Did Option Traders Predict the Korean Financial Crisis of 1997?

This paper examines KOSPI200 options prices in order to investigate whether implied volatility implicit in options prices foreshadowed the 1997 financial crisis in Korea. A set of call and put implied volatilities are examined for evidence of expectations prior to October 23, 1997 of an impending financial crisis. It is shown that implied volatilities from out-of-the-money calls were relatively higher than those from otherwise identical puts during the period preceding October 23, 1997. Thereafter, however, put implied volatilities became extremely high relative to call implied volatilities. These results indicate no strong fears about the financial crisis during the three months immediately preceding the financial crisis, so KOSPI200 options prices indicate that options traders failed to detect the financial crisis prior to October 23, 1997.Korean financial crisis, options traders

Thermo-refractive noise in gravitational wave antennae

Thermodynamical fluctuations of temperature in mirrors of gravitational wave antennae may be transformed into additional noise not only through thermal expansion coefficient but also through temperature dependence of refraction index. The intensity of this noise is comparable with other known noises and must be taken into account in future steps of the antennas.Comment: 11 pages, 1 figure, the paper is revised as compared to one accepted in Phys.Letts.A (new numerical estimates

Thermodynamical fluctuations and photo-thermal shot noise in gravitational wave antennae

Thermodynamical fluctuations of temperature in mirrors of gravitational wave antennae are transformed through thermal expansion coefficient into additional noise. This source of noise, which may also be interpreted as fluctuations due to thermoelastic damping, may not be neglected and leads to the necessity to reexamine the choice of materials for the mirrors. Additional source of noise are fluctuations of the mirrors' surfaces caused by optical power absorbed in dielectrical reflective layers.Comment: 20 pages, 2 figure

Global gene expression analysis provides insight into local adaptation to geothermal streams in tadpoles of the Andean toad Rhinella spinulosa

Indexación: Web of Science; Scopus.The anuran Rhinella spinulosa is distributed along the Andes Range at altitudes that undergo wide daily and seasonal variation in temperature. One of the populations inhabits geothermal streams, a stable environment that influences life history traits such as the timing of metamorphosis. To investigate whether this population has undergone local adaptation to this unique habitat, we carried out transcriptome analyses in animals from two localities in two developmental stages (prometamorphic and metamorphic) and exposed them to two temperatures (20 and 25 degrees C). RNA-Seq, de novo assembly and annotation defined a transcriptome revealing 194,469 high quality SNPs, with 1,507 genes under positive selection. Comparisons among the experimental conditions yielded 1,593 differentially expressed genes. A bioinformatics search for candidates revealed a total of 70 genes that are highly likely to be implicated in the adaptive response of the population living in a stable environment, compared to those living in an environment with variable temperatures. Most importantly, the population inhabiting the geothermal environment showed decreased transcriptional plasticity and reduced genetic variation compared to its counterpart from the non-stable environment. This analysis will help to advance the understanding of the molecular mechanisms that account for the local adaptation to geothermal streams in anurans.https://www.nature.com/articles/s41598-017-01982-

The role of scattered trees and habitat diversity for biodiversity of Iberian dehesas

PosterWe studied 10 dehesas of CW Spain (40º 00’-10’ N, 06º 10’-20’ W), mapping every habitat according to a standardized protocol developed by the European BioBio project. We defined 35 habitat types, with 19 habitat types (split in 85 plots) per dehesa, on average. In one randomly selected plot per habitat type diversity of the four taxa, plants, bees, spiders and earthworms, were assessed. In total, 450 plant species (average of 189 per farm and 36 per habitat), 63 bee species (17.6 and 3.2), 130 spider species (43.8 and 7.4), and 17 earthworm species ( 7.8 and 2.5) were recorded. In each taxa, only some species were very abundant, while most of the species were found only in few farms/habitats. A high proportion of species (ca. 40%) were observed only in just one habitat per farm, indicating that farm biodiversity strongly depends on the habitat diversity. The analysis of unique and shared species among habitats revealed that every habitat contribute significantly to farm biodiversity. By contrast, species richness was poorly explained by the presence of scattered trees, whereas the combination of wood pastures and open pastures was a significant predictor. Summarizing, our extensive survey showed that diversity of the four taxa was strongly related to the existence of a wide mosaic of habitats, including non-productive habitats and linear elements, which harbor a disproportionate number of species compared to the low area occupied. Moreover, these habitats harbor a high number of exclusive species. As a next step, the importance of the spatial arrangement of main and non-productive habitats for biodiversity at the farm and landscape levels, need to be checked

Sexual and transovarian transmission of Crimean-Congo haemorrhagic fever virus in Hyalomma truncatum ticks

A partir d'une expérience en laboratoire, il apparaît que les tiques du genre #Hyalomma$ sont un vecteur essentiel du virus CCHF en Afrique. Leur rôle de vecteur efficace est la résultante de leur aptitude à s'infecter, répliquer et transmettre le virus CCHF. La transmission sexuelle suivie d'une transmission transovarienne pourrait participer au maintien du virus dans la nature, en augmentant le taux d'infection du vecteu

Prévalence en anticorps contre le virus de la fièvre de la vallée du Rift chez les petits ruminants du Sénégal

Une enquête de prévalence en anticorps contre le virus de la fièvre de la Vallée du Rift a été réalisée sur un échantillon représentatif du cheptel ovin et caprin du Sénégal. La répartition des anticorps montre l'état enzootique de la fièvre de la vallée du Rift dans ce cheptel. Les prévalences en anticorps chez les ovins et caprins sont comparables mais réparties de façon très hétérogène selon les zones étudiées (Résumé d'auteur