23,681 research outputs found

    Pricing Options under Hestonā€™s Stochastic Volatility Model via Accelerated Explicit Finite Differencing Methods

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    We present an acceleration technique, effective for explicit finite difference schemes describing diffusive processes with nearly symmetric operators, called Super-Time-Stepping (STS). The technique is applied to the two-factor problem of option pricing under stochastic volatility. It is shown to significantly reduce the severity of the stability constraint known as the Courant-Friedrichs-Lewy condition whilst retaining the simplicity of the chosen underlying explicit method. For European and American put options under Hestonā€™s stochastic volatility model we demonstrate degrees of acceleration over standard explicit methods sufficient to achieve comparable, or superior, efficiencies to a benchmark implicit scheme. We conclude that STS is a powerful tool for the numerical pricing of options and propose them as the method-of-choice for exotic financial instruments in two and multi-factor models.

    Dying for the bonds of marriage: Forced marriages as a weapon of genocide

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    ā€˜Forced marriagesā€™ involve a woman or girl being abducted and declared the ā€˜wifeā€™ of her captor without her consent or her familyā€™s consent. The practice generally occurs during wartime and the ā€˜wifeā€™ is normally subjected to rape, forced impregnation and sexual slavery. Moreover, she is coerced into an intimate relationship with a man who is often the perpetrator of crimes against her and her community. While forced marriages have recently been recognised as a crime against humanity, this Article contends that this does not constitute full recognition of the destructive nature of forced marriages. Instead, this Article mirrors and extends the Akayesu decision that rape can be used as a tool of genocide and maintains that forced marriages can also be a form of genocide
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