Miracle-dz/UniFAR-FTUs huggingface dataset:
Robustness of Delta Hedging for Path-Dependent Options in Local Volatility Models

We consider the performance of the delta hedging strategy obtained from a local volatility model when using as input the physical prices instead of the model price process. This hedging strategy is called robust if it yields a superhedge as soon as the local volatility model overestimates the market volatility. We show that robustness holds for a standard Black-Scholes model whenever we hedge a path-dependent derivative with a convex payoff function. In a genuine local volatility model the situation is shown to be less stable: robustness can break down for many relevant convex payoffs including average-strike Asian options, lookback puts, floating-strike forward starts, and their aggregated cliquets. Furthermore, we prove that a sufficient condition for the robustness in every local volatility model is the directional convexity of the payoff function.
The Software Industry and India's Economic Development

This paper assesses the contribution of software to India's economic development paying particular attention to the role of the software in the absorption of labour and the development of human capital in the Indian economy. India's specialisation in software has been driven by two sorts of wage advantages that have reinforced each other: the lower wages for Indian software developers relative to that of their US and European counterparts makes Indian software cheaper in global markets, while the higher wages earned by software professionals in India relative to that in other industrial sectors has ensured a steady stream of supply of software professionals. However, the impact of this growth has been limited to a small section of the Indian economy, and there are questions whether the current growth can be sustained without a significant growth of domestic demand. We believe that export led growth is sustainable in the medium term. On the other hand, the success of the software industry has contributed to an increase in the relative value of professional workers' programmers, but also managers and analysts. In turn, the growing importance of human capital has lead to innovative models of entrepreneurship and organisation, pioneered by the software sector, which are slowly taking root and spreading to other parts of Indian industry. A potentially important and under appreciated contribution of the software industry is thus as an exemplar of good entrepreneurship and corporate governance to the rest of Indian industry. Though less visible than the macro contributions to employment and foreign exchange, this role is a source of productivity improvement for all industry, which can have powerful long- term benefits for India's industrialisation and growth.
SHAPIO: Shape I/O Controller for Video Games

In this paper, we propose "SHAPIO"', a game controller that inputs and outputs game events through its three-dimensional shape. SHAPIO consists of multiple triangular prisms, and its three-dimensional shape can be freely changed by twisting each prism. When a game player changes the shape of SHAPIO, the game system changes the shape of an item in the game into the same shape as SHAPIO, and vice versa. The player can feel the sense of unity with the game character, because SHAPIO always has the same shape as the item. We confirmed that the shape of our prototype could go hand-in-hand with the corresponding game item in a practical response time.
Determinants of Lichen Diversity in a Rain Forest Understory

Change in lichen diversity is often used as a bioindicator to estimate effects of atmospheric pollution, but natural variation in lichen cover and species richness can be very high. We examined the top‐down effects of spore‐consuming ants and the bottom‐up effects of nutrient and light availability on lichen diversity associated with the leaf surface of the rain forest understory plant, Piper cenocladum. Plots containing P. cenocladum were randomly assigned to treatments in factorial experiments that included high and low light levels, nutrient enrichment, and presence and absence of the ant mutualist, Pheidole bicornis. At the conclusion of the experiments, plants were harvested and size of leaves, secondary metabolite content (amides), epiphyll cover, and the species richness of the lichens (which comprised 85% of the epiphyll community) were quantified. Epiphyll cover (mosses, liverworts, and lichens) was greater on plants that had ant‐mutualists and balanced resources. Lichen species richness was greater for plants with balanced resources, particularly for those with high light availability. Relationships between toxins and lichen cover and richness were weak and unclear. In this system, natural sources of variation were reliable determinants of lichen diversity and both biotic and abiotic influences were important.
Experimental Analysis and Site-Specific Modeling of Channel Parameters at Mobile Station in an Urban Macrocellular Environment

SUMMARY This paper experimentally studies and models the angulardelay power spectrum density at the mobile station based on the sitespecific measurement in a macrocell in urban area of Tokyo. The authors first show the azimuth power spectral density at the mobile station. It is decomposed into the “classes” which represent specific contributions within limited azimuth range, as well as the residual. The site-specific propagation mechanism of the classes are next discussed. Finally, the angular-delay PSD models of both classes and residual are proposed and verified. The analysis and modeling in this paper are antenna independent with the full polarimetric information. Consequently, the results are useful to evaluate the performance of arbitrary array antennas with mixed polarization. Due to the rare number of antenna-independent and full-polarimetric measurements, the significant contribution of the angular-delay PSD channel model
Botulinum Toxin Therapy versus Anterior Belly of Digastric Transfer in the Management of Marginal Mandibular Branch of the Facial Nerve Palsy: A Patient Satisfaction Survey

Background Botulinum toxin (BT) chemodenervation and anterior belly of digastric muscle (ABD) transfer are both treatment options in the management of an isolated marginal mandibular branch of the facial nerve (MMB) palsy. We compare the patient satisfaction following either BT injections or ABD transfer in the management of their isolated MMB palsy. Methods Patients in the ABD-arm of the study were identified retrospectively from September 2007 to July 2014. The patients in the BT-arm of the study were identified prospectively from those attending the clinic. Both groups of patients completed a validated patient satisfaction survey. Statistical analysis was performed and a P-value <0.05 was considered statistically significant. Results Seven patients were in the ABD-arm and 11 patients in the BT-arm of the study. The patient satisfaction in both groups was high with 45% of ABD-arm patients and 40% of BT-arm patients rating their overall outcome as 'better' or 'much better', which was significantly more than the proportion rating their outcome as 'worse' or 'much worse' (P<0.001), although there was a significant trend towards those in the ABD-arm being more likely to be dissatisfied with their outcome (P=0.01). Conclusions BT therapy is a good first-line intervention in the management of isolated MMB palsy. We have, however, shown that the overall satisfaction in both groups is high. Therefore, in patients who would prefer a more permanent solution to manage their facial asymmetry, ABD transfer remains a satisfactory treatment option with a good level of patient satisfaction.
The BeweegKuur programme : a qualitative study of promoting and impeding factors for successful implementation of a primary health care lifestyle intervention for overweight and obese people

Department of Health Promotion, School for Nutrition, Toxicology and Metabolism (NUTRIM), Maastricht University, Maastricht, Department Tranzo, Faculty of Behavioural and Social Science, Tilburg University, Tilburg, Netherlands Institute for Sport and Physical Activity, Ede and Department of Health Promotion, School for Public Health and Primary Care (CAPHRI) and School for Nutrition, Toxicology and Metabolism (NUTRIM), Maastricht University, Maastricht, The Netherlands. *Correspondence to J. H. M. Helmink, Department of Health Promotion, School for Nutrition, Toxicology, and Metabolism (NUTRIM), Maastricht University, Maastricht, The Netherlands; E-mail: judith.helmink@maastrichtuniversity.nl Received 18 April 2011; Revised 12 July 2011; Accepted 23 July 2011.
The effects of ill health on displacement from the labour market and potential impact of prevention

In many industrialised countries the population is ageing, due to increasing life expectancy and falling birth rates. A rather paradoxical development is that, despite the increased life expectancy, the average time people spend in paid work was decreased in most European countries. Young people enter the labour market at later age due to prolonged education and most older workers exit the labor market before the statutory retirement age. Thus, many countries are developing policies to increase the duration of working life, especially among older workers. Clearly, the success of these policies will depend on a better understanding of aging in the work force and the particular role of health in continuing work or withdrawal from the labour market. There is ample evidence on the relation between unemployment and ill-health, showing that unemployment may affect people’s health but also that health may determine the selection into and out of the workforce (Bartley, 1994). There is an increasing awareness that among older workers ill-health does not only affect unemployment, but may also drive selection out of the workforce into other forms of non-employment, such as early retirement and staying home to take care of the family. A cross-sectional analysis of the baseline date from the Survey on Health and Ageing in Europe (SHARE study) showed a large variation across European countries in the proportion of persons 50-65 years with paid employment. Furthermore, a perceived poor health was strongly associated with nonparticipation in the labour force in most countries. Long-term illnesses such as depression, stroke, diabetes, chronic lung disease, and musculoskeletal disease were significantly more common among those persons not having paid employment (Alavinia, M., Burdorf, 2008). A longitudinal study among European countries showed that ill health was a risk factor for transitions between paid employment and various forms of non-employment, including retirement, unemployment, and taking care of a household (Schuring, Burdorf, Kunst, and Mackenbach, 2007). Against this background, the aims of this study were (i) to assess the strength of the association between ill health and becoming unemployed, retired, homemaker, or disabled in Europe, and (ii) to investigate the potential impact on withdrawal from paid employment or health prevention policies that would completely eliminate the adverse effects of ill health on labour market participation.
Bank Capital Regulation and Incentives for Risk-Taking

We analyse the incentive impact of bank capital regulation in a model with endogenous capital, assuming regulators randomly audit banks and require undercapitalised banks either to bear the fixed cost of new issue or to liquidate. Forward looking banks with sufficient franchise value maintain a buffer of capital in excess of the regulatory minimum. In our dynamic setting we show, amongst other results: that incentives for risk taking depend upon this buffer of free capital, not the total level; and that the regulatory capital requirement has no long run effect on bank risk-taking.
Consumer (dis-)interest in genetic ancestry testing: the roles of race, immigration, and ancestral certainty

Genetic ancestry testing (GAT) is marketed as a way to make up for missing knowledge about one’s ancestry. Previous research questions the GAT industry’s ability to fulfill this promise in terms of the validity and reliability of test results. We instead explore the demand side of GAT, evaluating who is most and least likely to express interest in GAT. Using data from an original, nationwide survey of over 100,000 American adults, we find that GAT interest is related to both self-identified race and immigrant generation, with Asian Americans and first-generation immigrants expressing the least interest. Our quantitative and qualitative evidence suggests interest is further shaped by a pre-existing sense of ancestral certainty, leading some individuals to decline GAT, even if it were free. How interest and ancestral certainty are patterned has implications for who is included in – and thus for the conclusions that can be drawn from – genetic ancestry databases.
A Welfare Analysis of the Introduction of In ° ation-Indexed Government Bonds : Theory and International Evidence

The purpose of this paper is to examine the welfare impact of in°ation-indexed government bonds on investment strategies. The gain in welfare from the introduction of in°ation-indexed bonds is found to depend directly on the heterogeneity of risk preferences and the volatility of in°ation. Using data for the United States, Mexico, and Brazil, optimal portfolios and welfare gains are calculated. The largest gains in utility are found in Brazil followed by Mexico and the United States, respectively. This supports the prediction that in°ation-indexed government bonds will be most valued and most more widely demanded by the public in countries where in°ation volatility is high. This analysis helps answer the question of why U.S. Treasury In°ation-Indexed Securities are not widely traded or held by the general public. ¤Department of Economics, Indiana University, Bloomington, IN 47405 and Kelley School of Business, Indiana University, Bloomington, IN 47405, respectively. The authors thank Tom Cosimano for helpful comments and Diane Bandurski for research assistance. The authors also thank the Lehman Brothers Index Group and the Thomas J. Maha®ey, Jr. Business Information Center at the University of Notre Dame for assistance in acquiring data. The authors bear sole responsibility for any remaining errors.
Complete Genome Analysis of the C4 Subgenotype Strains of Enterovirus 71: Predominant Recombination C4 Viruses Persistently Circulating in China for 14 Years

Genetic recombination is a well-known phenomenon for enteroviruses. To investigate the genetic characterization and the potential recombination of enterovirus 71 (EV71) circulating in China, we determined the 16 complete genome sequences of EV71 isolated from Hand Foot Mouth Disease (HFMD) patients during the large scale outbreak and non-outbreak years since 1998 in China. The full length genome sequences of 16 Chinese EV71 in present study were aligned with 186 genome sequences of EV71 available from GenBank, including 104 China mainland and 82 international sequences, covering the time period of 1970–2011. The oldest strains of each subgenotype of EV71 and prototype strains of HEV-A were included to do the phylogenetic and Simplot analysis. Phylogenetic analysis indicated that all Chinese strains were clustered into C4 subgenotype of EV71, except for HuB/CHN/2009 clustered into A and Xiamen/CHN/2009 clustered into B5 subgenotype. Most of C4 EV71 were clustered into 2 predominant evolutionary branches: C4b and C4a evolutionary brunches. Our comprehensive recombination analysis showed the evidence of genome recombination of subgenotype C4 (including C4a and C4b) sequences between structural genes from genotype C EV71 and non-structural genes from the prototype strains of CAV16, 14 and 4, but the evidence of intratypic recombination between C4 strains and B subgenotype was not enough strong. This intertypic recombination C4 viruses were first seen in 1998 and became the predominant endemic viruses circulating in China mainland for at least 14 years. A shift between C4a and C4b evolutionary brunches of C4 recombination viruses were observed, and C4a viruses have been associated with large scale nationwide HFMD outbreak with higher morbidity and mortality since 2007.
Opposing effects of Apoe/Apoa1 double deletion on amyloid-β pathology and cognitive performance in APP mice.

UNLABELLED ATP binding cassette transporter A1 (encoded by ABCA1) regulates cholesterol efflux from cells to apolipoproteins A-I and E (ApoA-I and APOE; encoded by APOA1 and APOE, respectively) and the generation of high density lipoproteins. In Abca1 knockout mice (Abca1(ko)), high density lipoproteins and ApoA-I are virtually lacking, and total APOE and APOE-containing lipoproteins in brain substantially decreased. As the ε4 allele of APOE is the major genetic risk factor for late-onset Alzheimer's disease, ABCA1 role as a modifier of APOE lipidation is of significance for this disease. Reportedly, Abca1 deficiency in mice expressing human APP accelerates amyloid deposition and behaviour deficits. We used APP/PS1dE9 mice crossed to Apoe and Apoa1 knockout mice to generate Apoe/Apoa1 double-knockout mice. We hypothesized that Apoe/Apoa1 double-knockout mice would mimic the phenotype of APP/Abca1(ko) mice in regards to amyloid plaques and cognitive deficits. Amyloid pathology, peripheral lipoprotein metabolism, cognitive deficits and dendritic morphology of Apoe/Apoa1 double-knockout mice were compared to APP/Abca1(ko), APP/PS1dE9, and single Apoa1 and Apoe knockouts. Contrary to our prediction, the results demonstrate that double deletion of Apoe and Apoa1 ameliorated the amyloid pathology, including amyloid plaques and soluble amyloid. In double knockout mice we show that (125)I-amyloid-β microinjected into the central nervous system cleared at a rate twice faster compared to Abca1 knockout mice. We tested the effect of Apoe, Apoa1 or Abca1 deficiency on spreading of exogenous amyloid-β seeds injected into the brain of young pre-depositing APP mice. The results show that lack of Abca1 augments dissemination of exogenous amyloid significantly more than the lack of Apoe. In the periphery, Apoe/Apoa1 double-knockout mice exhibited substantial atherosclerosis and very high levels of low density lipoproteins compared to APP/PS1dE9 and APP/Abca1(ko). Plasma level of amyloid-β42 measured at several time points for each mouse was significantly higher in Apoe/Apoa1 double-knockout then in APP/Abca1(ko) mice. This result demonstrates that mice with the lowest level of plasma lipoproteins, APP/Abca1(ko), have the lowest level of peripheral amyloid-β. Unexpectedly, and independent of amyloid pathology, the deletion of both apolipoproteins worsened behaviour deficits of double knockout mice and their performance was undistinguishable from those of Abca1 knockout mice. Finally we observed that the dendritic complexity in the CA1 region of hippocampus but not in CA2 is significantly impaired by Apoe/Apoa1 double deletion as well as by lack of ABCA1. IN CONCLUSION (i) plasma lipoproteins may affect amyloid-β clearance from the brain by the 'peripheral sink' mechanism; and (ii) deficiency of brain APOE-containing lipoproteins is of significance for dendritic complexity and cognition.
The making and unmaking of teams

Contemporary expert organizations rely heavily on cross-border, often temporary teams typically working through virtual means of communication. While static aspects of teams are well researched, there have been considerably fewer studies on team dynamics and team processes. Existing process studies tend to take a cautious, entity-based approach, emphasizing team structure as much as (or even more than) processual aspects. This article represents a shift from studying teams as entities and structures changing over time to studying teams as an on-going process. Participants engage in teaming and thus in the continued making and sometimes unmaking of teams. We report on a study of three anatomically similar, self-managed teams performing the same set of complex tasks with radically different teaming processes. With more or less successful shared sensemaking, the team members collectively create (or fail to create) not only team task outputs but also the team itself.
The cluster size distribution for a forest-fire process on Z

Consider the following forest-fire model where trees are located on sites of $\mathbb{Z}$. A site can be vacant or be occupied by a tree. Each vacant site becomes occupied at rate $1$, independently of the other sites. Each site is hit by lightning with rate $\lambda$, which burns down the occupied cluster of that site instantaneously. As $\lambda \downarrow 0$ this process is believed to display self-organised critical behaviour. This paper is mainly concerned with the cluster size distribution in steady-state. Drossel, Clar and Schwabl (1993) claimed that the cluster size distribution has a certain power law behaviour which holds for cluster sizes that are not too large compared to some explicit cluster size $s_{max}$. The latter can be written in terms of $\lambda$ approximately as $s_{max}\ln(s_{max}) = 1/ \lambda$. However, Van den Berg and Jarai (2005) showed that this claim is not correct for cluster sizes of order $s_{max}$, which left the question for which cluster sizes the power law behaviour does hold. Our main result is a rigorous proof of the power law behaviour up to cluster sizes of the order $s_{max}^{1/3}$. Further, it proves the existence of a stationary translation invariant distribution, which was always assumed but never shown rigorously in the literature.
An Evaluation of the Performance Impact of Generic APIs on Two Group Communication Systems

This paper presents an evaluation of the performance impact of two generic group communication APIs, namely Hedera and jGCS, over two wellknown group communication systems, namely JGroups and Spread. The evaluation compared the performance of different configurations of the two group communication systems in a four-node cluster, under different message sizes, both in standalone mode and when used as plug-ins for the two generic APIs. The results show that there are significant differences in the overhead imposed by each generic API with respect to the performance of both JGroups and Spread, when used in standalone mode, and that those differences are strongly related to variations in message size and also to the way the generic APIs and their plug-in mechanisms are implemented. Based on those results, this paper discusses some of the circumstances upon which it would be worth implementing group communication using the systems and APIs investigated.