PRICING EQUATIONS IN JUMP-TO-DEFAULT MODELS

We study pricing equations in jump-to-default models, and we provide conditions under which the option price is the unique classical solution, with a special focus on boundary conditions. In particular, we find precise conditions ensuring that the option price at the default boundary coincides with the recovery payment. We also study spatial convexity of the option price, and we explore the connection between preservation of convexity and parameter monotonicity

Morphologies of Sol–Gel Derived Thin Films of ZnO Using Different Precursor Materials and their Nanostructures

We have shown that the morphological features of the sol–gel derived thin films of ZnO depend strongly on the choice of the precursor materials. In particular, we have used zinc nitrate and zinc acetate as the precursor materials. While the films using zinc acetate showed a smoother topography, those prepared by using zinc nitrate exhibited dendritic character. Both types of films were found to be crystalline in nature. The crystallite dimensions were confined to the nanoscale. The crystallite size of the nanograins in the zinc nitrate derived films has been found to be smaller than the films grown by using zinc acetate as the precursor material. Selected area electron diffraction patterns in the case of both the precursor material has shown the presence of different rings corresponding to different planes of hexagonal ZnO crystal structure. The results have been discussed in terms of the fundamental considerations and basic chemistry governing the growth kinetics of these sol–gel derived ZnO films with both the precursor materials

Mercury and monomethylmercury in fluids from Sea Cliff submarine hydrothermal field, Gorda Ridge

Author Posting. © American Geophysical Union, 2006. This article is posted here by permission of American Geophysical Union for personal use, not for redistribution. The definitive version was published in Geophysical Research Letters 33 (2006): L17606, doi:10.1029/2006GL026321.Submarine hydrothermal systems are hypothesized to be a potentially important source of monomethylmercury (MMHg) to the ocean, yet the amount of MMHg in vent fluids is unknown. Here, we report total Hg and MMHg concentrations in hydrothermal vent fluids sampled from the Sea Cliff site on the Gorda Ridge. MMHg is the dominant Hg species, and levels of total Hg are enhanced slightly compared to seawater. Hg is enriched in deposits surrounding the site, suggesting near-field deposition from fluid plumes, with rapid MMHg demethylation and scavenging of Hg(II) complexes. Assuming the flux of MMHg from Sea Cliff is representative of global submarine hydrothermal inputs, we estimate a flux of 0.1–0.4 Mmoles y−1, which may be attenuated by scavenging near the vents. However, deep waters are not typically known to be elevated in Hg, and thus we suggest that hydrothermal systems are not significant sources of MMHg to commercial fisheries.WHOI Academic Programs Office, the Penzance Endowed Discretionary Fund, NSF-OCE and EPA-STAR, NOAA-NUR

Methylmercury cycling in sediments on the continental shelf of southern New England

Author Posting. © The Authors, 2005. This is the author's version of the work. It is posted here by permission of Elsevier B.V. for personal use, not for redistribution. The definitive version was published in Geochimica et Cosmochimica Acta 70 (2006): 918-930, doi:10.1016/j.gca.2005.10.020.Exposure of humans to monomethylmercury (MMHg) occurs primarily through consumption of marine fish, yet there is limited understanding concerning the bioaccumulation and biogeochemistry of MMHg in the biologically productive coastal ocean. We examined the cycling of MMHg in sediments at three locations on the continental shelf of southern New England in September 2003. MMHg in surface sediments is related positively to inorganic Hg (Hg(II)=total Hg-MMHg), the geographical distribution of which is influenced by organic material. Organic matter also largely controls the sediment-water partitioning of Hg species and governs the availability of dissolved Hg(II) for methylation. Potential gross rates of MMHg production, assayed by experimental addition of 200Hg to intact sediment cores, are correlated inversely with the distribution coefficient (KD) of Hg(II) and positively with the concentration of Hg(II), most probably as HgS0, in 0.2-µm filtered pore water of these low-sulfide deposits. Moreover, the efflux of dissolved MMHg to overlying water (i.e., net production at steady state) is correlated with the gross potential rate of MMHg production in surface sediments. These results suggest that the production and efflux of MMHg from coastal marine sediments is limited by Hg(II), loadings of which presumably are principally from atmospheric deposition to this region of the continental shelf. The estimated diffusive flux of MMHg from the shelf sediments averages 9 pmol m-2 d-1. This flux is comparable to that required to sustain the current rate of MMHg accumulation by marine fish, and may be enhanced by the efflux of MMHg from near-shore deposits contaminated more substantially with anthropogenic Hg. Hence, production and subsequent mobilization of MMHg from sediments in the coastal zone may be a major source of MMHg to the ocean and marine biota, including fishes consumed by humans.This research was supported by a STAR student fellowship (U91591801) and grant (R827635) from the U.S. Environmental Protection Agency, a graduate student fellowship and grant from the Hudson River Foundation for Environmental Research, and the Postdoctoral Scholar Program at the Woods Hole Oceanographic Institution, with funding provided by the Doherty Foundation

Geochemical Characterization of Two Ferruginous Meromictic Lakes in the Upper Midwest, USA

To elucidate the role of (bio)geochemical processes that fueled iron and carbon cycling in early Earth oceans, modern environments with similar geochemical conditions are needed. As the range of chemical, physical, and biological attributes of the Precambrian oceans must have varied in time and space, lakes of different compositions are useful to ask and answer different questions. Tropical Lake Matano (Indonesia), the largest known ferruginous lake, and Lake Pavin (France), a meromictic crater lake, are the two best studied Precambrian ocean analogs. Here we present seasonal geochemical data from two glacially formed temperate ferruginous lakes: Brownie Lake (MN) and Canyon Lake (MI) in the Upper Midwest, USA. The results of seasonal monitoring over multiple years indicate that (1) each lake is meromictic with a dense, anoxic monimolimnion, which is separated from the less dense, oxic mixolimnion by a sharp chemocline; (2) below this chemocline are ferruginous waters, with maximum dissolved iron concentrations \u3e1 mM; (3) meromixis in Brownie Lake is largely anthropogenic, whereas in Canyon Lake it is natural; (4) the shallow chemocline of Brownie Lake and high phosphorus reservoir make it an ideal analog to study anoxygenic photosynthesis, elemental ratios, and mineralogy; and (5) a deep penetrating suboxic zone in Canyon Lake may support future studies of suboxic microbial activity or mineral transformation

Cerebral gene expression in response to single or combined gestational exposure to methylmercury and selenium through the maternal diet

Controversy remains regarding the safety of consuming certain types of seafood, particularly during pregnancy. While seafood is rich in vital nutrients, it may also be an important source of environmental contaminants such as methylmercury (MeHg). Selenium (Se) is one essential element present in seafood, hypothesised to ameliorate MeHg toxicity. The aim of the present study was to ascertain the impact of Se on MeHg-induced cerebral gene expression in a mammalian model. Microarray analysis was performed on brain tissue from 15-day-old mice that had been exposed to MeHg throughout development via the maternal diet. The results from the microarray analysis were validated using qPCR. The exposure groups included: MeHg alone (2.6 mg kg−1), Se alone (1.3 mg kg−1), and MeHg + Se. MeHg was presented in a cysteinate form, and Se as Se–methionine, one of the elemental species occurring naturally in seafood. Eight genes responded to Se exposure alone, five were specific to MeHg, and 63 were regulated under the concurrent exposure of MeHg and Se. Significantly enriched functional classes relating to the immune system and cell adhesion were identified, highlighting potential ameliorating mechanisms of Se on MeHg toxicity. Key developmental genes, such as Wnt3 and Sparcl1, were also identified as putative ameliorative targets. This study, utilising environmentally realistic forms of toxicants, delivered through the natural route of exposure, in association with the power of transcriptomics, highlights significant novel information regarding putative pathways of selenium and MeHg interaction in the mammalian brain