Taking into account extreme events in European option pricing.

According to traditional option pricing models,1 financial markets underestimate the impact of tail risk. In this article, we put forward a European option pricing model based on a set of assumptions that ensure, inter alia, that extreme events are better taken into account. Using simulations, we compare the option prices obtained from the standard Black and Scholes model with those resulting from our model. We show that the traditional model leads to an overvaluation of at-the-money options, which are the most traded options, while the less liquid in-the-money and out-of-the-money options are undervalued.

Taxonomic clarification in W-Mediterranean Androcymbium (Colchicaceae): A. wyssianum sunk in the synonymy of A.gramineum and A.europaeum restored

Capsule dehiscence has been used as a diagnostic character for W Mediterranean species of Androcymbium. Depending on the state of capsule maturity, the character, however, can be ambiguous in herbarium material. Based on morphological, phenological and cpDNA characters it is shown that misinterpretation of the capsule as indehiscent in the type material of A. gramineum has led to serious taxonomic confusion. The combined analyses produced evidence that A. gramineum of the population from the type locality at Essaouira, Morocco, is conspecific with A. wyssianum. A. gramineum is therefore the correct name for the species with dehiscent capsules, whereas the populations with indehiscent capsules at the Atlantic coast north of Essaouira and in SE Spain represent a second species, which is correctly named A. europaeu

Genetic analysis of the wild strawberry (Fragaria vesca) volatile composition

Altres ajuts: CERCA Programme / Generalitat de CatalunyaThe volatile composition of wild strawberry (Fragaria vesca) fruit differs from that of the cultivated strawberry, having more intense and fruity aromas. Over the last few years, the diploid F. vesca has been recognized as a model species for genetic studies of cultivated strawberry (F. x ananassa), and here a previously developed F. vesca/F. bucharica Near Isogenic Line collection (NIL) was used to explore genetic variability of fruit quality traits. Analysis of fruit volatiles by GC-MS in our NIL collection revealed a complex and highly variable profile. One hundred compounds were unequivocally identified, including esters, aldehydes, ketones, alcohols, terpenoids, furans and lactones. Those in a subset, named key volatile compounds (KVCs), are likely contributors to the special aroma/flavour of wild strawberry. Genetic analysis revealed 50 major quantitative trait loci (QTL) including 14 QTL for KVCs, and one segregating as a dominant monogenetic trait for nerolidol. The most determinant regions affecting QTLs for KVCs, were mapped on LG5 and LG7. New candidate genes for the volatile QTL are proposed, based on differences in gene expression between NILs containing specific fragments of F. bucharica and the F. vesca recurrent genome. A high percentage of these candidate genes/alleles were colocalized within the boundaries of introgressed regions that contain QTLs, appearing to affect volatile metabolite accumulation acting in cis. A NIL collection is a good tool for the genetic dissection of volatile accumulation in wild strawberry fruit and a source of information for genes and alleles which may enhance aroma in cultivated strawberry

Monitoring and conservation of the Critically Endangered Alaotran gentle lemur Hapalemur alaotrensis

The Alaotran gentle lemur Hapalemur alaotrensis is a Critically Endangered lemur, which exclusively inhabits the marshes around Lac Alaotra in northeast Madagascar. In the past decades the population of H. alaotrensis has experienced a dramatic decline due to poaching, habitat destruction and degradation. Surveys have been carried out periodically to follow the status of the population. Here we present the results of a survey carried out between May and June 2008 in the southwestern part of the marshes around Alaotra and discuss the key findings derived from the analysis of the data collected. Our study indicates that the probability of detecting the species in an area where it is present is very low and depends on factors that vary in space and time. These results stress the need to account for imperfect detection when monitoring this species, an issue especially relevant when reporting population trends. Our analyses also show that habitat fragmentation is a key determinant of habitat suitability for H. alaotrensis, with fragmented areas of marsh showing low suitability. Finally, our observations and analysis suggest that the protection provided by the local community to H. alaotrensis in Andreba is contributing to the conservation of this Critically Endangered species. This highlights the need to continue working on engaging the local communities in the conservation of the marshes at Lac Alaotra as a critical element to secure the future of H. alaotrensis. KEYWORDS: bandro, habitat suitability, habitat fragmentation, imperfect detection, Maxent

Brasil x Espanha: consumo de energia térmica e emissões de CO2 envolvidos na fabricação de revestimentos cerâmicos

A demanda de energia térmica da indústria de revestimentos cerâmicos é bastante elevada, sendo atendida quase por completo pela combustão do gás natural. Os gastos com geração de energia térmica representam uma grande parte do custo de produção de revestimentos cerâmicos, e as emissões de CO2 resultantes desta atividade industrial são muito expressivas. Neste sentido, o aumento da eficiência térmica nos processos produtivos conhecidos atualmente deve ser buscado constantemente com o objetivo de reduzir o custo de fabricação e as emissões de CO2. Para isso, é necessário dispor de uma base de dados de consumos energéticos e emissões de CO2, a fim de conhecer a situação atual do setor e as possibilidades de aumentar a eficiência energética do processo. Dessa forma, o presente trabalho foi realizado com o objetivo de levantar dados baseados em medições diretas em equipamentos industriais consumidores de gás natural, no Brasil e na Espanha, utilizando a mesma metodologia. Foram visitadas 65 empresas e analisados 130 equipamentos, sendo possível estabelecer comparações entre o consumo de diversas tipologias de produtos, etapas do processo produtivo, distintas rotas de processamento, equipamentos com características construtivas diferenciadas, dentre outros. As informações obtidas constituem um inédito banco de dados que representa a real situação dos setores de revestimentos cerâmicos do Brasil e da Espanha, com respeito ao consumo energético e às emissões de CO2

Lumen shape reconstruction using a soft robotic balloon catheter and electrical impedance tomography

Incorrectly sized balloon catheters can lead to increased post-surgical complications, yet even with preoperative imaging, correct selection remains a challenge. With limited feedback during surgery, it is difficult to verify correct deployment. We propose the use of integrated impedance measurements and Electrical Impedance Tomography (EIT) imaging to assess the deformation of the balloon and determine the size and shape of the surrounding lumen. Previous work using single impedance measurements, or pressure data and analytical models, whilst demonstrating high sizing accuracy, have assumed a circular cross section. Here we extend these methods by adding a multitude of electrodes to detect elliptical and occluded lumen and obtain EIT images to localise deformations. Using a 14 Fr (5.3 mm) catheter as an example, numerical simulations were performed to find the optimal electrode configuration of two rings of 8 electrodes spaced 10 mm apart. The simulations predicted that the maximum detectable aspect ratio decreased from 0.9 for a 14mm balloon to 0.5 at 30mm. The sizing and ellipticity detection results were verified experimentally. A prototype robotic balloon catheter was constructed to automatically inflate a compliant balloon while simultaneously recording EIT and pressure data. Data were collected in experiments replicating stenotic vessels with an elliptical and asymmetrical profile, and the widening of a lumen during angioplasty. After calibration, the system was able to correctly localise the occlusion and detect aspect ratios of 0.75. EIT images further localised the occlusion and visualised the dilation of the lumen during balloon inflation

Air quality comparison between two European ceramic tile clusters

The European ceramic tile industry is mostly concentrated in two clusters, one in Castelló (Spain) and another one in Modena (Italy). Industrial clusters may have problems to accomplish the EU air quality regulations because of the concentration of some specific pollutants and, hence, the feasibility of the industrial clusters can be jeopardised. The present work assesses the air quality in these ceramic clusters in 2008, when the new EU emission regulations where put into force. PM10 samples were collected at two sampling sites in the Modena ceramic cluster and one sampling site in the Castelló ceramic cluster. PM10 annual average concentrations were 12–14 μg m−3 higher in Modena than in Castelló, and were close to or exceeded the European limit. Air quality in Modena was mainly influenced by road traffic and, in a lower degree, the metalmechanical industry, as evidenced by the high concentrations of Mn, Cu, Zn, Sn and Sb registered. The stagnant weather conditions from Modena hindering dispersion of pollutants also contributed to the relatively high pollution levels. In Castelló, the influence of the ceramic industry is evidenced by the high concentrations of Ti, Se, Tl and Pb, whereas this influence is not seen in Modena. The difference in the impact of the ceramic industry on the air quality in the two areas was attributed to: better abatement systems in the spray-drier facilities in Modena, higher coverage of the areas for storage and handling of dusty raw materials in Modena, presence of two open air quarries in the Castelló region, low degree of abatement systems in the ceramic tile kilns in Castelló, and abundance of ceramic frit, glaze and pigment manufacture in Castelló as opposed to scarce manufacture of these products in Modena. The necessity of additional measures to fulfil the EU air quality requirements in the Modena region is evidenced, despite the high degree of environmental measures implemented in the ceramic industry. The Principal Component Analysis (PCA) identified four factors in Modena, attributed to: road traffic + metalmechanical industry, mineral, ceramic, and background; and three factors in Castelló, attributed to: mineral, ceramic (with influence of road traffic) and regional background. The additional measures to improve the air quality should be focused mainly on road traffic in Modena, and on the ceramic industry in Castelló

Evolutionary Trends in the Mitochondrial Genome of Archaeplastida: How Does the GC Bias Affect the Transition from Water to Land?

[EN] Among the most intriguing mysteries in the evolutionary biology of photosynthetic organisms are the genesis and consequences of the dramatic increase in the mitochondrial and nuclear genome sizes, together with the concomitant evolution of the three genetic compartments, particularly during the transition from water to land. To clarify the evolutionary trends in the mitochondrial genome of Archaeplastida, we analyzed the sequences from 37 complete genomes. Therefore, we utilized mitochondrial, plastidial and nuclear ribosomal DNA molecular markers on 100 species of Streptophyta for each subunit. Hierarchical models of sequence evolution were fitted to test the heterogeneity in the base composition. The best resulting phylogenies were used for reconstructing the ancestral Guanine-Cytosine (GC) content and equilibrium GC frequency (GC*) using non-homogeneous and non-stationary models fitted with a maximum likelihood approach. The mitochondrial genome length was strongly related to repetitive sequences across Archaeplastida evolution; however, the length seemed not to be linked to the other studied variables, as different lineages showed diverse evolutionary patterns. In contrast, Streptophyta exhibited a powerful positive relationship between the GC content, non-coding DNA, and repetitive sequences, while the evolution of Chlorophyta reflected a strong positive linear relationship between the genome length and the number of genes.This research was funded by the European Commission (Environment - LIFE Programme) project for the Comunidad Valenciana (Spain), LIFE05 NAT/E/000060.Pedrola-Monfort, J.; Lázaro-Gimeno, D.; Boluda, CG.; Pedrola, L.; Garmendia, A.; Soler, C.; Soriano, JM. (2020). Evolutionary Trends in the Mitochondrial Genome of Archaeplastida: How Does the GC Bias Affect the Transition from Water to Land?. Plants. 9(3):1-15. https://doi.org/10.3390/plants9030358S1159