A Note on fair Value and Illiquid Markets

We present in this paper a method to extract fair prices from observable prices in an illiquid market. The dynamics of fair prices have a general form encompassing random walks. In fact, only a part of a movement in price is assumed to reflect fundamental changes, the rest is considered to be friction. That part is optimally estimated by a Kalman filter". The model allows also to recover liquidity premia as a product of innovations times an illiquidity multiplier. Thus the higher the difference between observed and filtered prices (prices obtained under "normal" market dynamics), the higher liquidity premium will be. The model can be adapted to various kind of instruments and calibrated in different ways.Fair value, illiquid market, Kalman filter, Mark to model.

Handwriting Recognition of Historical Documents with few labeled data

Historical documents present many challenges for offline handwriting recognition systems, among them, the segmentation and labeling steps. Carefully annotated textlines are needed to train an HTR system. In some scenarios, transcripts are only available at the paragraph level with no text-line information. In this work, we demonstrate how to train an HTR system with few labeled data. Specifically, we train a deep convolutional recurrent neural network (CRNN) system on only 10% of manually labeled text-line data from a dataset and propose an incremental training procedure that covers the rest of the data. Performance is further increased by augmenting the training set with specially crafted multiscale data. We also propose a model-based normalization scheme which considers the variability in the writing scale at the recognition phase. We apply this approach to the publicly available READ dataset. Our system achieved the second best result during the ICDAR2017 competition

A Multivariate Analysis of the Outcome of Endodontic Microsurgery Using MTA or ERRM as Root-End Filling Material: A Randomized Clinical Trial With Cone-Beam Computed Tomography Evaluation

Introduction: The purpose of this study was to compare PA and CBCT healing after EMS using MTA or ERRM as root-end filling materials in a randomized clinical trial. Materials and Methods: EMS was performed on patients with persistent or recurrent AP. The root-end filling material was randomly assigned. Regular follow-up visits were scheduled 6 months, 1 and 2 years. PA and CBCT were taken and the tooth was investigated clinically. Results: Regardless of the material, the overall PA and CBCT success rates were 95.6% and 89.1% respectively with no statistical significant difference. Evaluating each material separately, MTA success rate was 95.5% and 89.3% as assessed by PA and CBCT respectively. ERRM success rate was 95.8% and 88.7% as assessed by PA and CBCT respectively. Fisher exact test showed no statistical significant difference between the 2 materials. Pre-operative prognostic factors such as microsurgical classification, presence of cortical, size of lesion and root canal filling quality had significant effect on outcome. Follow-up factors such as alignment and depth of filling material and root fractures also had significant effect on outcome. Conclusion: The null hypothesis is accepted: there is no statistical significant difference in EMS outcome using RRM or MTA as retro-filling material. However, certain factors were found to have a significant association with outcome

Domination, Privilege and Fear: Uncovering a hidden curriculum of oppression in the Syrians' narratives on school

Syria is going through a full-fledged conflict with unfathomable educational crisis. With the tremendous challenges in the educational sector in conflict situations, opportunities arise simultaneously for positive educational change. The purpose of this study was twofold: to contribute to informed changes in the educational system for Syrians through better understanding of education in the past, and to join the Global Development conversation on the need to look beyond numbers and schools walls when implementing new educational interventions. For this purpose, I used narrative inquiry and interviewed 16 Syrian former students on their educational experiences in the past. Given that Syria has lived under authoritarianism, I chose to look at the nature of oppression through analyzing the unacknowledged values and attitudes known as the hidden curriculum. I showed that the oppression in schools was full of contradictions; everyone was oppressed differently. In order to advance anti-oppressive educational initiatives, I argued, using Freire’s concept of the oppressor/oppressed contradiction that everyone’s oppression needs to be acknowledged before starting further changes. Finally, I brought in a few pivotal points for educators to reflect on, such as creating a hopeful space with students built on respect and mutuality in place of fear and mistrust

Viewpoint of the intelletuals with regard to their relation with the political power in the nasrid era

Este artículo analiza los diferentes puntos de vista de algunos intelectuales de la época nazarí en al-Andalus acerca de su relación con el poder político, exponiendo su opinión respecto a si es conveniente o no colaborar con el gobernante, así como su punto de vista respecto a su posición dentro del séquito del sultán, sobre la licitud o no de aceptar regalos, sobre la obediencia al sultán y los riesgos de su amistad, y finalmente sobre las consecuencias de la servidumbre y la desvinculación y alejamiento del poder.This article analyzes the different viewpoints of certain intellectuals of the Nasrid era in al- Andalus with regards to their relation with political power. It shows their opinions on whether it was convenient or not to collaborate with the ruler, their points of view with respect to their position within the sultan's retinue, on the permissibility of accepting or rejecting gifts, on obedience to the sultan and the possible risks inherent in the relationship between intellectual and ruler, and finally on the consequences of servitude and the dissociation and removal from power

A Note on fair Value and Illiquid Markets

URL des Documents de travail : http://ces.univ-paris1.fr/cesdp/CESFramDP2010.htmDocuments de travail du Centre d'Economie de la Sorbonne - 2010.01 - ISSN : 1955-611XWe present in this paper a method to extract fair prices from observable prices in an illiquid market. The dynamics of fair prices have a general form encompassing random walks. In fact, only a part of a movement in price is assumed to reflect fundamental changes, the rest is considered to be friction. That part is optimally estimated by a Kalman filter". The model allows also to recover liquidity premia as a product of innovations times an illiquidity multiplier. Thus the higher the difference between observed and filtered prices (prices obtained under "normal" market dynamics), the higher liquidity premium will be. The model can be adapted to various kind of instruments and calibrated in different ways.Nous présentons dans ce papier une méthode permettant d'extraire le "vrai" prix d'un actif à partir des prix observés, dans un marché illiquide. La dynamique proposée des "vrais" prix contient la marche aléatoire comme cas particulier. La dynamique proposée suppose que le prix observé ne reflète qu'en partie les fondamentaux, le reste étant dû à des frictions. Le modèle est estimé à l'aide du filtre de Kalman. L'approche fournit un indicateur d'illiquidité

Examine the nexus between covid-19 and tourism: evidence from Beijing

The novel Covid-19 outbreak has adversely affected every sector of the economy, including the tourism and hospitality sectors. Holding the importance as one of the leading contributors to economic growth, and accommodating a large percentage of the labor force, this study has investigated the impact of Covid-19 on the tourism economy of Beijing (the capital of China), which is one of the leading tourist destinations of China. For this purpose, primary data with 385 sample sizes have been collected via random sampling techniques from the tourism-related respondents. This data has been analyzed using the simple descriptive analysis, graphical estimations, and categorization techniques. The findings of the study show that Covid-19 exerts a negative influence on the tourism and hospitality sector. Specifically, a reduction in the international tourists’ arrival has reduced revenue generation, indirectly reducing the contribution to the GDP by many factors. These factors include an increase in the unemployment ratio, cutoff salaries, increases in expenditures, and a decline in the tax payments. However, lack of adequate response from the government in the context of the tourism sector has further fueled the adverse outcomes of Covid-19, leading the industry to a shutdown condition for most firms in this geographical area

Minority youth and social transformation in Australia: Identities, belonging and cultural capital

© 2014 by the authors; licensee Cogitatio (Lisbon, Portugal). Increasingly minority youth, especially from Muslim backgrounds, have been seen in Australian public policy and the media as potentially disruptive and transgressive. In some European societies similar young people have been portrayed as living in parallel and disconnected social spaces, self-segregated from interaction with the wider community. Yet Australian ethnic minority youth do not fulfil either of these stereotypes. Rather, despite their often regular experiences of racism or discrimination, they continue to assert a strong identification with and belonging to Australian society, albeit the society that marginalizes and denigrates their cultural capital. In particular it is the neighbourhood and the locality that provides the bridge between their home cultures and the broader world, contributing to a range of positive aspirations and fluid identities

Direction of Arrival Estimation using EM-ESPRIT with nonuniform arrays

International audienceAbstract This paper deals with the problem of the Direction Of Arrival (DOA) estimation with nonuniform linear arrays. The proposed method is based on the Expectation Maximization method where ESPRIT is used in the maximization step. The key idea is to iteratively interpolate the data to a virtual uniform linear array in order to apply ESPRIT to estimate the DOA. The iterative approach allows to improve the interpolation using the previously estimated DOA. One of this method novelties lies in its capacity of dealing with any nonuniform array geometry. This technique manifests significant performance and computational advantages over previous algorithms such as Spectral MUSIC, EM-IQML and the method based on manifold separation technique. EM-ESPRIT is shown to be more robust to additive noise. Furthermore, EM-ESPRIT fully exploits the advantages of using a nonuniform array over a uniform array: simulations show that for the same aperture and with less number of sensors, the nonuniform array presents almost identical performance as the equivalent uniform array