Empirical pricing kernels obtained from the UK index options market

Empirical pricing kernels for the UK equity market are derived as the ratio between risk-neutral densities, inferred from FTSE 100 index options, and historical real-world densities, estimated from time series of the index. The kernels thus obtained are almost compatible with a risk averse representative agent, unlike similar estimates for the US market

Parameter estimation of GOES precipitation index at different calibration timescales

We examined two techniques that adjust the parameters of the GOES Precipitation Index (GPI) by combining the polar microwave and the geosynchronous infrared observations at three frequencies: daily, pentad, and monthly. The first technique is the adjusted GPI (AGPI), and the second is the universally adjusted GPI (UAGPI). The study shows that rainfall estimates can be improved by frequent calibrations providing there is sufficient superior (microwave) rainfall sampling within the calibration time and space domain. For this work, daily and pentad calibrations produce monthly rainfall estimates almost as good as monthly calibration. The daily calibration produced better daily rainfall estimates than pentad and monthly calibration, but it generates similar pentad rainfall estimates to these of the pentad calibration. The monthly calibrated scheme is not suitable for the daily and pentad rainfall estimates. Under the current twice-per-day sampling rate of polar-orbiting microwave observations, the pentad calibration scheme is suggested for the monthly, pentad, and daily rainfall. The potentials of applying the UAGPI and the AGPI techniques for daily rainfall estimation are also investigated. Copyright 2000 by the American Geophysical Union

Isovector channel of quark-meson-coupling model and its effect on symmetry energy

The non-relativistic approximation of the quark-meson-coupling model has been discussed and compared with the Skyrme-Hartree-Fock model which includes spin exchanges. Calculations show that the spin-exchange interaction has important effect on the descriptions of finite nuclei and nuclear matter through the Fock exchange. Also in the quark-meson-coupling model, it is the Fock exchange that leads to a nonlinear density-dependent isovector channel and changes the density-dependent behavior of the symmetry energy.Comment: 20 pages, 9 figures and 1 table, accepted for publication in Nuclear Physics

The evolution of large-bodied theropod dinosaurs during the Mesozoic in Asia

The fossil record of large-bodied, apex carnivorous theropod dinosaurs in Eastern Asia is now among the best understood in the world, thanks to new discoveries and reinterpretations of long-neglected fossils. Asia boasts the most complete record of Middle Jurassic theropods globally, as well as one of the best-studied Late Cretaceous theropod faunas, and new research is helping to fill what was previously a 60-million-year gap in the Early-mid Cretaceous fossil record of large Asian predators. In general, the bio-geographic affinities of large-bodied Asian theropods over time were intimately related to physical geography, and progressively more derived theropod clades evolved large body size and occupied the apex predator niche throughout the Jurassic and Cretaceous. During the Middle Jurassic, largely endemic clades of basal tetanurans were prevalent in Asia, whereas during the Late Jurassic mid Cretaceous more derived “intermediate” tetanuran theropods with cosmopolitan affinities occupied the large predator role, including sinraptorids, spinosauris, and carcharodontosaurians. Finalli, during the final 20 million years of the Cretaceous, more derived, bird-like coelurosaurs attained large body size. Foremost among these were the tyrannosaurids, a radiation of northern (Asian and North American) megapredators whose ascent into the apex predator niche was a delayed event restricted to the Campanian-Masastrichian. As Asia is the focus of intense ongoing dinosaur fieldwork, our undestarnding of large-bodied theropod evolution will continue to be refined with future discoveries.El registro fósil de los dinosaurios carnívoros terópodos de gran talla en el este de Asia es uno de los mejor conocidos del mundo, gracias a nuevos descubrimientos y reinterpretaciones de fósiles que han permanecido pobremente estudiados durante mucho tiempo. Globalmente, Asia comprende el registro fósil mas completo de terópodos del Jurasico Medio, así como una de las faunas finicretácicas mejor estudiadas. Asimismo, las nuevas investigaciones están contribuyendo a completar un hiato de 60 millones de años en el registro fósil de grandes depredadores asiáticos correspondientes al Cretácico inferior-medio. En general las afinidades biogeográficas de los grandes terópodos asiáticos a través del tiempo se hallan íntimamente ligadas a la geografía física. Progresivamente, varios clados derivados de terópodos evolucionaron grandes tallas corporales, ocupando la cima del nicho de depredador durante todo el Jurasico y el Cretácico. Durante el Jurasico Medio prevalecieron clados de tetanuros basales mayormente endémicos, mientras que durante el Jurásico Superior-Cretácico Medio clados más derivados de terópodos tetanuros “intermedios” de afinidades cosmopolitas ocuparon el papel de gran depredador, incluyendo sinraptoridos, espinosauridos y carcharodontosauridos. Finalmente, durante los ultimos 20 millones de anos del Cretacico, coelurosaurios mas derivados con aspecto reminiscente a las aves alcanzaron grandes tallas corporales. Pirmordialmente entre estas formas se hallaban los tiranosauridos, una radiación septentrional (asiáticos y norteamericanos) de megadepredadores cuyo ascenso a la cumbre del nicho de gran depredador se retraso hasta el Campaniense y Maastrichtiense. Mientras Asia continua constituyendo el foco de una intensa actividad paleontológica, nuestros conocientos sobre la evolución de los grandes terópodos continuará refinándose con el estudio de futuros hallazgos