Semi-static hedging for certain Margrabe type options with barriers

It turns out that in the bivariate Black-Scholes economy Margrabe type options exhibit symmetry properties leading to semi-static hedges of rather general barrier options. Some of the results are extended to variants obtained by means of Brownian subordination. In order to increase the liquidity of the hedging instruments for certain currency options, the duality principle can be applied to set up hedges in a foreign market by using only European vanilla options sometimes along with a risk-less bond. Since the semi-static hedges in the Black-Scholes economy are exact, closed form valuation formulas for certain barrier options can be easily derived.Comment: 18 page

Leaf hyperspectral reflectance as a potential tool to detect diseases associated with vineyard decline.

Grape production in the Serra Gaúcha region, south of Brazil, is severily constrained by several diseases such as the decline and death syndrome caused grapevine trunk (fungal) diseases (GTDs) and the grapevine leafroll-associated virus (GLRaV). As pathogens induce changes in leaf tissue that modify the reflectance, the spectral signature of asymptomatic and symptomatic grapevine leaves infected by GTDs and GLRaV was analyzed to check whether spectral responses could be useful for disease identification. This work aims at (a) defining the spectral signature of grapevine leaves asymptomatic and symptomatic to GTDs and GLRaV; b) analyzing whether the spectral response of asymptomatic leaves can be distinguished from symptomatic; and (c) defining the most useful wavelengths for discriminating spectral responses. For such, reflectance of leaves in either condition collected in a ?Merlot? vineyard during three growing seasons was measured using a spectroradiometer. Principal components and partial least square discriminant analyses confirmed the spectral separation and classes discrimination. The average spectra, difference spectra, and first-order derivative (FOD) spectra indicated differences between asymptomatic and symptomatic leaves in the green peak (520?550 nm), chlorophyll-associated wavelengths (650?670 nm), red edge (700?720 nm), beginning of nearinfrared (800?900 nm), and shortwave infrared. Hyperspectral data was linked to biochemical and physiological changes described for GTD and GLRaV. Variable importance in the projection (VIP) analysis showed that some wavelengths allowed to differentiate the tested pathosystems and could serve as a basis for further validation and disease classification studies. Keywords Grapevine leafroll-associated virus . Grapevine trunk diseases . Vitis vinifera L. . Principal components analysis . Variable importance in the projectio

Structure and Colors of Diffuse Emission in the Spitzer Galactic First Look Survey

We investigate the density structure of the interstellar medium using new high-resolution maps of the 8 micron, 24 micron, and 70 micron surface brightness towards a molecular cloud in the Gum Nebula, made as part of the Spitzer Space Telescope Galactic First Look Survey. The maps are correlated with 100 micron images measured with IRAS. At 24 and 70 micron, the spatial power spectrum of surface brightness follows a power law with spectral index -3.5. At 24 micron, the power law behavior is remarkably consistent from the 0.2 degree size of our maps down to the 5 arcsecond spatial resolution. Thus, the structure of the 24 micron emission is self-similar even at milliparsec scales. The combined power spectrum produced from Spitzer 24 micron and IRAS 25 micron images is consistent with a change in the power law exponent from -2.6 to -3.5. The decrease may be due to the transition from a two-dimensional to three-dimensional structure. Under this hypothesis, we estimate the thickness of the emitting medium to be 0.3 pc.Comment: 13 Pages, 3 Figures, to be published in Astrophysical Journal Supplement Series (Spitzer Special Issue), volume 154. Uses aastex v5.

The Infrared Spectrograph on the Spitzer Space Telescope

The Infrared Spectrograph (IRS) is one of three science instruments on the Spitzer Space Telescope. The IRS comprises four separate spectrograph modules covering the wavelength range from 5.3 to 38micron with spectral resolutions, R \~90 and 600, and it was optimized to take full advantage of the very low background in the space environment. The IRS is performing at or better than the pre-launch predictions. An autonomous target acquisition capability enables the IRS to locate the mid-infrared centroid of a source, providing the information so that the spacecraft can accurately offset that centroid to a selected slit. This feature is particularly useful when taking spectra of sources with poorly known coordinates. An automated data reduction pipeline has been developed at the Spitzer Science Center.Comment: Accepted in ApJ Sup. Spitzer Special Issue, 6 pages, 4 figure

The complexities, coordination, culture and capacities that characterise the delivery of oncology services in the common areas of ambulatory settings.

BACKGROUND: Relatively little is understood about real-world provision of oncology care in ambulatory outpatient clinics (OPCs). This study aimed to: 1) develop an understanding of behaviours and practices inherent in the delivery of cancer services in OPC common areas by characterising the organisation and implementation of this care; and 2) identify barriers to, and facilitators of, the delivery of this care in OPC common areas. METHODS: A purpose-designed ethnographic study was employed in four public hospital OPCs. Informal field scoping activities were followed by in-situ observations, key informant interviews and document review. A view of OPCs as complex adaptive systems was used as a scaffold for the data collection and interpretation, with the intent of understanding 'work as done'. Data were analysed using an adapted "Qualitative Rapid Appraisal, Rigorous Analysis" approach. RESULTS: Field observations were conducted over 135 h, interviews over 6.5 h and documents were reviewed. Analysis found six themes. Staff working in OPCs see themselves as part of small local teams and as part of a broader multidisciplinary care team. Professional role boundaries could be unclear in practice, as duties expanded to meet demand or to stop patients "falling through the cracks." Formal care processes in OPCs were supported by relationships, social capital and informal, but invaluable, institutional expertise. Features of the clinic layout, such as the proximity of departments, affected professional interactions. Staff were aware of inter- and intra-service communication difficulties and employed strategies to minimise negative impacts on patients. We found that complexity, coordination, culture and capacity underpin the themes that characterise this care provision. CONCLUSIONS: The study advances understanding of how multidisciplinary care is delivered in ambulatory settings and the factors which promote or inhibit effective care practice. Time pressures, communication challenges and competing priorities can pose barriers to care delivery. OPC care is facilitated by: self-organisation of participants; professional acumen; institutional knowledge; social ties and relationships between and within professional groups; and commitment to patient-centred care. An understanding of the realities of 'work-as-done' may help OPCs to sustain high-quality care in the face of escalating service demand

Observations of Ultraluminous Infrared Galaxies with the Infrared Spectrograph on the Spitzer Space Telescope: Early Results on Mrk 1014, Mrk 463, and UGC 5101

We present spectra taken with the Infrared Spectrograph on Spitzer covering the 5-38micron region of three Ultraluminous Infrared Galaxies (ULIRGs): Mrk 1014 (z=0.163), and Mrk 463 (z=0.051), and UGC 5101 (z=0.039). The continua of UGC 5101 and Mrk 463 show strong silicate absorption suggesting significant optical depths to the nuclei at 10microns. UGC 5101 also shows the clear presence of water ice in absorption. PAH emission features are seen in both Mrk 1014 and UGC 5101, including the 16.4micron line in UGC 5101. The fine structure lines are consistent with dominant AGN power sources in both Mrk 1014 and Mrk 463. In UGC 5101 we detect the [NeV] 14.3micron emission line providing the first direct evidence for a buried AGN in the mid-infrared. The detection of the 9.66micron and 17.03micron H$_{2}$ emission lines in both UGC 5101 and Mrk 463 suggest that the warm molecular gas accounts for 22% and 48% of the total molecular gas masses in these galaxies.Comment: Accepted in ApJ Sup. Spitzer Special Issue, 4 pages, 3 figure

Discovery of the Young L Dwarf WISE J174102.78–464225.5

We report the discovery of the L dwarf WISE J174102.78–464225.5, which was discovered as part of a search for nearby L dwarfs using the Wide-field Infrared Survey Explorer (WISE). The distinct triangular peak of the H-band portion of its near-infrared spectrum and its red near-infrared colors (J – K_S = 2.35 ± 0.08 mag) are indicative of a young age. Via comparison to spectral standards and other red L dwarfs, we estimate a near-infrared spectral type of L7 ± 2 (pec). From a comparison to spectral and low-mass evolutionary models, we determine self-consistent effective temperature, log g, age, and mass values of 1450 ± 100 K, 4.0 ± 0.25 (cm s^(–2)), 10-100 Myr, and 4-21 M_(Jup), respectively. With an estimated distance of 10-30 pc, we explore the possibility that WISE J174102.78–464225.5 belongs to one of the young nearby moving groups via a kinematic analysis and we find potential membership in the β Pictoris or AB Doradus associations. A trigonometric parallax measurement and a precise radial velocity can help to secure its membership in either of these groups

Providing outpatient cancer care for CALD patients: a qualitative study

Objective There have been few descriptions of how outpatient cancer care is provided to patients from culturally and linguistically diverse (CALD) communities. As populations who experience disparities in cancer care access and outcomes, deeper understanding is needed to help identify those factors which can shape the receipt of multidisciplinary care in ambulatory settings. This paper reports on data collected and analysed as part of a multicentre characterisation of care in Australian public hospital cancer outpatient clinics (OPCs). Results Analysis of data from our ethnographic study of four OPCs identified three themes: “Identifying CALD patient language-related needs”; “Capacity and resources to meet CALD patient needs”, and “Making it work for CALD communities.” The care team comprises not only clinicians but also families and non-clinical staff; OPCs serve as “touchpoints” facilitating access to a range of therapeutic services. The findings highlight the potential challenges oncology professionals negotiate in providing care to CALD communities and the ways in which clinicians adapt their practices, formulate strategies and use available resources to support care delivery