Martingale Option Pricing

We show that our generalization of the Black-Scholes partial differential equation (pde) for nontrivial diffusion coefficients is equivalent to a Martingale in the risk neutral discounted stock price. Previously, this was proven for the case of the Gaussian logarithmic returns model by Harrison and Kreps, but we prove it for much a much larger class of returns models where the diffusion coefficient depends on both returns x and time t. That option prices blow up if fat tails in logarithmic returns x are included in the market dynamics is also explained

Nonstationary Increments, Scaling Distributions, and Variable Diffusion Processes in Financial Markets

Arguably the most important problem in quantitative finance is to understand the nature of stochastic processes that underlie market dynamics. One aspect of the solution to this problem involves determining characteristics of the distribution of fluctuations in returns. Empirical studies conducted over the last decade have reported that they arenon-Gaussian, scale in time, and have power-law(or fat) tails. However, because they use sliding interval methods of analysis, these studies implicitly assume that the underlying process has stationary increments. We explicitly show that this assumption is not valid for the Euro-Dollar exchange rate between 1999-2004. In addition, we find that fluctuations in returns of the exchange rate are uncorrelated and scale as power-laws for certain time intervals during each day. This behavior is consistent with a diffusive process with a diffusion coefficient that depends both on the time and the price change. Within scaling regions, we find that sliding interval methods can generate fat-tailed distributions as an artifact, and that the type of scaling reported in many previous studies does not exist.Comment: 12 pages, 4 figure

Phenomenology: Exploring Women\u27s Experiences of First TIME IUD Insertion

Purpose: This study aims to explore Indonesian women\u27s experiences of first-time IUD insertion.Method: This study using phenomenological approach. Three Javanese women who lived in Malang Indonesia were interviewed using an unstructured process and the women\u27s native language was utilized. Soon after the interview, transcripts were translated from Indonesian into English, and phenomenological analysis of data was used.Result: The results revealed one major and three minor themes and identify embarrassment as the major contribution to women\u27s feelings of powerlessness. These feelings emerged because women experienced a lack of privacy during the insertion procedure. Women are vulnerable especially when there is no support received while facing a stressful medical procedure.Conclusion: Women need assistance from the health staff in order to deal with this traumatic experience. This improvement will includes the enhancement of clinic staff communication skills, the enrichment of health practice in providing better service and the upgrading of health policy that focuses on nurses/ doctors\u27 attitudes to give women-centered care

Analysis of Features for Synthetic Aperture Radar Target Classification

Considering two classes of vehicles, we aim to identify the physical elements of the vehicles with the most impact on identifying the class of the vehicle in synthetic aperture radar (SAR) images. We classify vehicles using features, from polarimetric SAR images, corresponding to the structure of physical elements. We demonstrate a method which determines the most impactful features to classification by applying subset selection on the features. Determination of the most impactful elements of the vehicles is beneficial to the development of low observables, target models, and automatic target recognition (ATR) algorithms. We show how previous work with features from individual pixels is applied to a greater number of target states. At a greater number of target states, the previous work has poor classification performance. Additionally, the nature of the features from pixels limits the identification of the most impactful elements of vehicles. We apply concepts from optical sensing to reduce the limitation on identification of physical elements. We draw from optical sensing feature extraction with the use of Histogram of Oriented Gradients (HOG). From the cells of HOG, we form features from frequency and polarization attributes of SAR images. Using a subset set of features, we achieve a classification performance of 96.10 percent correct classification. Using the features from HOG and the cells, we identify the features with the most impact. Using backward selection, a process for subset selection, we identify the features with the most impact to classification. The execution of backward selection removes the features which induce the most error

The Future of Dental Schools in Research Universities and Academic Health Centers

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/153596/1/jddjde017039.pd

Dynamics of the Transition corona

Magnetic reconnection between open and closed magnetic field in the corona is believed to play a crucial role in the corona/heliosphere coupling. At large scale, the exchange of open/closed connectivity is expected to occur in pseudo-streamer structures. However, there is neither clear observational evidence of how such coupling occurs in pseudo-streamers, nor evidence for how the magnetic reconnection evolves. Using a newly-developed technique, we enhance the off-limb magnetic fine structures observed with AIA and identify a pseudo-streamer-like feature located close to the northern coronal hole. After extrapolating the magnetic field with the PFSS model, we obtain a pseudo-streamer magnetic topology, null-point related topology bounded by open field. We compare the magnetic configuration with the UV observations and identify the magnetic structures expected to be involved in the event. Using an 3D MHD simulation of interchange reconnection, we showed that the evolution of the UV structures follows the magnetic field dynamics and the UV emitting structures have a pattern very similar to the plasma emission derived from the simulation. Our results highlight that the exchange between open and closed in the pseudo-streamer topology related to an observed event occurs at least partially at the null-point, similarly to the interchange reconnection in a single null-point topology. However, our results also indicate that the interchange reconnection in pseudo-streamers is a gradual physical process which opposes to the impulsive reconnection of the solar-jet model

Twenty‐five years of PTHrP progress: From cancer hormone to multifunctional cytokine

Twenty‐five years ago a “new” protein was identified from cancers that caused hypercalcemia. It was credited for its ability to mimic parathyroid hormone (PTH), and hence was termed parathyroid hormone‐related protein (PTHrP). Today it is recognized for its widespread distribution, its endocrine, paracrine, and intracrine modes of action driving numerous physiologic and pathologic conditions, and its central role in organogenesis. The multiple biological activities within a complex molecule with paracrine modulation of adjacent target cells present boundless possibilities. The protein structure of PTHrP has been traced, dissected, and deleted comprehensively and conditionally, yet numerous questions lurk in its past that will carry into the future. Issues of the variable segments of the protein, including the enigmatic nuclear localization sequence, are only recently being clarified. Aspects of PTHrP production and action in the menacing condition of cancer are emerging as dichotomies that may represent intended temporal actions of PTHrP. Relative to PTH, the hormone regulating calcium homeostasis, PTHrP “controls the show” locally at the PTH/PTHrP receptor throughout the body. Great strides have been made in our understanding of PTHrP actions, yet years of exciting investigation and discovery are imminent. © 2012 American Society for Bone and Mineral Research.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/91351/1/1617_ftp.pd