We consider a non necessarily complete financial market with one bond and one risky asset, whose price process is modelled by a suitably integrable, strictly positive, càdlàg process S over [0, T ]. Every option price is defined as the conditional expectation under a given equivalent (true) martingale measure P, the same for all options. We show that every positive contingent claim on S can be ...

The information technology [IT] industry is one of the fastest growing sectors of the economy, both here in Australia and globally. This paper is an exploratory study of aspects of women’s status in the IT industry in Western Australia. What is apparent from this initial study is that the shortage of skilled personnel in WA mirrors the declining trend in the representation of women in the IT in...

We present a system that produces sentential descriptions of video: who did what to whom, and where and how they did it. Action class is rendered as a verb, participant objects as noun phrases, properties of those objects as adjectival modifiers in those noun phrases, spatial relations between those participants as prepositional phrases, and characteristics of the event as prepositional-phrase ...

By associating physical properties with a digital character’s joint and bones, we are able to visualize explicitly a number of properties that can help animators develop high-quality animation. For example, proper ballistic arcs can be shown to demonstrate proper timing and location of a character during flight. In addition, a center of mass that accurately reflects the posture of the character...

Article history: Received 29 August 2012 Received in revised form 21 May 2013 Accepted 6 August 2013 Available online 15 August 2013 We test the impact of idiosyncratic risk on stock returns for emerging markets that experience financial market liberalizations. Idiosyncratic risk is positively associated with returns prior to financial market liberalization, but liberalization diminishes this e...

An investment horizon is in practice not frequently known with certainty at the initial investment date. This paper addresses the problem of pricing and hedging a random cash‡ow received at a random date in a general stochastic environment. We ...rst argue that speci...c timing risk is induced by the presence of an uncertain time-horizon if and only if the random time under consideration is not...

Criticism, as a precept, has alluded to permanently seeking for quality, pursuing excellence not as an end in itself, but as means for performing its activities, looking into free education as the basis for an egalitarian society. The practice of criticism has also ensured the university ́s autonomy and its democratic posture, and in continuum, has submitted the individual to the natural univers...

In this review paper we summarise several nonparametric methods recently applied to the pricing of financial options. After a short introduction to martingale-based option pricing theory, we focus on two possible fields of application for nonparametric methods: the estimation of risk-neutral probabilities and the estimation of the dynamics of the underlying instruments in order to construct an ...

Most lower-limb physical assistant robots are fixed to wearers using cuffs. Hence, skin injuries beneath the cuffs are one of the major concerns of the users. A model that describes the relationship between the body posture and the interaction forces at the cuff was developed for use in assessing the risk of injury and improving user comfort. We measured the motion and interaction force beneath...

The project „Neue Bahntechnik Paderborn“ (NBP) deals with the development of an innovative railroad concept. It envisions short autonomously guided shuttles which are completely automated and even make decisions, for eg. starting only if there is a need. Furthermore the shuttles use the existing rails without differentiating between suburban and long-distance traffic. Thus the passengers needn’...