Eksoottisten valuuttaoptioiden hinnoittelu

The popularity of exotic foreign exchange rate options has grown rapidly during the past decade. High profit margins and rapid market growth have made the market particularly lucrative for the banks. On the other hand, the correct pricing of exotic options requires more sophisticated models than the traditional Black-Scholes. The objective of this thesis is to build, implement, and validate a pricing model for the exotic foreign exchange rate options. Based on previous research, this thesis models the stochastic behavior of the foreign exchange rates as a stochastic volatility – jump-diffusion process with piecewise constant model parameters. The process is defined in both continuous and discrete times. The continuous time process is used for pricing European options in a semi-closed form, which enables an efficient model calibration. The discrete time model is used for pricing exotic options with Monte Carlo. The model is calibrated using a method customized specifically for the purposes of this thesis. The model is validated by analyzing its performance with real market data from the beginning of July to the end of August 2007. The convergence of the closed-form and Monte Carlo solution option prices shows that the model is internally consistent. The comparison of the model implied and market implied option prices indicate that the model is market consistent. The analysis of the robustness suggests that the model and its calibration are mathematically meaningful.Eksoottisten valuuttaoptioiden suosio on kasvanut voimakkaasti viimeisen vuosikymmenen aikana. Korkeiden tuottomarginaalien ja nopean kasvun vuoksi markkina on pankeille erittäin houkutteleva. Toisaalta eksoottisen optioiden oikea hinnoittelu vaatii perinteistä Black-Scholes mallia monimutkaisempien hinnoittelumallien käyttöä. Tämän työn tavoitteena on kehittää, implementoida ja validoida hinnoittelumalli eksoottisille valuuttaoptioille. Aiempiin tutkimustuloksiin nojaten, tämä tutkimus mallintaa valuuttakurssien käyttäytymistä stokastista volatiliteettia ja hyppydiffuusiota kuvaavalla yhdistelmämallilla, jonka parametrit ovat paloittain vakioita. Malli määritellään sekä jatkuvassa että diskreetissä ajassa. Jatkuvan ajan mallia käytetään eurooppalaisten optioiden hinnoitteluun puolisuljetussa muodossa, jota tarvitaan mallin tehokasta kalibrointia varten. Diskreetin ajan mallia käytetään eksoottisten optioiden hinnoitteluun Monte Carlo simuloinnin avulla. Malli kalibroidaan tätä työtä varten räätälöidyllä menetelmällä. Mallin toiminta validoidaan testaamalla mallia todellisella markkinadatalla heinäkuun alusta elokuun loppuun 2007 ulottuvalla ajanjaksolla. Puolisuljetun muodon ja Monte Carlo ratkaisujen optiohintojen yhtäpitävyys osoittaa mallin olevan sisäisesti konsistentti. Mallin tuottamien hintojen ja markkinahintojen yhtäpitävyys validoi mallin markkinakonsistenttiuden. Parametrien käyttäytyminen osoittaa, että malli ja sen kalibrointi ovat matemaattisesti mielekkäitä

Large differences in catch per unit of effort between two minnow trap models

Background Little is known about variation in catch per unit of effort (CPUE) in stickleback fisheries, or the factors explaining this variation. We investigated how nine-spined stickleback (Pungitius pungitius) CPUE was influenced by trap model by comparing the CPUEs of two very similar minnow trap models fished side-by-side in a paired experimental design. Results The galvanized trap type (mean CPUE = 1.31 fish h–1) out-fished the black trap type (mean CPUE = 0.20 fish h–1) consistently, and yielded on average 81% more fish. Conclusions The results demonstrate that small differences in trap appearance can have large impacts on CPUE. This has implications for studies designed to investigate abundance and occurrence of fish using minnow traps.Peer reviewe

Havaintoja varusmiesten motivaation rakenteista ja seurauksista

The present study aims to explain Finnish conscripts’ goal orientations in physical activity and national military service, stability of goal orientations, and their relationships to relevant outcomes. Substudy 1 examined how goal orientations predict achievement in reserve non-commissioned o cer course. Substudy 2 examined conscripts’ goal orientation pro les regarding physical activity and their stability over basic training. Substudy 3 focused on conscripts’ goal orientation pro les regarding military service, their stability and their relationships to expectations regarding military occupational choices. Results showed that mastery orientation predicted achievement positively whereas performance-avoidance orientation was detrimental to achievement. Regarding both physical training and military service, pro les that were congruent to prior research were observed, and these pro les were rather stable. Also, it was found that regardless of their motivational tendencies the conscripts valued highly their own preferences for military duties. Motivational goals are relevant framework also regarding military service and they seem to have important outcomes also in this context. It is suggested that motivational factors and their outcomes should be examined more thoroughly in military service

Evidence of energy and nutrient transfer from invasive pink salmon (Oncorhynchus gorbuscha) spawners to juvenile Atlantic salmon (Salmo salar) and brown trout (Salmo trutta) in northern Norway

Recent large influxes of non-native Pacific pink salmon (Oncorhynchus gorbuscha) to North European rivers have raised concern over their potential negative impacts on native salmonids and recipient ecosystems. The eggs and carcasses of semelparous pink salmon may provide a significant nutrient and energy subsidy to native biota, but this phenomenon has not been widely documented outside the species' native distribution. We analysed the stomach contents and stable isotope values (δ15N and δ13C) in muscle and liver tissues of juvenile Atlantic salmon (Salmo salar) and brown trout (Salmo trutta) to determine whether these native salmonids utilise marine-derived nutrients and energy provided by pink salmon eggs and carcasses in the subarctic river system Vesterelva, northern Norway. Although egg foraging and assimilation of marine-derived nutrients in fish body tissues were found to be minor at the population level, a few juvenile salmon and trout had recently eaten large quantities of pink salmon eggs. Some of these individuals also had high δ15N and δ13C values, indicating a long-term diet subsidised by marine-derived nutrients and energy from pink salmon eggs. Hence, our study provides novel evidence that the eggs of invasive pink salmon may provide an energetic, profitable food resource for juvenile native fish. More research is needed to understand the broader ecological implications for fishes and other biota in river ecosystems invaded by pink salmon. egg predation, marine-derived nutrients, non-native salmonids, resource subsidy, stable isotope analysis, subarctic riverpublishedVersio

Chloroquine Triggers Cell Death and Inhibits PARPs in Cell Models of Aggressive Hepatoblastoma

Background:Hepatoblastoma (HB) is the most common pediatric liver malignancy. Despite advances in chemotherapeutic regimens and surgical techniques, the survival of patients with advanced HB remains poor, underscoring the need for new therapeutic approaches. Chloroquine (CQ), a drug used to treat malaria and rheumatologic diseases, has been shown to inhibit the growth and survival of various cancer types. We examined the antineoplastic activity of CQ in cell models of aggressive HB. Methods:Seven human HB cell models, all derived from chemoresistant tumors, were cultured as spheroids in the presence of relevant concentrations of CQ. Morphology, viability, and induction of apoptosis were assessed after 48 and 96 h of CQ treatment. Metabolomic analysis and RT-qPCR based Death Pathway Finder array were used to elucidate the molecular mechanisms underlying the CQ effect in a 2-dimensional cell culture format. Quantitative western blotting was performed to validate findings at the protein level. Results:CQ had a significant dose and time dependent effect on HB cell viability both in spheroids and in 2-dimensional cell cultures. Following CQ treatment HB spheroids exhibited increased caspase 3/7 activity indicating the induction of apoptotic cell death. Metabolomic profiling demonstrated significant decreases in the concentrations of NAD(+)and aspartate in CQ treated cells. In further investigations, oxidation of NAD(+)decreased as consequence of CQ treatment and NAD(+)/NADH balance shifted toward NADH. Aspartate supplementation rescued cells from CQ induced cell death. Additionally, downregulated expression of PARP1 and PARP2 was observed. Conclusions:CQ treatment inhibits cell survival in cell models of aggressive HB, presumably by perturbing NAD(+)levels, impairing aspartate bioavailability, and inhibiting PARP expression. CQ thus holds potential as a new agent in the management of HB.Peer reviewe

Generalist invasion in a complex lake food web

Invasive species constitute a threat not only to native populations but also to the structure and functioning of entire food webs. Despite being considered as a global problem, only a small number of studies have quantitatively predicted the food web-level consequences of invasions. Here, we use an allometric trophic network model parameterized using empirical data on species body masses and feeding interactions to predict the effects of a possible invasion of Amur sleeper (Perccottus glenii), on a well-studied lake ecosystem. We show that the modeled establishment of Amur sleeper decreased the biomasses o ftop predator fishes by about 10%–19%. These reductions were largely explained by increased larval competition for food and Amur sleeper predation on fish larvae. In contrast, biomasses of less valued fish of lower trophic positions increased by about 0.4%–9% owing to reduced predation pressure by top piscivores. The predicted impact of Amur sleeper establishment on the biomasses of native fish species vastly exceeded the impacts of current-dayfishing pressures.H2020 European Research Council, Grant/Award Number: COMPLEX-FISH770884; Academy of Finland, Grant/Award Numbers: 317495, 325107,340901; Natural Sciences and Engineering Research Council of Canada; Estonian Research Council, Grant/Award Numbers: PSG32, PRG1167, PRG709, MOBJD29; Estonian University of Life Sciences, Grant/Award Number: P190254PKKH; European Union's Horizon 2020 Research and Innovation Programme, Grant/Award Number: TREICLAKE 951963H2020 European Research Council, Grant/Award Number: COMPLEX-FISH770884; Academy of Finland, Grant/Award Numbers: 317495, 325107,340901; Natural Sciences and EngineeringResearch Council of Canada; EstonianResearch Council, Grant/Award Numbers: PSG32, PRG1167, PRG709, MOBJD29; Estonian University of Life Sciences, Grant/Award Number: P190254PKKH; European Union's Horizon 2020 Research and Innovation Programme, Grant/AwardNumber: TREICLAKE 95196

Transcription factor GATA4 associates with mesenchymal-like gene expression in human hepatoblastoma cells

GATA4, a transcription factor crucial for early liver development, has been implicated in the pathophysiology of hepatoblastoma, an embryonal tumor of childhood. However, the molecular and phenotypic consequences of GATA4 expression in hepatoblastoma are not fully understood. We surveyed GATA4 expression in 24 hepatoblastomas using RNA in situ hybridization and immunohistochemistry. RNA interference was used to inhibit GATA4 in human HUH6 hepatoblastoma cells, and changes in cell migration were measured with wound healing and transwell assays. RNA microarray hybridization was performed on control and GATA4 knockdown HUH6 cells, and differentially expressed genes were validated by quantitative polymerase chain reaction or immunostaining. Plasmid transfection was used to overexpress GATA4 in primary human hepatocytes and ensuring changes in gene expression were measured by quantitative polymerase chain reaction. We found that GATA4 expression was high in most hepatoblastomas but weak or negligible in normal hepatocytes. GATA4 gene silencing impaired HUH6 cell migration. We identified 106 differentially expressed genes (72 downregulated, 34 upregulated) in knockdown versus control HUH6 cells. GATA4 silencing altered the expression of genes associated with cytoskeleton organization, cell-to-cell adhesion, and extracellular matrix dynamics (e.g. ADD3, AHNAK, DOCK8, RHOU, MSF, IGFBP1, COL4A2). These changes in gene expression reflected a more epithelial (less malignant) phenotype. Consistent with this notion, there was reduced F-actin stress fiber formation in knockdown HUH6 cells. Forced expression of GATA4 in primary human hepatocytes triggered opposite changes in the expression of genes identified by GATA4 silencing in HUH6 cells. In conclusion, GATA4 is highly expressed in most hepatoblastomas and correlates with a mesenchymal, migratory phenotype of hepatoblastoma cells

Analysis of Non-Relapsed and Relapsed Adult Type Granulosa Cell Tumors Suggests Stable Transcriptomes during Tumor Progression

Adult-type granulosa cell tumor (AGCT) is a rare ovarian malignancy characterized by slow growth and hormonal activity. The prognosis of AGCT is generally favorable, but one-third of patients with low-stage disease experience a late relapse, and over half of them die of AGCT. To identify markers that would distinguish patients at risk for relapse, we performed Lexogen QuantSeq 3′ mRNA sequencing on formalin-fixed paraffin-embedded, archival AGCT tissue samples tested positive for the pathognomonic Forkhead Box L2 (FOXL2) mutation. We compared the transcriptomic profiles of 14 non-relapsed archival primary AGCTs (follow-up time 17–26 years after diagnosis) with 13 relapsed primary AGCTs (follow-up time 1.7–18 years) and eight relapsed tumors (follow-up time 2.8–18.9 years). Non-relapsed and relapsed primary AGCTs had similar transcriptomic profiles. In relapsed tumors three genes were differentially expressed: plasmalemma vesicle associated protein (PLVAP) was upregulated (p = 0.01), whereas argininosuccinate synthase 1 (ASS1) (p = 0.01) and perilipin 4 (PLIN4) (p = 0.02) were downregulated. PLVAP upregulation was validated using tissue microarray RNA in situ hybridization. In our patient cohort with extremely long follow-up, we observed similar gene expression patterns in both primary AGCT groups, suggesting that relapse is not driven by transcriptomic changes. These results reinforce earlier findings that molecular markers do not predict AGCT behavior or risk of relapse

Analysis of non-relapsed and relapsed adult type granulosa cell tumors suggests stable transcriptomes during tumor progression

Adult-type granulosa cell tumor (AGCT) is a rare ovarian malignancy characterized by slow growth and hormonal activity. The prognosis of AGCT is generally favorable, but one-third of patients with low-stage disease experience a late relapse, and over half of them die of AGCT. To identify markers that would distinguish patients at risk for relapse, we performed Lexogen QuantSeq 3\u27 mRNA sequencing on formalin-fixed paraffin-embedded, archival AGCT tissue samples tested positive for the pathognomonic Forkhead Box L2