Quantitative description of 3D vascularity images: texture-based approach and its verification through cluster analysis

El propósito de este artículo es describir la poética de Teillier durante los años 60 y 70 en poemas breves, muchos de los cuales se revelan como haikús. Este aspecto de la obra de Teillier es poco atendido por la crítica y no solamente se verifica a través en textos que en gran medida se asimilan al haikú japonés clásico. Así este autor encuentra una consonancia más profunda y con el término “morada irreal” de Basho, que expresa la fragmentariedad de lo real, al menos de esa parte del mundo circundante que revela insospechadas conexiones con otro tiempo y lugar. The objective of this article is to describe Teillier's poetics during the 1960s and 1970s in short poems, many of which are revealed as haiku. This aspect of Teillier's work is poorly served by criticism and is not only verified through texts that are largely assimilated to classical Japanese haiku. Thus this author finds a deeper consonance and with the term "morada irreal" of Basho, which expresses the fragmentarity of the real, at least of that part of the surrounding world that reveals unsuspected connections with another time and place.El propòsit d'aquest article es descriure la poètica de Teillier durant els anys 60 y 70 en poemes breus, molts dels quals es revelen com haikus. Aquest aspecte de l'obra de Teillier és poc atès per la crítica i no solament es verifica a través de textos que en gran mesura s'asimilen al haiku japonès clàssic. Així aquest autor troba una consonància més profunda i amb el terme “morada irreal” de Basho, que expressa la fragmentarietat d'allò real, almenys d'aquella part del món circumdant que revela insospitades connexions amb un altre temps i lloc

The Schwarzschild solution in a Kaluza-Klein theory with two times

Abstract A new spherically-symmetric solution is determined in a noncompactified Kaluza-Klein theory in which a time character is ascribed to the fifth coordinate. This solution contains two independent parameters which are related with mass and electric charge. The solution exhibits a Schwarzschild radius and represents a generalization of the Schwarzschild solution in four dimensions. The parameter of the solution connected with the electric charge depends on the derivative of the fifth (second time) coordinate with respect to the ordinary time coordinate. It is shown that the perihelic motion in four-dimensional relativity has a counterpart in five dimensions in the perinucleic motion of a negatively-charged particle. If the quantization conditions of the older quantum theory are applied to that motion, an analogue of the fine-structure formula of atomic spectra is obtained

STRUCTURE AND ESTIMATION OF TRANSACTION COSTS IN THE STOCK MARKET

Koszty transakcji są jednym najważniejszych czynników, które należy uwzględnić w analizie inwestycji na rynku finansowym. Artykuł wskazuje źródła kosztów transakcyjnych, podaje oszacowania wartości prowizji maklerskich i spreadu na rynku polskim, zajmuje się również wpływem dużych transakcji na ceny handlowanych walorów. Szczególną uwaga pracy skupiona jest na spreadzie cen kupna i sprzedaży. Zaprezentowane są wyniki świadczące o tym, że występująca na rynku rozpiętość cen kupna i sprzedaży może być w praktyce istotnym problem dla inwestorów. Artykuł zawiera również szczegółowy opis i numeryczny przykład zastosowania zaproponowanej przez S. A. Corwina i P. Schultza, nowej metody szacowania spreadu na podstawie łatwo dostępnych danych giełdowych.The article provides a description of the sources of the transaction costs associated with trading stocks. Practical aspects of these costs, such as the size and the functional form is considered. Moreover, the article contains the detailed study and the numerical application of the recently proposed by S. A. Corwin and P. Schultz low-frequency estimator of the bid-ask spread

Optimality of the replicating strategy for American options

The aim of this paper is to study the problem of optimality of replicating strategies associated with pricing of American contingent claims in the Cox-Ross-Rubinstein model with proportional transaction costs. We show that a replication of the option is always possible. We give sufficient conditions for the existence of a replicating strategy which is optimal, and also show an example of an optimal replicating strategy that is not optimal in the global sense

ON STOCK TRADING WITH STOCK PRICE DRIFT AND MARKET IMPACT

The drift in the stock price and the occurring of the transaction costs in the stock market can significantly affect the profitability of the investment in the stock. In the article the model of the market is described with the stock price drift and two sources of the transaction costs: bid-ask spread and market impact. In the considered model, the trading strategy which maximizes the expected amount of money received from selling the shares of the stock of the market participant subject to the constraint of the constant trading velocity is explicitly determined. The numerical example is also included