forest legislation framed with an environmental peres-pective. The new law should be uniformly applied throughout India .

Dynamics Of Co-Operative Marketing In Tribiai. Economiesa Study Of Non—Timber Forest Produce Marketinowin Kerala

The following objectives have been formulated for the study. To assess the procurement and marketing practices of Non—Timber Forest Produce by tribes and Tribal Co-operative Societies and examine the role of co—operatives in liberating the tribes from the clutches of private traders. To study the relative efficiency of marketing channels. To analyse the inter—difference between tribes and regions in the collection and marketing of Non—Timber Forest produce. To examine the forward linkage of tribal co-operative societies with the Ayurvedic Medicinal Manufacturing Units of the state. To examine the impact of marketing on employment and income of tribes and To examine the extent of involvement of tribes in Tribal Co-operative Societies in policy formulation and implementation.

Biochemical and physiological characteristics of actinomycetes isolated from high altitude shola soils of tropical Montane forest

Actinomycetes are gram-positive, free-living, saprophytic bacteria widely distributed in soil, water and colonizing plants showing marked chemical and morphological diversity. They are potential source of many bioactive compounds, which have diverse clinical effects and important applications in human medicine. In the present work, we have studied some of the physiological and biochemical characteristics of 36 actinomycete strains isolated from the shola soils of tropical montane forest; a relatively unexplored biodiversity hotspot. Ability of actinomycetes isolates to ferment and produce acids from various carbohydrate sources such as innositol, mannose, sorbitol, galactose, mannitol, xylose, rhamnose, arabinose, lactose and fructose were studied. Almost all the carbon compounds were utilized by one or other actinomycete isolates. The most preferred carbon sources were found to be xylose (94.44%) followed by fructose and mannose (91.66%). Only 41.76% of the isolates were able to ferment lactose. The ability of actinomycetes isolates to decompose protein and amino acid differ considerably. 72.22% of the isolates were able to decompose milk protein casein and 61.11% of the isolates decompose tyrosine. Only 8.33% of the strains were able to decompose amino acid hypoxanthine and none of them were able to decompose amino acid xanthine. Potential of the actinomycetes isolates to reduce esculin, urea and hippurate and to resist lysozyme was also checked. 91.66% of the isolates showed ability to decompose esculin and 63.88% of the isolates had the capacity to produce urease and to decompose urea. Only 25% of the isolate were able to decompose hippurate and 94.44% showed lysozyme resistance