Black-Scholes option pricing within Ito and Stratonovich conventions

Options financial instruments designed to protect investors from the stock market randomness. In 1973, Fisher Black, Myron Scholes and Robert Merton proposed a very popular option pricing method using stochastic differential equations within the Ito interpretation. Herein, we derive the Black-Scholes equation for the option price using the Stratonovich calculus along with a comprehensive review, aimed to physicists, of the classical option pricing method based on the Ito calculus. We show, as can be expected, that the Black-Scholes equation is independent of the interpretation chosen. We nonetheless point out the many subtleties underlying Black-Scholes option pricing method.Comment: 14 page

Sea quark effects in B_K from N_f=2 clover-improved Wilson fermions

We report calculations of the parameter B_K appearing in the Delta S=2 neutral kaon mixing matrix element, whose uncertainty limits the power of unitarity triangle constraints for testing the standard model or looking for new physics. We use two flavours of dynamical clover-improved Wilson lattice fermions and look for dependence on the dynamical quark mass at fixed lattice spacing. We see some evidence for dynamical quark effects and in particular B_K decreases as the sea quark masses are reduced towards the up/down quark mass.Comment: 17 pages, 4 figures, uses JHEP3.cls, added comments and reference

Chiral Analysis of Quenched Baryon Masses

We extend to quenched QCD an earlier investigation of the chiral structure of the masses of the nucleon and the delta in lattice simulations of full QCD. Even after including the meson-loop self-energies which give rise to the leading and next-to-leading non-analytic behaviour (and hence the most rapid variation in the region of light quark mass), we find surprisingly little curvature in the quenched case. Replacing these meson-loop self-energies by the corresponding terms in full QCD yields a remarkable level of agreement with the results of the full QCD simulations. This comparison leads to a very good understanding of the origins of the mass splitting between these baryons.Comment: 23 pages, 6 figure

3D printing of tablets using inkjet with UV photoinitiation

Additive manufacturing (AM) offers significant potential benefits in the field of drug delivery and pharmaceutical/medical device manufacture. Of AM processes, 3D inkjet printing enables precise deposition of a formulation, whilst offering the potential for significant scale up or scale out as a manufacturing platform. This work hypothesizes that suitable solvent based ink formulations can be developed that allow the production of solid dosage forms that meet the standards required for pharmaceutical tablets, whilst offering a platform for flexible and personalised manufacture. We demonstrate this using piezo-activated inkjetting to 3D print ropinirole hydrochloride. The tablets produced consist of a cross-linked poly(ethylene glycol diacrylate) (PEGDA) hydrogel matrix containing the drug, photoinitiated in a low oxygen environment using an aqueous solution of Irgacure 2959. At a Ropinirole HCl loading of 0.41 mg, drug release from the tablet is shown to be Fickian. Raman and IR spectroscopy indicate a high degree of cross-linking and formation of an amorphous solid dispersion. This is the first publication of a UV inkjet 3D printed tablet. Consequently, this work opens the possibility for the translation of scalable, high precision and bespoke ink-jet based additive manufacturing to the pharmaceutical sector

Kaon B Parameter in Quenched QCD

I calculate the kaon B-parameter with a lattice simulation in quenched approximation. The lattice simulation uses an action possessing exact lattice chiral symmetry, an overlap action. Computations are performed at two lattice spacings, about 0.13 and 0.09 fm (parameterized by Wilson gauge action couplings beta=5.9 and 6.1) with nearly the same physical volumes and quark masses. I describe particular potential difficulties which arise due to the use of such a lattice action in finite volume. My results are consistent with other recent lattice determinations using domain-wall fermions.Comment: 23 pages, Revtex, 16 postscript figure

Quark contributions to baryon magnetic moments in full, quenched, and partially quenched QCD

The chiral nonanalytic behavior of quark-flavor contributions to the magnetic moments of octet baryons is determined in full, quenched and partially quenched QCD, using an intuitive and efficient diagrammatic formulation of quenched and partially quenched chiral perturbation theory. The technique provides a separation of quark-sector magnetic-moment contributions into direct sea-quark loop, valence-quark, indirect sea-quark loop and quenched valence contributions, the latter being the conventional view of the quenched approximation. Both meson and baryon mass violations of SU(3)-flavor symmetry are accounted for. Following a comprehensive examination of the individual quark-sector contributions to octet baryon magnetic moments, numerous opportunities to observe and test the underlying structure of baryons and the nature of chiral nonanalytic behavior in QCD and its quenched variants are discussed. In particular, the valence u-quark contribution to the proton magnetic moment provides the optimal opportunity to directly view nonanalytic behavior associated with the meson cloud of full QCD and the quenched meson cloud of quenched QCD. The u quark in Σ+ provides the best opportunity to display the artifacts of the quenched approximation.Derek B. Leinwebe

An Upgraded Analysis of ϵ′/ϵ\epsilon\prime/\epsilon at the Next-to-Leading Order

An upgraded analysis of \ep, $x_d$ and \epp/\ep, using the latest determinations of the relevant experimental and theoretical parameters, is presented. Using the recent determination of the top quark mass, $m_t=(174 \pm 17)$ GeV, our best estimate is \epp/\ep= 3.1 \pm 2.5 , which lies in the range given by E731. We describe our determination of \epp/\ep and make a comparison with other similar studies. A detailed discussion of the matching of the full theory to the effective Hamiltonian, written in terms of lattice operators, is also given.Comment: LaTeX, 45 pages, 6 postscript figure

Ammonite Faunal Dynamics Across Bio-Events During the Mid-and Late Cretaceous Along the Russian Pacific Coast

Jagt−Yazykova, E.A. 2012. Ammonite faunal dynamics across bio−events during the mid − and Late Cretaceous along th

TRY plant trait database – enhanced coverage and open access

Plant traits—the morphological, anatomical, physiological, biochemical and phenological characteristics of plants—determine how plants respond to environmental factors, affect other trophic levels, and influence ecosystem properties and their benefits and detriments to people. Plant trait data thus represent the basis for a vast area of research spanning from evolutionary biology, community and functional ecology, to biodiversity conservation, ecosystem and landscape management, restoration, biogeography and earth system modelling. Since its foundation in 2007, the TRY database of plant traits has grown continuously. It now provides unprecedented data coverage under an open access data policy and is the main plant trait database used by the research community worldwide. Increasingly, the TRY database also supports new frontiers of trait‐based plant research, including the identification of data gaps and the subsequent mobilization or measurement of new data. To support this development, in this article we evaluate the extent of the trait data compiled in TRY and analyse emerging patterns of data coverage and representativeness. Best species coverage is achieved for categorical traits—almost complete coverage for ‘plant growth form’. However, most traits relevant for ecology and vegetation modelling are characterized by continuous intraspecific variation and trait–environmental relationships. These traits have to be measured on individual plants in their respective environment. Despite unprecedented data coverage, we observe a humbling lack of completeness and representativeness of these continuous traits in many aspects. We, therefore, conclude that reducing data gaps and biases in the TRY database remains a key challenge and requires a coordinated approach to data mobilization and trait measurements. This can only be achieved in collaboration with other initiatives