Modern option pricing theory was developed in the late sixties and early seventies by F. Black, R. e. Merton and M. Scholes as an analytical tool for pricing and hedging option contracts and over-the-counter warrants. How ever, already in the seminal paper by Black and Scholes, the applicability of the model was regarded as much broader. In the second part of their paper, the authors demonstrated that a levered firm's equity can be regarded as an option on the value of the firm, and thus can be priced by option valuation techniques. A year later, Merton showed how the default risk structure of cor porate bonds can be determined by option pricing techniques. Option pricing models are now used to price virtually the full range of financial instruments and financial guarantees such as deposit insurance and collateral, and to quantify the associated risks. Over the years, option pricing has evolved from a set of specific models to a general analytical framework for analyzing the production process of financial contracts and their function in the financial intermediation process in a continuous time framework. However, very few attempts have been made in the literature to integrate game theory aspects, i. e. strategic financial decisions of the agents, into the continuous time framework. This is the unique contribution of the thesis of Dr. Alexandre Ziegler. Benefiting from the analytical tractability of contin uous time models and the closed form valuation models for derivatives, Dr.
After a brief review of the existing incomplete information literature, the effect of incomplete information on investors' exptected utility, risky asset prices, and interest rates is described. It is demonstrated that increasing the quality of investors' information need not increase their expected utility and the prices of risky assets. The impact of other factors is discussed in detail. It is also demonstrated that financial markets in general do not aggregate information efficiently, a fact that can explain the equity premium puzzle.
How can the concept of abuse of European Union law – which can be defined as undesirable choice of law artificially made by a private citizen – generate so much disagreement among equally intelligent individuals? Seeking to transcend the classical debate between its supporters and adversaries, the present study submits that the concept of abuse of EU law is located on three major fault-lines of EU law, which accounts for the well-established controversies in the field. The first fault-line, which is common to all legal orders, opposes legal congruence (the tendency to yield equitable legal outcomes) to legal certainty (the tendency to yield predictable legal outcomes). Partisans of legal congruence tend to advocate the prohibition of abuses of law, whereas partisans of legal certainty tend to oppose it. The second fault-line is specific to EU law and divides two conceptions of the regulation of the internal market. If economic integration is conceived as the promotion of cross-border competition among private businesses (the paradigm of 'regulatory neutrality'), choices of law must be proscribed as abusive, for they distort business competition. But if economic integration is intended to promote competition among Member States (the paradigm of 'regulatory competition'), choices of law by EU citizens represent a desirable process of arbitrage among national laws. The third and final fault-line corresponds to the tension between two orientations of the economic constitution of the European Union, namely the fear of private power and the fear of public power. Those who fear private power most tend to endorse the prohibition of abuses of law, whereas those who fear public power most tend to reject it. Seen in this way, the concept of abuse of EU law offers a forum in which fundamental questions about the nature and function of EU law can be confronted and examined in a new light. In May 2013, the thesis that this book was based on won the First Edition of the European Law Faculties Association Award for Outstanding Doctoral Thesis.
This comprehensive work shows how to design and develop innovative, optimal and sustainable chemical processes by applying the principles of process systems engineering, leading to integrated sustainable processes with 'green' attributes. Generic systematic methods are employed, supported by intensive use of computer simulation as a powerful tool for mastering the complexity of physical models. New to the second edition are chapters on product design and batch processes with applications in specialty chemicals, process intensification methods for designing compact equipment with high energetic efficiency, plantwide control for managing the key factors affecting the plant dynamics and operation, health, safety and environment issues, as well as sustainability analysis for achieving high environmental performance. All chapters are completely rewritten or have been revised. This new edition is suitable as teaching material for Chemical Process and Product Design courses for graduate MSc students, being compatible with academic requirements world-wide. The inclusion of the newest design methods will be of great value to professional chemical engineers. - Systematic approach to developing innovative and sustainable chemical processes - Presents generic principles of process simulation for analysis, creation and assessment - Emphasis on sustainable development for the future of process industries
Building public support for climate mitigation is a key prerequisite to making meaningful strides toward decarbonization and achieving net-zero emissions. Using nationally representative, individual-level surveys for 28 countries, this paper identifies the current levels and drivers of support for climate mitigation policies. Controlling for individual characteristics, we find that pre-existing beliefs about policy efficacy, perceived costs and co-benefits (e.g., cleaner air), and the degree of policy progressivity are important drivers of support for carbon pricing policies. The knowledge gap about climate mitigation policies can be large, but randomized information experiments show that support increases (decreases) after individuals are introduced to new information on the benefits (potential costs) of such policies.
This book explores the independence of international civil servants across various intergovernmental institutions. With rich historical insights and in-depth analysis, Tavadian uncovers the complex evolution of this independence, from its early days to contemporary challenges and practices. Drawing on his vast experience and meticulous research, he critically assesses the essential role of international civil service independence in ensuring effective international cooperation and proposes concrete solutions for strengthening it. An indispensable resource for scholars, policymakers, and legal practitioners, it sheds light on the nuanced dynamics that underpin the operation and integrity of international organizations.
Modem option pricing theory was developed in the late sixties and early seventies by F. Black, R. C. Merton and M. Scholes as an analytical tool for pricing and hedging option contracts and over-the-counter warrants. However, already in the seminal paper by Black and Scholes, the applicability of the model was regarded as much broader. In the second part of their paper, the authors demonstrated that a levered firm's equity can be regarded as an option on the value of the firm, and thus can be priced by option valuation techniques. A year later, Merton showed how the default risk structure of corporate bonds can be determined by option pricing techniques. Option pricing models are now used to price virtually the full range of financial instruments and financial guarantees such as deposit insurance and collateral, and to quantify the associated risks. Over the years, option pricing has evolved from a set of specific models to a general analytical framework for analyzing the production process of financial contracts and their function in the financial intermediation process in a continuous time framework. However, virtually no attempt has been made in the literature to integrate game theory aspects, i. e. strategic financial decisions of the agents, into the continuous time framework. This is the unique contribution of the thesis of Dr. Alexandre Ziegler. Benefiting from the analytical tractability of continuous time models and the closed form valuation models for derivatives, Dr.
Building public support for climate mitigation is a key prerequisite to making meaningful strides toward implementing climate mitigation policies and achieving decarbonization. Using nationally representative individual-level surveys for 28 countries, this note sheds light on the individual characteristics and beliefs associated with climate risk perceptions and preferences for climate policies.
This book originated in the Proceedings of the Second Symposium on Polymeric Liquid Crystals held by the Division of Polymer Chemistry in the framework of the 1983 Fall Meeting of the American Chemical Society. At the First Symposium in 1977, the literature in this field could be encompassed in a single volume. To day, that is no longer possible. The field of Polymeric Liquid Crystals grew, and continues to grow, at a very rapid pace. At present, we know of every major mesophase in its polymeric form and of polymeric glasses, elastomers and fluids in their liquid crystalline form. Every year, new polymeric mesophases are being discovered. The aim of this book is to go beyond a compilation of papers presented at the 1983 ACS Fall Meeting. It is conceived as a learning tool for the benefit of the sci entist interested in Polymeric Liquid Crystals. The book is divided into three sections. The first section contains articles discussing synthetic, physico chemical, structural and rheological aspects of Polymeric Liquid Crystals in their generality. A chapter on methods currently used in this field is also included. There are also chapters on theoretical and classification aspects of PLCs. These self-contained tutorial chapters provide an introduction to this field as well as to the specific papers given in the book. They provide an exhaustive cover age of literature on the subject from its inception to the present.
The studies by Cyrille Vogel (1919-1982) collected here provide a detailed exposition of the penitential system of the Latin Church and its evolution during the Middle Ages. They complement in this way the general treatment of his books and document the stages of the system's development - from the early forms of Late Antiquity, to the tariffed system that emerged in the early Middle Ages, and its eventual replacement by the practices of modern times. The work is based on the systematic exploitation and analysis of all available sources, archeological as well as literary and hagiographic, and on careful attention to their dating; access to this store of material will now be facilitated by the detailed indexes to the present volume. Les études de Cyrille Vogel (1919-1982) rassemblées ici, sont un exposé détaillé du système pénitenciaire de l’Eglise Latine et de son évolution au cours du moyen âge. Elles viennent ainsi en complément de ses ouvrages et documentent les différents stades du développement de ce système - des premières formes de pénitence non-réitérable durant l’antiquité tardive, au système tarifaire qui fit surface au début du moyan-âge, jusqu’aux pratiques modernes qui finirent par le remplacer. Cet ouvrage repose sur l’exploitation et l’analyse systèmatique de l’ensemble des sources disponibles, archéologiques ainsi que littéraires et hagiographiques, et sur une attention minutieuse quand aux dates qui leur ont été assignées; l’accès à cette source de documentation sera dorénavant facilité par les indexes détaillés contenus dans le présent volume.
Through dramatic incidents tells for the first time the full story of the development of Cold War naval intelligence from the end of WWII to the breakup the Soviet Union in 1991, from both sides, East and West. Unlike other accounts, which focus on submarine confrontations and accidents, the authors cover all types of naval intelligence, human collection (racing with the Soviets to capture Nazi subs, successful and losing spies and defectors), signal intelligence (surface, air, satellite and navy commando teams in balaclavas launched by speed boats from subs), acoustic (passive underwater arrays and tapping phone lines), and the aerial and space reconnaissance. The authors give details of operations in all these areas, some of which were witnessed first hand. "A new light is shed on the spy ships incidents of the 1960s and on submarine intrusions in Swedish waters. Excerpts of the Soviet Navy instructions on UFOs and accounts of Soviet naval encounters with unexplained objects are also published for the first time outside of Russia; and much more.
In Performance Requirement Prohibitions in International Investment Law, Alexandre Genest explores the prohibition of performance requirements in investment treaties. The author focuses on answering two questions: first, how do States prohibit performance requirements in investment treaties? And second, how should such prohibitions of performance requirements be interpreted and applied? In providing answers to these questions, Alexandre Genest breaks new ground by proposing the first empirical typology of performance requirement prohibitions in investment treaties and the first in-depth analysis of arbitral awards on the subject. Alexandre Genest formulates insightful remarks for a more deliberate and informed interpretation and application of existing performance requirement prohibitions. These remarks will help improve the drafting of performance requirement prohibitions in future investment treaties.
Matroids appear in diverse areas of mathematics, from combinatorics to algebraic topology and geometry, and "Coxeter Matroids" provides an intuitive and interdisciplinary treatment of their theory. In this text, matroids are examined in terms of symmetric and finite reflection groups; also, symplectic matroids and the more general coxeter matroids are carefully developed. The Gelfand-Serganova theorem, which allows for the geometric interpretation of matroids as convex polytopes with certain symmetry properties, is presented, and in the final chapter, matroid representations and combinatorial flag varieties are discussed. With its excellent bibliography and index and ample references to current research, this work will be useful for graduate students and research mathematicians.
This book is intended to give a general overview of reliability, faults, fault models, nanotechnology, nanodevices, fault-tolerant architectures and reliability evaluation techniques. Additionally, the book provides an in depth state-of-the-art research results and methods for fault tolerance as well as the methodology for designing fault-tolerant systems out of highly unreliable components.
This volume is a practical guide to the technique and most frequent clinical applications of magnetic resonance spectroscopy (MRS) of the brain. Using more than 500 images, the authors present the fundamentals of MRS in a straightforward fashion and show radiologists and neurologists how to recognize normal and disease processes on scans. The book presents the spectra of the most common neurological disease entities, along with the conventional images and perfusion and diffusion where appropriate. The authors thoroughly describe the pathology and key MRS features of each disease process. Each chapter ends with a quick-reference summary of the main findings.
In the highly specialized field of caring for children in the PICU, Fuhrman and Zimmerman's Pediatric Critical Care is the definitive reference for all members of the pediatric intensive care team. Drs. Jerry J. Zimmerman and Alexandre T. Rotta, along with an expert team of editors and contributors from around the world, have carefully updated the 6th Edition of this highly regarded text to bring you the most authoritative and useful information on today's pediatric critical care—everything from basic science to clinical applications. - Contains highly readable, concise chapters with hundreds of useful photos, diagrams, algorithms, and clinical pearls. - Uses a clear, logical, organ-system approach that allows you to focus on the development, function, and treatment of a wide range of disease entities. - Features more international authors and expanded coverage of global topics including pandemics, sepsis treatment in underserved communities, specific global health concerns by region. - Covers current trends in sepsis-related mortality and acute care after sepsis, as well as new device applications for pediatric patients. - Provides ultrasound videos and more than 500 board-style review questions and answers on Expert Consult. - Enhanced eBook version included with purchase. Your enhanced eBook allows you to access all of the text, figures, and references from the book on a variety of devices.
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