Spanning, Valuation and Options

We model the space of marketed assets as a Riesz space of commodities. In this setting, two alternative characterizations are given of the space of continuous options on a bounded asset, s, with limited liability. The first characterization represents every continuous option on s as the uniform limit of portfolios of calls on s. The second characterization represents an option as a continuous sum (or integral) of Arrow-Debreu securities, with respect to s. The pricing implications of these representations are explored. In particular, the Breeden-Litzenberger pricing formula is shown to be a direct consequence of the integral representation theorem

Spanning, Valuation and Options

We model the space of marketed assets as a Riesz space of commodities. In this setting, two alternative characterizations are given of the space of continuous options on a bounded asset, s, with limited liability. The first characterization represents every continuous option on s as the uniform limit of portfolios of calls on s. The second characterization represents an option as a continuous sum (or integral) of Arrow-Debreu securities, with respect to s. The pricing implications of these representations are explored. In particular, the Breeden-Litzenberger pricing formula is shown to be a direct consequence of the integral representation theorem.Securities, portfolios, assets, arbitrage, marketed assets

Famous Last Words

What would your professor have to say at their \u27last lecture\u27? Would they give advice? Would they reminisce? Would they talk about academics? Would they talk about spirituality? Come to the Fairfield University \u27Last Lecture\u27 series and find out. Find out more about your professors. Find out what makes them tick.https://digitalcommons.fairfield.edu/bennettcenter-posters/1307/thumbnail.jp

The relationship between imaging-based body composition analysis and the systemic inflammatory response in patients with cancer: a systematic review

Background and aim: Cancer is the second leading cause of death globally. Nutritional status (cachexia) and systemic inflammation play a significant role in predicting cancer outcome. The aim of the present review was to examine the relationship between imaging-based body composition and systemic inflammation in patients with cancer. Methods: MEDLINE, EMBASE, Cochrane Library and Google Scholar were searched up to 31 March 2019 for published articles using MESH terms cancer, body composition, systemic inflammation, Dual energy X-ray absorptiometry (DEXA), magnetic resonance imaging (MRI), ultrasound sonography (USS) and computed tomography (CT). Studies performed in adult patients with cancer describing the relationship between imaging-based body composition and measures of the systemic inflammatory response were included in this review. Results: The literature search retrieved 807 studies and 23 met the final eligibility criteria and consisted of prospective and retrospective cohort studies comprising 11,474 patients. CT was the most common imaging modality used (20 studies) and primary operable (16 studies) and colorectal cancer (10 studies) were the most commonly studied cancers. Low skeletal muscle index (SMI) and systemic inflammation were consistently associated; both had a prognostic value and this relationship between low SMI and systemic inflammation was confirmed in four longitudinal studies. There was also evidence that skeletal muscle density (SMD) and systemic inflammation were associated (9 studies). Discussion: The majority of studies examining the relationship between CT based body composition and systemic inflammation were in primary operable diseases and in patients with colorectal cancer. These studies showed that there was a consistent association between low skeletal muscle mass and the presence of a systemic inflammatory response. These findings have important implications for the definition of cancer cachexia and its treatment

Letters to the Editor

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/65933/1/j.1528-1157.1995.tb00479.x.pd

Diagnosis and management of schistosomiasis

The authors’ studies on schistosomiasis have received financial support from various sources including: the UNICEF/UNDP/World Bank/WHO Special Program for Research and Training in Tropical Diseases; the National Health and Medical Research Council of Australia; the Wellcome Trust (UK); the Sandler Foundation (USA); the Dana Foundation (USA); and the National Institute of Allergy and Infectious Diseases

An upper limit to the dry merger rate at <z> ~ 0.55

We measure the fraction of Luminous Red Galaxies (LRGs) in dynamically close pairs (with projected separation less than 20 $h^{-1}$ kpc and velocity difference less than 500 km s$^{-1}$) to estimate the dry merger rate for galaxies with $-23 < M(r)_{k+e,z=0.2} +5 \log h < -21.5$ and $0.45 < z < 0.65$ in the 2dF-SDSS LRG and QSO (2SLAQ) redshift survey. For galaxies with a luminosity ratio of $1:4$ or greater we determine a $5\sigma$ upper limit to the merger fraction of 1.0% and a merger rate of $< 0.8 \times 10^{-5}$ Mpc$^{-3}$ Gyr$^{-1}$ (assuming that all pairs merge on the shortest possible timescale set by dynamical friction). This is significantly smaller than predicted by theoretical models and suggests that major dry mergers do not contribute to the formation of the red sequence at $z < 0.7$.Comment: 8 pages emulateapj style, 3 figures, accepted by AJ (March 2010

Sloan Digital Sky Survey III Photometric Quasar Clustering: Probing the Initial Conditions of the Universe using the Largest Volume

The Sloan Digital Sky Survey has surveyed 14,555 square degrees of the sky, and delivered over a trillion pixels of imaging data. We present the large-scale clustering of 1.6 million quasars between z = 0.5 and z = 2.5 that have been classified from this imaging, representing the highest density of quasars ever studied for clustering measurements. This data set spans ~11,000 square degrees and probes a volume of 80(Gpc/h)^3. In principle, such a large volume and medium density of tracers should facilitate high-precision cosmological constraints. We measure the angular clustering of photometrically classified quasars using an optimal quadratic estimator in four redshift slices with an accuracy of ~25% over a bin width of l ~10 - 15 on scales corresponding to matter-radiation equality and larger (l ~ 2 - 30). Observational systematics can strongly bias clustering measurements on large scales, which can mimic cosmologically relevant signals such as deviations from Gaussianity in the spectrum of primordial perturbations. We account for systematics by employing a new method recently proposed by Agarwal et al. (2014) to the clustering of photometrically classified quasars. We carefully apply our methodology to mitigate known observational systematics and further remove angular bins that are contaminated by unknown systematics. Combining quasar data with the photometric luminous red galaxy (LRG) sample of Ross et al. (2011) and Ho et al. (2012), and marginalizing over all bias and shot noise-like parameters, we obtain a constraint on local primordial non-Gaussianity of fNL = -113+/-154 (1\sigma error). [Abridged]Comment: 35 pages, 15 figure