EMPIRICAL STUDY ON THE PERFORMANCES OF BLACK-SCHOLES MODEL FOR EVALUATING EUROPEAN OPTIONS

In this study we aim at analyzing the way the model Black-Scholes works in practice. The data used for analysis refer to European-type call options having as supportassets the CAC-40 money-market index. Our approach will be structured in two parts. The first will be dedicated to an estimate of daily implicit volatilities, which is of those values of volatilities which, once applied in the Black-Scholes evaluation formula, minimize the sum of square errors given by the model. Once this problem is solved, we will analyze the relationship existing between implicit volatility moneyness and due term of options, that is the so-called volatility smile. The second part of the study will have as core the analysis of errors provided by the Black-Scholes model, which will be studied, given moneyness and due-term of options.options; Black-Scholes model; implicit volatility; moneyness; due term; volatility smile; volatility smirk; evaluation error

Evaluation of beta-galactosidase activity in tissue in the presence of blood

The reporter gene for beta -galactosidase is frequently used to determine the efficiency of gene transfer in arteries. However, blood is often present in arterial explants and may compromise the results by the presence of hemoglobin. The light absorption of hemoglobin is similar to the absorption of several colorimetric products of the commonly used beta -galactosidase substrates, including o-nitrophenyl-beta -D-galactopyranoside (ONPG) and chlorophenol red galactopyranoside (CPRG), This may result in false-positive measurements of beta -galactosidase enzyme activity. The aim of this investigation was to determine the most appropriate method for quantification of beta -galactosidase activity in the presence of blood. Colorimetric substrates (ONPG, CPRG) or the chemiluminescent Galacton-Plus substrate were used, and light absorption was measured at different concentrations of erythrocyte extract. Among the beta -galactosidase substrates tested, CPRG was the most appropriate, allowing detection of enzyme activity at concentrations as low as 0.05 mU, independent of blood contamination. Addition of reducer stabilized enzyme activity for at least 5 h. Endogenous beta -galactosidase activity was evaluated and used to correct results. CPRG substrate, in combination with the reducer agent mercaptoethanol, was found to be the optimal reagent for quantifying beta -galactosidase activity in the presence of blood after nonviral in vivo reporter gene transfection, even with a relatively low transfer efficiency. Copyright (C) 2000 S. Karger AG, Basel

Using the Multivariate Data Analysis Techniques on the Insurance Market

In the present financial theory, we confront with complex economic phenomena and activities which cannot be studied or analyzed profoundly because of the plurality of existing variables, ratios and information. The economic, financial and social activity carried on under crisis or economic growth conditions registered year by year a development of the products and instruments in use. The complexity of the economic area may be simplified through techniques of multi-dimensional analysis. Such a method is the analysis of the principal components which allows the decreasing of the initial causal space dimension generated by the functional links which are established among the initial explanatory variables. The dimension of this space is determined by the number of explanatory variables identified as causes of the economic phenomenon and the higher their number, the more difficult it is to analyze the initial causal space because the information volume, the complexity of calculations, the risk not to identify the contribution of each variable to the creation of the initial causal space variability and the decrease in the initial variables significance in case they would be inter-correlated grow. The simplification of the initial causal space means the determination of a change which consists in transition from a space with a large number of variables to another one of fewer dimensions, equivalent but on the conditions of keeping maximum information from the initial space and maximizing the variability of the new space (called principal space). Variables from the principal space represent the principal components, they are un-correlated and the vectors which define them have a unitary length.original variables, covariance matrix, eigenvalue, eigenvector, principal components, total variance, generalized variance, factor matrix, factor loadings, factor scores, classification

LEGAL PROTECTION AND SOCIAL REINTEGRATION OF HUMAN TRAFFICKING VICTIMS

As of April 2019 the Romanian authorities have expanded the protective measures to which victims of crime will have access through Government Ordinance 24/2019. This legislative amendment is designed to harmonise national legislation with the full provisions of the European Directive 2012/29/EU laying down minimum rules on the rights, support and protection of victims of crime. These changes are welcome given previous legislative loopholes and worrying statistics as the phenomenon of trafficking in human beings is growing in Romania. This paper is reviewing recent legislative changes and proposes an analysis of the protection and support measures available for victims of trafficking in human beings in Romania

About a question concerning Q-groups

AbstractA Q-group is a finite group all of whose ordinary complex representations have rationally valued characters. Let G be a solvable Q-group so that the Schur index mR(χ) = 1 for all χ ∈ Irr(G). In [3, Note 1, p. 285] Gow asks if not, under these conditions, already mQ(χ) = 1 for all χ ∈ Irr(G). In this paper we shall prove that the answer of this question is positive. The notations and definitions will be those of [6]

Analysis of bonded joints for small craft and marine applications

This Thesis investigates the possibility of replacing, in small craft and recreative boats, some of the more traditionally made joints (using tabbing) with ones made using structural adhesives (adhesive used where the load applied may cause the separation of the adherends [2]), which have the potential to be quicker to produce and have good fatigue resistance. It also focuses on methods that are available to a small and medium size boatbuilding or boat design company in order to design and produce a general safe, light weight adhesive joint. Several static tests were conducted in order to identify the characteristics of the materials to be joined and the properties of the adhesives investigated. A summary of the analytical theories available in order to determine the characteristics of the joints are presented and compared, and several finite element models have been investigated in order to determine the suitability of this method when using adhesive materials. This Thesis focuses first on Single-Lap joints, not only as a joint, but also as a way to compare the characteristics of the adhesives to be used. Three types of adhesives have been tested, two commercially available (Plexus MA550 and Sikaflex 252) and one commonly found on boatbuilding yards, a mixture of vinyl ester and Epiglass HT120 (a silica based filler). It was found that the Plexus MA550 adhesive performed well across different substrates (aluminium and composites) followed closely in performance by the vinyl ester/filler mixture. Very promising results were obtained when a carrier fabric was used inside the adhesive layer. Secondly, a very common type of joint, the T-joint, has been anti - symmetrically tested. A comparison has been made between a more traditionally produced joint (using a small fillet made from vinyl ester and microballoons based filler and EU-glass tabbing) with a joint produced using a fillet made from the above adhesives. It was found that the results from samples with the fillet using the vinyl ester/filler mixture are the closest to the benchmark samples and it seems to be the best candidate to replace the traditional joint, given the strength, failure mode, price and the availability. The joint using a Sikaflex 252 fillet has shown the most interesting results such that none of the materials forming the joint suffered any visible damage after deformation. The joint using a R20mm Plexus MA550 fillet has benefited from the stiffness and the good adhesion characteristics of the adhesive but in all the tests the panels joined ware damaged earlier than for the benchmark samples

Does education make voters more leftist or more rightist?: a West vs. East cross-regional analysis

Education is one of the most important determinants of political preferences and voting behavior. However, the direction of this impact is not universal. In a less developed, post-communist polity like Romania, education is negatively correlated with support for the left. In a post-industrial democracy like France, increased education translates into more support for the moderate left (i.e., the "post-materialist" left, Socialists and Ecologists). We explain these differences as the joint effect of recent historical experiences and the current level of economic, social and political development of the two polities

Optimum Repartition of Transport Capacities in the Logistic System using Dynamic Programming

Transportations take an essential role in logistics, interconnecting the majority of processes and operations within logistic system. The efficient use of transportation capacity is a priority whose achievement can diminish logistic costs. This objective is today difficult to achieve due to increasing complexity of transportation monitoring and coordination. This complexity is determined by transportation number and diversity, by the volume and diversity of orders, by increasing the targets to be supplied.Dynamic programming represents a highly useful tool for logistic managers, considering that its specific techniques and methods are oriented toward solving problems related to resource optimum allocation and utilization.The present paper presents briefly a series of theoretical elements of dynamic programming applied in logistics, based on which it is shown a mathematic model to determine the optimum policy for transport capacity repartition for the area attached to a logistic centre, through three distribution centres