How do investors' expectations drive asset prices?

Asset price processes are completely described by information processes and investors´ preferences. In this paper we derive the relationship between the process of investors´ expectations of the terminal stock price and asset prices in a general continous time pricing kernel framework. To derive the asset price process we make use of the modern technique of forward-backward stochastic differential equations. With this approach it is possible to show the driving factors for stochastic volatility of asset prices and to give theoretical arguments for empirically well documented facts. We show that stylized facts that look at first hand like financial market anomalies may be explained by an information process with stochastic volatility. --backward stochastik differential equtations,information processes,pricing kernel

How do investors' expectations drive asset prices?

Asset price processes are completely described by information processes and investors' preferences. In this paper we derive the relationship between the process of investors' expectations of the terminal stock price and asset prices in a general continous time pricing kernel framework. To derive the asset price process we make use of the modern technique of forward-backward stochastic differential equations. With this approach it is possible to show the driving factors for stochastic volatility of asset prices and to give theoretical arguments for empirically well documented facts. We show that stylized facts that look at first hand like financial market anomalies may be explained by an information process with stochastic volatility

The Innovators’s Social Network

The concept of innovation has evolved significantly over the last decade. It now appears that inherent successful innovation can be explained by the influence of the social networks and social capital. Originally based on tangible forms of capital and the necessity of technology pull and push, innovation management is now integrated in a larger system. The innovator’s social network contains knowledge and information obtained from multiple connections in the social capital embedded in organisational and Inter-organisational network. This study shows the impact of inter-organisational, personal and business network in different sectors. The impact of the different networks on start-ups and mature companies, and how this is related to different performance levels in mature companies, is also outlined.The concept of innovation has evolved significantly over the last decade. It now appears that inherent successful innovation can be explained by the influence of the social networks and social capital. Originally based on tangible forms of capital and the necessity of technology pull and push, innovation management is now integrated in a larger system. The innovator’s social network contains knowledge and information obtained from multiple connections in the social capital embedded in organisational and Inter-organisational network. This study shows the impact of inter-organisational, personal and business network in different sectors. The impact of the different networks on start-ups and mature companies, and how this is related to different performance levels in mature companies, is also outlined.The concept of innovation has evolved significantly over the last decade. It now appears that inherent successful innovation can be explained by the influence of the social networks and social capital. Originally based on tangible forms of capital and the necessity of technology pull and push, innovation management is now integrated in a larger system. The innovator’s social network contains knowledge and information obtained from multiple connections in the social capital embedded in organisational and Inter-organisational network. This study shows the impact of inter-organisational, personal and business network in different sectors. The impact of the different networks on start-ups and mature companies, and how this is related to different performance levels in mature companies, is also outlined

A Note on Mean-Variance Hedging of Non-Attainable Claims

A market is described by two correlated asset prices. But only one of them is traded while the contingent claim is a function of both assets. We solve the mean-variance hedging prob- lem completely and prove that the optimal strategy consists of a modified pure hedge expressible in terms of the obervation process and a Merton-type investment.

Uma tarefa peculiar

This article discusses what I call the “rope practice,” which is based on a performance task in which a rope is integrated with movement. It was first presented in my 2010 choreography Vielfalt. This is a novel, rope-based movement activity that affords new possibilities for action, organization, relational dynamics, as well as opportunities for using what Eugene Gendlin calls “felt sense” to generate affect and new trajectories of performance and movement. Engaging with the rope becomes a way for performers to have a bodily experience of the not-yet-known. Felt sense serves as a threshold in which a bodily knowing can be perceived, embodied and articulated. The process of working with the rope through felt sense – this was a central theme of Vielfalt – allows performers to experience and embody change.Este artículo discute lo que llamo “práctica de la cuerda”, la cual está basada en una tarea de un performance en el cual una cuerda es integrada con el movimiento. Ésta fue presentada por primera vez en mi coreografía del año 2010 titulada Vielfalt. Se trata de una novedosa actividad de movimiento basado en una cuerda que ofrece nuevas posibilidades de acción, organización, dinámica relacional, así como oportunidades para usar lo que Eugene Gendlin llama “sentir sentido” (sentido sentido) para generar afecto y nuevas trayectorias para el performance y el movimiento. Relacionarse con la cuerda deviene una vía para que performers tengan una experiencia corporal de lo aún no conocido. Sentir sentido (sentido sentido) sirve como un umbral en el cual un conocimiento corporal pueda ser percibido, encarnado y articulado. El proceso de trabajar con la cuerda a través del sentir sentido (felt sense) – este fue un tema central de Vielfalt – permite a los artistas experimentar e incorporar el cambio.Este artigo discute o que chamo de “prática de corda”, que é baseada em uma tarefa de performance em que uma corda é integrada ao movimento. Este foi apresentado pela primeira vez na minha coreografia de 2010 intitulada Vielfalt. É uma nova atividade de movimento baseada em uma corda que oferece novas possibilidades de ação, organização, dinâmica relacional, bem como oportunidades para usar o que Eugene Gendlin chama de “sentir sentido” (sentido sentido) para gerar afeto e novas trajetórias para o performance e movimento. Relacionar-se com a corda torna-se uma maneira de os performers terem uma experiência corporal do que ainda não é conhecido. Sentir sentido (sentido sentido) serve comoum limiar no qual um conhecimento corporal pode ser percebido, encarnado e articulado. O processo de trabalhar com a corda através do sentir sentido (felt sense) - este foi um tema central do Vielfalt - permite aos artistas experimentar e incorporar a mudança

Glued suture-less peritoneum closure in laparoscopic inguinal hernia repair reduces acute postoperative pain.

Inguinal hernia repair is performed more than 20 million times per annum, representing a significant health and economic burden. Over the last three decades, significant technical advances have started to reduce the invasiveness of these surgeries, which translated to better recovery and reduced costs. Here we bring forward an innovative surgical technique using a biodegradable cyanoacrylate glue instead of a traumatic suture to close the peritoneum, which is a highly innervated tissue layer, at the end of endoscopy hernia surgery. To test how this affects the invasiveness of hernia surgery, we conducted a cohort study. A total of 183 patients that underwent minimally invasive hernia repair, and the peritoneum was closed with either a conventional traumatic suture (n = 126, 68.9%) or our innovative approach using glue (n = 57, 31.1%). The proportion of patients experiencing acute pain after surgery was significantly reduced (36.8 vs. 54.0%, p = 0.032) by using glue instead of a suture. In accordance, the mean pain level was higher in the suture group (VAS = 1.5 vs. 1.3, p = 0.029) and more patients were still using painkillers (77.9 vs. 52.4%, p = 0.023). Furthermore, the rate of complications was not increased in the glue group. Using multivariate regressions, we identified that using a traumatic suture was an independent predictor of acute postoperative pain (OR 2.0, 95% CI 1.1-3.9, p = 0.042). In conclusion, suture-less glue closure of the peritoneum is innovative, safe, less painful, and possibly leads to enhanced recovery and decreased health costs

Predictive crowding as a concept to support the assessment of disruptive Ideas: a conceptual framework

Purpose - The purpose of this paper, is to develop a conceptual framework for a holistic view on how to use crowd intelligence to identify the logic of sequences to fully address the potential of crowds, and contest the common assumption that one crowd fits all challenges. Design/methodology/approach - This conceptual development is based on both deductive and inductive reasoning and is the result of interdisciplinary collaboration of partner universities and research institutions. Findings - A number of research postulations are presented, opening a future research stream to provide a new perspective on application possibilities of crowdsourcing in SMEs, and encourage further discussion on crowd definition and crowd selection for varying applications. Research limitations/implications - Subsequent empirical work is called for to test various research postulations. Practical Implications - The conceptual framework demonstrates the applicability of crowd intelligence for predictive assessment of disruptive ideas, and adds to the literature on how SMEs could use Predictive Crowding (Expert Crowds) to assess disruptive idea

Dark Matter in host-microbiome metabolomics: Tackling the unknowns-A review

The “dark matter” in metabolomics (unknowns) represents an exciting frontier with significant potential for discovery in relation to biochemistry, yet it also presents one of the largest challenges to overcome. This focussed review takes a close look at the current state-of-the-art and future challenges in tackling the unknowns with specific focus on the human gut microbiome and host-microbe interactions. Metabolomics, like metabolism itself, is a very dynamic discipline, with many workflows and methods under development, both in terms of chemical analysis and post-analysis data processing. Here, we look at developments in the mutli-omic analyses and the use of mass spectrometry to investigate the exchange of metabolites between the host and the microbiome as well as the environment within the microbiome. A case study using HuMiX, a microfluidics-based human-microbial co-culture system that enables the co-culture of human and microbial cells under controlled conditions, is used to highlight opportunities and current limitations. Common definitions, approaches, databases and elucidation techniques from both the environmental and metabolomics fields are covered, with perspectives on how to merge these, as the boundaries blur between the fields. While reflecting on the number of unknowns remaining to be conquered in typical complexsamples measured with mass spectrometry (often ordersof magnitude above the “knowns”), we provide an outlook on future perspectives and challenges in elucidating the relevant “dark matter”

Predictive crowding as a concept to support the assessment of disruptive Ideas: a conceptual framework

Purpose - The purpose of this paper, is to develop a conceptual framework for a holistic view on how to use crowd intelligence to identify the logic of sequences to fully address the potential of crowds, and contest the common assumption that one crowd fits all challenges. Design/methodology/approach - This conceptual development is based on both deductive and inductive reasoning and is the result of interdisciplinary collaboration of partner universities and research institutions. Findings - A number of research postulations are presented, opening a future research stream to provide a new perspective on application possibilities of crowdsourcing in SMEs, and encourage further discussion on crowd definition and crowd selection for varying applications. Research limitations/implications - Subsequent empirical work is called for to test various research postulations. Practical Implications - The conceptual framework demonstrates the applicability of crowd intelligence for predictive assessment of disruptive ideas, and adds to the literature on how SMEs could use Predictive Crowding (Expert Crowds) to assess disruptive idea