On the robustness of least-squares Monte Carlo (LSM) for pricing American derivatives

This paper analyses the robustness of Least-Squares Monte Carlo, a techniquerecently proposed by Longstaff and Schwartz (2001) for pricing Americanoptions. This method is based on least-squares regressions in which theexplanatory variables are certain polynomial functions. We analyze theimpact of different basis functions on option prices. Numerical resultsfor American put options provide evidence that a) this approach is veryrobust to the choice of different alternative polynomials and b) few basisfunctions are required. However, these conclusions are not reached whenanalyzing more complex derivatives.

On the accuracy of Latin American trade statistics: A nonparametric test for 1925

This paper proposes a nonparametric test in order to establish the level of accuracy of theforeign trade statistics of 17 Latin American countries when contrasted with the trade statistics of the main partners in 1925. The Wilcoxon Matched-Pairs Ranks test is used to determine whether the differences between the data registered by exporters and importers are meaningful, and if so, whether the differences are systematic in any direction. The paper tests for the reliability of the data registered for two homogeneous products, petroleum and coal, both in volume and value. The conclusion of the several exercises performed is that we cannot accept the existence of statistically significant differences between the data provided by the exporters and the registered by the importing countries in most cases. The qualitative historiography of Latin American describes its foreign trade statistics as mostly unusable. Our quantitative results contest this view.

Falling real wages during an industrial revolution

The Industrial Revolution was characterized by technologicalprogress and an increasing capital intensity. Why did real wages stagnateor fall in the beginning? I answer this question by modeling the IndustrialRevolution as the introduction of a relatively more capital intensiveproduction method in a standard neoclassical framework. I show that{\sl real wages fall in the beginning of an industrial revolution if andonly if technological progress in the relatively more capital intensivesector is relatively fast.}

Private borrowing during the financial revolution: Hoare’s Bank and its customers, 1702-1724

The financial revolution improved the British government s ability to borrow, andthus its ability to wage war. North andWeingast argued that it also permitted privateparties to borrow more cheaply and widely.We test these inferences with evidencefrom a London bank.We confirm that private bank credit was cheap in the earlyeighteenth century, but we argue that it was not available widely. Importantly, thegovernment reduced the usury rate in 1714, sharply reducing the circle of privateclients that could be served profitably.

Revision of Central American species of Euryomma Stein (Diptera, Fanniidae), with description of two new species and updates of distributional records

Euryomma is the second largest genus within Fanniidae, but only two species, E. panamensis Chillcott, 1958 and E. rettenmeyeri Chillcott, 1958 have been recorded in Central America. In this paper we describe two new species of the genus found in Costa Rica, Euryomma chillcotti sp. nov. (Province of Puntarenas) and Euryomma steini sp. nov. (Provinces of Cartago and Limón). Euryomma tahami Grisales, Wolff & Carvalho, 2012 is recorded for the first time to Costa Rica. Identification key to all species found in Central America, descriptions and re-descriptions of species occurring in the region and illustrations of the terminalia of new species are presented.

Fauna of phlebotomine sand flies (Diptera, Psychodidae) in areas with endemic American cutaneous leishmaniasis in the State of Mato Grosso do Sul, Brazil

Fauna of phlebotomine sand flies (Diptera, Psychodidae) in areas with endemic American cutaneous leishmaniasis in the State of Mato Grosso do Sul, Brazil. The aim of this study was to investigate the ecological aspects of the main vectors of American cutaneous leishmaniasis (ACL) in four monitoring stations situated in the municipalities of Naviraí, Nova Andradina, Novo Horizonte do Sul and Rio Verde de Mato Grosso. For each monitoring station, the captures of sand flies were undertaken each month from July 2008 to June 2010 using CDC and Shannon traps. The CDC traps were installed simultaneously for three consecutive nights in three collection sites: intradomicile, peridomicile and edge of the forest. A Shannon trap was installed from dusk to 10 pm, inside the forest, one night per month. A total of 7,651 sand flies belonging to nine genera and twenty-nine species were captured. Nyssomyia neivai (52.95%), Psathyromyia hermanlenti (10.91%), Psathyromyia runoides (9.16%), Nyssomyia whitmani (7.95%), Psathyromyia aragaoi (4. 89%), Nyssomyia antunesi (3.14%) and Evandromyia bourrouli (2.20%) were the most frequent species. Approximately 65% of the sand flies were collected in the forest environment. The municipalities presented significantly different indexes of species diversity. Naviraí presented the lowest species diversity index, however, it showed the highest abundance. Novo Horizonte do Sul had the highest species diversity index, but the lowest abundance (< 5%). It is noteworthy the occurrence of vector species of Leishmania in the areas studied, especially in Naviraí, where Ny. neivai presented high frequencies which may explain the increased number of ACL cases in this municipality.

Sports and journalism ethics: the coverage of 2012 London Olympics in the British, North-American and Spanish press

Sports and journalism ethics: the coverage of 2012 London Olympics in the British, North-American and Spanish press is a research focused on analysing the treatment that the quality press of three countries (United Kingdom, United States of America and Spain) will carry out in the London Olympic Games. Through a solid methodological approach based on the combination of the qualitative content analysis and qualitative indepth interviews, the investigation will study if the media provide a quality coverage,that is, if they adequate their pieces to the fundamental principles of journalistic deontology (truth, justice, freedom and social responsibility). Furthermore, the research will assess if the selected media comply with the prescriptions established in the ethical codes, stylebooks, newsroom statutes and national and international recommendations about journalism ethics, ranging from each media’s guidelines to key transnational codes established by the UNESCO, the International Federation of Journalists (IFJ) orthe Council of Europe.

Two new species of Mycodrosophila (Diptera, Drosophilidae) proposed by molecular and morphological approaches, with a key to American species

ABSTRACT There are approximately 130 species of MycodrosophilaOldenberg, 1914 worldwide, although only nine species were recorded in American countries so far, three of which are exclusively Nearctic, five exclusively Neotropical and one found in both biogeographic regions (Mycodrosophila projectans). Such a small number of American species is likely a consequence of collecting bias, which favors the capture of frugivorous drosophilids, and to the general absence of Neotropical Mycodrosophila studies in the last 50 years. Here, we describe two commonly sampled species of Mycodrosophila from the Amazonian and Pampa Brazilian biomes, which share morphological similarities with Mycodrosophila neoprojectans and M. projectans, respectively. We compared sequences of the mitochondrial gene cytochrome oxidase subunit I (COI), external morphology characteristics and male terminalia among these species. Based on a DNA barcoding approach coupled to morphological differences, we proposed the delimitation of two new species, Mycodrosophila hofmanni sp. nov. and Mycodrosophila valentae sp. nov. An updated key to identifying Neotropical and Nearctic Mycodrosophila species is also provided.

Matrix-assisted laser desorption ionization time-of-flight mass spectrometry, a revolution in clinical microbial identification.

Until recently, matrix-assisted laser desorption ionization time-of-flight mass spectrometry (MALDI-TOF MS) techniques for the identification of microorganisms remained confined to research laboratories. In the last 2 years, the availability of relatively simple to use MALDI-TOF MS devices, which can be utilized in clinical microbiology laboratories, has changed the laboratory workflows for the identification of pathogens. Recently, the first prospective studies regarding the performance in routine bacterial identification showed that MALDI-TOF MS is a fast, reliable and cost-effective technique that has the potential to replace and/or complement conventional phenotypic identification for most bacterial strains isolated in clinical microbiology laboratories. For routine bacterial isolates, correct identification by MALDI-TOF MS at the species level was obtained in 84.1-93.6% of instances. In one of these studies, a protein extraction step clearly improved the overall valid identification yield, from 70.3% to 93.2%. This review focuses on the current state of use of MALDI-TOF MS for the identification of routine bacterial isolates and on the main difficulties that may lead to erroneous or doubtful identifications.

« Recueil d'anecdotes et autres objets curieux relatifs à l'histoire de l'abbaye royale de Saint-Denys en France ; pour faire suite à l'histoire de D. Félibien, par Albert GAUTHIER, organiste de ladite abbaye. (1775-1801).

Manuscrit autographe.

« Grand livre n° 2 du vaisseau le Superbe, 1774-1775 ».

Provient des Archives nationales, MM. 1054

Immunothérapie: une nouvelle arme contre le cancer de la prostate [Immunotherapy: a therapeutic revolution against prostate cancer?].

The interaction between the immune system and cancer was an area of research interest for several decades. The recent U.S. Food and Drug Administration approval of sipuleucel-T and ipilimumab stimulated broader interest in manipulating immunity to fight cancer. In the context of prostate cancer, the immunotherapy strategies under development are therapeutic vaccination strategies, such as sipuleucel-T and PROSTVAC-VF, or immune checkpoint blockade of CTLA-4. Improved understanding of the immune responses generated by the development of predictive biomarkers for patient selection will guide rational combinations of these treatments and provide new treatment options in prostate cancer.

The Middle East in the American quest for world order : ideas of power, economics, and social development in United States foreign policy, 1953-1961

Doctoral dissertation, University of Tampere