Calibration to American options: numerical investigation of the de-Americanization method.

American options are the reference instruments for the model calibration of a large and important class of single stocks. For this task, a fast and accurate pricing algorithm is indispensable. The literature mainly discusses pricing methods for American options that are based on Monte Carlo, tree and partial differential equation methods. We present an alternative approach that has become popular under the name de-Americanization in the financial industry. The method is easy to implement and enjoys fast run-times (compared to a direct calibration to American options). Since it is based on ad hoc simplifications, however, theoretical results guaranteeing reliability are not available. To quantify the resulting methodological risk, we empirically test the performance of the de-Americanization method for calibration. We classify the scenarios in which de-Americanization performs very well. However, we also identify the cases where de-Americanization oversimplifies and can result in large errors

Exceptional Diversity, Non-Random Distribution, and Rapid Evolution of Retroelements in the B73 Maize Genome

Recent comprehensive sequence analysis of the maize genome now permits detailed discovery and description of all transposable elements (TEs) in this complex nuclear environment. Reiteratively optimized structural and homology criteria were used in the computer-assisted search for retroelements, TEs that transpose by reverse transcription of an RNA intermediate, with the final results verified by manual inspection. Retroelements were found to occupy the majority (>75%) of the nuclear genome in maize inbred B73. Unprecedented genetic diversity was discovered in the long terminal repeat (LTR) retrotransposon class of retroelements, with >400 families (>350 newly discovered) contributing >31,000 intact elements. The two other classes of retroelements, SINEs (four families) and LINEs (at least 30 families), were observed to contribute 1,991 and ∼35,000 copies, respectively, or a combined ∼1% of the B73 nuclear genome. With regard to fully intact elements, median copy numbers for all retroelement families in maize was 2 because >250 LTR retrotransposon families contained only one or two intact members that could be detected in the B73 draft sequence. The majority, perhaps all, of the investigated retroelement families exhibited non-random dispersal across the maize genome, with LINEs, SINEs, and many low-copy-number LTR retrotransposons exhibiting a bias for accumulation in gene-rich regions. In contrast, most (but not all) medium- and high-copy-number LTR retrotransposons were found to preferentially accumulate in gene-poor regions like pericentromeric heterochromatin, while a few high-copy-number families exhibited the opposite bias. Regions of the genome with the highest LTR retrotransposon density contained the lowest LTR retrotransposon diversity. These results indicate that the maize genome provides a great number of different niches for the survival and procreation of a great variety of retroelements that have evolved to differentially occupy and exploit this genomic diversity

Introduction: Rethinking democratization and election observation

This book brings together studies on the broad theme of elections and democratization in Africa since roughly 1989. It is based on a seminar held in The Netherlands in February 1997, and includes chapters on both electoral processes, especially the role of foreign observers therein, and the historical and sociocultural backgrounds or contexts of democratization, elections and political legitimacy. Part 1 deals with elections and election observation in Africa in general (contributions by O. van Cranenburgh, S. Ellis, I. van Kessel, B. de Gaay Fortman). Part 2 consists of country studies (M. Doornbos on Uganda, D. Foeken en T. Dietz on Kenya, J. Abbink on Ethiopia, R. van Dijk on Malawi, R. Buijtenhuijs on Chad, and M.-F. Lange on Mali). Part 3 includes a chapter that reflects the discussions held at the seminar between observers, academics and policymakers in the Netherlands Ministry of Foreign Affairs (W. van Binsbergen en J. Abbink); a review of Dutch policies on election observation in Africa during the period 1992-1997 (O. van Cranenburgh); and a discussion of the 1997 general elections in Kenya, where a new approach of election observation was introduced (M. Rutten)ASC – Publicaties niet-programma gebonde

The controversy of patellar resurfacing in total knee arthroplasty: Ibisne in medio tutissimus?

Early arthroplasty designs were associated with a high level of anterior knee pain as they failed to cater for the patello-femoral joint. Patellar resurfacing was heralded as the saviour safeguarding patient satisfaction and success but opinion on its necessity has since deeply divided the scientific community and has become synonymous to topics of religion or politics. Opponents of resurfacing contend that the native patella provides better patellar tracking, improved clinical function, and avoids implant-related complications, whilst proponents argue that patients have less pain, are overall more satisfied, and avert the need for secondary resurfacing. The question remains whether complications associated with patellar resurfacing including those arising from future component revision outweigh the somewhat increased incidence of anterior knee pain recorded in unresurfaced patients. The current scientific literature, which is often affected by methodological limitations and observer bias, remains confusing as it provides evidence in support of both sides of the argument, whilst blinded satisfaction studies comparing resurfaced and non-resurfaced knees generally reveal equivalent results. Even national arthroplasty register data show wide variations in the proportion of patellar resurfacing between countries that cannot be explained by cultural differences alone. Advocates who always resurface or never resurface indiscriminately expose the patella to a random choice. Selective resurfacing offers a compromise by providing a decision algorithm based on a propensity for improved clinical success, whilst avoiding potential complications associated with unnecessary resurfacing. Evidence regarding the validity of selection criteria, however, is missing, and the decision when to resurface is often based on intuitive reasoning. Our lack of understanding why, irrespective of pre-operative symptoms and patellar resurfacing, some patients may suffer pain following TKA and others may not have so far stifled our efforts to make the strategy of selective resurfacing succeed. We should hence devote our efforts in defining predictive criteria and indicators that will enable us to reliably identify those individuals who might benefit from a resurfacing procedure. Level of evidence V

Representation of the Gravitational Field and its Functionals by Multiscale Techniques

Die Grundgleichungen der Physikalischen Geodäsie (in der klassischen Formulierung) werden einer Multiskalenformulierung mittels (sphärisch harmonischer) Wavelets unterzogen. Die Energieverteilung des Störpotentials wird in Auflösung nach Skala und Ort durch Verwendung von Waveletvarianzen beschrieben. Schließlich werden zur Modellierung der zeitlichen Variationen des Schwerefeldes zeit- und ortsgebundene Energiespektren zur Detektion lokaler sowie periodischer/saisonaler Strukturen eingeführt.The fundamental equations of physical geodesy (in classic formulation) are transformed into a multiscale formulation by (spherical, harmonic) wavelets. The energy distribution of the disturbing potential is described by a resolution in scale and space using wavelet variances. Finally, time and space related energy spectra are introduced in order to model the temporal variances of the gravity field and to detect local as well as seasonal structurs

Representation of the Gravitational Field and its Functionals by Multiscale Techniques

Die Grundgleichungen der Physikalischen Geodäsie (in der klassischen Formulierung) werden einer Multiskalenformulierung mittels (sphärisch harmonischer) Wavelets unterzogen. Die Energieverteilung des Störpotentials wird in Auflösung nach Skala und Ort durch Verwendung von Waveletvarianzen beschrieben. Schließlich werden zur Modellierung der zeitlichen Variationen des Schwerefeldes zeit- und ortsgebundene Energiespektren zur Detektion lokaler sowie periodischer/saisonaler Strukturen eingeführt.The fundamental equations of physical geodesy (in classic formulation) are transformed into a multiscale formulation by (spherical, harmonic) wavelets. The energy distribution of the disturbing potential is described by a resolution in scale and space using wavelet variances. Finally, time and space related energy spectra are introduced in order to model the temporal variances of the gravity field and to detect local as well as seasonal structurs