Consistent Pricing of Equity and Credit Derivatives

The literature on the pricing of equity and credit securities developed marc or less independently. Only recently have th~ two strands merged in the valuation of convertible bonds (corporate bonds with embedded stock options). The subject of our thesis is to describe how both credit and equity securities can be priced in a consistent way so we can enlarge the information set of one market using the information set of . the other. Chapter 2 extends the building blocks of Ericsson & Reneby (1998) to the case of exponential barriers and derives a number of simple claims; using these, it is possible to nest five classical structural models and derive an extended version of the Leland & Toft model (1996). The following chapter provides the option pricing extension for the models in' Chapter 2 by extending the conditional building blocks in Ericsson & Reneby (2003a) and the extra ones presented in the previous chapter. Chapter 4 investigates the effects of different capital structure specifications on equity option prices: we confirm Toft & Prucyk (1997) theoretical links by employing a more sophisticated model and also look at other usually neglected variables (e.g. debt growth rate) in the option literature; we also test the information content of structural models and find that even the simple Merton model is able to correctly rank firms according to their credit quality; we then investigate the. relationship between CDS spreads and volatility smiles for an interesting example (France Telecom) extending the empirical analysis of Hull et al.??????????????????? (2005); in addition, we study an equity-credit hybrid security - an Equity Default Swap - and, its links 'with the more established Credit Default Swap. Chapter 5 presents a simple structural model with jumps - similar to Leland (2006) - which features closed formulre for equity option prices. The final chapter concludes.Imperial Users onl

Oxygen Extraction Ratio (OER) as a Measurement of Hemodialysis (HD) Induced Tissue Hypoxia: A Pilot Study

HD tissue hypoxia associates with organ dysfunctions. OER, the ratio between SaO2and central-venous-oxygen-saturation, could estimate oxygen requirements during sessions, but no data are available. We evaluated OER behavior in 20 HD patients with permanent central venous catheter (CVC) as vascular access. Pre-HD OER (33.6 ± 1.4%; M ± SE) was higher than normal (range 20-30%). HD sessions increased OER to 39.2 ± 1.5% (M ± SE; p 40%. In HD patients with CVC as vascular access, OER is a cheap, easily measurable and repeatable parameter useful to assess intradialytic hypoxia, and a potential biomarker of HD related stress and morbidity, helpful to recognize patients at increased risk of mortality

Interactions of sclerostin with FGF23, soluble klotho and vitamin D in renal transplantation

Relationships of Sclerostin, a bone anti-anabolic protein, with biomarkers of mineral bone disorders in chronic kidney disease are still unsettled, in particular in kidney transplant (KTR). In 80 KTR patients (31F/49M, 54.7±10.3 years) we studied the relationships of serum Sclerostin with eGFR, Calcium, Phosphate, Alkaline Phosphatase (AP), intact Parathyroid hormone (iPTH), soluble alpha-Klotho (sKlotho), intact Fibroblast Growth Factor 23 (iFGF23), 25-hydroxyvitamin D(25D) and 1,25-dihydroxyvitamin D (1,25D). Thirty healthy subjects (35.0±12.4 years, eGFR 109.1±14.1 ml /min/1,73m2) served as control for Sclerostin, iFGF23 and sKlotho. With a median eGFR of 46.3 mL/min/1.73m2 (IQR, 36.2-58.3) our KTR had median Sclerostin levels of 23.7 pmol/L (IQR: 20.8-32.8), not different from controls (26.6 pmol/L, IQR: 22.0-32.2; p = n.s). Sclerostin correlated negatively with AP (r = -.251; p = 0.023) and positively with iFGF23 (r = .227; p = 0.017) and 25D (r = .214; p = 0.025). Age-adjusted multiple regression analysis identified AP and 1,25D as negative and 25D and sKlotho as positive best predictors of Sclerostin. No correlation was evident with eGFR. The negative correlation with AP confirms the direct anti-anabolic role of Sclerostin. The associations either negative or positive with iFGF23, sKlotho, and vitamin D metabolites suggest also a modulatory role in mineral homeostasis. In particular, the associations with iFGF23 (positive) and 1,25D (negative) underline the relevant inhibitory action of Sclerostin on vitamin D activation. In conclusion, Sclerostin levels in KTR are normal and influenced more by bone turnover than by eGFR. Its involvement with other hormones of mineral homeostasis (FGF23/Klotho and Vitamin D) is part of the sophisticated cross-talk between bone and the kidney

Positioning novel biologicals in CKD-mineral and bone disorders

Renal osteodystrophy (ROD), the histologic bone lesions of chronic kidney disease (CKD), is now included in a wider syndrome with laboratory abnormalities of mineral metabolism and extra-skeletal calcifications or CKD-mineral and bone disorders (CKD-MBD), to highlight the increased burden of mortality. Aging people, frequently identified as early CKD, could suffer from either the classical age-related osteoporosis (OP) or ROD. Distinguishing between these two bone diseases may not be easy without bone biopsy. In any case, besides classical therapies for ROD, nephrologists are now challenged by the possibility of using new drugs developed for OP. Importantly, while therapies for ROD mostly aim at controlling parathyroid secretion with bone effects regarded as indirect, new drugs for OP directly modulate bone cells activity. Thus, their action could be useful in specific types of ROD. Parathyroid hormone therapy, which is anabolic in OP, could be useful in renal patients with low turnover bone disease. Denosumab, the monoclonal antibody against receptor activator of NF-κB ligand (RANK-L) that inhibits osteoclast activity and proliferation, could be beneficial in cases with high turnover bone. Use of romosozumab, the monoclonal antibody against sclerostin, which both stimulates osteoblasts and inhibits osteoclasts, could allow both anabolic and anti-resorptive effects. However, we should not forget the systemic role now attributed to CKD-MBD. In fact, therapies targeting bone cells activity could also result in unpredicted extra-bone effects and affect cardiovascular outcomes. In conclusion, the new biologicals established for OP could be useful in renal patients with either OP or ROD. In addition, their potential non-bone effects warrant investigation

The Assessment Of Slopes Stability With Probability Methods

This paper aims to deal with the assessment of the stability of slopes, taking inconsideration several methods for analysis:- the limit equilibrium methods such as the Infinitive Slope method, Bishop's simplifiedmethod etc. upon which assumptions are made on the considered failure surface and theinternal forces interacting between the blocks, the equilibrium equations to be satisfied, theunknown variables to be determined (such as the safety factor and normal force) and the areaswithin which these methods could apply.- the probability methods in which the coefficient of variation of the factor of safety(COVF) is determined, (as the ratio of standard deviation to the mean coefficient of the safetyfactor, previously calculated), reliability R (as the probability of a certain case occurring in acertain way, at a certain time, in given conditions), the probability of failure Pf (as 1-R).Following the theoretical analysis, a number of numerical examples are included in order to illustrate in a more explicit manner the methodology used for the application of the assessment methods mentioned above, as well as to highlight the particularities and differences of each method

Penerapan Pembelajaran STEAM (Science, Technology, Engineering, Arts, Mathematics)

This study aims to describe the implementation of STEAM (Science, Technology, Engineering, Arts, Mathematics) learning in elementary schools and its impact on student engagement and competencies. The research uses a qualitative approach with a case study design. The subjects of the study were classroom teachers and students in an elementary school, while the object was the implementation of STEAM-based learning. Data were collected through observation, interviews, and documentation. The data were analyzed using thematic analysis to identify significant patterns in STEAM implementation. The results show that the STEAM approach promotes more active, creative, and collaborative learning. Students demonstrate improved conceptual understanding, critical thinking, and problem-solving skills. Teachers also experienced growth in designing integrative learning strategies. In conclusion, STEAM learning is effectively implemented in elementary schools to enhance learning quality and 21st-century competencies.&nbsp

Pembelajaran Berbasis Masalah Lingkungan (Environment-Based Learning)

This study aims to analyze the effectiveness of Environment-Based Learning in shaping environmental awareness and eco-friendly behavior among elementary school students. The research uses a library research method with theories of learning as the subject and academic articles related to environment-based learning in elementary schools as the object. Data were collected through document review of accredited national and international journals published in the last five years. The data were analyzed using qualitative content analysis. The results indicate that implementing environment-based learning approaches such as Problem-Based Learning, project-based learning, and outdoor activities significantly enhances students’ engagement, environmental literacy, and problem-solving skills. The study concludes that the success of environment-based learning implementation strongly depends on teacher preparedness, curriculum support, and community involvemen

Efektivitas Metode Bercerita (Storytelling) dalam Pembelajaran PKn untuk Menanamkan Karakter Kebangsaan

This study aims to determine the effectiveness of the storytelling method in Civic Education (PKn) learning to instill national character in elementary school students. The research uses a library research method with the object of study being theories and findings from academic journals related to storytelling in character education, and the subjects are elementary school students. Data were collected through documentation studies of scientific articles, books, and research reports from the last five years. The data were analyzed using qualitative content analysis techniques. The results show that storytelling is effective in instilling national values such as patriotism, tolerance, and unity in Civic Education learning. Students' emotional engagement, teacher creativity in delivering stories, and the relevance of stories to local contexts are supporting factors of this method’s effectiveness. It is concluded that storytelling is a relevant and engaging pedagogical approach for shaping students' national character in elementary school

Chemical characterization of low-clinker cements

LAUREA MAGISTRALEIl seguente è uno studio sulle caratteristiche chimiche di nove tipi di cementi a basso clinker, una nuova classe di materiali cementizi, facente parte di uno studio più vasto sulle loro proprietà. I cementi SQ, PL, S, SP, SL, QL e P erano stati precedentemente usati per produrre getti in calcestruzzo, stagionati 28 giorni, mentre i cementi SQ, PL, S, L, SL, Q e P sono stati usati per produrre delle paste cementizie, stagionate per sette giorni. Un campione per tipo di calcestruzzo è stato sottoposto a carbonatazione, mentre due diverse quantità di cloruri, equivalenti a 0.4% e 1% della massa di cemento, sono state aggiunte a campioni dei calcestruzzi SQ, S, SP, SL, QL e P. Tutti i campioni, assieme ad un campione per tipo di aggregato usato nei calcestruzzi, sono stati sottoposti a misurazione del pH e cromatografia ionica, al fine di determinarne il contenuto di Cl- e SO42-. Campioni scelti di calcestruzzi, paste cementizie e aggregati sono stati soggetti ad analisi ICP, al fine di determinarne il contenuto di Ca2+, Na+, Al3+, Si4+. I valori misurati per tutti gli ioni sono stati confrontati con quelli calcolati dalla composizione di ogni cemento. I valori di pH misurati cadono tutti in un raggio ristretto. La pasta P è risultata la più alcalina, mentre la SQ la meno. Tra i calcestruzzi il più alcalino è risultato il QL, che ha anche il maggior calo nel pH dopo la carbonatazione, mentre il meno alcalino è il PL, che ha subito il calo di pH minore. Il valore di cloruri misurato è risultato in buon accordo con i valori teorici, mentre l’accordo è risultato minore per i solfati. Il calcestruzzo SL ha il minor contenuto di solfati, mentre dati discordanti indicano alternativamente i calcestruzzi SP e QL come aventi il contenuto maggiore. Le paste con il maggiore e minore contenuto di solfati sono rispettivamente la Q e la SL, ma i valori misurati non coincidono con quelli teorici. Sono stati fatti dei tentativi di migliorare l’affidabilità della misurazione dei solfati sciogliendo un campione di calcestruzzo con un bagno a ultrasuoni e sostituendo l’acido usato per sciogliere le paste, ottenendo risultati misti. Le analisi sui cationi hanno mostrato un contributo non trascurabile degli aggregati nel calcestruzzo. Il contenuto di calcio è sempre risultato superiore alle attese, tranne in presenza di cloruri. Il sodio è sempre stato rilevato in quantità superiori al previsto, tranne che per le paste L e Q. Il contenuto misurato di alluminio è risultato maggiore delle previsioni per i calcestruzzi e minore delle previsioni per le paste cementizie, probabilmente a causa della loro cinetica di idratazione e del diverso tempo di stagionatura. Infine, il contenuto misurato di silicio è risultato sempre minore di quanto ipotizzato, probabilmente per una scarsa efficienza di estrazione.The following is a study on the chemical characteristics of nine different types of low-clinker cements, a new class of cementitious materials, as part of a larger study on their properties. The SQ, PL, S, SP, SL, QL and P cements had been used to produce concrete samples, cured for 28 days, while cement paste samples, cured for 7 days, were realized with the cements SQ, PL, S, L, SL, Q and P. A sample for each concrete type was subjected to carbonation, while two chlorides quantities, equal to 0.4% and 1% of the cement mass, were added to a sample each for the concretes SQ, PL, SP, SL, QL and P. All samples, together with a sample for aggregate type in the concretes, were subjected to pH analysis and ion chromatography to measure their contents of anions in terms of Cl- and SO42-. A selected list of concretes, pastes and aggregates samples were analyzed by ICP, to measure their content of Ca2+, Na+, Al3+ and Si4+. The measured contents of each ion were compared with the theoretical values calculated from the cements compositions. All the pH values fall in a narrow range. The more alkaline paste was the type P, while the less alkaline was the type SQ. For the concretes, the most alkaline was the type QL, which also underwent the greatest pH drop with carbonation, while the least alkaline was the PL type, which also underwent the lowest pH drop. The measured chlorides content was in good agreement with the predicted one, while sulphates determination proved less reliable. Experimental data and theoretical predictions agree on the concrete SL having the lowest sulphates content, while for the highest content there are conflicting data. The pastes with the highest and the lowest sulphates content were the Q and SL respectively, though their contents did not coincide with the predictions. Attempts were made to increase the precision of sulphate quantification by exploring different sample preparations, including an ultrasound bath, obtaining mixed results. All cation analyses have shown a non-negligible contribution by the aggregates. Measured calcium content was always greater than expected, except where chlorides were present. Sodium content was higher than expected except for the cement pastes Q and L. Aluminum content was higher than expected for the concretes and lower than expected for the pastes. Finally, measured silicon content was always lower than predicted, probably due to an extraction efficiency lower than the 100% found for the other species of interest

Pendidikan Konsep Bhinneka Tunggal Ika dalam Pembelajaran PKn

This study aims to examine the role of Civic Education (PKn) in strengthening the national identity of Madrasah Ibtidaiyah (MI) students within a multicultural society. The research employs a library research method with a descriptive qualitative approach. The subject of this study is relevant scholarly literature, while the object focuses on the concept of Civic Education and national identity in the multicultural context of MI. Data collection was carried out through document studies of journal articles, books, and other academic sources from the past five years. Data were analyzed using content analysis techniques by examining themes, concepts, and relevance to the research topic. The findings indicate that Civic Education at MI plays a significant role in shaping students' national identity by teaching values of nationalism, multiculturalism, and character education. The integrative and contextual implementation of PKn encourages students to understand and appreciate cultural, ethnic, and religious diversity within the unity of Indonesia. The study concludes that PKn at MI is a crucial instrument in fostering early nationalism awareness and tolerant attitudes among young generation