Price bias and common practice in option pricing

Generally, the semiclosed-form option pricing formula for complex financial models depends on unobservable factors such as stochastic volatility and jump intensity. A popular practice is to use an estimate of these latent factors to compute the option price. However, in many situations this plug-and-play approximation does not yield the appropriate price. This article examines this bias and quantifies its impacts. We decompose the bias into terms that are related to the bias on the unobservable factors and to the precision of their point estimators. The approximated price is found to be highly biased when only the history of the stock price is used to recover the latent states. This bias is corrected when option prices are added to the sample used to recover the states' best estimate. We also show numerically that such a bias is propagated on calibrated parameters, leading to erroneous values. The Canadian Journal of Statistics 48: 8–35; 2020 © 2019 Statistical Society of Canada     

Aging in the Era of Regenerative Medicine: Analysis of Aging‐Related Representations among Canadian Researchers

Explicitly aimed at understanding and controlling molecular and cellular processes at the root of senescence and biological aging, regenerative medicine aspires to artificially reproduce the biological processes that enable the body to regenerate itself. This no longer involves conserving the body's state of balance by combating disease, as in clinical medicine, but rather fighting degeneration itself. From stem cell research to gene therapy to the production of replacement tissues, regenerative medicine perfectly corresponds to the logic of biomedicalization specific to postmodern society. Based on a series of 18 interviews conducted with Canadian researchers and clinicians in the field of regenerative medicine, this article seeks to understand representations of the aging body among researchers in this field. Seen from a strictly negative angle, aging is assimilated by researchers to an inevitable catastrophe that nevertheless must be combated. More closely observing the theoretical model of regenerative biology and the types of treatments developed, it can be observed, however, that this medicine of the future does not target the elderly, but rather promises youth the ability to regenerate themselves to avoid aging.     

Beyond tail median and conditional tail expectation: Extreme risk estimation using tail Lp-optimization

The conditional tail expectation (CTE) is an indicator of tail behavior that takes into account both the frequency and magnitude of a tail event. However, the asymptotic normality of its empirical estimator requires that the underlying distribution possess a finite variance; this can be a strong restriction in actuarial and financial applications. A valuable alternative is the median shortfall (MS), although it only gives information about the frequency of a tail event. We construct a class of tail L^p-medians encompassing the MS and CTE. For p in (1,2), a tail L^p-median depends on both the frequency and magnitude of tail events, and its empirical estimator is, within the range of the data, asymptotically normal under a condition weaker than a finite variance. We extrapolate this estimator and another technique to extreme levels using the heavy-tailed framework. The estimators are showcased on a simulation study and on real fire insurance data.     

International and intercultural issues in English teaching textbooks: the case of Spain

The sociocultural content of foreign language textbooks has become a concern of scholars and practitioners owing to the fact that the traditional emphasis on purely linguistic issues has been expanded to embrace a language in context approach. This paper studies the English‐speaking communities that are described in English language teaching textbooks marketed in Spain. It examines to what extent an international and/or intercultural approach is a constituent element in their design.     

侵权诉讼的膨胀及对策

侵权纠纷是民事诉讼机制解决的主要对象。随着社会的发展,侵权案件逐渐增多,过量的侵权诉讼会带来很多不良后果,不仅是对法律制度本身的损害,更对经济发展产生严重的负面影响。要解决侵权诉讼的膨胀问题,必须找到控制侵权诉讼的正确途径。     

The potential of integrated modelling in conservation biology: A case study of the black‐footed albatross (Phoebastria nigripes)

Conservation biology aims at assessing the status of a population, based on information which is often incomplete. Integrated population modelling based on state‐space models appears to be a powerful and relevant way of combining into a single likelihood several types of information such as capture‐recapture data and population surveys. In this paper, the authors describe the principles of integrated population modelling and they evaluate its performance for conservation biology based on a case study, that of the black‐footed albatross, a northern Pacific albatross species suspected to be impacted by longline fishing     

Erroneous perceptions and arousal among regular and occasional video poker players

This study investigated the relationship between the level of arousal (Heart Rate) and the number of erroneous perceptions among video poker players. Twelve regular and twelve occasional gamblers participated in a gambling session conducted in a natural environment. It was hypothesised that 1) a significant positive correlation would be observed between arousal and the number of erroneous verbalizations, 2) regular players would show a higher level of arousal than occasional players, and 3) they would emit more erroneous verbalizations. Results showed that hypotheses one and three were confirmed. Theoretical and practical implications of these results for the psychology of gambling are discussed.This study was supported by a grant from Loto-Québec.     

司法现代化在我国农村的困境及出路

司法现代化在农村正遭遇着种种困境,这有其深刻的历史背景和现实基础。实现农村的司法现代化,一方面要对传统法律文化进行认真彻底的反思,肃清沿袭至今的消极影响;另一方面则应从制度上保障司法的公正性,在司法领域树立法律的权威。     

Organisationsentwicklung als Thema von Erwachsenenbildung und Supervisionscurricula

Zusammenfassung  Der Beitrag beschreibt Planung, Verlauf und abschlie?ende Beurteilung eines gruppendynamischen Seminars, in dem für angehende Supervisorinnen und Supervisoren das Thema Organisations-Entwicklung dargestellt und vermittelt werden sollte. Ausgangspunkt war die Kl?rung des Inhaltsraums von Organisations-Entwicklung als geplantem sozialen Wandel, der auf sozialwissenschaftlicher Grundlage zielgerichtet, strategisch und mit Zeitperspektive in der Zusammenarbeit zwischen externer und interner Sach-, Prozess- und Entscheidungskompetenz durchgeführt wird. Als Ziele des Seminars wurden festgelegt, Organisations-Entwicklung als sozialwissenschaftliches Instrument zu begründen, Organisations-Entwicklung-Schritte zu konzipieren und sie kollegial zu kommunizieren. Darüber hinaus wurden Qualit?tskriterien für das Seminar formuliert: Praxisn?he, Kl?rung des Inhaltsraum Selbstorganisation, Selbststeuerung, Ressourcenaktivierung, Konfliktregulierung, Analyse des Gruppenprozesses, Nutzung von Feldkompetenz und Verhaltensmodellen, Etablierung von Feedbackschleifen, Koordination und Synergie, kollegialer Austausch und Kl?rung pers?nlicher Organisations-Entwicklungs-Fragen. Bausteine und Lernorte des Seminars waren das Plenum, die Lernpartnerschaft, das OE-Team, die Beobachterfunktion, die Tagesreflexion, die Sitzung Frage und Antwort, die Darstellung von Praxisf?llen, das Plenum-Feinsteuerung, die Analyse der Arbeitsprozesse des OE-Teams sowie Transfer und Auswertung. Der tats?chliche Verlauf des Seminars wird aus der Perspektive des Leiters kommentiert. Anhand von Verlaufsbeobachtungen und Teilnehmer?u?erungen wird der Eindruck begründet, dass diese Form des Vorgehens als lernintensiv, autonomief?rdernd und für die zu erwerbende Supervisionskompetenz als praxisrelevant betrachtet werden kann.

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This article describes the plantification, progress and final evaluation of a group-dynamic seminar for future supervisors in which the topic organization development was presented and introduced. The content of organization development was first defined as a planned social change which is executed based on social sciences in a goal-oriented, strategic way which considers the time perspective of the cooperation between external and internal specialised-, process- and decision competence. Goals of the seminar were to justify that organisation development is a social science tool, to plan organization development steps and to communicate them to peer seminar participants. Further more, the following quality criteria for the seminar were formulated: practice orientation, definition of self-organisation content, self regulation, resources activation, conflict regulation, group process analysis, field competence and behaviour models usage, feedback establishment, coordination and synergy, mutual peer exchange and finding answers to personal questions about organization development. The building blocks and learn places of the seminar were the plenary sessions, the learning partnership, the od-teams, the observer function, the day analysis, the questions and answers session, the case study presentation, the analysis of the work processes as well as transfer and evaluation. The progression of the seminar is commented from the point of view of the seminar leader. Progress observations and participant’s feedback justify the impression that this way to conceptualise provides an intensive learning experience, supports autonomy and provides relevant and practical supervision competence.

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J?rg Fengler ist Professor der Psychologie an der Universit?t zu K?ln, Heilp?dagogische Fakult?t. Arbeitsschwerpunkte sind u.a. P?dagogische und Klinische Psychologie. Er ist Herausgeber dieser Zeitschrift.