Option pricing models without probability: a rough paths approach

We describe the pricing and hedging of financial options without the use of probability using rough paths. By encoding the volatility of assets in an enhancement of the price trajectory, we give a pathwise presentation of the replication of European options. The continuity properties of rough-paths allow us to generalise the so-called fundamental theorem of derivative trading, showing that a small misspecification of the model will yield only a small excess profit or loss of the replication strategy. Our hedging strategy is an enhanced version of classical delta hedging where we use volatility swaps to hedge the second order terms arising in rough-path integrals, resulting in improved robustness

Exploring the Link Between Customer Care and Brand Reputation in the Age of Social Media

Consumers are more empowered than ever to share their customer care experiences. Through the use of social media and new communications tools and technologies, messages can be sent more widely than ever before. This research study examined the links between social media, customer satisfaction, brand reputation and customer loyalty. The Society for NewCommunications Research designed the research to examine how customer care influences brand reputation given the widespread adoption of social media. Objectives of the research included:To assess the extent to which consumers research and review companies' products/services online prior to making purchase decisionsTo assess the influence of social media on user opinions as they relate to the customer care experienceTo determine what types of online resources and social media are considered the most valuable sources of information about the customer care experienceTo assess the extent to which consumers are influenced by their own customer care experiences and how they think sharing that information online influences how others view products and brands

New Media, New Influencers and Implications for Public Relations

Marketers and public relations professionals today are confronted with an astounding array of new communications channels. Internet-based social media tools like blogs, podcasts, online video and social networks are giving voice to the opinions of millions of consumers. While mainstream media continues to play a vital role in the dissemination of information, even these traditional channels are increasingly being influenced by online conversations. The "new influencers" are beginning to tear at the fabric of marketing as it has existed for 100 years, giving rise to a new style of marketing that is characterized by conversation and community. Marketers are responding to these forces with a mixture of excitement, fear and fascination. They're alarmed at the prospect of ceding control of their messages to a community of unknowns. Yet at the same time they're excited about the prospect of leveraging theese same tools to speak directly to their constituents without the involvement of media intermediaries.The Society for New Communications Research set out to conduct an examination of how influence patterns are changing and how communications professionals are addressing those changes by adopting social media. The goals were to discover how organizations:Define new influencers;Communicate and create relationships with them;Use social media to create influence; andMeasure the effects of these efforts.Another goal of the study was to use these discoveries to offer a set of recommendations to professional communicators

Students’ perceptions towards technology (PATT): A professional development tool for technology teachers.

In the context of the design and implementation of professional development for technology teachers, a PATT instrument was administered to students in an attempt to develop an understanding of their dispositions toward technology, and so inform, through professional development, technology teachersʼ implementation of technology in Malawi. The PATT questionnaire was completed by 358 form 3 (year 11) students (191 males and 167 females) from three secondary schools who gave informed consent. The questionnaire was categorised into three parts: the attributes of the students, an attitudinal scale and a concept scale. All data were analysed using SPSS and only descriptive statistics were used during discussions with teachers in each of the schools. Using the PATT survey results during the professional development program helped the teachers to recognise technology as a very broad learning area as shown by a cross range of concepts covered in the PATT instrument. It also helped the teachers to understand studentsʼ views about technology and the need to develop appropriate technology programmes and pedagogy for both boys and girls to reinforce their confidence. The teachers all considered discussing PATT results as insightful since the studentsʼ views highlighted the need for developing learning materials, tools and pedagogical approaches that take into consideration the studentsʼ own world and knowledge of technology

Teacher and student reflections on ICT-rich science inquiry

Background: Inquiry learning in science provides authentic and relevant contexts in which students can create knowledge to solve problems, make decisions and find solutions to issues in today’s world. The use of electronic networks can facilitate this interaction, dialogue and sharing, and adds a new dimension to classroom pedagogy. Purpose: This is a report of teacher and student reflections on some of the tensions, reconciliations and feelings they experienced as they worked together to engage in inquiry learning. The study sought to find out how networked ICT use might offer new and different ways for students to engage with, explore and communicate science ideas within inquiry. Sample: This project developed case studies with 6 science teachers of year 9 and 10 students, with an average age of 13 and 14 years in three New Zealand high schools. Teacher participants in the project had varying levels of understanding and experience with inquiry learning in science. Teacher knowledge and experience with ICT were equally diverse. Design and Methods: Teachers and researchers developed initially in a joint workshop a shared understanding of inquiry, and how this could be enacted. During implementation, the researchers observed the inquiry projects in the classrooms and then, together with the teachers, reviewed and analysed the data that had been collected. Results: At the beginning of the project, some of the teachers and students were tentative: inquiry based teaching supported by ICT meant initially that the teachers were hesitant in letting go some of the control they felt they had over students learning, and the students felt insecure in adopting some responsibility for their own learning. Over time a sense of trust and ease developed and this ‘control of learning’ balance moved from what was traditionally accepted, but not without modifications and reservations. Conclusions: There is no clear pathway to follow in moving towards ICT-supported science inquiry in secondary schools. The experience of the teacher, the funds of knowledge the students bring to the classroom, the level of technological availability in the school and the ability of the students are all variables which determine the nature of the experience

Male figural rating scales: A critical review of the literature

Figural rating scales are tools used to measure male body dissatisfaction. The present review aimed to examine the design and psychometric properties of male figural rating scales and make recommendations based on findings. Relevant databases were systematically searched for studies that had developed and validated male figural rating scales. Twenty studies were included in this review. Figural rating scales differed in terms of the number of images represented and type of stimuli used (hand-drawn silhouettes, hand-drawn figures, computer-rendered figures, and photograph figures). Reliability and validity evidence varied greatly in strength across all scales. Four of the 20 scales included a correlational analysis between figural rating scale scores and eating disorder symptoms. Results showed the moderate to high positive correlations between eating disorder symptoms and figural rating scale perceived and index scores, suggesting that figural rating scales are sensitive to detecting eating disorder symptoms. Ideally, male figural rating scales should show strong validity and reliability, include variations in both body fat and muscularity, utilise realistic body stimuli, and be interval scales. No existing male figural rating scale meets these criteria. However, this review identifies five figural rating scales that meet the majority of the recommended criteria

Law School Leviathan: Explaining Administrative Growth

The administrative apparatus of American law schools - indeed, the entire infrastructure of American law schools - seems to be expanding without end. Soon, one would think, administrators must outnumber all other participants in the educational process. Or so it has been said. Is this a fair characterization of the facts of legal education? If so, what explains this trend? Does it describe a problem or an inevitable, even desirable, state of affairs? We endeavor to answer these questions, looking at the evidence at our disposal and the kinds of speculation that deans can do on short notice