On Option Price Information Content and Extraction of Implied Probability Distributions

In this study we used market settlement prices of European call options on stock index futures to extract implied probability distribution function (PDF). The method used produces a PDF of returns of an underlying asset at expiration date from implied volatility smile. With this method, the assumption of lognormal distribution (Black-Scholes model) is tested. The market view of the asset price dynamics can then be used for various purposes (hedging, speculation). We used the so called smoothing approach for implied PDF extraction presented by Shimko (1993). In our analysis we obtained implied volatility smiles from index futures markets (S&P 500 and DAX indices) and standardized them. The method introduced by Breeden and Litzenberger (1978) was then used on PDF extraction. The results show significant deviations from the assumption of lognormal returns for S&P500 options while DAX options mostly fit the lognormal distribution. A deviant subjective view of PDF can be used to form a strategy as discussed in the last section.

Lowering blood alcohol content levels to save lives: A European case study

Road safety has become an increasing concern in developed countries due to the significant amount of fatalities and the associated economic losses. Only in 2005 these losses rose to 200,000 million euros, a considerable sum ¿ approximately 2% of GDP ¿ that easily justifies any public intervention. One measure taken by governments to address this issue is to enact stricter policies and regulations. Since drunk driving is one of the greatest concerns among public authorities in this field, several European countries have lowered their illegal Blood Alcohol Content (BAC) levels to 0.5 mg/ml during the last decade. This study is the first evaluation of the effectiveness of this transition using European panel-based data (CARE) for the period 1991-2003 with the differences-in-differences method in a fixed effects estimation that allows for any pattern of correlation (Cluster-Robust). The results reveal a positive impact on certain groups of road users and on the whole population when the policy is accompanied by enforcement interventions. Moreover, positive results appeared after a time lag of over two years. Finally, I state the importance of controlling for serial correlation in the evaluation of this type of policy.

Lowering blood alcohol content levels to save lives: A European case study

Road safety has become an increasing concern in developed countries due to the significant amount of fatalities and the associated economic losses. Only in 2005 these losses rose to 200,000 million euros, a considerable sum ¿ approximately 2% of GDP ¿ that easily justifies any public intervention. One measure taken by governments to address this issue is to enact stricter policies and regulations. Since drunk driving is one of the greatest concerns among public authorities in this field, several European countries have lowered their illegal Blood Alcohol Content (BAC) levels to 0.5 mg/ml during the last decade. This study is the first evaluation of the effectiveness of this transition using European panel-based data (CARE) for the period 1991-2003 with the differences-in-differences method in a fixed effects estimation that allows for any pattern of correlation (Cluster-Robust). The results reveal a positive impact on certain groups of road users and on the whole population when the policy is accompanied by enforcement interventions. Moreover, positive results appeared after a time lag of over two years. Finally, I state the importance of controlling for serial correlation in the evaluation of this type of policy.

L'informatique: un outil remarquable pour l'enseignement de la médecine interne générale [The informatics: a remarkable tool for teaching general internal medicine].

INTERMED training implies a three week course, integrated in the "primary care module" for medical students in the first master year at the school of medicine in Lausanne. INTERMED uses an innovative teaching method based on repetitive sequences of e-learning-based individual learning followed by collaborative learning activities in teams, named Team-based learning (TBL). The e-learning takes place in a web-based virtual learning environment using a series of interactive multimedia virtual patients. By using INTERMED students go through a complete medical encounter applying clinical reasoning and choosing the diagnostic and therapeutic approach. INTERMED offers an authentic experience in an engaging and safe environment where errors are allowed and without consequences.

The genetic content of chromosomal inversions across a wide latitudinal gradient

There is increasing evidence regarding the role of chromosomal inversions in relevant biological processes such as local adaptation and speciation. A classic example of the adaptive role of chromosomal polymorphisms is given by the clines of inversion frequencies in Drosophila subobscura, repeatable across continents. Nevertheless, not much is known about the molecular variation associated with these polymorphisms. We characterized the genetic content of ca. 600 individuals from nine European populations following a latitudinal gradient by analysing 19 microsatellite loci from two autosomes (J and U) and the sex chromosome (A), taking into account their chromosomal inversions. Our results clearly demonstrate the molecular genetic uniformity within a given chromosomal inversion across a large latitudinal gradient, particularly from Groningen (Netherlands) in the north to Málaga (Spain) in the south, experiencing highly diverse environmental conditions. This low genetic differentiation within the same gene arrangement across the nine European populations is consistent with the local adaptation hypothesis for th evolutionof chromosomal polymorphisms. We also show the effective role of chromosomal inversions in maintaining different genetic pools within these inverted genomic regions even in the presence of high gene flow. Inversions represent thus an important barrier to gene flux and can help maintain specific allelic combinations with positive effects on fitness. Consistent patterns of microsatellite allele-inversion linkage disequilibrium particularly in loci within inversions were also observed. Finally, we identified areas within inversions presenting clinal variation that might be under selection.

Defensive Metabolites from Antarctic Invertebrates: Does Energetic Content Interfere with Feeding Repellence?

Many bioactive products from benthic invertebrates mediating ecological interactions have proved to reduce predation, but their mechanisms of action, and their molecular identities, are usually unknown. It was suggested, yet scarcely investigated, that nutritional quality interferes with defensive metabolites. This means that antifeedants would be less effective when combined with energetically rich prey, and that higher amounts of defensive compounds would be needed for predator avoidance. We evaluated the effects of five types of repellents obtained from Antarctic invertebrates, in combination with diets of different energetic values. The compounds came from soft corals, ascidians and hexactinellid sponges; they included wax esters, alkaloids, a meroterpenoid, a steroid, and the recently described organic acid, glassponsine. Feeding repellency was tested through preference assays by preparing diets (alginate pearls) combining different energetic content and inorganic material. Experimental diets contained various concentrations of each repellent product, and were offered along with control compound-free pearls, to the Antarctic omnivore amphipod Cheirimedon femoratus. Meridianin alkaloids were the most active repellents, and wax esters were the least active when combined with foods of distinct energetic content. Our data show that levels of repellency vary for each compound, and that they perform differently when mixed with distinct assay foods. The natural products that interacted the most with energetic content were those occurring in nature at higher concentrations. The bioactivity of the remaining metabolites tested was found to depend on a threshold concentration, enough to elicit feeding repellence, independently from nutritional quality.

Students’ viewpoint on engineering subjects taught in English

The European Educational Institutions have the challenge and the commitment to enhance multilingual competence and teaching curricular subjects in a foreign language is seen as one of the most promising alternatives. In that context, professors teaching different engineering subjects at the School of Engineering of the UPC at Manresa (EPSEM) have been involved in projects aiming at analyzing the current linguistic situation and developing some on-line open access materials using CLIL as a strategy. They formed the u-Linguatech Research Group on Multilingual Communication in Science and Technology in order to provide such resources in an effective and efficient way. In this paper, we focus on students’ perception of the improvement of their multilingual competence throughout their Engineering degree, by means of subjects taught in English by non-native speakers. Data about the English level of current students are taken into account. We also describe the use of the above resources to improve the quality of subjects learning related to Chemical Engineering curricula.

Language Learning in Task Management and Task Accomplishment

In this paper we study student interaction in English and Swedish courses at a Finnish university. We focus on language choices made in task-related activities in small group interaction. Our research interests arose from the change in the teaching curriculum, in which content and language courses were integrated at Tampere University of Technology in 2013. Using conversation analysis, we analysed groups of 4-5 students who worked collaboratively on a task via a video conference programme. The results show how language alternation has different functions in 1) situations where students orient to managing the task, e.g., in transitions into task, or where they orient to technical problems, and 2) situations where students accomplish the task. With the results, we aim to show how language alternation can provide interactional opportunities for language learning. The findings will be useful in designing tasks in the future.

Content and Language Integration as a part of a degree reform at Tampere University of Technology

Tampere University of Technology is undergoing a degree reform that started in 2013. One of the major changes in the reform was the integration of compulsory Finnish, Swedish and English language courses to substance courses at the bachelor level. The integration of content and language courses aims at higher quality language learning, more fluency in studies, and increased motivation toward language studies. In addition, integration is an opportunity to optimize the use of resources and to offer courses that are more tailored to the students' field of study and to the skills needed in working life. The reform also aims to increase and develop co-operation between different departments at the university and to develop scientific follow up. This paper gives an overview of the integration process conducted at TUT and gives examples of adjunct CLIL implementations in three different languages.

CLIL FAQ’s: Orientacions per a introduir l’anglès a l’aula universitària

“CLIL FAQs: Orientacions per a introduir l’anglès a l’aula universitària” és una publicació oberta dirigida als docents que assumeixen el repte d’introduir una llengua estrangera a l’aula. Es tracta d’un recull d’orientacions sorgides de la pràctica d’un equip interdisciplinari de professors de la Facultat de Ciències de l’Educació de la Universitat Autònoma de Barcelona en el marc d’un projecte de Millora de la Qualitat Docent (Ref. 2010MQD00132). La publicació exposa una sèrie de preguntes o FAQs (Frequent Asked Questions) que creiem que tot docent CLIL es podria fer abans d’introduir l’anglès a l’aula. El grup de docents implicats en el projecte, després de dissenyar coordinadament una sèrie d’activitats en anglès i d’implantar-les a les seves respectives assignatures, ha elaborat aquest llistat de FAQs que miren de respondre amb reflexions, suggeriments d’acció, estratègies didàctiques, exemples i recursos sorgits de la pròpia experiència. En aquest article situem el projecte en el context català, presentem com es va dur a terme i us expliquem què podeu trobar en la publicació que se’n deriva. A mode de conclusió oferim algunes reflexions del grup sobre el treball en equip interdisciplinari, la introducció del multilingüisme a l’aula, els contextos CLIL i la resposta dels alumnes.

Patients' understanding of blood tests and attitudes to HIV screening in the emergency department of a Swiss teaching hospital: a cross-sectional observational study.

BACKGROUND: In Switzerland, patients may undergo "blood tests" without being informed what these are screening for. Inadequate doctor-patient communication may result in patient misunderstanding. We examined what patients in the emergency department (ED) believed they had been screened for and explored their attitudes to routine (non-targeted) human immunodeficiency virus (HIV) screening. METHODS: Between 1st October 2012 and 28th February 2013, a questionnaire-based survey was conducted among patients aged 16-70 years old presenting to the ED of Lausanne University Hospital. Patients were asked: (1) if they believed they had been screened for HIV; (2) if they agreed in principle to routine HIV screening and (3) if they agreed to be HIV tested during their current ED visit. RESULTS: Of 466 eligible patients, 411 (88%) agreed to participate. Mean age was 46 ± 16 years; 192 patients (47%) were women; 366 (89%) were Swiss or European; 113 (27%) believed they had been screened for HIV, the proportion increasing with age (p ≤0.01), 297 (72%) agreed in principle with routine HIV testing in the ED, and 138 patients (34%) agreed to be HIV tested during their current ED visit. CONCLUSION: In this ED population, 27% believed incorrectly they had been screened for HIV. Over 70% agreed in principle with routine HIV testing and 34% agreed to be tested during their current visit. These results demonstrate willingness among patients concerning routine HIV testing in the ED and highlight a need for improved doctor-patient communication about what a blood test specifically screens for.

The application of communicative language teaching : a particular case in a polish primary school

L’objectiu d’aquest estudi és examinar si l’Ensenyament Comunicatiu de la Llengua és usat per les mestres quan duen a terme classes d’anglès com a llengua estrangera en una escola de primària polonesa, amb un context educatiu especial. Aquesta recerca qualitativa analitza cinc conjunts principals d’informació relacionats amb l’ensenyament de la llengua estrangera que caracteritzen l’enfocament de l’Ensenyament Comunicatiu de la Llengua i que estan centrats en: el coneixement i les creences dels mestres sobre l’enfocament de l’Ensenyament Comunicatiu de la Llengua; l’ús de la llengua; els aspectes de la llengua anglesa que s’ensenyen; les característiques de les activitats: i el procés d’ensenyament. Per aquest objectiu, s’ha proporcionat un qüestionari a cada mestra d’anglès i s’han portat a terme algunes observacions d’aula per tal de recollir dades, analitzar-les i extreure’n unes conclusions. Els resultats de la investigació mostren que les mestres d’anglès donen bastant suport a l’enfocament de l’Ensenyament Comunicatiu de la Llengua, així com apliquen força sovint els seus trets característics quan porten a terme les classes.

Estudi de pràctiques d’educació infantil: la participació com a recurs d’inclusió

El nostre estudi és una investigació educativa amb metodologia qualitativa que, a través de l’anàlisi de contingut, vol determinar si existeixen indicadors que tenen un pes específic més rellevant per assolir un alt grau de participació a l’aula, entenent que aquesta és un element d’atenció a la diversitat en la perspectiva de l’educació inclusiva. La mostra analitzada consta de quaranta-nou experiències educatives extretes de la Revista Infàn- ci-a de l’Associació de Mestres Rosa Sensat, en l’apartat Escola 3-6, des del novembre-desembre del 2009 i fins al novembre-desembre del 2013. L’instrument d’anàlisi ha estat una fitxa d’observació formada per una sèrie d’indicadors extrets del marc teòric. Els resultats mostren que hi ha uns indicadors que tenen una major rellevància quan es fan activitats d’ensenyament-aprenentatge amb un alt grau de participació. Per tant, els docents hauran de tenir en compte aquests indicadors per portar a terme pràctiques educatives inclusives amb alts índex de participació.

¿Por qué los estudiantes participan poco en la gestión de la universidad? La opinión del profesorado = Why do students participate so little in the management of the university? The opinion of the teaching staff

El artículo invita a reflexionar sobre la participación de los estudiantes en la gestión y el gobierno de la universidad a partir de una investigación. Se centra en la opinión y percepción que el profesorado implicado directamente en la gestión de la docencia tiene sobre esta participación. Se aportan datos relevantes que ayudan a disponer de una visión más completa de un fenóneno complejo y multidimensional como es la participación estudiantil. Sus interpretaciones nos ofrecen información significativa que contribuye a comprender algunas de las causas de la baja participación y nos orienta hacia las posibles estrategias a emprender para intentar invertir esta tendencia