The famous Black-Scholes model was the starting point of a new financial industry and has been a very important pillar of all options trading since. One of its core assumptions is that the volatility of the underlying asset is constant. It was realised early that one has to specify a dynamic on the volatility itself to get closer to market behaviour. There are mainly two aspects making this fact apparent. Considering historical evolution of volatility by analysing time series data one observes erratic behaviour over time. Secondly, backing out implied volatility from daily traded plain vanilla options, the volatility changes with strike. The most common realisations of this phenomenon are the implied volatility smile or skew. The natural question arises how to extend the Black-Scholes model appropriately. Within this book the concept of stochastic volatility is analysed and discussed with special regard to the numerical problems occurring either in calibrating the model to the market implied volatility surface or in the numerical simulation of the two-dimensional system of stochastic differential equations required to price non-vanilla financial derivatives. We introduce a new stochastic volatility model, the so-called Hyp-Hyp model, and use Watanabe's calculus to find an analytical approximation to the model implied volatility. Further, the class of affine diffusion models, such as Heston, is analysed in view of using the characteristic function and Fourier inversion techniques to value European derivatives.
Liberation theology is a school of Roman Catholic thought which teaches that a primary duty of the church must be to promote social and economic justice. In this book, Christian Smith explains how and why the liberation theology movement emerged and succeeded when and where it did.
Egyptian Deportations of the Late Bronze Age explores the political economy of deportations in New Kingdom Egypt (ca. 1550–1070 BCE) from an interdisciplinary angle. The analysis of ancient Egyptian primary source material and the international correspondence of the time draws a comprehensive picture of the complex and far-reaching policies. The dataset reveals their geographic scope, economic and demographic impact in Egypt and abroad as well as their interconnection with territorial expansion, international relations, and labour management. The supply chain, profiting institutions and individuals in Egypt as the well as the labour tasks, origins and the composition of the deportees are discussed in detail. A comparative analytical framework integrates the Egyptian policies with a review of deportation discourses as well as historical premodern and modern cases and enables a global and diachronic understanding of the topic. The study is thus the first systematic investigation of deportations in ancient Egyptian history and offers new insights into Egyptian governance that revise previous assessments of the role of forced migration und unfree labour in ancient Egyptian society and their long-term effects.
The rapid growth of the world population - nearly six-fold over the last hundred years - combined with the rising number of technical installations especially in the industrialized countries has lead to ever tighter and more strained living spaces on our planet. Because ofthe inevitable processes oflife, man was at first an exploiter rather than a careful preserver of the environment. Environmental awareness with the intention to conserve the environment has grown only in the last few decades. Environmental standards have been defined and limit values have been set largely guided, however, by scientific and medical data on single exposures, while public opinion, on the other hand, now increasingly calls for astronger consideration of the more complex situations following combined exposures. Furthermore, it turned out that environmental standards, while necessarily based on scientific data, must also take into account ethical, legal, economic, and sociological aspects. A task of such complexity can only be dealt with appropriately in the framework of an inter disciplinary group.
With its focus on drugs so recently introduced that they have yet to be found in any other textbooks or general references, the information and insight found here makes this a genuinely unique handbook and reference. Following the successful approach of the previous volumes in the series, inventors and primary developers of successful drugs from both industry and academia tell the story of the drug's discovery and describe the sometimes twisted route from the first drug candidate molecule to the final marketed drug. The 11 case studies selected describe recent drugs ranging across many therapeutic fields and provide a representative cross-section of present-day drug developments. Backed by plenty of data and chemical information, the insight and experience of today's top drug creators makes this one of the most useful training manuals that a junior medicinal chemist may hope to find. The International Union of Pure and Applied Chemistry has endorsed and sponsored this project because of its high educational merit.
This first comprehensive analysis of the relationship between Jewish Studies and Protestant theology in Wilhelmine Germany challenges accepted opinions and contributes to a differentiated image of Jewish intellectual history as well as Jewish-Christian relations before the Holocaust.
Cowpea (Vigna unguiculata), an indigenous legume to sub-Saharan Africa, is mainly grown in the dry savanna areas as an intercrop with millets, sorghum, groundnut and maize. Cowpea grains rich in protein are consumed in different forms in several parts of the tropics. The average grain yield of cowpea in West Africa is approximately 492kg/ha, which is much lower than its potential yields. This low productivity is due to a host of diseases, insects, pests, parasitic weeds, drought, poor soils and low plant population density in farmers’ fields. Ex situ collection of over 15,000 accessions of cowpea and wild Vigna germplasm from different parts of the world were assembled in the IITA gene bank. These genetic resources have been explored to identify new traits and to develop elite cowpea varieties. Many cowpea varieties with high yield potential have been developed and adopted by the farmers. Efforts are continuing to develop better performing varieties using conventional breeding procedures, while molecular tools are being developed to facilitate progress in cowpea breeding.
A groundbreaking new theory of religion Religion remains an important influence in the world today, yet the social sciences are still not adequately equipped to understand and explain it. This book advances an innovative theory of religion that goes beyond the problematic theoretical paradigms of the past. Drawing on the philosophy of critical realism and personalist social theory, Christian Smith explores why humans are religious in the first place—uniquely so as a species—and offers an account of secularization and religious innovation and persistence that breaks the logjam in which religious scholarship has been stuck for so long. Certain to stimulate debate and inspire promising new avenues of scholarship, Religion features a wealth of illustrations and examples that help to make its concepts accessible to readers. This superbly written book brings sound theoretical thinking to a perennially thorny subject, and a new vitality and focus to its study.
In this ambitious book Christian Petersen has taken a central topic in economic and social history and given it a new sweep and coherence. As the Lord’s Prayer suggests, securing an adequate supply of bread was a matter of over-riding concern to everyone until very recently. Bread was always by far the largest single item in the budgets of the poor, but bread could be made from many grains - wheat, rye, barley etc. Christian Petersen describes how in the later eighteenth century the process of replacing other cereals by wheat in bread making was completed throughout Britain. He provides a continuous series of estimates of bread consumption per caput, of bread prices (and, consequently, used in conjunction with population data, of total national expenditure on bread), and of wheat output and net imports. The implications of the changes in techniques of milling and baking that occurred are analysed, and the organisation of the baking and retailing of bread is described. Bread was so central to the economy of individual households and to the national economy as a whole that this book represents a major contribution to the history of the British economy and of British society in the period 1770-1870.
Humic Substances color all waters more or less brown. Their concentrations exceed all carbon of living organisms by at least one order of magnitude. Opposite to former paradigms, they participate in almost any metabolic pathway. They protect against UV-irradation, enable indirect photolysis and, thus, purify hazardous chemicals, they provide inorganic and organic nutrients, may form cryptic genes with DNA and dampen metabolic fluctuations. More recently they can increase adverse effects of hazardous chemicals and they can directly interfere with organisms. The book tries to relate effects to structural features.
Long before the Civil War, Abraham Lincoln recognized the challenge American slavery posed to the ideals of the Declaration of Independence. A constitutional amendment would be the ideal solution to ending slavery, yet the idea of such an amendment conflicted with several of Lincoln’s long-held positions. In this study, Christian G. Samito examines how Lincoln’s opposition to amending the United States Constitution shaped his political views before he became president, and how constitutional arguments overcame Lincoln’s objections, turning him into a supporter of the Thirteenth Amendment by 1864. For most of his political career, Samito shows, Lincoln opposed changing the Constitution, even to overturn Supreme Court rulings with which he disagreed. Well into his presidency, he argued that emancipation should take place only on the state level because the federal government had no jurisdiction to control slavery in the states. Between January 1863 and mid-1864, however, Lincoln came to support a constitutional amendment to abolish slavery because it worked within the constitutional structure and preserved key components of American constitutionalism in the face of Radical Republican schemes. Samito relates how Lincoln made the amendment an issue in his 1864 reelection campaign, chronicles lobbying efforts and the final vote in the House on the amendment resolution, and interrogates various charges of corruption and back-room deals. He also considers the Thirteenth Amendment in the context of the Hampton Roads conference, Lincoln’s own thoughts on the meaning of the amendment, and the impact of Lincoln’s assassination on the reading of the amendment. Samito provides the authoritative historical treatment of a story so compelling it was recently dramatized in the movie Lincoln. Closing with a lively discussion that applies the Thirteenth Amendment to current events, this concise yet comprehensive volume demonstrates how the constitutional change Lincoln helped bring about continues to be relevant today.
This monograph tracks the development of the socio-economic stance of early Mormonism, an American Millenarian Restorationist movement, through the first fourteen years of the church’s existence, from its incorporation in the spring of 1830 in New York, through Ohio and Missouri and Illinois, up to the lynching of its prophet Joseph Smith Jr in the summer of 1844. Mormonism used a new revelation, the Book of Mormon, and a new apostolically inspired church organization to connect American antiquities to covenant-theological salvation history. The innovative religious strategy was coupled with a conservative socio-economic stance that was supportive of technological innovation. This analysis of the early Mormon church uses case studies focused on socio-economic problems, such as wealth distribution, the financing of publication projects, land trade and banking, and caring for the poor. In order to correct for the agentive overtones of standard Mormon historiography, both in its supportive and in its detractive stance, the explanatory models of social time from Fernand Braudel’s classic work on the Mediterranean are transferred to and applied in the nineteenth-century American context.
This book provides an outline and critical discussion of the characteristics of mindfulness-based interventions (MBIs) research. Since the first reports on the use of mindfulness practices in health interventions, a large body of research literature has emerged to document the effectiveness of MBIs for reducing psychological distress and to increase well-being. The integration of mindfulness into very diverse psychological theories makes it a unique concept in psychology that has generated a large amount of interest both in academic research but also the broader media. With this growing literature, mindfulness researchers have also recognised the need to be more critical of its developments, such as how MBIs are presented to the public or what types of research methods are used to test claims of an MBI’s effectiveness. This book examines the large variety of approaches in which MBIs have been studied, including an outline of the philosophical underpinnings of MBI research, definition and measurement of mindfulness, the use of qualitative and quantitative research methods, research design, and research that addresses cultural and religious factors. The book contributes to increased awareness of the current direction of MBI research and thus seeks to contribute to further methodological refinement and sophistication of the research field. This book on the characteristics of research on MBIs is a must read for any researcher or practitioner interested in this fascinating topic.
Regions have increasingly broken ground in the European sphere. For decades, they have been subject to forces both influencing them from above (regionalisation), as well as from below (regionalism). In the European Union, the regions and their actors have mainly manifested themselves via EU Regional Policy. Besides a closer look at the rationales behind this trend (e.g. multi-level governance) and the changes in the decision-making process, three case regions have thoroughly been addressed - Latvia, Scotland, and Saxony. This dissertation highlights the pitfalls, the possibilities, and the position of regions and its actors, in both the domestic and the European setting, in a clear and structured way. Dissertation. (Series: European Regions / Regionen in Europa - Vol. 4)
This revised and fully up-to-date English translation of the 7th edition of the Casebook Verfassungsrecht includes a new outline of the German constitution, the BVerfG Court, and its jurisprudence. It condenses more than six decades of constitutional jurisprudence in order to familiarize readers with the style, technique, and language of the Court. As well as an analysis of the general principles of German constitutional law, the book covers the salient articles of the German Constitution and offers relevant extracts of the Court's most important decisions on the provisions of the Basic Law. It provides notes and discussions of landmark cases to illustrate their legal and historical context and give the reader a clear understanding of the principles governing German constitutional law. The book covers the fundamental rights catalogue of the Basic Law and offers a comprehensive account of its intellectual moorings. It includes landmark jurisprudence on the equal treatment of same-sex couples, life imprisonment, the legal structure of property, the right to assembly, and the right to informational self-presentation. The book also covers the provisions and respective case law governing the state structure of Germany, for instance the recent decisions on the prohibition of the far-right German nationalist party, and the Court's jurisprudence on European integration, including the most recent decisions on the OMT-program of the European Central Bank.
Throughout the Hebrew Bible, God guides and saves his people through the words of his prophets. When the prophets are silenced, the people easily lose their way. What happened after the incarnation, death and resurrection of Christ? Did God fall silent? The dominant position in Christian theology is that prophecy did indeed cease at some point in the past -if not with the Old Testament prophets, then with John the Baptist, with Jesus, with the last apostle, or with the closure of the canon of the New Testament. Nevertheless, throughout the history of Christianity there have always been acclaimed saints and mystics -most of them women-who displayed prophetic traits. In recent years, the charismatic revival in both Protestant and Catholic circles has once again raised the question of the place and function of prophecy in Christianity. Scholarly theological attitudes toward Christian prophecy range from modest recognition to contempt. Mainstream systematic theology, both Protestant and Catholic, has mostly marginalized or ignored the gift of prophecy. In this book, however, Niels Christian Hvidt argues that prophecy has persisted in Christianity as an inherent and continuous feature in the life of the church. Prophecy never died, he argues, but rather proved its dynamism by mutating to meet new historical conditions. He presents a comprehensive history of prophecy from ancient Israel to the present and closely examines the development of the theological discourse that surrounds it. Throughout, though, there is always an awareness of the critical discernment required when evaluating the charism of prophecy. The debate about prophecy, Hvidt shows, leads to some profound insights about the very nature of Christianity and the church. For example, some have argued that Christianity is a perfect state and that all that is required for salvation is acceptance of its doctrines. Others have emphasized how God continues to intervene and guide his people onto the right path as the full implementation of God's salvation in Christ is still far away. This is the position that Hvidt forcefully and persuasively defends and develops in this ambitious and important work.
In innumerable discussions and activities dedicated to better understanding and helping teenagers, one aspect of teenage life is curiously overlooked. Very few such efforts pay serious attention to the role of religion and spirituality in the lives of American adolescents. But many teenagers are very involved in religion. Surveys reveal that 35% attend religious services weekly and another 15% attend at least monthly. 60% say that religious faith is important in their lives. 40% report that they pray daily. 25% say that they have been "born again." Teenagers feel good about the congregations they belong to. Some say that faith provides them with guidance and resources for knowing how to live well. What is going on in the religious and spiritual lives of American teenagers? What do they actually believe? What religious practices do they engage in? Do they expect to remain loyal to the faith of their parents? Or are they abandoning traditional religious institutions in search of a new, more authentic "spirituality"? This book attempts to answer these and related questions as definitively as possible. It reports the findings of The National Study of Youth and Religion, the largest and most detailed such study ever undertaken. The NYSR conducted a nationwide telephone survey of teens and significant caregivers, as well as nearly 300 in-depth face-to-face interviews with a sample of the population that was surveyed. The results show that religion and spirituality are indeed very significant in the lives of many American teenagers. Among many other discoveries, they find that teenagers are far more influenced by the religious beliefs and practices of their parents and caregivers than commonly thought. They refute the conventional wisdom that teens are "spiritual but not religious." And they confirm that greater religiosity is significantly associated with more positive adolescent life outcomes. This eagerly-awaited volume not only provides an unprecedented understanding of adolescent religion and spirituality but, because teenagers serve as bellwethers for possible future trends, it affords an important and distinctive window through which to observe and assess the current state and future direction of American religion as a whole.
An important aim behind the restructuring of Germany’s and Europe’s electricity systems is to reduce the environmental burden, especially with respect to greenhouse gas emissions, of the current systems. Emissions must be brought down to a level that is sustainable in the long run and consistent with greenhouse gas emission reduction goals. Meeting these goals will require a system (as best as current knowledge suggests) that will be able to cope simultaneously with the fundamental demands for economic efficiency, environmental sustainability and supply security. Making use of existing scenarios, this study sketches such a system. It focuses in particular on auxiliary systems such as energy storage methods and network extensions. The study introduces technologies that can balance electricity in energy systems and that can serve as enabling technologies for the integration of large quantities of renewable energies in the power supply system. It begins with a discussion of normative aims for the future electricity system before continuing with a description of current policies and political developments and an overview of relevant existing energy system studies. These sections serve as background for the remainder of the study. They are followed by discussion and analysis of the growing demand for means to balance the fluctuations found in electricity generated in power systems with a high penetration of renewable energies, the potentials of diverse technologies, requirements for electrical networks, economic impacts and important legal issues. Finally, the main challenges to the achievement of developing balancing technologies and processes for renewable electricity-dominant systems are summarised and recommendations made.
Radioactive waste (above all highly radioactive wastes from nuclear installations) caused by research, medicine and technology must be disposed of safely. However both the strategies disputed for the disposal of radioactive waste as well as concrete proposals for choosing a location for final waste disposal are highly debatable. An appropriate disposal must conform to both complex, technical requirements and fulfill the radio-biological conditions to appropriately protect man and nature. Ethical, legal and social conditions must also be considered. An interdisciplinary team from various, relevant fields compiled the current status-quo and developed criteria and strategies, which on the one hand meet the requirements of optimal warning and prevention of risk for present and future generations, and additionally on the other hand meet the needs of what current society agrees what is expected to be allowed. This study can be understood as an advanced and continuing contribution to the corresponding scientific specialized debates, due to its interdisciplinary treatment. At the same time it serves as a fundamentally informing contribution to public and political debates, offering an easily comprehensible executive summary and precise content recommendations.
Not all stress is stressful; instead, it appears that stress in the environment, below the mutation threshold, is essential for many subtle manifestations of population structures and biodiversity, and has played a substantial role in the evolution of life. Intrigued by the behavior of laboratory animals that contradicted our current understanding of stress, the author and his group studied the beneficial effects of stress on animals and plants. The seemingly “crazy” animals demonstrated that several stress paradigms are outdated and have to be reconsidered. The book describes the general stress responses in microorganisms, plants, and animals to abiotic and biotic, to natural and anthropogenic stressors. These stress responses include the activation of oxygen, the biotransformation system, the stress proteins, and the metal-binding proteins. The potential of stress response lies in the transcription of genes, whereas the actual response is manifested by proteins and metabolites. Yet, not all stress responses are in the genes: micro-RNAs and epigenetics play central roles. Multiple stressors, such as environmental realism, do not always act additively; they may even diminish one another. Furthermore, one stressor often prepares the subject for the next one to come and may produce extended lifespans and increased offspring numbers, thus causing shifts in population structures. This book provides the first comprehensive analysis of the ecological and evolutionary effects of stress.
This is the first work to highlight the contributions of regiments of the Pennsylvania Dutch and the post-1820 immigrant Germans at the Battle of Gettysburg. On the first day, the 1st Corps, in which many of the Pennsylvania Dutch groups served, and the half-German 11th Corps, which had five regiments of either variety in it, bought with their blood enough time for the Federals to adequately prepare the high ground, which proved critical in the end for the Union victory. On the second day, they participated in beating back Confederate attacks that threatened to crack the Union defenses on Cemetery Hill and in other strategic locations.
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