Maximum Loss Calculation using Scenario Analysis, Heavy Tails and Implied Volatility Patterns

The objective of this paper is to improve option risk monitoring by examining the information content of implied volatility and by introducing the calculation of a single-sum expected risk exposure similar to the Value-at-Risk. The figure is calculated in two steps. First, there is a need to estimate the value of a portfolio of options for a number of different market scenarios, while the second step is to summarize the information content of the estimated scenarios into a single-sum risk measure. This involves the use of probability theory and return distributions, which confronts the user with the problems of non-normality in the return distribution of the underlying asset. Here the hyperbolic distribution is used to describe one alternative for dealing with heavy tails. Results indicate that the information content of implied volatility is useful when predicting future large returns in the underlying asset. Further, the hyperbolic distribution provides a good fit to historical returns enabling a more accurate definition of statistical intervals and extreme events.

A core-level photoemission spectroscopic study of the electron-doped superconductor, Nd2-xCexCuO4-δ

A photoemission study of superconducting Nd1.85Ce0.15CuO4-δ shows that Ce in the cuprate is essentially in the 4+ state. While the electron donated by Ce does not appear to affect the Cu 3d band, we still find evidence for the presence of considerable Cu1+ - related configurations due to covalency effects. A role for oxygen holes and Cu1+ species is indicated just as in other cuprate superconductors.

Hormones andCuscuta development: In vitro induction of haustoria by cytokinin and its inhibition by other hormones

Cytokinins induced haustoria formation in excised 10-mm segments ofCuscuta vine, the subapical 25-to-50-mm region being most responsive, producing a mean of 4–6 haustoria per segment. The order of effectiveness of cytokinins continuously applied (72 h) was 6-benzylaminopurine (BA) ges isopentenyladenine (iP) Gt zeatin (Z). Ribosides of BA and Z were as effective as the bases, whereas riboside of iP ([9R]iP) was half as effective as iP. Haustoria induction was influenced by weather and seasonal conditions at the time of vine collection; materials obtained on warm, sunny days responded better than those obtained on rainy, cloudy, or cool days. Haustoria were induced equally well all around the segment, and no thigmostimulus was needed for induction. p ]A 10-min pulse of 100 mgrM BA induced half as many haustoria as a 60-min pulse or continuous application of BA. White light inhibited haustoria induction elicited by a short (30-min) pulse of BA, whereas a longer (120-min) BA application overcame this light inhibition. Auxins (IAA or NAA, 1–10 mgrM), gibberellin (GA3, 1–10 mgrM), ethylene (as ethrel, 10–100 mgrM), and abscisic acid (ABA, 100 mgrM) were individually inhibitory (60–80%) with respect to haustoria induction when given continuously with 50 mgrM BA. A 60-min pulse of auxins (10 mgrM), GA3 (100 mgrM), or ethrel (10 mgrM), given at various time intervals during or after a 60-min pulse of 100 mgrM BA, showed that inhibition was maximal (70–95%) between 4 and 16 h of BA application and negligible (GA3) or much reduced (auxin, ethrel) at 20 h, indicating a ldquocommitmentrdquo to haustoria formation by this time.

Nota sullo status della gallina prataiola (Tetrax tetrax) nella Zona di Protezione Speciale Piana di Semestene, Bonorva, Macomer e Bortigali (Sardegna), 2007-2009

The little bustard Tetrax tetrax is a bird of agro-pastoral landscapes rapidly disappearing from most of Western Europe due to agricultural intensification. In Italy, the species is virtually extinct from the mainland but still occurs in Sardinia, where four Special Protection Areas (SPAs) have been designated in 2007 to protect the bustard and related habitat. In this note, we document a steep decline (between 50 and 87,5%) of the species during the last decade in one of those four SPAs, Plains of Semestene, Bonorva, Macomer and Bortigali. However, during summer 2009, a group of 17 individuals was found within the SPA, confirming that the species, although at low numbers (5-15 displaying males), still breeds successfully in the area. Potential limiting factors are also discussed. We urge to undertake conservation measures based on solid scientific evidence if the local population is to be saved from probable extinction in the near future.

Super-plasticized natural rubber latex modified concretes

Polymeric admixtures to concrete ingredients modify the properties of the processed concrete. Ductility is one such property modification. This investigation deals with the development of a method of incorporating natural rubber latex into concrete ingredients with only marginal effects on the compressive strength of base plain concrete. This retention of the strength has been effected by reducing the water/cement ratio with the aid of a superplasticizer. The quantity of natural rubber latex is expressed as the dry rubber content by percentage of volume of concrete. The compressive and tensile strengths, as well as post peak ductile behaviour have been the basis for comparison with those of unmodified concrete.

The structure of ammonium oxalohydroxamate - a monopropellant

Abstract. NHn+.C2H3NzO4, Mr= 137.1, triclinic, Pi, a=3-952(1), b=6.772(1), c=9.993(1)A, a= 98.06 (1), fl= 89.96 (1), ~= 106.96 (1) °. V=253.06 A 3, z = 2, 2(Cu Ka) = 1.5418 A, g =15.29 cm -~, D m = 1.805, D x = 1.798 g cm -3, F(000)= 144, T= 293 K, R = 0.048 for 795 observed reflections. The unit cell contains two independent centrosymmetric molecules, one centred at (0,0,0) and the other at (0.5, 0.0, 0.5). The presence of experimentally determined~N-H groups and the -C=O bond lengths of 1.248 (4) and 1.247 (4)A indicate that the compound exists in the oxamic rather than the oximic form. Only one hydroxyl hydrogen is associated with each molecule. They are located at centres of inversion (0,0.5,0 and 0,0.5,0.5) and are shared between symmetry-related molecules via short symmetric H bonds with O...O=2.454(4), 2.457(4) and all O-H = 1.23 A

Elastic analysis of pin joints

The advent of large and fast digital computers and development of numerical techniques suited to these have made it possible to review the analysis of important fundamental and practical problems and phenomena of engineering which have remained intractable for a long time. The understanding of the load transfer between pin and plate is one such. Inspite of continuous attack on these problems for over half a century, classical solutions have remained limited in their approach and value to the understanding of the phenomena and the generation of design data. On the other hand, the finite element methods that have grown simultaneously with the recent development of computers have been helpful in analysing specific problems and answering specific questions, but are yet to be harnessed to assist in obtaining with economy a clearer understanding of the phenomena of partial separation and contact, friction and slip, and fretting and fatigue in pin joints. Against this background, it is useful to explore the application of the classical simple differential equation methods with the aid of computer power to open up this very important area. In this paper we describe some of the recent and current work at the Indian Institute of Science in this last direction.

Crystal structure of the charge-transfer complex promethazine picrate

Promethazine picrate (C23H23N5O7S) crystallises in the triclinic space group P[unk] with a = 8.137(1), b = 8.144(3), c = 19.224(6) Å, α = 87.78(3), β = 79.97(2), γ = 70.57(2)° and two molecules per unit cell. The structure was solved by direct methods (MULTAN 80) using 2438 observed reflections [I > 2.5 σ(I)]. Refinement was carried out by block-diagonal least-squares methods to a final R = 0.052. The picrate group is planar and is almost perpendicular to the promethazine plane. The two groups are joined by a hydrogen bond. The pairs of molecules related by a centre of symmetry make a molecular arrangement where promethazine and picrate groups are packed in sheets in three dimensions.

Miniature Compliant Grippers With Vision-Based Force Sensing

This paper is concerned with grasping biological cells in aqueous medium with miniature grippers that can also help estimate forces using vision-based displacement measurement and computation. We present the design, fabrication, and testing of three single-piece, compliant miniature grippers with parallel and angular jaw motions. Two grippers were designed using experience and intuition, while the third one was designed using topology optimization with implicit manufacturing constraints. These grippers were fabricated using different manufacturing techniques using spring steel and polydimethylsiloxane ( PDMS). The grippers also serve the purpose of a force sensor. Toward this, we present a vision-based force-sensing technique by solving Cauchy's problem in elasticity using an improved algorithm. We validated this technique at the macroscale, where there was an independent method to estimate the force. In this study, the gripper was used to hold a yeast ball and a zebrafish egg cell of less than 1 mm in diameter. The forces involved were estimated to be about 30 and 10 mN for the yeast ball and the zebrafish egg cell, respectively.

The influence of chemical additives on surface charge and hardness of hematite

The zeta potential of high-purity hematite at pH 6 and in a 10−3N NaCl solution has been determined at different concentrations of acetone using the streaming potential technique and the results correlated with the microhardness of the mineral. The zeta potential has been found to decrease as the hardness increases reaching a minimum at 10 cc per litre concentration of acetone when the hardness reaches a maximum. The results have been explained on the basis of competitive adsorption of chloride ions and acetone molecules at low concentrations of acetone and coadsorption of both species above 10 cc per litre concentration. Acetone in distilled water and 10−3N NaCl in distilled water decrease the microhardness of hematite individually between pH 5 to 7 and in combination increase the microhardness reaching a maximum at pH 6.

Operationalizing Supply Chain vs. Supply Chain Competion

Competition is an immensely important area of study in economic theory, business and strategy. It is known to be vital in meeting consumers’ growing expectations, stimulating increase in the size of the market, pushing innovation, reducing cost and consequently generating better value for end users, among other things. Having said that, it is important to recognize that supply chains, as we know it, has changed the way companies deal with each other both in confrontational or conciliatory terms. As such, with the rise of global markets and outsourcing destinations, increased technological development in transportation, communication and telecommunications has meant that geographical barriers of distance with regards to competition are a thing of the past in an increasingly flat world. Even though the dominant articulation of competition within management and business literature rests mostly within economic competition theory, this thesis draws attention to the implicit shift in the recognition of other forms of competition in today’s business environment, especially those involving supply chain structures. Thus, there is popular agreement within a broad business arena that competition between companies is set to take place along their supply chains. Hence, management’s attention has been focused on how supply chains could become more aggressive making each firm in its supply chain more efficient. However, there is much disagreement on the mechanism through which such competition pitching supply chain against supply chain will take place. The purpose of this thesis therefore, is to develop and conceptualize the notion of supply chain vs. supply chain competition, within the discipline of supply chain management. The thesis proposes that competition between supply chains may be carried forward via the use of competition theories that emphasize interaction and dimensionality, hence, encountering friction from a number of sources in their search for critical resources and services. The thesis demonstrates how supply chain vs. supply chain competition may be carried out theoretically, using generated data for illustration, and practically using logistics centers as a way to provide a link between theory and corresponding practice of this evolving competition mode. The thesis concludes that supply chain vs. supply chain competition, no matter the conceptualization taken, is complex, novel and can be very easily distorted and abused. It therefore calls for the joint development of regulatory measures by practitioners and policymakers alike, to guide this developing mode of competition.

Structure of disocium uridine 5'-Phosphate heptahydrate

Na2[CgHllN2OgP].7H20, M r = 494.0,orthorhombic, C222~, a = 22.880 (7), b = 8.877 (3),c = 19.592 (9) A, Z = 8, V = 3979.2 A 3. The Cu Ka intensity data consisted of 1005 unique reflections. Final R -- 14.5%. This nucleotide shows no unusual conformational features. The uracil base has an anti conformation about the glycosidic bond (tpo o = 44.4°). The furanose ring conformation is C(2')-endo,gauchegauche with tpo o = -75.5 ° and ~Poc = 49"6°.