Bounds on baskets option prices

Includes bibliographical references (leaves 70-71).The celebrated Black-Scholes option pricing model is unable to produce closed-form solutions for arithmetic basket options. This problem stems from the lack of an analitical form for the distribution of a sum of lognormal random variables. lVlarket participants commonly price basket options by assuming the basket follows lognormal dynamics, although it is known that this approximation performs poorly in some cicumstances. The problem of finding an analytical approximation to the sum of lognormally distributed random variables has been widely studied. In this dissertation we seek to draw these studies together and apply them in an option pricing setting. We propose some new option pricing formulae based on these approximations. In order to examine the utility of these new formulae and compare them to commonly used market approximations we present rigorous analytical bounds for the price of arithmetic basket options using the theory of comonotonicity. In this we follow the ideas in Deelstra et al. [7]. Additionally we provide an interval of hedge parameters (the Greeks). We carry out a numerical sensitivity analysis and identify circumstances under which the market approximation misprices basket options

Meta-modes of learning that support and influence the millennial student’s holistic learning experience at an academic institute in South Africa

Teaching in diverse ways to a diverse generation, globally, academic institutes must ensure that learning is responsive, appropriate and supportive of cohorts in emerging and involving modes of learning. However, the pedagogy, processes and learning methods are of paramount importance for this diverse student generation in order to recognise subsequent cohorts for whom motivation and engagement in a holistic learning experience for millennial students could be maximised. While it has been recognised that current learning practices may not address the holistic learning experience of the millennial student, the purpose of this study, through the adoption of the Student-Owned Learning-Engagement (SOLE) model, its nine elements and 42 meta-modes of learning, is to investigate and identify the confluence of meta-modes of learning that could support and influence the millennial student’s holistic learning experience. In response to the needs of aspiring millennial learners, data were obtained from 69 students and 15 teachers by means of a self-administrated questionnaire. A comparison was drawn between the theories that the millennials preferred meta-modes of learning and the modes of teaching that the teachers had adopted. Hence, this study offers strategies to improve the holistic experience of learning. This is performed in a manner that support new empirical emerging and involving modes of learning for the millennial student

Investigating the effects of mopane worms (Imbrasia belina) on nutrients, Venetia-Limpopo Nature Reserve, South Africa

Ecologists have long been aware that large mammalian herbivores can alter ecosystem functioning in various ways, for example through changing where they defecate and urinate, which consequently affects nutrient cycling. The effects of herbivorous insects on ecosystems, however, have received limited attention until recently. Insects are capable of mass outbreaks, they can consume large volumes of vegetative material and can deposit large quantities of dung (frass), one example being the mopane worm, Imbrasia belina. This study looked at the effect of mopane worm frass on soil fertility in the mopane veld of the Venetia-Limpopo Nature Reserve and neighbouring Haakdoring farm. It found that mopane worms are capable of altering soil nutrient dynamics beneath the trees where they are browsing in three ways. Firstly, they increase the potential amount of nutrients deposited when compared with that deposited through conventional leaf litter. Secondly, they alter the rate of nutrient recycling by depositing nutrients in frass which decomposes more rapidly than conventional leaf litter. Lastly, they increase the amounts of potassium and phosphorus in the soil. While there is no conclusive data from this study that the mopane veld would become extinct if mopane worms were harvested to extinction, it has shown that there is relatively little evidence on how herbivorous insects could affect ecosystem functioning in the landscapes in which they occur. Further research is recommended that investigates how mopane worms influence soil fertility in more detail and over multiple geographical locations

An industry-sponsored, school-focused model for continuing professional development of technology teachers

Traditionally a divide has existed between faculties of education at higher education institutions (HEIs) and trade and industry, but the business sector is increasingly buying into community development with corporate social investment, especially regarding technology education. We report on a continuing professional teacher development (CPTD) model, which entails trade and industry sponsoring learning and teacher support material (LTSM) for technology education in under-resourced schools, paying for LTSM through their corporate social investment funds, and sponsoring CPTD of technology teachers where they are trained to use LTSM more efficiently. Trade and industry, together with HEIs and Departments of Education (DoE), could change the traditional concept that CPTD is the responsibility of DoEs into a new model where the business sector shares some of the responsibility for equipping teachers so that they can provide quality education. We argue that custom-made and sponsored LTSM and CPTD play an important role in the training and empowerment of technology teachers

An industry-sponsored, school-focused model for continuing professional development of technology teachers

Traditionally a divide has existed between faculties of education at higher education institutions (HEIs) and trade and industry, but the business sector is increasingly buying into community development with corporate social investment, especially regarding technology education. We report on a continuing professional teacher development (CPTD) model, which entails trade and industry sponsoring learning and teacher support material (LTSM) for technology education in under-resourced schools, paying for LTSM through their corporate social investment funds, and sponsoring CPTD of technology teachers where they are trained to use LTSM more efficiently. Trade and industry, together with HEIs and Departments of Education (DoE), could change the traditional concept that CPTD is the responsibility of DoEs into a new model where the business sector shares some of the responsibility for equipping teachers so that they can provide quality education. We argue that custom-made and sponsored LTSM and CPTD play an important role in the training and empowerment of technology teachers. Keywords: continuing professional development; learning and teacher support material; technology education South African Journal of Education Vol. 27 (4) 2007: pp. 579-59

An employer brand predictive model for talent attraction and retention

Orientation: In an ever shrinking global talent pool organisations use employer brand to attract and retain talent, however, in the absence of theoretical pointers, many organisations are losing out on a powerful business tool by not developing or maintaining their employer brand correctly. Research purpose: This study explores the current state of knowledge about employer brand and identifies the various employer brand building blocks which are conceptually integrated in a predictive model. Motivation for the study: The need for scientific progress though the accurate representation of a set of employer brand phenomena and propositions, which can be empirically tested, motivated this study. Research design, approach and method: This study was nonempirical in approach and searched for linkages between theoretical concepts by making use of relevant contextual data. Theoretical propositions which explain the identified linkages were developed for purpose of further empirical research. Main findings: Key findings suggested that employer brand is influenced by target group needs, a differentiated Employer Value Proposition (EVP), the people strategy, brand consistency, communication of the employer brand and measurement of Human Resources (HR) employer branding efforts. Practical/managerial implications: The predictive model provides corporate leaders and their human resource functionaries a theoretical pointer relative to employer brand which could guide more effective talent attraction and retention decisions. Contribution/value add: This study adds to the small base of research available on employer brand and contributes to both scientific progress as well as an improved practical understanding of factors which influence employer brand

P16-20. TB co-infection is associated with increased cytotoxic phenotype marker expression on CD8+ T lymphocytes, but reduced HIV-specific degranulation

Please help us populate SUNScholar with the post print version of this article. It can be e-mailed to: [email protected] Virologi

Aroma: a larger than life experience?

Aroma is today an essential part of our diet. Often used to reinforce the initial neutral taste of the food produced on an industrial scale, it is sometimes the main course, at the core of many edible products. First thought as accessory, it now takes the lead. From this observation and through the review of examples of the food industry, this article puts forward the hypothesis that the aroma supplants the food –in the relation of resemblance between the original model and its representation, which falls under the inculcation – and eclipses it. Potentially strong on the palate, it is a promise of intense experience. This is particularly true in the case of flavors without pre-established references. Pure abstract aromatic constructions allow greater freedom of projection, and foster discursive emphasis. In these cases, the taste alone, uncorrelated with prerogatives of nutrition, becomes the support of a hyperesthesic experience