A Shannon wavelet method for pricing foreign exchange options under the Heston multi-factor CIR model

We present a robust and highly efficient Shannon wavelet pricing method for plain-vanilla foreign exchange European options under the jump-extended Heston model with multi-factor CIR interest rate dynamics. Under a Monte Carlo and partial differential equation hybrid computational framework, the option price can be expressed as an expectation, conditional on the variance factor, of a convolution product that involves the densities of the time-integrated domestic and foreign multi-factor CIR interest rate processes. We propose an efficient treatment to this convolution product that effectively results in a significant dimension reduction, from two multi-factor interest rate processes to only a single-factor process. By means of a state-of-the-art Shannon wavelet inverse Fourier technique, the resulting convolution product is approximated analytically and the conditional expectation can be computed very efficiently. We develop sharp approximation error bounds for the option price and hedging parameters. Numerical experiments confirm the robustness and efficiency of the method

The evolving SARS-CoV-2 epidemic in Africa: Insights from rapidly expanding genomic surveillance

INTRODUCTION Investment in Africa over the past year with regard to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) sequencing has led to a massive increase in the number of sequences, which, to date, exceeds 100,000 sequences generated to track the pandemic on the continent. These sequences have profoundly affected how public health officials in Africa have navigated the COVID-19 pandemic. RATIONALE We demonstrate how the first 100,000 SARS-CoV-2 sequences from Africa have helped monitor the epidemic on the continent, how genomic surveillance expanded over the course of the pandemic, and how we adapted our sequencing methods to deal with an evolving virus. Finally, we also examine how viral lineages have spread across the continent in a phylogeographic framework to gain insights into the underlying temporal and spatial transmission dynamics for several variants of concern (VOCs). RESULTS Our results indicate that the number of countries in Africa that can sequence the virus within their own borders is growing and that this is coupled with a shorter turnaround time from the time of sampling to sequence submission. Ongoing evolution necessitated the continual updating of primer sets, and, as a result, eight primer sets were designed in tandem with viral evolution and used to ensure effective sequencing of the virus. The pandemic unfolded through multiple waves of infection that were each driven by distinct genetic lineages, with B.1-like ancestral strains associated with the first pandemic wave of infections in 2020. Successive waves on the continent were fueled by different VOCs, with Alpha and Beta cocirculating in distinct spatial patterns during the second wave and Delta and Omicron affecting the whole continent during the third and fourth waves, respectively. Phylogeographic reconstruction points toward distinct differences in viral importation and exportation patterns associated with the Alpha, Beta, Delta, and Omicron variants and subvariants, when considering both Africa versus the rest of the world and viral dissemination within the continent. Our epidemiological and phylogenetic inferences therefore underscore the heterogeneous nature of the pandemic on the continent and highlight key insights and challenges, for instance, recognizing the limitations of low testing proportions. We also highlight the early warning capacity that genomic surveillance in Africa has had for the rest of the world with the detection of new lineages and variants, the most recent being the characterization of various Omicron subvariants. CONCLUSION Sustained investment for diagnostics and genomic surveillance in Africa is needed as the virus continues to evolve. This is important not only to help combat SARS-CoV-2 on the continent but also because it can be used as a platform to help address the many emerging and reemerging infectious disease threats in Africa. In particular, capacity building for local sequencing within countries or within the continent should be prioritized because this is generally associated with shorter turnaround times, providing the most benefit to local public health authorities tasked with pandemic response and mitigation and allowing for the fastest reaction to localized outbreaks. These investments are crucial for pandemic preparedness and response and will serve the health of the continent well into the 21st century

Explosives enhancement by oxygen balance tuning throughout spray flash evaporation crystallization process

Dans la littérature, que ce soit pour un explosif secondaire ou un matériau composite, une balance en oxygène (BO) proche de 0% est assimilée à de bonnes performances énergétiques (vitesse de détonation, chaleur de décomposition, etc…). L’objectif majeur de cette thèse est d’améliorer les performances énergétiques d’explosifs secondaires courants (RDX, HMX, CL-20) par l’ajout d’un oxydant (DNA) afin d’obtenir un matériau composite avec une BO de -1%. Le mélange intime de ces deux composés est permis par un procédé d’évaporation flash de spray, utilisé habituellement pour réduire la taille de particules des explosifs. Les matériaux composites ont été cristallisés dans les trois cas avec succès, avec la présence d’explosif submicrométrique et de DNA nanostructuré. Un tel résultat a été permis grâce à une meilleure compréhension du procédé, et en conséquence l’ajustement des conditions expérimentales. L’étude de la réactivité de ces matériaux composites montre dans certains cas une désensibilisation, une diminution de la distance de la déflagration à la détonation, ou encore une augmentation de la vitesse de détonation, comparée aux explosifs correspondants.In literature, for secondary explosive or composite material, an oxygen balance (OB) close to 0% is often linked to good energetic performances (detonation velocity, heat of decomposition, etc.). The main objective of this thesis is to enhance energetic performances of current secondary explosives (RDX, HMX, CL-20) by adding oxidizer (ADN) to obtain a composite material with an OB of -1%. The spray flash evaporation process, usually used for particle size reduction of explosives, enables to obtain an intimate mixture of these two compounds. Composite materials were successfully crystallized in three cases, resulting of submicrometric explosives and nanostructured ADN particles. These results were obtained thanks to a preliminary study for better process understanding and the optimization of experimental conditions. Reactivity studies show some desensitization, shorter distance from deflagration to detonation, and/or higher detonation velocity, compared to corresponding explosives

Explosives enhancement by oxygen balance tuning throughout spray flash evaporation crystallization process

Dans la littérature, que ce soit pour un explosif secondaire ou un matériau composite, une balance en oxygène (BO) proche de 0% est assimilée à de bonnes performances énergétiques (vitesse de détonation, chaleur de décomposition, etc…). L’objectif majeur de cette thèse est d’améliorer les performances énergétiques d’explosifs secondaires courants (RDX, HMX, CL-20) par l’ajout d’un oxydant (DNA) afin d’obtenir un matériau composite avec une BO de -1%. Le mélange intime de ces deux composés est permis par un procédé d’évaporation flash de spray, utilisé habituellement pour réduire la taille de particules des explosifs. Les matériaux composites ont été cristallisés dans les trois cas avec succès, avec la présence d’explosif submicrométrique et de DNA nanostructuré. Un tel résultat a été permis grâce à une meilleure compréhension du procédé, et en conséquence l’ajustement des conditions expérimentales. L’étude de la réactivité de ces matériaux composites montre dans certains cas une désensibilisation, une diminution de la distance de la déflagration à la détonation, ou encore une augmentation de la vitesse de détonation, comparée aux explosifs correspondants.In literature, for secondary explosive or composite material, an oxygen balance (OB) close to 0% is often linked to good energetic performances (detonation velocity, heat of decomposition, etc.). The main objective of this thesis is to enhance energetic performances of current secondary explosives (RDX, HMX, CL-20) by adding oxidizer (ADN) to obtain a composite material with an OB of -1%. The spray flash evaporation process, usually used for particle size reduction of explosives, enables to obtain an intimate mixture of these two compounds. Composite materials were successfully crystallized in three cases, resulting of submicrometric explosives and nanostructured ADN particles. These results were obtained thanks to a preliminary study for better process understanding and the optimization of experimental conditions. Reactivity studies show some desensitization, shorter distance from deflagration to detonation, and/or higher detonation velocity, compared to corresponding explosives

Amélioration des explosifs par ajustement de leur balance en oxygène lors de la cristalisation par Evaporation Flash de Spray

In literature, for secondary explosive or composite material, an oxygen balance (OB) close to 0% is often linked to good energetic performances (detonation velocity, heat of decomposition, etc.). The main objective of this thesis is to enhance energetic performances of current secondary explosives (RDX, HMX, CL-20) by adding oxidizer (ADN) to obtain a composite material with an OB of -1%. The spray flash evaporation process, usually used for particle size reduction of explosives, enables to obtain an intimate mixture of these two compounds. Composite materials were successfully crystallized in three cases, resulting of submicrometric explosives and nanostructured ADN particles. These results were obtained thanks to a preliminary study for better process understanding and the optimization of experimental conditions. Reactivity studies show some desensitization, shorter distance from deflagration to detonation, and/or higher detonation velocity, compared to corresponding explosives.Dans la littérature, que ce soit pour un explosif secondaire ou un matériau composite, une balance en oxygène (BO) proche de 0% est assimilée à de bonnes performances énergétiques (vitesse de détonation, chaleur de décomposition, etc…). L’objectif majeur de cette thèse est d’améliorer les performances énergétiques d’explosifs secondaires courants (RDX, HMX, CL-20) par l’ajout d’un oxydant (DNA) afin d’obtenir un matériau composite avec une BO de -1%. Le mélange intime de ces deux composés est permis par un procédé d’évaporation flash de spray, utilisé habituellement pour réduire la taille de particules des explosifs. Les matériaux composites ont été cristallisés dans les trois cas avec succès, avec la présence d’explosif submicrométrique et de DNA nanostructuré. Un tel résultat a été permis grâce à une meilleure compréhension du procédé, et en conséquence l’ajustement des conditions expérimentales. L’étude de la réactivité de ces matériaux composites montre dans certains cas une désensibilisation, une diminution de la distance de la déflagration à la détonation, ou encore une augmentation de la vitesse de détonation, comparée aux explosifs correspondants

A Shannon wavelet method for pricing foreign exchange options under the Heston multi-factor CIR model

We present a robust and highly efficient Shannon wavelet pricing method for plain-vanilla foreign exchange European options under the jump-extended Heston model with multi-factor CIR interest rate dynamics. Under a Monte Carlo and partial differential equation hybrid computational framework, the option price can be expressed as an expectation, conditional on the variance factor, of a convolution product that involves the densities of the time-integrated domestic and foreign multi-factor CIR interest rate processes. We propose an efficient treatment to this convolution product that effectively results in a significant dimension reduction, from two multi-factor interest rate processes to only a single-factor process. By means of a state-of-the-art Shannon wavelet inverse Fourier technique, the resulting convolution product is approximated analytically and the conditional expectation can be computed very efficiently. We develop sharp approximation error bounds for the option price and hedging parameters. Numerical experiments confirm the robustness and efficiency of the method

Effect of increased forest biomass export on soil Carbon dynamics RESPIRE project

International audienc

Soil fauna as bioindicators of organic matter export in temperate forests

(IF 3.13; Q1)Numerous studies predict a short-term important decrease in fossil resources and stress the need to develop alternative renewable energies, thus European countries aim at increasing biomass production for energetic purposes.One such source of bioenergy could be obtained from forest biomass pools by exporting logging residues, yet this practice would have strong impacts on forest ecosystems (e.g. disturbance of soil biodiversity and chemical properties). Most studies on biomass removal effects focused on boreal forests but responses in temperate forests are still scarcely studied. Soil macrofauna is involved in forest ecosystem functioning through numerous chemical, physical and biological processes and multiple interactions with other organisms. A disturbance of the soil macrofauna community can thus lead to a response of the forest ecosystem as a whole.Experimental plots were set up in 6 northern France forests (either dominated by oak or beech), with a treatment corresponding to Whole Tree Harvesting (WTH) practices compared to control, in order to characterize the response of soil macrofaunal communities to organic matter (OM) export. Our study showed that OM export leads to a short-term loss of abundance in macrofaunal communities in temperate deciduous forest soils that can also lead to an alteration of soil OM cycle, and revealed that the breadth of this negative impact is modulated by tree species and faunal trophic groups. Furthermore, some results of community responses were directly applicable to forest management as marked responses of several taxa revealed four bioindicators of OM disturbance.Therefore, the level of disturbance related to new forest management practices, such as WTH to increase forest biofuel yields, (i) could be characterized by surveying either total soil macrofauna or using tools such as bioindicator taxa and (ii) should be assessed regarding tree stand identity

Impact of logging residue management and wood ash fertilization on forest soil-plant interface biology: a microcosm study

International audienc

Deciphering the origin of the 2012 cholera epidemic in Guinea by integrating epidemiological and molecular analyses.

Cholera is typically considered endemic in West Africa, especially in the Republic of Guinea. However, a three-year lull period was observed from 2009 to 2011, before a new epidemic struck the country in 2012, which was officially responsible for 7,350 suspected cases and 133 deaths. To determine whether cholera re-emerged from the aquatic environment or was rather imported due to human migration, a comprehensive epidemiological and molecular survey was conducted. A spatiotemporal analysis of the national case databases established Kaback Island, located off the southern coast of Guinea, as the initial focus of the epidemic in early February. According to the field investigations, the index case was found to be a fisherman who had recently arrived from a coastal district of neighboring Sierra Leone, where a cholera outbreak had recently occurred. MLVA-based genotype mapping of 38 clinical Vibrio cholerae O1 El Tor isolates sampled throughout the epidemic demonstrated a progressive genetic diversification of the strains from a single genotype isolated on Kaback Island in February, which correlated with spatial epidemic spread. Whole-genome sequencing characterized this strain as an "atypical" El Tor variant. Furthermore, genome-wide SNP-based phylogeny analysis grouped the Guinean strain into a new clade of the third wave of the seventh pandemic, distinct from previously analyzed African strains and directly related to a Bangladeshi isolate. Overall, these results highly suggest that the Guinean 2012 epidemic was caused by a V. cholerae clone that was likely imported from Sierra Leone by an infected individual. These results indicate the importance of promoting the cross-border identification and surveillance of mobile and vulnerable populations, including fishermen, to prevent, detect and control future epidemics in the region. Comprehensive epidemiological investigations should be expanded to better understand cholera dynamics and improve disease control strategies throughout the African continent