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     

The Dynamic Relationship Between Technology Innovation and Human Development in Technologically Advanced Countries: Fresh Insights from Quantiles-on-Quantile Approach

Our study investigates the relationship between technology innovation and human development in technologically advanced countries using data from quarterly observations from the last decade of the twentieth century to the first two decades of the twenty-first century. This objective of this study is to implement Quantile-on-Quantile regression (QQ) technique that as formulated by Sim and Zhou (J Bank Finance 55:1–8, 2015) and the renowned Granger-causality in quantiles as proposed by Troster (Econom Rev 37(8):850–866, 2018) examine the basic relationship between the given quantiles of technology innovation and their effects on the quantiles of human development. Therefore, the outcomes of this study explain the overall interdependence of technology innovation and affect the overall human development index. It is enumerated that the empirical results indicate that a significant positive relationship exists between technology innovation and human development in all selected technologically advanced countries, predominantly in both low and high tails. Moreover, the outcomes of Granger causality quantiles indicate a bi-directional fundamental relationship between these two variables in the dataset of all countries. The outcomes of the observations are extended to the recent findings on these two variables’ nexus and imply a differential impact on the technologically advanced countries. This causality guides us to offer some specific policy recommendations to each group of countries.

     

Determination of oxidative stress levels and some antioxidant enzyme activities in prostate cancer

In this study, the antioxidant enzyme activities such as (SOD, GSH, and CAT) and malondialdehyde (MDA) level which is the end product of lipid peroxidation, were determined from the serum samples taken from patients diagnosed with prostate cancer Van Yuzuncu Y?l University Medical Faculty of Educational Research and Training Hospital and ?stanbul Bagcilar Education Research Hospital. The SOD, GSH, and CAT activity of patient groups was found significantly lower than the healthy control group in patients with prostate cancer (p?相似文献   

Gender relations,transnational ties and rituals among Bosnian refugees

In this article I show how Bosniak (Bosnian Muslim) refugees reproduce, contest and construct their ethnic and religious identities. Using ‘ritual’ in a broad sense to refer to everyday routinized activities and practices that characterize family hierarchies and gender relations, as well as more easily identifiable religious rituals, I show that rituals assert belonging to a community and an identity, but are also, in the process of construction and contestation, selectively evoked and ignored. ‘The Other’ constructed through certain rituals is not merely the non–Muslim Bosnian (Serbs and Croats), but also, for refugees, other Bosnian Muslims who stayed behind. Moreover, engagement in secular and religious rituals, and the wider issue of identity constructions cannot be understood fully without exploring the dynamics between refugees and people who have remained in Bosnia. Competing constituencies claiming ‘Bosnianness’ and ‘Muslimness’ can be found across national boundaries and complicate the attempt to construct a community of believers or nationals, or both.     

Collective and Elective Ethnicity: Caste Among Urban Muslims in India

This article explores how the significance of ethnic identity can vary within a stable population, using caste among Muslims in Hyderabad, India as a case study. While some Hyderabadi Muslims are still embedded in ethnic networks, most now experience ethnicity as elective and do not rely on a corporate caste group for their social connections. This reflects a decline in the value of caste identities, which no longer provide economic or political resources. Increasingly, Muslims seek status through education, profession, or income. Thus, most Muslims in Hyderabad experience caste membership, identity, and networks in a weakened or attenuated way.     

The Measurement of Multidimensional Poverty

Many authors have insisted on the necessity of defining poverty as a multidimensional concept rather than relying on income or consumption expenditures per capita. Yet, not much has actually been done to include the various dimensions of deprivation into the practical definition and measurement of poverty. Existing attempts along that direction consist of aggregating various attributes into a single index through some arbitrary function and defining a poverty line and associated poverty measures on the basis of that index. This is merely redefining more generally the concept of poverty, which then essentially remains a one dimensional concept. The present paper suggests that an alternative way to take into account the multi-dimensionality of poverty is to specify a poverty line for each dimension of poverty and to consider that a person is poor if he/she falls below at least one of these various lines. The paper then explores how to combine these various poverty lines and associated one-dimensional gaps into multidimensional poverty measures. An application of these measures to the rural population in Brazil is also given with poverty defined on income and education.     

Dealing with Toxicity in the Risk Society: The Case of the Hamilton,Ontario Plastics Recycling Fire*

Une perspective de la construction sociale sert de cadre a l'analyse des controverses sur la gestion des risques qui ont été provoquées à la suite d'un incendie majeur dans une usine de recyclage de matières plastiques à Hamilton, en Ontario. En mettant l'accent sur les processus de réclamation au c?ur de l'interaction entre les représen‐tants du gouvernement, les acteurs environnementaux, les experts techniques et les résidants, il a été révélé qu'un accent trop limité aux questions d'ordre technique avait mené a l'exclusion des préoccupations fondées sur la rationalité culturelle ayant ainsi entraine un cadre d'interaction très litigieux divisant profondément. Les conséquences des conclusions empiriques de la thése de la société des risques ainsi que de la théorie sur la communication des risques sont explorées. A social construction perspective is applied in the analysis of the risk management controversies that arose in response to a large toxic fire that occurred at a Hamilton, Ontario plastics recycling facility. By focussing on the claimsmaking processes involved in the interaction of government officials, environmental movement actors, technical experts, and residents, it was found that an overly narrow focus on technical matters led to the exclusion of lay concerns based on cultural rationality, thereby resulting in a very contentious and divisive setting for interaction. Implications of the empirical findings for the risk society thesis and risk communication theory are explored.     

A bayesian estimator for the dependence function of a bivariate extreme‐value distribution

Any continuous bivariate distribution can be expressed in terms of its margins and a unique copula. In the case of extreme‐value distributions, the copula is characterized by a dependence function while each margin depends on three parameters. The authors propose a Bayesian approach for the simultaneous estimation of the dependence function and the parameters defining the margins. They describe a nonparametric model for the dependence function and a reversible jump Markov chain Monte Carlo algorithm for the computation of the Bayesian estimator. They show through simulations that their estimator has a smaller mean integrated squared error than classical nonparametric estimators, especially in small samples. They illustrate their approach on a hydrological data set.     

Intertemporal choice under timing risk: An experimental approach

This paper investigates how individuals evaluate delayed outcomes with risky realization times. Under the discounted expected utility (DEU) model, such evaluations depend only on intertemporal preferences. We obtain several testable hypotheses using the DEU model as a benchmark and test these hypotheses in three experiments. In general, our results show that the DEU model is a poor predictor of intertemporal choice behavior under timing risk. We found that individuals are averse to timing risk and that they evaluate timing lotteries in a rank-dependent fashion. The main driver of timing risk aversion is nothing but probabilistic risk aversion that stems from the nonlinear treatment of probabilities.     

浅谈大学生就业观与就业指导

通过对大学生就业现状的调查 ,归纳、概括了大学生的主要就业趋向及其产生原因 ,分析了当前大学生的就业观、就业心理以及就业过程中呈现出的特点 ;应采取切实可行的措施 ,有针对性地开展就业指导 ,以不断提高大学生就业率 ,促进高校的稳定和发展