Avaliação de opções de troca e opções de spread européias e americanas

This present paper aims at evaluating european and american exchange options and spread options. When the European options are considered, the model developed is based on Monte Carlo Simulations, taking into consideration the joint simulation of the underwriter’s price. The results of this model are compared with the premiums estimated by Margrabe (1978) and Kirk (1995) formulas. Additionally, the sensibility of the premiums relative to changes in some inputs parameters was analyzed, contributing for the correct understanding of these derivatives. When the american options are considered, the model developed consists in an adaption of the Least Square Monte Carlo (LSMC) method developed by Longstaff e Schwartz (2001), so as to contemplate the multidimensional case. The results presented by this model were then compared with that presented by two other models, based on pyramidal lattices, developed by Rubinstein (1994) and Brandimarte (2006). Besides comparing the results presented by these three models, the sensibility of the premiums relative to changes in some inputs parameters was analyzed, confirming the consistence of the results presented. It’s important to note that, different from the pyramidal lattices, the adaption of the LSMC model has the advantage to allow the extension for three or more underwriters.

MERCANTILIZAÇÃO DA NATUREZA E ACUMULAÇÃO CAPITALISTA: O LICENCIAMENTO AMBIENTAL EM MINAS GERAIS

As recentes alterações no processo de licenciamento ambiental no estado de Minas Gerais chamam a atenção, dado o contraste com as recentes tragédias socioambientais que assolaram o estado. Neste texto, buscamos entender como as mudanças no marco regulatório ambiental (Lei nº. 21.972/16, os Decretos Estaduais nº 46.953/16 e nº 47.042/16 e a Deliberação Normativa (DN) nº 217/17 do Conselho Estadual de Política Ambiental [COPAM]) ensejaram formas mais intensas de apropriação da natureza no processo de acumulação capitalista

Conformational changes on PMMA induced by the presence of TiO2 nanoparticles and the processing by Solution Blow Spinning

Poly(methyl methacrylate) (PMMA) films filled with titanium oxide (TiO2) nanoparticles were prepared by solution blow spinning (SBS). The influence of the presence of nanoparticles (up to 10% by weight) in the physicochemical properties of the material was studied, focusing on the morphology, structure, and thermal properties, by scanning electron microscopy (SEM), Fourier-transformed infrared spectroscopy (FTIR), thermogravimetry (TGA), and differential scanning calorimetry (DSC). It was demonstrated that SBS allows obtaining PMMA/TiO2 nanocomposites with a relatively high amount of nanoparticles uniformly dispersed within the polymeric matrix, varying the surface characteristics of the films according to the amount of TiO2. The results indicate that the flow of the macromolecules is somewhat forced by the SBS process, and that specific interactions between the ester group of the MMA and the surface of the nanoparticles induce a preferential conformation of the functional group with respect to the PMMA backbone, at least at low loads of nanopartciles, conditions in which the self-aggregation of the nanofiller takes place in a lesser extent

Combinatorial Discriminant Analysis Applied to RNAseq Data Reveals a Set of 10 Transcripts as Signatures of Exposure of Cattle to Mycobacterium avium subsp. paratuberculosis

Paratuberculosis or Johne's disease in cattle is a chronic granulomatous gastroenteritis caused by infection with Mycobacterium avium subspecies paratuberculosis (MAP). Paratuberculosis is not treatable; therefore, the early identification and isolation of infected animals is a key point to reduce its incidence. In this paper, we analyse RNAseq experimental data of 5 ELISA-negative cattle exposed to MAP in a positive herd, compared to 5 negative-unexposed controls. The purpose was to find a small set of differentially expressed genes able to discriminate between exposed animals in a preclinical phase from non-exposed controls. Our results identified 10 transcripts that differentiate between ELISA-negative, clinically healthy, and exposed animals belonging to paratuberculosis-positive herds and negative-unexposed animals. Of the 10 transcripts, five (TRPV4, RIC8B, IL5RA, ERF, CDC40) showed significant differential expression between the three groups while the remaining 5 (RDM1, EPHX1, STAU1, TLE1, ASB8) did not show a significant difference in at least one of the pairwise comparisons. When tested in a larger cohort, these findings may contribute to the development of a new diagnostic test for paratuberculosis based on a gene expression signature. Such a diagnostic tool could allow early interventions to reduce the risk of the infection spreading

the novel role of epigenetics in primary prevention of cardiovascular diseases

A great deal of evidences indicate that impaired fetal growth and in utero exposure to risk factors, especially maternal hypercholesterolemia, may be relevant for human pathophysiological signs of atherosclerosis and subsequent development of cardiovascular disease (CVD) during different life stages. Despite the underlying mechanisms of fetal programming are still unknown, epigenetics has been suggested as one of the possible explanations for the associations between intrauterine risk factors and CVD development. Indeed, a lot of translational studies support the hypothesis that epigenetic changes are related to increased CVD risk although it is still not possible to establish a direct causality in humans. Notably, epigenetic modifications can be reversible through therapeutic approaches employing histone deacetylase inhibitors, histone acetyltransferase inhibitors and commonly used drugs like statins. Thus, the whole comprehension of these mechanisms will provide in the next future the rationale for the development of novel tools to be used in the primary prevention and therapy of CVD

Buenas prácticas lecheras : guía para la implementación en la producción de leche bovina

Las “Buenas Prácticas Agropecuarias” hacen referencia a una producción sana, segura y amigable con el ambiente, los animales y las personas. Son numerosos los temas que abarca e involucra la producción primaria de leche: las vacas y su manejo, el ambiente donde producen y las personas que cumplen distintas funciones para potenciar la producción lechera independientemente del sistema y escala, impactando directamente en toda la cadena láctea (desde la producción primaria, la industria y la comercialización) corresponsables de transformar la cosecha de la ubre y ofrecerla al consumidor de forma fluida o a través de derivados lácteos. De acuerdo a las tendencias actuales los consumidores tienen interés en adquirir productos no sólo de acuerdo a su calidad sino también a cómo fueron producidos. La calidad entonces es reconocida en el producto en sí y en todo su proceso desde la producción primaria. En respuesta a estas exigencias surge la Red de Buenas Prácticas Agropecuarias (BPA) como resultado de un proceso de intercambio entre las principales entidades públicas y privadas de Argentina, contando actualmente con más de 90 instituciones. Tiene la misión de contribuir al desarrollo sostenible promoviendo las buenas prácticas agropecuarias en diálogo con la comunidad. Dispone de diversas comisiones entre las que se encuentra la de lechería, que aborda y promueve la implementación de las BPA en los tambos. Los integrantes de la Comisión de Lechería de la Red BPA sentimos una gran satisfacción al presentar esta guía de buenas prácticas lecheras destinada a tamberos, profesionales del agro, entusiastas lecheros, operarios y aquellos inquietos, preocupados y ocupados por lograr leche sana. El presente documento contiene 13 capítulos escritos con terminología sencilla, entendible y adecuada para motivar al lector a aplicar o mejorar las BPA en todos los sectores y categorías de animales que involucra el tambo. Esta guía de buenas prácticas es una herramienta que permite el aseguramiento de la calidad de la leche en los tambos e introduce un cambio de paradigma: pasar de sistemas enfocados sólo en la calidad final de la leche a sistemas proactivos basados en el control, el orden y la mejora de procesos, trabajando en la prevención con capacidad de planificación y anticipación, y manteniendo una coherencia hacia las normas internacionales, buscando así la excelencia de su eslabón primario, el tambo.EEA PergaminoFil: Aimar, María Verónica. Universidad Nacional de Córdoba. Facultad de Ciencias Agropecuarias; ArgentinaFil: Amalfi, José María. Instituto Nacional de Asociativismo y Economía Social; ArgentinaFil: Campos Carlés, Silvina. Confederación Intercooperativa Agropecuaria - CONINAGRO; ArgentinaFil: Charlón, Verónica. Instituto Nacional de Tecnología Agropecuaria (INTA). Estación Experimental Agropecuaria Rafaela; ArgentinaFil: Cristiano, Gabriela. Universidad Nacional del Sur. Departamento de Economía; ArgentinaFil: Delbino, Fernando. Universidad Nacional del Litoral. Facultad de Ciencias Agrarias; ArgentinaFil: Diaz Cano, Muncha. Sociedad Rural Argentina; ArgentinaFil: Estevez Acuña, Rodrigo Rubén. Ministerio de Agricultura y Ganadería de la Provincia de Córdoba. Departamento de Producción Láctea; ArgentinaFil: Gigli, Isabel. Universidad Nacional de La Pampa; ArgentinaFil: Glauber, Claudio Eduardo. Servicio Nacional de Sanidad y Calidad Agroalimentaria (SENASA); ArgentinaFil: Guillermón, José. Provincia de Santiago del Estero. Ministerio de Producción, Recursos Naturales, Forestación y Tierras. Programa Ganadero Provincial (PROCARNE); ArgentinaFil: Ibargoyen, José María. Provincia de Buenos Aires. Ministerio de Desarrollo Agrario. Dirección de Lechería; ArgentinaFil: Iorio, Jesica Daniela. Universidad de Buenos Aires. Facultad de Agronomía; ArgentinaFil: Jaureguiberry, Horacio Sebastián. Provincia de Entre Ríos. Ministerio de Producción, Turismo y Desarrollo Económico. Dirección General de Producción Animal. Coordinación de Lechería; ArgentinaFil: Jarkowsky, Andrés. Fundación para la Promoción y Desarrollo de la Cadena Láctea Argentina; ArgentinaFil: Lesman, María de los Ángeles. Universidad Nacional del Litoral. Facultad de Ciencias Agrarias; ArgentinaFil: Llano, Agustina. Ministerio de Agricultura, Ganadería y Pesca de la Nación. Dirección Nacional de Lechería; ArgentinaFil: Mazzitelli, José. Cámara Empresaria de Medio Ambiente; ArgentinaFil: Moro, Santiago. Consorcios Regionales de Experimentación Agrícola; ArgentinaFil: Mozeris, Gustavo. Fundación para la Promoción y Desarrollo de la Cadena Láctea Argentina; ArgentinaFIL: Negri Rodriguez, Livia María. Instituto Nacional de Tecnología Agropecuaria (INTA). Instituto de Investigación Tecnología de Alimentos; ArgentinaFil: Olivieri, Daniela Ivana. Provincia de La Pampa. Ministerio de la Producción. Dirección de Ganadería; ArgentinaFil: Osan, Oscar. Universidad Nacional del Litoral. Facultad de Ciencias Agrarias; ArgentinaFil: Pérez, Gabriela Guadalupe. Provincia de Santa Fé. Ministerio de Producción, Ciencia y Tecnología. Dirección Provincial de Producción Lechera y Apícola; ArgentinaFil: Preumayr, Fernando Martín. Proyecto Factor Humano en Tambo; ArgentinaFil: Serrano, Pedro. Instituto Nacional de Tecnología Agropecuaria (INTA). Estación Experimental Agropecuaria Pergamino. Agencia de Extensión Rural Coronel Brandsen; ArgentinaFil: Tonero, María Eugenia. Provincia de Santa Fé. Ministerio de Producción, Ciencia y Tecnología. Dirección Provincial de Producción Lechera y Apícola; ArgentinaFil: Trombert, José María. Centro de la Industria Lechera Argentina; ArgentinaFil: Trombert, José María. Colegio de Ingenieros Agrónomos de Santa Fe; ArgentinaFil: Troya, Paula. Fundación de Investigación y Desarrollo Agropecuario; ArgentinaFil: Urruspuru, María Luz. Proyecto Factor Humano en Tambo; ArgentinaFil: Varaldo, Estefanía. Cluster Lechero Regional; Argentin

Optimasi Portofolio Resiko Menggunakan Model Markowitz MVO Dikaitkan dengan Keterbatasan Manusia dalam Memprediksi Masa Depan dalam Perspektif Al-Qur`an

Risk portfolio on modern finance has become increasingly technical, requiring the use of sophisticated mathematical tools in both research and practice. Since companies cannot insure themselves completely against risk, as human incompetence in predicting the future precisely that written in Al-Quran surah Luqman verse 34, they have to manage it to yield an optimal portfolio. The objective here is to minimize the variance among all portfolios, or alternatively, to maximize expected return among all portfolios that has at least a certain expected return. Furthermore, this study focuses on optimizing risk portfolio so called Markowitz MVO (Mean-Variance Optimization). Some theoretical frameworks for analysis are arithmetic mean, geometric mean, variance, covariance, linear programming, and quadratic programming. Moreover, finding a minimum variance portfolio produces a convex quadratic programming, that is minimizing the objective function ðð¥with constraintsð ð 𥠥 ðandð´ð¥ = ð. The outcome of this research is the solution of optimal risk portofolio in some investments that could be finished smoothly using MATLAB R2007b software together with its graphic analysis

Post-intervention Status in Patients With Refractory Myasthenia Gravis Treated With Eculizumab During REGAIN and Its Open-Label Extension

OBJECTIVE: To evaluate whether eculizumab helps patients with anti-acetylcholine receptor-positive (AChR+) refractory generalized myasthenia gravis (gMG) achieve the Myasthenia Gravis Foundation of America (MGFA) post-intervention status of minimal manifestations (MM), we assessed patients' status throughout REGAIN (Safety and Efficacy of Eculizumab in AChR+ Refractory Generalized Myasthenia Gravis) and its open-label extension. METHODS: Patients who completed the REGAIN randomized controlled trial and continued into the open-label extension were included in this tertiary endpoint analysis. Patients were assessed for the MGFA post-intervention status of improved, unchanged, worse, MM, and pharmacologic remission at defined time points during REGAIN and through week 130 of the open-label study. RESULTS: A total of 117 patients completed REGAIN and continued into the open-label study (eculizumab/eculizumab: 56; placebo/eculizumab: 61). At week 26 of REGAIN, more eculizumab-treated patients than placebo-treated patients achieved a status of improved (60.7% vs 41.7%) or MM (25.0% vs 13.3%; common OR: 2.3; 95% CI: 1.1-4.5). After 130 weeks of eculizumab treatment, 88.0% of patients achieved improved status and 57.3% of patients achieved MM status. The safety profile of eculizumab was consistent with its known profile and no new safety signals were detected. CONCLUSION: Eculizumab led to rapid and sustained achievement of MM in patients with AChR+ refractory gMG. These findings support the use of eculizumab in this previously difficult-to-treat patient population. CLINICALTRIALSGOV IDENTIFIER: REGAIN, NCT01997229; REGAIN open-label extension, NCT02301624. CLASSIFICATION OF EVIDENCE: This study provides Class II evidence that, after 26 weeks of eculizumab treatment, 25.0% of adults with AChR+ refractory gMG achieved MM, compared with 13.3% who received placebo

Differential cross section measurements for the production of a W boson in association with jets in proton–proton collisions at √s = 7 TeV

Measurements are reported of differential cross sections for the production of a W boson, which decays into a muon and a neutrino, in association with jets, as a function of several variables, including the transverse momenta (pT) and pseudorapidities of the four leading jets, the scalar sum of jet transverse momenta (HT), and the difference in azimuthal angle between the directions of each jet and the muon. The data sample of pp collisions at a centre-of-mass energy of 7 TeV was collected with the CMS detector at the LHC and corresponds to an integrated luminosity of 5.0 fb[superscript −1]. The measured cross sections are compared to predictions from Monte Carlo generators, MadGraph + pythia and sherpa, and to next-to-leading-order calculations from BlackHat + sherpa. The differential cross sections are found to be in agreement with the predictions, apart from the pT distributions of the leading jets at high pT values, the distributions of the HT at high-HT and low jet multiplicity, and the distribution of the difference in azimuthal angle between the leading jet and the muon at low values.United States. Dept. of EnergyNational Science Foundation (U.S.)Alfred P. Sloan Foundatio

Minimal Symptom Expression' in Patients With Acetylcholine Receptor Antibody-Positive Refractory Generalized Myasthenia Gravis Treated With Eculizumab

The efficacy and tolerability of eculizumab were assessed in REGAIN, a 26-week, phase 3, randomized, double-blind, placebo-controlled study in anti-acetylcholine receptor antibody-positive (AChR+) refractory generalized myasthenia gravis (gMG), and its open-label extension