Investment strategies based on the variance risk premium

Every option trade relies on the investor’s disbelieve about the market forecast of the underlying security price and/or volatility. In this research, we explore the employment of options as a tool to bet against expectations of future volatility. We build decile portfolios by sorting stocks on the difference between the historical and the implied volatilities – known as the Variance Risk Premium. We then build three option-based investment strategies – Straddles, Delta-Hedged Calls and Delta-Hedged Puts, whose underlying securities are stocks across the decile portfolios. We find it possible to shape profitable zero-cost investment opportunities by going long on portfolio (10), comprised of derivative securities on underlying stocks with large positive variance risk premium, and selling short portfolio (1), comprised of derivative securities on underlying stocks with large negative variance risk premium. Our study documents that such strategies yield very appealing returns and perform well in terms of risk-return trade-off measures. Although with a small exposure to the market risk factor, these returns are not explained by the industry standard risk-factors models, nor by aggregate measures of jump and volatility risk. The profitability of our strategies persists even in the presence of transaction costs, which, although negatively impact the returns, fail to deplete them entirely.Todo o trading de opções involve a descrença do investidor em relação à estimativa do mercado sobre o preço e/ou volatilidade do underlying security. Neste estudo, exploramos o uso de opções como uma ferramenta para apostar contra as expectativas de volatilidade dos retornos. Ordenando as ações com base no valor da diferença entre duas medidas de volatilidades, a histórica e a implícita, conhecida como o Prémio sobre o Risco de Volatilidade, construímos portfólios de decis. De seguida, construimos três estratégias de investimento com opções – Straddles, Delta-Hedged Calls e Delta-Hedged Puts. Documentamos ser possível construir oportunidades de investimento rentáveis ao comprar o portfólio (10), composto por opções sobre ações com um prémio sobre o risco de volatilidade alto e positivo, e ao vender o portfólio (1), composto por opções sobre ações com um prémio sobre o risco de volatilidade alto e negativo. As nossas estratégias geram retornos muito atraentes e apresentam um bom desempenho em termos de medidas de tarde-off entre o risco e o retorno. Embora com uma pequena exposição ao fator de risco do mercado, os nossos retornos não são explicados pelos modelos de fatores de risco tradicionais, nem por medidas agregadas de jumps ou de volatilidade. A lucratividade das estratégias persiste mesmo na presença de custos de transação, que, apesar de impactarem negativamente os retornos, não os esgotam por completo

Religion and Indigeneity at Yhyakh

Each summer in the Sakha Republic (Russia), hundreds of thousands of people celebrate an event called yhyakh. This dissertation explores articulations, performances, and translations of the concepts ‘religion’ and ‘indigeneity’ at and around contemporary yhyakhs. It focuses particularly on how yhyakh is understood and performed by its participants, on the motivations of the actors who promote different yhyakhs, and on a wide variety of circulating narratives. The study is ethnographic in method and based on fieldwork at and around the Tuymaada Yhyakh and the Olongkho Yhyakh from 2016 to 2018. Using articulation theory and heuristic models of religion-making and indigenous-making, the analysis unpacks how ‘religion’ and ‘indigeneity’ appear as descriptors, aspects, and parts of yhyakh. Yhyakh has attracted scholarly interest since the 17th century. This attention has only increased after the dissolution of the Soviet Union, as the celebration of yhyakh has expanded rapidly and become a major rallying point of the Sakha revitalization movements. In both historical and contemporary contexts, scholars have categorized yhyakh as, for example, a ‘shamanic ceremony’, a ‘religious ritual’, the ‘Sakha national day’, an ‘indigenous festival’. My ethnographic material reveals much broader variety of understandings of yhyakh, including ‘healing’, a ‘family holiday’, and a ‘day when Sakha feel Sakha’. By exploring how yhyakh and its practices are translated towards and away from ‘religion’ and ‘indigeneity’, not only by scholars but also by a wide range of other actors, I show how categorizing are powerful acts with far-reaching effects both for those who categorize and for that which is categorized

Questões Específicas do Desenvolvimento do Cruzeiro Árctico no Árctico Rústico: o Estudo de Caso do Parque Nacional Árctico Russo

The specific issues of the arctic cruise development are highlighted for the Russian Federation. The research is based on data obtained during the expedition (July-August 2021) in the Russian Arctic National Park, located within Franz Josef Land and Novaya Zemlya archipelagoes. The research was carried out in order to evaluate the prospects for the development of cruise tourism and identify the risks of implementing projects for the development of cruise tourism in the Russian Arctic National Park as more available for tourism territory than other Russian arctic islands. The national park is considered as a prospect site for arctic cruises operation according with the State interests to develop the Arctic zone of the Russian Federation as well. Results and conclusion evidence the potential of tourism as well as describe the specific factors hindering the development of tourism there. They are associated with the peculiarities of the climate, weather and natural phenomena, the vulnerability of landscapes to anthropogenic loads and administrative and legal barriers.Se destacan las cuestiones específicas del desarrollo de cruceros en el Ártico para la Federación Rusa. La investigación se basa en los datos obtenidos durante la expedición (julio-agosto de 2021) en el Parque Nacional Ártico Ruso, situado en los archipiélagos de Franz Josef Land y Novaya Zemlya. La investigación se llevó a cabo con el fin de evaluar las perspectivas de desarrollo del turismo de cruceros e identificar los riesgos de la implementación de proyectos para el desarrollo del turismo de cruceros en el Parque Nacional Ártico Ruso como territorio más disponible para el turismo que otras islas árticas rusas. El parque nacional se considera como un sitio de perspectiva para la operación de cruceros árticos de acuerdo con los intereses del Estado para desarrollar la zona ártica de la Federación Rusa también. Los resultados y la conclusión evidencian el potencial del turismo, así como describen los factores específicos que obstaculizan el desarrollo del turismo allí. Están asociados a las peculiaridades del clima, el tiempo y los fenómenos naturales, la vulnerabilidad de los paisajes a las cargas antropogénicas y las barreras administrativas y legales.As questões específicas do desenvolvimento do cruzeiro ártico são destacadas para a Federação Russa. A investigação baseia-se em dados obtidos durante a expedição (Julho-Agosto de 2021) no Parque Nacional do Árctico Russo, localizado no interior do arquipélago de Franz Josef Land e Novaya Zemlya. A investigação foi realizada a fim de avaliar as perspectivas de desenvolvimento do turismo de cruzeiro e identificar os riscos de implementação de projetos para o desenvolvimento do turismo de cruzeiro no Parque Nacional do Árctico russo como mais disponível para o território turístico do que outras ilhas árcticas russas. O parque nacional é considerado como um local de prospecção para operações de cruzeiros árcticos de acordo com os interesses do Estado para desenvolver também a zona árctica da Federação Russa. Os resultados e as conclusões evidenciam o potencial do turismo, bem como descrevem os fatores específicos que dificultam o desenvolvimento do turismo na região. Estão associados às peculiaridades do clima, do clima e dos fenômenos naturais, à vulnerabilidade das paisagens às cargas antropogénicas e às barreiras administrativas e legais

Biological Impact of γ-Fe2O3 Magnetic Nanoparticles Obtained by Laser Target Evaporation: Focus on Magnetic Biosensor Applications

The biological activity of γ-Fe2O3 magnetic nanoparticles (MNPs), obtained by the laser target evaporation technique, was studied, with a focus on their possible use in biosensor applications. The biological effect of the MNPs was investigated in vitro on the primary cultures of human dermal fibroblasts. The effects of the MNPs contained in culture medium or MNPs already uptaken by cells were evaluated for the cases of the fibroblast’s proliferation and secretion of cytokines and collagen. For the tests related to the contribution of the constant magnetic field to the biological activity of MNPs, a magnetic system for the creation of the external magnetic field (having no commercial analogues) was designed, calibrated, and used. It was adapted to the size of standard 24-well cell culture plates. At low concentrations of MNPs, uptake by fibroblasts had stimulated their proliferation. Extracellular MNPs stimulated the release of pro-inflammatory cytokines (Interleukin-6 (IL-6) and Interleukin-8 (IL-8) or chemokine (C-X-C motif) ligand 8 (CXCL8)) in a concentration-dependent manner. However, the presence of MNPs did not increase the collagen secretion. The exposure to the uniform constant magnetic field (H ≈ 630 or 320 Oe), oriented in the plane of the well, did not cause considerable changes in fibroblasts proliferation and secretion, regardless of presence of MNPs. Statistically significant differences were detected only in the levels of IL-8/CXCL8 release.The study was supported by the program of the Ministry of Health of the Russian Federation (project 121032300335-1). This work was financially supported, in part, by the Ministry of Science and Higher Education of the RF (grant FEUZ-2020-0051) (G.Yu. Melnikov) and University of the Basque Country Research Groups Funding (grant IT1245-19) (G.V. Kurlyandskaya)

Трансмиссивные паразитарные зоонозы Калужской области

the purpose of the research is monitoring population and species composition of common blood-sucking ectoparasites of the Kaluga Region, mosquitoes and ixodid ticks, and parasitic zoonoses, in the circulation of which they are involved.Materials and methods. The records were made in all districts of the Kaluga Region and in the city of Kaluga. We studied open meadow-field and forest-shrub stations, closed meadow-field and near-water stations, and settlement stations. The species was identified using the atlases of ixodid ticks by I. M. Ganiev, A. A. Aliverdiev (1968) and V. N. Shevkoplyas (2008), and the guidance of R. M. Gornostaeva (1999). The situation with transmissible parasitic zoonoses in the Kaluga Region was assessed based on the analysis of information from open sources of the Hygienic and Epidemiological Center of the Kaluga Region and the Veterinary Committee under the Government of the Kaluga Region.Results and discussion. There are two species of ixodid ticks in the Kaluga region: Ixodes ricinus and Dermacentor reticulatus. The abundance index of ixodid ticks of the species I. ricinus is 16.8±1.32 individuals per 1 flag-hour in forest biotopes, and 11.6±1.12 individuals per 1 flag-hour in meadow biotopes, and the abundance index of D. reticulatus is 10,8±1.14 and 15.9±1.30 individuals per 1 flag-hour, respectively. Three mosquito species prevail, namely, Stegomya communis, S. vexans, and Culex pipiens. The maximum number was 8 thousand per 1 m3. During the study period, the causative agent of infectious tick-borne borreliosis was found on average in 10.6% of ixodid ticks collected from humans and in 13.2% of ticks collected in natural biotopes. The causative agent of human granulocytic anaplasmosis was isolated on average in 3.1% of ixodid ticks collected from humans and 6.4% of those collected in natural biotopes. Infection rate for I. ricinus ticks infected with pathogen of infectious tick-borne borreliosis was 16.9%, and D. reticulatus 12.3%.Цель исследований: провести мониторинг численности, видового состава распространенных кровососущих эктопаразитов Калужской области – комаров и иксодовых клещей и паразитарных зоонозов, в циркуляции которых они участвуют.Материалы и методы. Учеты проводили на территории всех районов Калужской области и в г. Калуге. Были исследованы открытые луго-полевые, лесокустарниковые стации, закрытые луго-полевые, околоводные стации и стации населенных пунктов. Видовую принадлежность определяли, используя атласы иксодоидных клещей И. М. Ганиева, А. А. Аливердиева (1968), В. Н. Шевкопляса (2008) и руководство Р. М. Горностаевой (1999). Ситуацию по паразитарным трансмиссивным зоонозам Калужской области оценивали по результатам анализа информации открытых источников Центра гигиены и эпидемиологии Калужской области и Комитета ветеринарии при Правительстве Калужской области.Результаты и обсуждение. В Калужской области обитают два вида иксодовых клещей: Ixodes ricinus и Dermacentor reticulatus. Индекс обилия иксодовых клещей вида I. ricinus в лесных биотопах составляет 16,8±1,32 особей на 1 флаго-час, в луговых биотопах 11,6±1,12 особей на 1 флаго-час, индекс обилия D. reticulatus соответственно 10,8±1,14 и 15,9±1,30 особей на 1 флаго-час. Преобладают три вида комаров: Stegomya communis, S. vexans, Culex pipiens. Максимальная численность составила 8 тыс. экз. на 1 м3. В период исследований возбудитель инфекционного клещевого боррелиоза обнаружен в среднем у 10,6% иксодовых клещей, собранных с людей и у 13,2% клещей, собранных в природных биотопах. Возбудитель гранулоцитарного анаплазмоза человека выделен в среднем у 3,1% иксодовых клещей, собранных с людей и 6,4%, собранных в природных биотопах. Зараженность клещей I .ricinus возбудителем инфекционного клещевого боррелиоза составила 16,9%, D. reticulatus – 12,3%

Особенности паразитирования комаров вида Culex pipiens Culex Linnaeus, 1758 (Diptera, Culicidae) на территории Калужской области

The purpose of the research is to study and systematize data on the biological, fauna-ecological characteristics of mosquitoes Culex pipiens Culex Linnaeus species in the Kaluga Region.Materials and methods. To clarify the fauna and ecological characteristics of mosquitoes Culex pipiens Culex Linnaeus species in the Kaluga Region, we caught adults, larvae and pupae of mosquitoes in the basements of the city of Kaluga, on the control day of mosquitoes, in the natural land biotopes of the Kaluga region. The larvae of blood-sucking mosquitoes were observed on natural and artificial reservoirs of the city and region, in puddles, trenches. Mosquitoes were caught during an attack on a person or animal with an entomological net and placed in a specially prepared cage. Larvae and pupae were collected at breeding sites (from aquatic plants, in the water column). The study of the biotopic distribution and daily activity was carried out using the method of accounting for the number of insects attacking the human forearm for 20 minutes in the period from 20:00–24:00 h.Results and discussion. Two forms of mosquitoes Culex pipiens Culex Linnaeus, 1758 (Diptera, Culicidae) are found in the Kaluga Region: Cx. pipiens f. pipiens L. (non-autogenous form) and Cx. p. f. molestus fors. (autogenous form). Form Cx. pipiens f. pipiens L. is very aggressive, lives in urban and agricultural areas. Cx p. f. molestus fors. is an urbanized form; prefers to live and develop in urban environments. A feature is also the possibility of the first laying of eggs without bloodsucking, and the larvae can develop without sunlight. In late August, female C. pipiens mosquitoes can enter diapause before spring. A temperature below 4°C and above 35°C is critical for the development of larvae. In a year, 3–4 mosquito generations develop in the Kaluga Region. Цель исследований: изучить и систематизировать данные о биологических, фауно-экологических особенностях комаров вида Culex pipiens Culex Linnaeus в Калужской области.Материалы и методы. Для выяснения фауно-экологических особенностей комаров вида Culex pipiens Culex Linnaeus на территории Калужской области проводили отлов имаго, личинок и куколок комаров в подвальных помещениях г. Калуги, на контрольной дневке комаров, в природных наземных биотопах Калужской области. За личинками кровососущих комаров вели наблюдения на естественных и искусственных водоемах города и области, в лужах, траншеях. Комаров отлавливали во время нападения на человека или животное энтомологическим сачком и помещали в специально приготовленный садок. Личинок и куколок собирали в местах выплода (с водных растений, в толще воды). Изучение биотопического распределения и суточной активности проводили, используя метод учета числа насекомых, нападающих на предплечье человека в течение 20 мин. в промежуток времени 20:00–24:00 ч.Результаты и обсуждение. На территории Калужской области встречаются две формы комаров вида Culex pipiens Culex Linnaeus, 1758 (Diptera, Culicidae): Cx. pipiens f. pipiens L. (неавтогенная форма) и Cx. p. f. molestus Fors. (автогенная форма). Форма Cx. pipiens f. pipiens L. очень агрессивна, обитает на городских и сельскохозяйственных территориях. Cx. p. f. molestus Fors. является урбанизированной формой; предпочитает жить и развиваться в городских условиях. Особенностью является также возможность первой откладки яиц без кровососания, а личинки способны развиваться без солнечного света. В конце августа самки комаров Culex pipiens могут вступать в диапаузу до весны. Температура ниже 4 оС и выше 35 оС является критической для развития личинок. За год на территории Калужской области развивается 3–4 генерации комаров.

Фауно-экологические особенности паразитирования иксодовых клещей Центральной части Восточно-Европейской равнины

The purpose of the research is finding out features of fauna and ecology of ixodid ticks parasitizing in the Non-Black Earth Region of the central part of the East European Plain, which inhabit the Kaluga Region. Materials and methods. Ixodid ticks were collected and recorded according to generally accepted methods in all districts of the Kaluga Region and the city of Kaluga in 2009–2019 during their activity (in the spring from the melting of snow and until late autumn before the snow cover formation). A total of 11,282 ticks were collected in 412 flag-hours, of which 7,421 (65.7%) were collected from vegetation and 3,861 (34.3%) from animals. We studied open meadow and field areas, forest and shrub areas, closed meadow and field areas, and wetland stations and settlements. The species was identified using the Atlas of ixodid ticks by Ganiev and Aliverdiev (1968) and the Atlas by Shevkoplyas (2008). Results and discussion. There are two species of ixodid ticks in the Kaluga Region, Ixodes ricinus and Dermacentоr reticulatus. The number of D. reticulatus slightly exceeds (by 6%) I. ricinus, 53 and 46% respectively, which is explained by the even distribution of forest and meadow (pasture) biotopes in the Region. The abundance index of I. ricinus was 16.8±1.32 individuals per 1 flag-hour in forest biotopes, and 11.6±1.12 individuals per 1 flag-hour in meadow biotopes. The abundance index of D. reticulatus was 10.8±1.14 individuals per 1 flag-hour in forest biotopes, and 15.9±1.30 individuals per 1 flag-hour in meadow biotopes.Цель исследований – выяснить фауно-экологические особенности паразитирования иксодовых клещей, обитающих в Нечерноземной зоне Центральной части Восточно-Европейской равнины. Материалы и методы. Сбор и учет иксодовых клещей проводили по общепринятым методикам на территории всех районов Калужской области и г. Калуги в 2009–2019 гг. в период их активности (весной со схода снега и до поздней осени до установления снежного покрова). Всего собрано 11 282 клеща за 412 флаго-часов, из них 7 421 экз. (65,7%) собрано с растительности и 3861 экз. (34,3%) – с животных. Были исследованы открытые луго-полевые, лесокустарниковые стации, закрытые луго-полевые, околоводные стации и стации населенных пунктов. Видовую принадлежность определяли, используя атлас иксодовых клещей Ганиева, Аливердиева (1968) и атлас Шевкопляса (2008). Результаты и обсуждение. В Калужской области обитает два вида иксодовых клещей: Ixodes ricinus и Dermacentоr reticulatus. Численность D. reticulatus незначительно превышает (на 6%) таковую I. ricinus: 53 и 46% соответственно, что объясняется равномерным распределением лесных и луговых (пастбищных) биотопов на территории области. Индекс обилия вида I. ricinus в лесных биотопах составил 16,8±1,32 экз. на 1 флаго-час, в луговых биотопах – 11,6±1,12 экз. на 1 флаго-час. Индекс обилия вида D. reticulatus составил в лесных биотопах 10,8±1,14 экз. на 1 флаго-час, в луговых биотопах – 15,9±1,30 особей на 1 флаго-час