Equilibrium Bid-Ask Spread of European Derivatives in Dry Markets

In the framework of incomplete markets, due to the non-existence of trade at some points in time, and using a partial equilibrium analysis, we show how the bid-ask spread of an European derivative is generated. We also ¯nd conditons for the existence of the spread. These conditions concern the market structure of the maret-makers, which can be a oligolopoly with price competition or a monopoly, as well as the riskaversion of the demand and supply of the market.

Dry Markets and Statistical Arbitrage Bounds for European Derivatives

We derive statistical arbitrage bounds for the buying and selling price of European derivatives under incomplete markets. In this paper, incompleteness is generated due to the fact that the market is dry, i.e., the underlying asset cannot be transacted at certain points in time. In particular, we re¯ne the notion of statistical arbitrage in order to extend the procedure for the case where dryness is random, i.e., at each point in time the asset can be transacted with a given probability. We analytically characterize several properties of the statistical arbitragefree interval, show that it is narrower than the super-replication interval and dominates somehow alternative intervals provided in the literature. Moreover, we show that, for su±ciently incomplete markets, the statistical arbitrage interval contains the reservation price of the derivative.

Dry Markets and Superreplication Bounds of American Derivatives

This paper studies the impact of dry markets for underlying assets on the pricing of American derivatives, using a disrete time framework. Dry markets are characterized by the possibility of non-existence of trading at certain dates. Such non-existence may be deterministic or probabilistic. Using superreplicating strategies, we derive expectation representations for the range of arbitrage-free values of the dervatives. In the probabilistic case, if we consider an enlarged filtration induced by the price process and the market existence process, ordinary stopping times are required. If not, randomized stopping times are required. Several comparisons of the ranges obtained with the two market restrictions are performed. Finally, we conclude that arbitrage arguments are not enough to define the optimal exercise policy.American derivatives, pricing, incomplete markets, dry markets, superreplication, randomized stopping times, strong duality

Sustaining interaction in a mathematical community of practice

This paper focuses on an activity in which students explore sequences through a game, using ToonTalk programming and a web-based collaboration system. Our analytical framework combines theory of communities of practice with domain epistemology. We note three factors which influence the length and quality of interactions: facilitation, reciprocation and audience-awareness

Frequency Dependence of Aging, Rejuvenation and Memory in a disordered ferroelectric

We characterize in details the aging properties of the ferroelectric phase of K Ta_{1-x} Nb_x O_3 (KTN), where both rejuvenation and (partial) memory are observed. In particular, we carefully examine the frequency dependence of several quantities that characterize aging, rejuvenation and memory. We find a marked subaging behaviour, with an a.c. dielectric susceptiblity scaling as $\omega \sqrt{t_w}$, where $t_w$ is the waiting time. We suggest an interpretation in terms of pinned domain walls, much along the lines proposed for aging in a disordered ferromagnet, where both domain wall reconformations and overall (cumulative) domain growth are needed to rationalize the experimental findings.Comment: submitted to EPJ

Incidência de miocardiopatia pós-quimioterapia por linfoma não-hodgkin no Hospital Universitário Polydoro Ernani de São Tiago

Trabalho de Conclusão de Curso - Universidade Federal de Santa Catarina. Curso de Medicina. Departamento de Clinica Medica

Applications of thermal processing in pharmaceutical drug product development

Dissertação para obtenção do grau de Mestre no Instituto Superior de Ciências da Saúde Egas MonizThe process of approval for a new drug product takes several years. Challenges in modern pharmaceutical drug product development are innumerous. From early research until phase III clinical trials, new drug compounds undergo several of changes. One of the main goals is to obtain an optimal bioavailability profile, which means efficiency, along with ensuring safety standards. Presently, poor soluble molecules represent a considerable percentage of new compounds, meaning that bioavailabilty and absorption profiles are compromised. To overcome such issues, solid molecular dispersions have been recognized as a possible solution. The pharmaceutical industry, in order to improve some manufacturing techniques and tackle issues like poor solubility of molecules, has been applying thermal processes used in other industries such as food or plastics industries. Some processes, for example, hot melt extrusion and injection molding, were employed to create tablets, capsules and other drug delivery sistems with success. To understand in detail these thermal processes further investigation and research are required. Eventually, other thermal methods could also be of benefit for better and improved manufacturing processes of new drug products.O processo de aprovação de um novo medicamento pode levar vários anos. Os desafios enfrentados pela indústria farmacêutica no desenvolvimento de produtos são inúmeros. Da pesquisa inicial até a fase III de ensaios clínicos, os novos compostos passam por várias alterações. Um dos principais objectivos é o de obter um perfil de biodisponibilidade ideal, o que significa atingir a eficácia máxima, garantindo o perfil de segurança da molécula. Atualmente, moléculas com baixa solubilidade representam uma percentagem considerável dos novos compostos, o que significa que os perfis de biodisponibilidade e absorção podem ser comprometidos. Para superar tais problemas, as dispersões moleculares sólidas têm sido reconhecidas como uma possível solução. A indústria farmacêutica, a fim de melhorar algumas técnicas de produção e fabrico, ao mesmo tempo, de enfrentar questões como a baixa solubilidade de moléculas, têm vindo a aplicar processos térmicos utilizados noutras indústrias, como a indústria dos alimentos ou de plásticos. Alguns processos, por exemplo, extrusão a quente e moldagem por injecção, foram utilizados para criar comprimidos, cápsulas e outros dispositivos orais com sucesso. Para entender em detalhes estes processos térmicos, são necessárias mais investigação e pesquisa no campo. Eventualmente, outros processos térmicos podem também mostrar ser rentáveis para melhorar, não só os processos de fabrico, como também desenvolver produtos farmacêuticos inovadores

A Project Portfolio Management model adapted to non-profit organizations

As they strive towards greater professionalism in carrying out their activities, non-profit organizations (NPOs) have begun paying attention to project management. The non-profit sector (NPS) has also begun to adopt strategic planning techniques, thus making the acceptance of project portfolio management (PPM) methodology a natural consequence. This article aims to propose a project portfolio management model adapted to the context of NPOs

Conversaciones digitales: las mediaciones del uso de la Internet en los telecentros de los proyectos Faróis do Saber y Paranavegar

This research explores the digital mediatisation process in free and public access telecenters, with technicality as constituent mediation of significations produced by Internet users in the everyday life of material and symbolic conditions, which configures the ambience. The empirical approach focuses on the digital inclusion experiences of the city of Curitiba (Faróis do Saber, Portuguese for knowledge lighthouse) and Paraná State Government (Paranavegar). The methodological set includes Webgraphy, Mediagraphy and deep interviews, which allowed to measure the browsed cyberspace and the time spent in each site. In 5650 minutes of navigation by 136 Internet users, mostly children, teenagers and youth, who featured the ambience in telecenters as a place where the digital spatiality is mainly for conversation purposes.La investigación trata del proceso de mediatización digital en los telecentros de acceso público y gratuito, teniendo la tecnicidad como mediación constitutiva de los significados producidos por usuarios de Internet en la vida cotidiana de las condiciones materiales y simbólicas que configuran el ambiente. El recorte empírico sitúa las experiencias de la inclusión digital de la ciudad de Curitiba (Faróis do Saber) y el gobierno de Paraná (Paranavegar). Metodológicamente, se trabaja con Webgrafía, Mediografía y entrevistas en profundidad, que hizo posible una asignación del ciberespacio navegado y el tiempo que se queda en cada sitio. Fueron 5650 minutos de navegación de 136 usuarios de Internet, la mayoría niños, adolescentes y jóvenes, que caracterizaron el ambiente de los telecentros como un lugar donde la espacialidad digital es principalmente de conversación

Risco de transmissão de herpesvírus bovino pelo sêmen no Brasil

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Agronomia e Medicina Veterinária, Programa de Pós-Graduação em Saúde Animal, 2013.A transmissão do herpesvirus bovino tipo 1 (BoHV-1), agente causador da Rinotraqueíte Infecciosa Bovina/Vulvovaginite Pustular Infecciosa (IBR/IPV), de forma direta ou indireta pelo sêmen, é um risco a ser avaliado e mitigado, tendo em vista os prejuízos sanitários e econômicos provocados por esta doença no rebanho bovino nacional. Apesar do BoHV-1 ser um dos agentes infecciosos para os quais os reprodutores bovinos devem ser testados a fim de ingressarem e se manterem em centros de coleta e processamento de sêmen, segundo as recomendações da Organização Mundial de Saúde Animal (OIE), a legislação brasileira não estabelece requisitos em relação a este agente para coleta, processamento e comercialização de sêmen no país. Foi realizada avaliação qualitativa do risco de transmissão do agente a partir de sêmen contaminado, considerando-se diferentes biotécnicas de reprodução – inseminação artificial (IA), transferência de embriões produzidos in vivo (TE) ou in vitro (PIV) – e o atendimento à legislação nacional vigente e às recomendações da Sociedade Internacional de Transferência de Embriões (IETS). Verificou- se risco insignificante de transmissão para receptoras de embriões produzidos in vivo, sobretudo devido à segurança conferida pelos procedimentos de manipulação recomendados pela IETS. Na PIV, a probabilidade de transmissão do BoHV-1 para receptoras foi avaliada como extremamente baixa. Já na IA, a probabilidade de transmissão do BoHV-1 à fêmea inseminada é baixa ou moderada, dependendo da adoção ou não de teste laboratorial para detecção do agente nas doses de sêmen a serem comercializadas. Diante do exposto, destaca- se a importância da adequação da legislação nacional de forma a exigir a adoção de método diagnóstico rápido e sensível, como a PCR, como condicionante para a comercialização de sêmen bovino no país. _______________________________________________________________________________________ ABSTRACTThe transmission of bovine herpesvirus type 1 (BoHV-1), the causative agent of Infectious Bovine Rhinotracheitis /Infectious Pustular Vulvovaginitis (IBR / IPV), directly or indirectly by semen, is a risk that must be assessed and mitigated, due to the economic and health impact of this disease to the national cattle herd. Despite the fact that BoHV-1 is one of the infectious agents for which bulls must be tested in order to enter and remain in artificial insemination centers, according to the recommendations of the World Organization for Animal Health (OIE), the Brazilian regulation for collection, processing and distribution of semen in the country does not establish requirements for this pathogen. We undertook a qualitative assessment of risk of transmission of the agent by semen, considering different reproductive biotechnologies – artificial insemination (AI), embryo transfer (ET) or in vitro production of embryos (IVP) – and compliance with national regulations as well as with the recommendations of the International Embryo Transfer Society (IETS). The risk of transmission to recipients of embryos produced in vivo was negligible, given the security of the manipulation procedures recommended by IETS. With regard to IVP, the probability of transmission of BoHV-1 to recipients was extremely low. The likelihood of transmission of BoHV-1 to female inseminated via AI was low or moderate, depending on whether the semen is PCR tested. There is a case for the adoption of a rapid and sensitive diagnostic method, such as PCR, as a condition for the marketing of bovine semen doses in Brazil