We derive the real Profit&Loss(P&L) that accrues in what option traders do every day: continuously Delta (∆)-hedge a call, by substituting the option’s running implied volatility (generally stochastic) into the Black-Scholes(BS) ∆-formula. The result provides formal justification for a heuristic rule-of-thumb that a trader’s P&L on continuously ∆-hedged positions is his vega times times the dai...

We point out that there exist two different formulations of the Heavy Quark Effective Theory (HQET). The one formulation of HQET was mostly developed at Harvard and involves the use of the equation of motion to eliminate the small components of the heavy quark field. The second formulation, developed in Mainz, involves a series of Foldy-Wouthuysen-type field transformations which diagonalizes t...

Since the publication in 1991 of Anderson and May’s seminal work1, mathematical modelling of infectious diseases has become fi rmly established as one of the key tools available to epidemiologists to understand, predict and control the spread of infectious diseases in human, animal and plant populations. Accordingly, the fi eld has undergone rapid growth, stimulated by high profi le outbreaks s...

The old American dilemma was the contradiction between the racial caste system and the American liberal conscience. The Civil Rights Revolution of the Sixties abolished the old racial caste system in its legal aspects, but failed to completely alter the relation between racial groups in America in a way that satisfied the aspirations of the Peoples of Color. In response to this a system of raci...

International concern around the global degradation of forest and its impact on loss biodiversity ecosystem services has increased over last decade. Global policies are in place to address this challenge with broad international support. The Convention Biological Diversity (CBD), Aichi targets Strategic Plan for Biodiversity 2011–2020, UN Sustainable Development Goals (SDGs) have formulated amb...

From September 2017 to January 2018, the Getty-sponsored Pacific Standard Time: LA/LA (PST: LA/LA) initiative flooded Southern California in a triumphant display of Latin American and Latinx art. An inexplicable blemish on memory this event was absence catalog for one Getty’s headlining exhibitions, The Metropolis America, 1830–1930, installed first at Getty Research Institute afterward America...

The Routledge International Handbook of Goffman Studies Edited by Michael Hviid Jacobsen and Greg Smith (Routledge, 2022) year 2022 commemorates two special events in Erving Goffman's life trajectory: his 100th birthday the 40th anniversary death. Such momentous occasions usually are cause for increased publications academic book market, especially books that expected to find high resonance. Th...

Over 400 million hectares of tropical forest have been designated for commercial timber production, an area twice the size Mexico (Blaser et al., 2011), highlighting need to reconcile industry with biodiversity conservation. Selectively logged can retain many species, including a host threatened or endemic species (Fimbel 2001). Nevertheless, extraction valuable tree leads disruption canopy, ho...

Challenges and risks associated with large-scale information technology implementations increase when multiple partners are involved, as in many e-government initiatives. Some risk can be addressed by careful alignment of internal and external business and information technology strategies. This study examines the technical, political, economic and operational process motivations of government ...

Online video streaming has gained tremendous popularity over recent years and currently constitutes the majority of Internet traffic. As large-scale ondemand streaming continues to gain popularity, several important questions and challenges remain unanswered. This thesis addresses open questions in the areas of efficient content delivery for HTTP-based Adaptive Streaming (HAS) from different pe...