A market model for stochastic smile: a conditional density approach

The purpose of this paper is to introduce a new approach that allows to construct no-arbitrage market models of for implied volatility surfaces (in other words, stochastic smile models). That is to say, the idea presented here allows us to model prices of liquidly traded vanilla options as separate stochastic quantities. The main reason why market models of implied volatilities need to be constructed is that they can capture the stochastic nature of an implied volatility surface. More to the point, market models have a potential of improved pricing of forward volatility depending products, such as compound options. Besides, this framework allows to match the initial vanilla market by construction and hedge with simple call and put options in a natural way. The modelling approach presented in this paper relies on taking a deterministic smile model as a backbone around which a stochastic smile model can be constructed without violating no-arbitrage constraints

Conflicts of Law - Extended Application of Res Judicata in Administration of Decedents\u27 Estates

The purpose of this comment is to examine the existing law and its rationale, and to see in which situations res judicata could beneficially be applied

Contracts - Offer and Acceptance - Effect of Post Office Regulations on \u3cem\u3eAdams v. Lindsell\u3c/em\u3e Doctrine

Plaintiff, a bidder on a government contract, attempted to withdraw its bid upon discovering that it had made a mistake in its calculations. The revocation arrived at the government\u27s office the same day the acceptance of the bid was mailed. The government\u27s invitation to bid provided that the successful bidder will receive Notice of Award ... and such Award will thereupon constitute a binding contract ... .\u27\u27 Upon the government\u27s refusal to recognize the revocation, the plaintiff brought suit to recover losses resulting from performance at the bid price. Held, there was no binding contract. Since the post office regulations permit withdrawal of mail by the sender any time before delivery, an acceptance by mail is not final until the letter reaches its destination. Thus the revocation was effective, as it arrived at the government office before the bidder received the acceptance. Rhode Island Tool Co. v. United States, (Ct. Cl. 1955) 128 F. Supp. 417

Königsberger Kant-Forschung: Allgemeine Aufgaben und Popularisierung

The first part of the article describes general development of Kant studies in Königsberg as a local movement (not a school) with some special traits, which has significantly contributed to the culture of the town. Core activities were formed by the Society of Kant’s Friends, as well as by archival studies, i. e. collecting, annotating and publishing Kant’s manuscripts, correspondence, and lecture notes. In view of primary and secondary sources we would suggest to structure this movement in four lines: popularization; biographical research; collection and publication of manuscripts, letters and lecture notes; interpretation and reception of Kant's ideas. A more detailed description is given for the first line — an activity of persons of different occupations, which was more or less popularizing. It began during Kant’s lifetime and concluded with the last echoes of Königsberg culture while the town was no more part of Germany. It was an important part of the whole philosophical culture of East Prussia, and, in some sense, even a factor of self-identification. This process, with a large variety of tasks and solutions in its interlacing and intermittent threads, has played an important role at the beginnings and development of other lines of the local Kant studies. Successes and failures are shown not only in our description, but also lively and emotional from the own standpoint of heroes of this history. Prospects for in-depth research are also outlined

V*-algebras, independence algebras and logic

Independence algebras were introduced in the early 1990s by specialists in semigroup theory, as a tool to explain similarities between the transformation monoid on a set and the endomorphism monoid of a vector space. It turned out that these algebras had already been defined and studied in the 1960s, under the name of v*-algebras, by specialists in universal algebra (and statistics). Our goal is to complete this picture by discussing how, during the middle period, independence algebras began to play a very important role in logic

Comparative prevalence of atopic sensitization in the border areas between Russia and Finland

Current century has been highlighted with rise in allergic pathology, and environment markedly affects it via epigenetic mechanisms. Allergy research in Russia and Finland has been conducted for many years, of larger scale recorded in the latter, still being maintained over time. Atopy prevalence was studied in the border areas in both countries. The level of total, dietary, inhaled IgE level, as well as dietary and inhalation range were examined. The Phadiatop® radio allergen sorbent test was used (UniCAP 1000 v.2; Pharmacia Upjohn, Uppsala, Sweden), with cut-off point: IgE > 110 kUA/l and sIgE > 2.5 kUa/l and 0.35 kUA/l. The study was subdivided into 2 stages conducted during 2003 and 2010/2012 timeframe. Stage 1 was performed with children from Finland (n = 344), Russia (n = 427), aged 7—15 years, whereas stage 2 — 180 subjects (Finland, n = 98, Russia, n = 82). Results. It was found that total IgE level was higher in children from Finland. The inhaled sIgE in 2003 and 2010/2012 was higher among children from Finland, p = 0.019 and p = 0.027, showing temporal elevation. In 2003, dietary sIgE was higher among those from Finland (27.6% and 18.3%), p = 0.142, whereas in 2010/2012 it was decreased by 2- and 3-fold in subjects from Finland and Russia, respectively. In 2003, high atopy rate against dust mites, cats, timothy, birch, and dogs was found in Russia, which was increased at stage 2. Such parameter was most evidently elevated for timothy — by 2-fold, p = 0.176, wormwood — by 2-fold, p = 0.312, equine allergens — by 2-fold, p = 0.563, canine allergens — by 1.5-fold, mite — by 1.5-fold, p = 0.220. In 2003, atopy rate in Finland to canine allergens reached 26.5%, timothy — 24.5%, birch — 20.4%, feline allergens — 20.4%. In 2010, it was noted rise in atopy rate mainly to dust mites — by 2-fold, equine allergens — by 2-fold. In 2003, atopy rate in Russia to egg, milk, and wheat prevailed, whereas in Finland it was mostly found against milk, nuts, wheat, eggs, in both cases declined in dynamics. Interestingly, no sensitization to fish in subjects from Russia and Finland was observed at both stages. Finally, at the stage 2 dietary atopy rate was declined in both countries. Differences in atopic sensitization as well as during 7—9 year follow-up observation were preserved between both subject cohorts from Finland and Russia

Evaluation of prenatal outcomes in women with polycystic ovary syndrome depending on a method of treatment of infertility

Objective: to study the prenatal outcomes of development of infants in women with polycystic ovary syndrome Methods: the course of pregnancy was prospectively analyzed in 110 women with polycystic ovary syndrome after treatment of infertility. Results. In this group, approximately one half of the pregnant women were found to develop fetoplacental insufficiency and fetal growth retardation in late periods. This analysis was conducted to evaluate the risk of pregnancy and neonatal complications in women with PCOS. A direct relationship was established between the incidence of central nervous system lesions and chronic intrauterine fetal hypoxia.Целью исследования явилось изучение структуры перинатальных осложнений у беременных с синдромом поликистозных яичников (СПКЯ) в зависимости от методов лечения бесплодия. Материал и методы исследования: 110 беременных с СПКЯ, из которых у 58 пациенток беременность наступила после применения вспомогательных репродуктивных технологий (ВРТ) и 52 беременные с СПКЯ, беременность у которых была достигнута проведением лапароскопической операции на яичниках и индукцией овуляции. Группу контроля составили 50 здоровых беременных. Результаты исследования: установлено, что в поздние сроки беременности у пациентов обеих групп с СПКЯ одинаково часто развиваются фетоплацентарная недостаточность и синдром задержки роста плода. Выявлена прямая зависимость между частотой поражения центральной нервной системы (ЦНС) и хронической гипоксией плода. Таким образом, течение беременности с СПКЯ вообще и в большей степени после экстракорпорального оплодотворения (ЗКО) характеризуется более высокой частотой возникновения перинатальной патологии

Estimation of efficiency of medical abortion of missed abortion at women with PCOS

Background In this article the method of conservative interruption is considered not developing pregnancy. Misoprostol is increasingly used to treat women who have a failed pregnancy in the first trimester. A combination of mifepristone end misoprostol provides an effective method of medical abortion for early pregnancy at women's with PCOS. Methods A total of 63 women with a first-trimester pregnancy failure ( embryonic or fetal death) were assigned to receive 600 pg of Misoprostol on day 1. A second dose misoprostol 400 mg on day 3. All women’s were divided into two groups: the first group-26 person with PCOC and embryonic or fetal death; the second group-37 person without gynecologic endocrinology pathologies with embryonic or fetal death. Results Of the 26 women the first group, 92,3 percent had complete expulsion and 94,6% percent in the second group. Hemorrhage or endometritis requiring hospitalization was rare (1 percent or less in each group), with no significant differences between the groups. The median duration of vaginal bleeding was 10 days. There was no serious complication. There was no serious complication. Fever, chills and gastrointestinal side-effects (nausea, vomiting and diarrhoea) were common, Identical in both groups. Conclusions Treatment of early pregnancy failure with of misoprostol and mifepristone is a safe and acceptable approach, with a success rate of approximately 92,3 percent.В данной статье рассмотрен метод консервативного прерывания неразвивающейся беременности (НБ) по технологии медикаментозного аборта с использованием препаратов, действующим веществом, которых является мифепристон и мизопростол. Представлен алгоритм обследования, этапы проведения медикаментозного прерывания беременности, описаны побочные эффекты, осложнения, варианты их коррекции у пациенток с синдромом поликистозных яичников (СПКЯ). Цель: оценка клинической эффективности медикаментозного прерывания НБ у пациенток с СПКЯ в сроке до 6 недель. Методы: Было обследовано 63 женщины, решившие прервать неразвивающуюся беременность с использованием фармакологических средств. Все пациентки были разделены на две группы: первая группа -26 человек с СПКЯ и неразвивающейся беременностью (НБ); вторая группа -37 человек без гинекологической эндокринной патологии с неразвивающейся беременностью. Результаты: Полный аборт был зарегистрирован у 92,3% пациентов 1 группы и 94,6% пациентов второй группы, что соответствует, имеющимся в литературе данным о клинической эффективности медикаментозного аборта. Побочные эффекты при приёме мифепристона были зарегистрированы в 3 (11,5%) случаях (пациенты 1 группы) в виде усиления проявления токсикоза беременных, а остальные более выраженные побочные эффекты были связаны с приёмом мизопростола (тошнота, рвота, диарея, гипертермия) и одинаково часто регистрировались в обеих группах пациентов. Выводы. 1. Медикаментозное прерывание неразвивающейся беременности является одним из эффективных и безопасных методов прерывания беременности ранних сроков у пациенток с СПКЯ при эффективности 92,3% 2. Для медикаментозного прерывания беременности характерна более низкая частота осложнений, по сравнению с вынужденными хирургическими способами прерывания беременности у женщин с СПКЯ. 3. Побочные эффекты, в большинстве случаев ожидаемы и легко устранимы на фоне комплексной реабилитационной терапии пациенток избранной группы

A multilevel neo-institutional analysis of infection prevention and control in English hospitals: coerced safety culture change?

Despite committed policy, regulative and professional efforts on healthcare safety, little is known about how such macro-interventions permeate organisations and shape culture over time. Informed by neo-institutional theory, we examined how inter-organisational influences shaped safety practices and inter-subjective meanings following efforts for coerced culture change. We traced macro-influences from 2000 to 2015 in infection prevention and control (IPC). Safety perceptions and meanings were inductively analysed from 130 in-depth qualitative interviews with senior- and middle-level managers from 30 English hospitals. A total of 869 institutional interventions were identified; 69% had a regulative component. In this context of forced implementation of safety practices, staff experienced inherent tensions concerning the scope of safety, their ability to be open and prioritisation of external mandates over local need. These tensions stemmed from conflicts among three co-existing institutional logics prevalent in the NHS. In response to requests for change, staff flexibly drew from a repertoire of cognitive, material and symbolic resources within and outside their organisations. They crafted 'strategies of action', guided by a situated assessment of first-hand practice experiences complementing collective evaluations of interventions such as 'pragmatic', 'sensible' and also 'legitimate'. Macro-institutional forces exerted influence either directly on individuals or indirectly by enriching the organisational cultural repertoire

Оценка инспираторной активности по индексу Р100 в пульмонологии

The measurement of airway occlusion pressure over the first 100 ms of inspiration (P100 index) is a simple non-invasive test for the evaluation of the patients’ central inspiratory activity. This test does not require any complicated diagnostic equipment, is easy for the patient, does not require any respiratory manoeuvres on his part. P100 index measurements enrich our concepts of the condition of external respiration system, and substantiate pharmacological and non-pharmacological treatment. P100 index helps to evaluate physiological mechanisms of respiratory insufficiency and their extent.