Dynamic models of exchange rate dependence using option prices and historical returns

Models for the conditional joint distribution of the U.S. Dollar/Japanese Yen and Euro/Japanese Yen exchange rates, from November 2001 until June 2007, are evaluated and compared. The conditional dependency is allowed to vary across time, as a function of either historical returns or a combination of past return data and option-implied dependence estimates. Using prices of currency options that are available in the public domain, risk-neutral dependency expectations are extracted through a copula repre- sentation of the bivariate risk-neutral density. For this purpose, we employ either the one-parameter \Normal" or a two-parameter \Gumbel Mixture" specification. The latter provides forward-looking information regarding the overall degree of covariation, as well as, the level and direction of asymmetric dependence. Specifications that include option-based measures in their information set are found to outperform, in-sample and out-of-sample, models that rely solely on historical returns.

The impact of general sales agents on the air cargo industry

A General Sales Agent (GSA) is an airline's outsourcing counter part that markets and manages cargo services. An empirical investigation is undertaken to ascertain whether GSAs contribute economically to the air cargo industry using three 'litmus test' indicators:1) contribution to the airline's sales and profitability by expanding o perating networks; 2) viability as a marketing option for emerging or struggling airlines to help cut operating costs to reduce prices; 3) cost-effective GSAs were found to establish an airline's market presence through wide network coverage and good local knowledge, leading to an expansion of airline's operating networks and generating greater sales revenue. Copyright © 2012 Inderscience Enterprises Ltd.

Coverage versus supply cost in facility location:physics of frustrated spin systems

A comprehensive coverage is crucial for communication, supply, and transportation networks, yet it is limited by the requirement of extensive infrastructure and heavy energy consumption. Here, we draw an analogy between spins in antiferromagnet and outlets in supply networks, and apply techniques from the studies of disordered systems to elucidate the effects of balancing the coverage and supply costs on the network behavior. A readily applicable, coverage optimization algorithm is derived. Simulation results show that magnetized and antiferromagnetic domains emerge and coexist to balance the need for coverage and energy saving. The scaling of parameters with system size agrees with the continuum approximation in two dimensions and the tree approximation in random graphs. Due to frustration caused by the competition between coverage and supply cost, a transition between easy and hard computation regimes is observed. We further suggest a local expansion approach to greatly simplify the message updates which shed light on simplifications in other problems. © 2014 American Physical Society.

Option Pricing by Branching Process

2000 Mathematics Subject Classification: 60J80, 62P05.

Nonstandard Finite Difference Schemes with Application to Finance: Option Pricing

2000 Mathematics Subject Classification: 65M06, 65M12.

Optimisation of chromatographic separation of oxidised phospholipids and detection with targeted approaches provides greater coverage of the oxidised lipidome

Phospholipid oxidation by adventitious damage generates a wide variety of products with potentially novel biological activities that can modulate inflammatory processes associated with various diseases. To understand the biological importance of oxidised phospholipids (OxPL) and their potential role as disease biomarkers requires precise information about the abundance of these compounds in cells and tissues. There are many chemiluminescence and spectrophotometric assays available for detecting oxidised phospholipids, but they all have some limitations. Mass spectrometry coupled with liquid chromatography is a powerful and sensitive approach that can provide detailed information about the oxidative lipidome, but challenges still remain. The aim of this work is to develop improved methods for detection of OxPLs by optimisation of chromatographic separation through testing several reverse phase columns and solvent systems, and using targeted mass spectrometry approaches. Initial experiments were carried out using oxidation products generated in vitro to optimise the chromatography separation parameters and mass spectrometry parameters. We have evaluated the chromatographic separation of oxidised phosphatidylcholines (OxPCs) and oxidised phosphatidylethanolamines (OXPEs) using C8, C18 and C30 reverse phase, polystyrene – divinylbenzene based monolithic and mixed – mode hydrophilic interaction (HILIC) columns, interfaced with mass spectrometry. Our results suggest that the monolithic column was best able to separate short chain OxPCs and OxPEs from long chain oxidised and native PCs and PEs. However, variation in charge of polar head groups and extreme diversity of oxidised species make analysis of several classes of OxPLs within one analytical run impractical. We evaluated and optimised the chromatographic separation of OxPLs by serially coupling two columns: HILIC and monolith column that provided us the larger coverage of OxPL species in a single analytical run.

The migration crisis: representation of a border conflict in Hungarian, German and Pan-European television new coverage

In this article we review the methods used by television news channels in their reporting of the clashes between the Hungarian police and refugees at the Serbian-Hungarian border on 16th of September 2015. With the help of content analysis we examine the techniques used by each editorial board to portray events differently,resulting in dissimilar effects on recipients. During the analysis we examine news coverage for one specific day as presented by Hungarian, German and pan-European broadcasters. German news programs were chosen for comparison with Hungarian ones due to the fact that most of the refugees were heading towards Germany. We conclude that there are significant differences between the information that was broadcast according to television channels; owner expectations presumably play an important role in this.

Supplemental instruction, study habits, and the community college student

The purpose of this study was to demonstrate if the academic assistance program Supplemental Instruction (SI) facilitates the acquisition of effective study behaviors through strategies that transcend simple double-exposure to the course material. Its advocates claim it increases academic achievement using learner-centered knowledge and acquisition of effective study behaviors. SI sessions are specifically related to particular courses that students are taking. Sessions are facilitated by the SI leader who has taken the subject matter course in the past. Students review the content of the previous subject matter class using collaborative learning strategies coordinated by a SI leader. In addition, the SI leader models appropriate study behaviors in his or her interactions with the students. ^ An instructor at a large Florida community college who taught five classes of an Anatomy & Physiology I course (traditionally supported by SI) was identified. Two of the classes were randomly selected to participate in SI activities, and two classes were random chosen to participate in alternate, computer-based activities that dealt with the course content, but did not include work in developing students' study behaviors. These treatments were carried out over the course of an entire semester. Participation was mandatory. ^ Data were collected on two variables. Academic achievement in anatomy and physiology content was measured both pre- and post-treatment using an instructor developed examination. Student study behaviors were measured using pre- and post-treatment administration of the Study Behavior Inventory, a valid and reliable instrument that provides scores on three categories of study behaviors: (a) Academic self-efficacy, (b) Preparation for routine academic tasks, and (c) Preparation for long range academic tasks. Measures obtained at the end of the semester of treatment revealed no significant differences between the SI and alternative treatment groups in post-treatment achievement test score and the post-treatment scores on the three study behaviors categories when adjusted for pre-treatment scores. ^ These results suggest that the development of appropriate study behaviors requires more time than SI, as it is now implemented, can provide. In addition, results indicate that improved academic achievement may be attained through any number of means that include repeated exposure to course material. ^

Class Size Reduction: A Significant Option for Improving Student Learning

Raising academic standards is a driving force behind public school initiatives. True educational reform requires a data-driven approach to choosing valid options for student improvement. We discuss current and continuing research that provides evidence that class size reduction, with related variables, is a significant option for improving student learning.

Recreational Food Service: A Growing Employment Option

The recreational food service industry represents a wealth of potential job opportunities for graduates of hospitality management degree programs. Most hospitality management curricula are saturated with core courses and basic hospitality education course work, leaving little room for additional components. Recreational food service, however, could be easily integrated into an existing pro- gram and made available for students interested in this growing employment option. The author presents one option as a model curriculum approach.