The Exact Value for European Options on a Stock Paying a Discrete Dividend

In the context of a Black-Scholes economy and with a no-arbitrage argument, we derive arbitrarily accurate lower and upper bounds for the value of European options on a stock paying a discrete dividend. Setting the option price error below the smallest monetary unity, both bounds coincide, and we obtain the exact value of the option.Comment: 14 pages,3 figure

The exact value for European options on a stock paying a discrete dividend

In the context of a Black-Scholes economy and with a no-arbitrage argument, we derive arbitrarily accurate lower and upper bounds for the value of European options on a stock paying a discrete dividend. Setting the option price error below the smallest monetary unity, both bounds coincide, and we obtain the exact value of the option.European options; Black-Scholes economy

Use of explicit replies as coordination mechanisms in online student debate

People in conversation entrain their linguistic behaviours through spontaneous alignment mechanisms [7] - both in face-to-face and computer-mediated communication (CMC) [8]. In CMC, one of the mechanisms through which linguistic entrainment happens is through explicit replies. Indeed, the use of explicit replies influences the structure of conversations, favouring the formation of reply-trees typically delineated by topic shifts [5]. The interpersonal coordination mechanisms realized by how actors address each other have been studied using a probabilistic framework proposed by David Gibson [2,3]. Other recent approaches use computational methods and information theory to quantify changes in text. We explore coordination mechanisms concerned with some of the roles utterances play in dialogues - specifically in explicit replies. We identify these roles by finding community structure in the conversation's vocabulary using a non-parametric, hierarchical topic model. Some conversations may always stay on the ground, remaining at the level of general introductory chatter. Some others may develop a specific sub-topic in significant depth and detail. Even others may jump between general chatter, out-of-topic remarks and people agreeing or disagreeing without further elaboration

Control of the MARES autonomous underwater vehicle

This paper focuses the control problem of a nonholonomic autonomous underwater vehicle, moving in the tridimensional space. The dynamic of a body in submarine environments is strongly nonlinear. This implies that classical linear controllers are often inadequate whereby Lyapunov theory is here considered. Methods based in this theory are promising tools to design controllers and are applied to the case of MARES, a small-sized autonomous underwater vehicle. Several controllers based only on Lyapunov theory are determined while others combine linear and nonlinear control theory in order to perform various maneuvers. Aiming to verify the correct performance of controllers, simulations and experiments are carried out

Benefícios da biodiversidade para as comunidades tradicionais: a nova legislação os sustenta?

The knowledge of hundreds of traditional Brazilian communities about the use of native plants and animals as well as the country's biodiversity attracts biopiracy. These resources are being exploited by companies for the manufacture of medicines, foods, chemicals and cosmetics. In 2015 Brazil sanctioned the New Biodiversity Law, Law No. 13,123 / 2015. Is the benefit sharing for the ‘quilombola’ communities (ex-slave communites) guaranteed by this New Law? The article aims to analyze this law, checking if there have been advances in relation to the previous legislation, Provisional Measure No. 2.186-16 / 2001. The research, based on literature review, had a bibliographic and exploratory character. In addition to the review, a questionnaire with semi-structured questions was sent to 30 ‘quilombola’ communities, but only two of them answered, making it impossible to ascertain whether this law meets the aspirations of these communities with regard to benefit sharing. The study concluded that, despite bringing innovations, the New Biodiversity Law does not prevent biopiracy from continuing.Os conhecimentos de centenas de comunidades tradicionais brasileiras sobre o uso de plantas e animais nativos, bem como a biodiversidade do país atraem a biopirataria. Esses recursos vêm sendo explorados por empresas para fabricação de medicamentos, alimentos, químicos e cosméticos. Em 2015, o Brasil sancionou a Nova Lei da Biodiversidade, Lei nº 13.123/2015. A repartição de benefícios para as comunidades quilombolas fica garantida com essa Nova Lei? Este artigo tem o objetivo de analisar essa Lei, verificando se houve avanços em relação à legislação anterior, Medida Provisória nº 2.186-16/2001. A pesquisa, com base em revisão da literatura, teve caráter bibliográfico e exploratório. Além da revisão, foi encaminhado um questionário com perguntas semiestruturadas para 30 comunidades quilombolas, porém somente duas destas responderam, inviabilizando constatar se essa lei vem atender aos anseios dessas comunidades no que diz respeito à repartição dos benefícios. O estudo permitiu concluir que, apesar de trazer inovações, a Nova Lei de Biodiversidade não impede que a biopirataria continue ocorrendo.

Using side scan sonar to relative navigation

This paper describes the interaction between the kinematic model of the AUV MARES and the measurement or observation of the environment through images obtained with a sonar. Three types of sonar are discussed in this paper: forward-look, side scan and multibeam - but the sonar used to develop this work was the side scan sonar. The type of observations and characteristics of the environment provided by the sonar are described here. The method which connects the sensory part of the vehicle with the observations from the sonar, was the Kalman filter (EKF). In this paper, we present two simulations of filters for two different characteristics. Both filters estimate the characteristics of the natural landmarks, creating an environment map, but both of them consider different states of the vehicle. Results of the simulation are obtained. The features that are considered are an underwater pipe on the floor and a vertical wall. A control loop for the vehicle that provides the capacity to move along the feature/landmark from a reference distance is also discussed

Pelos interiores - a invenção do caipira: cultura, tradição e cozinha

Inseridos numa perspectiva da história cultural, estes escritos focalizam a polêmica em torno do caipira e da cultura caipira, tendo como foco central a produção de Cornélio Pires (publicações, composições, registros sonoros, espetáculos, ações de divulgação). A cultura caipira é aqui identificada como modo de ser e de viver do homem do campo na área denominada de Paulistânia (ELLIS JUNIOR, 1951; CANDIDO, 2010), que incorpora Vale do Paraíba (Rio de Janeiro e São Paulo), se estendendo pelo oeste do estado de São Paulo (Piracicaba/Tiete/Pirapora), e atingindo o sul de Minas Gerais e Mato Grosso e norte do Paraná. O desafio da análise é discutir a construção cultural do caipira, rastreando suas representações imagéticas, os debates em torno da figura do Jeca, bem como, focalizar gostos, hábitos, práticas e tradições alimentares dos caipiras, privilegiando as décadas iniciais do século XX.Palavras-chave: Cultura Popular. Pires, Cornélio, 1884-1958. Culinária Brasileira

Hydrodynamic modeling and motion limits of AUV MARES

This paper addresses the dynamic characterization of the autonomous underwater vehicle MARES. The paper presents the main dynamic properties of this underwater robotic platform as well as the procedures employed to obtain the parameters that define the vehicle model. Furthermore, the paper also presents a detailed characterization of the elementary motions that this vehicle is able to perform

Unmanned Maritime Systems for Search and Rescue

The development of maritime unmanned tools for search and rescue operations is not a trivial task. A great part of maritime unmanned systems developed did not target such application, being more focused on environmental monitoring, surveillance or defence. In opposition to these applications, search and rescue operations need to take into account relevant issues such as the presence of people or other vessels on the water. Building upon user requirements and overall integrated components for assisted rescue and unmanned search operations (ICARUS) system architecture, this chapter addresses the development of unmanned maritime systems. It starts with an overview of the approach where a two‐tier solution was adopted to address safety issues and then proceeds to detail each of the developed technologies