Pricing Options and Convertible Bonds Based on an Actuarial Approach

This paper discusses the pricing problem of European options and convertible bonds using an actuarial approach. We get the pricing formula of European options, extend the pricing results to the case with continuous dividend, and then derive the call-put parity relation. Furthermore, we get the general expression of convertible bond price. Finally, we conduct a comparative analysis of numerical simulation and make an empirical analysis between the B-S model and the actuarial model using the actual data in the Chinese stock market. The empirical results show that the efficiency of the actuarial model is superior to the B-S model

The Vortical Structures in the Rear Separation and Wake Produced by a Supersonic Micro-Ramp

The vortical structures in the rear separation and wake region produced by a micro-ramp that immersed in a supersonic turbulent boundary layer are investigated. The small scale separation close to the trailing edge was reveled and this confirms the previous experimental observation. Between the reverse region and surrounding fast moving flow, a three-dimensional shear layer was formed, and vortices are generated. By using vortex line method, the spiral points were understood as the cross-sections of the Ω-shaped vortices that follow the shape of the separation. The vortical structure was analogous to that in the wake region, where similar Ω-shaped vortex can be observed which follows the deficit region caused by the micro-ramp. Finally, the revealed flow topology was conceived beneficial to studying the wall bounded turbulence which involves similar vortical structures but in a smaller scale, while the vortical pattern in the current micro-ramp wake is larger

Endogenous hormone and nutritional ingredient of pendulous characteristics of Cunninghamia lanceolata var. Luotian

Cunninghamia lanceolata var. Luotian (herein, Luotian), a natural variety of Cunninghamia lanceolata (Chinese fir, herein Lanceolata), shows great potential for agricultural protection short-period and high-density plantations because of its narrow, pointed, tower-shaped crowns, thin braches and older drooping branches that die naturally at 6-7 years old. The physiological mechanisms of the pendulousness and the natural death of the branches are still unclear. To investigate these mechanisms, phytohormone levels and nutritional ingredients of different positions of branches in Luotian and Lanceolata were determined. Phytohormone analyses showed that IAA and ZR played critical functions on the branch initial growth, and that GA3 was related to bending of branches. Meanwhile, ABA may enhance abscission of the branches in Luotian. Nutritional ingredient analyses showed that the accumulation of nutritional ingredients in Luotian and Lanceolata were consistent with the morphology of their branches. An integrated analysis implied that phytohormones had a strong influence on pendulous characteristics by interacting with other factors. This study helps to elucidate the mechanism governing the pendulous trait and provides theoretical basis and technical support for its cultivation, introduction, plantation management and genetic improvement

A comparative analysis of a radiation-cooling-plate-coupled adhesion-jet air conditioning system in different positions

Compared with the traditional radiant cooling combined with a displacement ventilation air conditioning system, an air conditioning system of radiant cooling combined with an attached jet can not only effectively prevent dew on the surface of the radiant cooling plate, but also further improve the cooling capacity of the radiant air conditioning system; however, most scholars have installed the radiant cooling plate on the radiant roof and the ground, and there are fewer studies on installing the radiant cooling plate on the two sides of the wall. Based on this, this paper builds an experimental system of radiant air conditioning and conducts experiments on summer working conditions in June–October to experimentally study the indoor thermal and humid environments and thermal comfort under different water supply temperatures when radiant cold panels are installed in single-side-wall, symmetrical-wall, and top-panel positions. The experimental results show that the optimal water supply temperatures of single-side-wall radiation combined with an attached-jet air conditioning system, symmetrical-wall radiation combined with an attached-jet air conditioning system, and roof radiation combined with an attached-jet air conditioning system are 18 °C, 22 °C, and 16 °C, respectively, and at the same time, the temperatures of the human body’s working area under the above water supply temperatures are 26 °C, 26.3 °C, and 26.4 °C, respectively. The average humidities in the working area are 58%, 53%, and 57%, which can meet the requirements of our country’s level II comfort when the indoor heat and humidity environment is stable, the energy consumption amounts of the radiant end are 5.71 kW·h, 3.99 kW·h, and 10.81 kW·h, respectively, and the highest efficiency of cooling and dehumidification is achieved with the symmetric-wall radiation combined with the adherent-jet air conditioning system

LES investigation into the generation of momentum deficits in the supersonic wake of a micro-ramp

Implicitly implemented large eddy simulation (LES) with a fifth-order WENO scheme was conducted in this study. Based on Navier-Stokes equations, this LES was carried out to explore the origin of momentum deficit caused by a supersonic micro-ramp at flow conditions of M a = 2.5 and Re θ = 5760. The numerical results were validated through qualitative and quantitative comparisons with existing experimental data. After describing the aerodynamic properties of the supersonic wake, such as the deficit and the streamwise vortices, the momentum deficit was later detected to originate from the lower portion of the upstream boundary layer, while the high momentum fluid originated from close to the wall at the upper portion. Position alternation trigged by the micro-ramp was finally proposed as a revised mechanism

Heat Shock Protein 40 (HSP40) in Pacific White Shrimp (Litopenaeus vannamei): Molecular Cloning, Tissue Distribution and Ontogeny, Response to Temperature, Acidity/Alkalinity and Salinity Stresses, and Potential Role in Ovarian Development

Heat shock proteins (HSPs), a family of conserved proteins that are produced by cells in response to stresses, are known as molecular chaperones with a range of housekeeping and cellular protective functions. The 40 kD heat shock protein (HSP40) is a co-chaperone for HSP70 in the regulation of ATP hydrolysis. Unlike its well-documented cofactor HSP70, little is currently known regarding the biological functions of HSP40 in crustacean species such as penaeid shrimp. In the present study, the cDNA encoding HSP40 (Lv-HSP40) was identified from the Pacific white shrimp Litopenaeus vannamei, a highly significant commercial culture species. The structural organization indicates that Lv-HSP40 belongs to the type-I HSP40s. The muscle, gill, and hepatopancreas are the main sites of Lv-HSP40 transcript expression. Within these tissues, Lv-HSP40 mRNA were predominantly exhibited in the myocytes, epithelial cells and hepatopancreatic cells, respectively. Under acute thermal stress in the culture environment, Lv-HSP40 transcript levels are significantly induced in these three tissues, while low pH stress only upregulates Lv-HSP40 mRNA in the hepatopancreas and gill. During ontogenesis, Lv-HSP40 transcript levels are high at early embryonic stages and drop sharply at late embryonic and early larval stages. The ovary is another major organ of Lv-HSP40 mRNA expression in female shrimp, and Lv-HSP40 transcripts were mainly presented in the follicle cells but only weekly detected in the oocytes. Ovarian Lv-HSP40 mRNA levels increase continuously during gonadal development. Silencing of the Lv-HSP40 gene by RNA interference may effectively delay ovarian maturation after unilateral eyestalk ablation. The roles of Lv-HSP40 in ovarian development are speculated to be independent of its cofactor HSP70, and the vitellogenesis factor vitellogenin (Vg) and vitellogenin receptor (VgR). Our study, as a whole, provides new insights into the roles of HSP40 in multiple physiological processes in L. vannamei: (1) HSP40 is a responding factor during stressful conditions; and (2) HSP40 participates in embryonic and ovarian development

Stretchable Piezoelectric Sensing Systems for Self-Powered and Wireless Health Monitoring

Continuous monitoring of human physiological signals is critical to managing personal healthcare by early detection of health disorders. Wearable and implantable devices are attracting growing attention as they show great potential for real-time recording of physiological conditions and body motions. Conventional piezoelectric sensors have the advantage of potentially being self-powered, but have limitations due to their intrinsic lack of stretchability. Herein, a kirigami approach to realize a novel stretchable strain sensor is introduced through a network of cut patterns in a piezoelectric thin film, exploiting the anisotropic and local bending that the patterns induce. The resulting pattern simultaneously enhances the electrical performance of the film and its stretchability while retaining the mechanical integrity of the underlying materials. The power output is enhanced from the mechano-electric piezoelectric sensing effect by introducing an intersegment, through-plane, electrode pattern. By additionally integrating wireless electronics, this sensing network could work in an entirely battery-free mode. The kirigami stretchable piezoelectric sensor is demonstrated in cardiac monitoring and wearable body tracking applications. The integrated soft, stretchable, and biocompatible sensor demonstrates excellent in vitro and ex vivo performances and provides insights for the potential use in myriad biomedical and wearable health monitoring applications