Miracle-dz/UniFAR-FTUs huggingface dataset:
Simulation Approaches to Delta Hedging in the Black-Scholes Model.

A delta neutral portfolio in the Black-Scholes model is analysed using both simulated and historical data. An in-depth analysis is conducted in order to investigate what happens when the hedging interval is discrete and when the market maker does not know the true volatility. Based on simulated data, the risk measured by Expected Shortfall decreases the higher the volatility is for a sold call option. This is not the case in reality, where the risk is minimized at about 60-80% of the implied volatility depending on the time to maturity.The so called volatility skew observed in the implied volatilities of the market can either remain steady or move as the spot price of the underlying asset changes. This skew is in contradiction with the Black- Scholes model assumptions. Therefore, what will theoretically happen if it remains frozen in place or moves cannot be analysed in that model. Instead, it is empirically tested how this skew should behave as the market moves to yield the lowest risk. It turns out that it differs depending on the time to maturity of the option. An option which has a long time to maturity seems to generate the lowest risk with a skew that moves in alignment with the spot price. In the case of decreasing time to maturity, a skew should remain stable and not move to yield the lowest possible risk.While most assumptions of the Black-Scholes model does not conform with reality, it still gives a reasonable result in this study. The uncertainty of the input parameters seems to have a greater effect on the returns than the shortcomings of the model does.
Sequence to Medical Phenotypes: A Framework for Interpretation of Human Whole Genome DNA Sequence Data

Abstract High throughput sequencing has facilitated a precipitous drop in the cost of genomic sequencing, prompting predictions of a revolution in medicine via genetic personalization of diagnostic and therapeutic strategies. There are significant barriers to realizing this goal that are related to the difficult task of interpreting personal genetic variation. A comprehensive, widely accessible application for interpretation of whole genome sequence data is needed. Here, we present a series of methods for identification of genetic variants and genotypes with clinical associations, phasing genetic data and using Mendelian inheritance for quality control, and providing predictive genetic information about risk for rare disease phenotypes and response to pharmacological therapy in single individuals and father-mother-child trios. We demonstrate application of these methods for disease and drug response prognostication in whole genome sequence data from twelve unrelated adults, and for disease gene discovery in one father-mother-child trio with apparently simplex congenital ventricular arrhythmia. In doing so we identify clinically actionable inherited disease risk and drug response genotypes in pre-symptomatic individuals. We also nominate a new candidate gene in congenital arrhythmia, ATP2B4, and provide experimental evidence of a regulatory role for variants discovered using this framework.
A simplified lumped-distributed 3-dB Wilkinson power divider

This paper presents a simplified 3-dB lumped-distributed Wilkinson power divider. The circuit is compact and planar. There are two lump components and two transmission lines with arbitrary length in the design. Closed-form design equations are given. The proposed circuit is verified with the design operating at 1 GHz. The circuit was realized with microstrip technology. The finished size is small and the circuit performances obtained from the experiment are very good.
Modeling the Dynamics of Coalition Formation Games for Cooperative Spectrum Sharing in an Interference Channel

Although establishing cooperation in a wireless network is a dynamic process, most game theoretic coalition formation models proposed in the literature are static. We analyze a dynamic coalition formation game based on a Markovian model for the spectrum sharing problem in an interference channel. Our model is dynamic in the sense that distributed transmitter/receiver pairs, with partial channel knowledge, reach stable coalition structures (CSs) through a time-evolving sequence of steps. Depending on an interference environment, we show that the game process either converges to the absorbing state of the grand coalition or to the absorbing state of internal and external stability. We also show that, due to myopic links, it is possible that the core of the game is nonempty, but links cannot form the grand coalition to utilize the core rate allocations. We then formulate a condition for the formation of the stable grand coalition. Using simulation we show that coalition formation yields significant gains in terms of average rates per link for different network sizes. We also show average maximum coalition sizes for different distances between the transmitters and their own receivers. Finally, we analyze the mean and variance of the time for the game to reach the stable coalition structures.
The Political Economy of Convergence: The Case of IFRS for SMEs

type="main"> This paper contributes to the discussion on the International Financial Reporting Standard for Small and Medium-sized Enterprises (IFRS for SMEs) in the academic literature by examining the political economy of convergence, and illuminating the processes used by the International Accounting Standards Board (IASB) to achieve convergence and participation by developing economies. The IFRS for SMEs was developed to facilitate implementation of a two-tier reporting regime in the developing economies. Since 2000, progress towards issuance of the IFRS for SMEs has been hindered by a lack of active engagement by SMEs and academics from developing economies. It is found that (1) a lack of grounded studies and empirical knowledge on SME users’ needs impeded the development of the IFRS for SMEs; (2) the capital market assumption adopted for the IFRS is clearly inappropriate; and (3) the under-representation of developing economies in international standard setting remains an issue. It is recommended that the IASB ascertains the users of SME reports and their needs and then develops a coherent conceptual framework for SMEs (particularly those from developing economies). The IASB needs to take into consideration the needs, culture and regulatory infrastructures of the developing economies, the political agendas of the standard-setting stakeholders, and barriers to implementation.
Pecuniary & Market Mediated Externalities: Towards a General Theory of the Welfare Economics & Economies with Imperfect Information & Incomplete Mrkts

This paper presents a simple but quite general framework for analyzing the impact of informational externalities. By identifying the traditional pecuniary effect of these externalities which nets out,the paper greatly simplifies the problem of determining when tax interventions can be Pareto improving. In some cases it also leads to simple tests, based on readily observable indicators of the efficacy of a particular tax policy. The framework of the paper is used to analyze adverse selection, signalling, moral hazard, incomplete contingent claim markets and queue rationing equilibria.
Resource Allocation in Wireless Powered Relay Networks: A Bargaining Game Approach

Information and power transfer in mobile relay networks have recently emerged simultaneously, where the relay can harvest the radio frequency (RF) energy and then use this energy for data forwarding and system operation. Most of the previous works do not consider that the relay may have its own objectives, such as using the harvested energy for its own transmission instead of maximizing transmission of the network. Therefore, in this paper, we propose a Nash bargaining approach to balance the information transmission efficiency of source–destination pairs and the harvested energy of the relay in a wireless powered relay network with multiple source–destination pairs and one relay. We analyze and prove that the Nash bargaining problem has several desirable properties such as the discreteness and quasi-concavity, when it is decomposed into three subproblems: the energy transmission power optimization, the power control for data transmission, and the time division between energy transmission and data transmission. Based on the theoretical analysis, we propose an alternating power control and time-division algorithm to find a suboptimal solution. Simulation results clearly show and demonstrate the properties of the problem and the convergence of our algorithm.
Firm-Sponsored General Training in a Frictionless Labor Market

In this paper I show that, contrary to Becker's (1962) Human Capital theory and consistent with the evidence, in a frictionless labor market model firms pay for general training, while the worker recives the full return on general training, and the worker and the firm share the returns on specific investments to underinvesttment in spacific trining because general and specific training are strtegic complements. I also show that these results are robust to long-term contracts and that several institutional arrangements that help to alleviate the underinvestment problem in specific training may also help to alleviate the underinvestment problem in general training.
Using Actor-Network Theory to Research the Implementation of a B-B Portal for Regional SMEs in Melbourne, Australia

E-commerce portals come in all shapes and sizes, but they all have one thing in common: they all involve interactions between information technology and people. Information systems are complex socio-technical entities and research into their implementation needs to take account of this. This paper describes the research approach used in investigating the implementation of a business-to-business ecommerce portal for small to medium enterprises in the western region of Melbourne, Australia. The research approach is based on actor-network theory and innovation translation, and this paper shows how this approach can be usefully employed in socio-technical situations involving technological innovation.
Discovering Point-of-Interest Signatures Based on Group Features from Geo-social Networking Data

In recent years, location-based social networking services (LBSNSs) have become popular, generating a huge volume of geo-social networking data, such as check-in records and geo-tagged photos. The geo-social networking data provide a new source for discovering the real-world user behaviors. The information is useful for different applications, such as location prediction and point-of-interest (POI) recommendation. For LBSNSs, the research in POI recommendation have widely studied the user preferences over POIs and social influences between users. However, POIs are usually favored by or suitable for different kinds of groups, such as a small group, a tight group, or a close group. In this paper, we propose an approach to discovering POI signatures from geo-social networking data. For each POI, we first discover whether it has been visited by any groups of people and the features of these groups from user trajectories. We then generate the signature for each POI based on the discovered group features. We conduct experiments on the real data of the check-in records from Bright kite, and show the various kinds of POI signatures we found.
VSARD: a low-cost augmented reality system for desktop applications

Augmented Reality (AR) is a quickly developing field in the domain of human computer interaction. The goal of an AR application is to supplement the user's perception of the real world with synthetic stimuli. For example, in visual AR applications a head-mounted display (HMD) can be used to overlay graphical renderings of virtual objects onto a view of the real world such that both virtual and real objects appear to exist in the same space. With the use of an HMD, the relationship between the user's head and the image display is fixed and thus the insertion of computer graphics into the scene is straight forward. However, HMDs are limited in a number of important ways, including their high expense and low comfort. An alternative to HMDs for AR applications is to use a desktop display. For example, the PARIS (Personal Augmented Reality Immersive System [Johnson et al. 2000]) is a desk-based AR system. In this system, computer-generated graphics are overlayed on the scene of the desk (i.e., the desktop). An optical see-through technique is used to combine the real and virtual scenes. This is achieved by equiping a desk with a half-silvered mirror placed between the user and the desktop and a projector. The half-silvered mirror is angled such that light from the projector positioned above the desk is reflected back to the user and combined with light reflecting from the desktop. The ultimate result is that the user of this system views a single desktop containing both real and virtual objects.
Investigations of low resource multi-accent mandarin speech recognition

The Mandarin speech always involves a rich set of regional accents, so that modeling the acoustic variabilities imposed by accents is a challenging task for Mandarin speech recognition. This work investigated using limited accented data to design a multi-accent decision tree, so as to improve the recognition accuracy of traditional GMM-HMM systems. Moreover, the deep neural networks with senone/monophone outputs were used with the multi-accent decision tree based GMM-HMM, in order to build up a robust tandem system. The experiments were evaluated on the database consisting of accented speech collected from seven typical accent regions. The systems designed with the proposed method significantly outperformed conventional GMM-HMMs systems by 1.66% absolute (8.1% relative). The tandem systems trained with DNN and multi-accent decision tree can further reduce the character error rate by 4.64% absolute (24.8% relative), compared to the accent-dependent GMM-HMM system.
Theory of Rational Option Pricing

The long history of the theory of option pricing began in 1900 when the French mathematician Louis Bachelier deduced an option pricing formula based on the assumption that stock prices follow a Brownian motion with zero drift. Since that time, numerous researchers have contributed to the theory. The present paper begins by deducing a set of restrictions on option pricing formulas from the assumption that investors prefer more to less. These restrictions are necessary conditions for a formula to be consistent with a rational pricing theory. Attention is given to the problems created when dividends are paid on the underlying common stock and when the terms of the option contract can be changed explicitly by a change in exercise price or implicitly by a shift in the investment or capital structure policy of the firm. Since the deduced restrictions are not sufficient to uniquely determine an option pricing formula, additional assumptions are introduced to examine and extend the seminal Black-Scholes theory of option pricing. Explicit formulas for pricing both call and put options as well as for warrants and the new "down-and-out" option are derived. The effects of dividends and call provisions on the warrant price are examined. The possibilities for further extension of the theory to the pricing of corporate liabilities are discussed.
Application of in vitro bioaccessibility and bioavailability methods for calcium, carotenoids, folate, iron, magnesium, polyphenols, zinc, and vitamins B6, B12, D, and E

A review of in vitro bioaccessibility and bioavailability methods for polyphenols and selected nutrients is presented. The review focuses on in vitro solubility, dialyzability, the dynamic gastrointestinal model (TIM)™, and Caco-2 cell models, the latter primarily for uptake and transport, and a discussion of how these methods have been applied to generate data for a range of nutrients, carotenoids, and polyphenols. Recommendations are given regarding which methods are most justified for answering bioaccessibility or bioavailability related questions for specific nutrients. The need for more validation studies in which in vivo results are compared to in vitro results is also discussed.
Dynamically loadable protocol stacks - a message parser-generator implementation

The network protocol stack is usually modeled as a state machine with message-parsing and generating functionalities. This article presents a different design model that supports dynamically loadable, platform- and language-independent protocol stacks. The model consists of a protocol engine and a set of protocol description rules, which the engine uses to set up the protocol stack dynamically.
Nested PCR in lung tissue for diagnosis of pulmonary tuberculosis

Diagnosis of pulmonary tuberculosis (TB) is difficult in cases with an unusual presentation and often requires a lung biopsy. The goal of this study was to determine the clinical usefulness of nested PCR on lung tissue for the diagnosis of pulmonary TB. Clinical and laboratory data were reviewed from patients who underwent diagnostic lung biopsies, followed by nested TB PCR on formalin-fixed paraffin-embedded lung tissue specimens. The diagnostic yield and clinical impact of nested PCR were investigated. Of the 223 patients studied, 142 were diagnosed with TB. Microbiologically confirmed TB was identified in 71 patients. Compared to culture results, the sensitivity, specificity, positive predictive value and negative predictive value of nested PCR were 85%, 99%, 98% and 88%, respectively. Nested PCR was more sensitive than acid-fast bacilli smear of respiratory specimens and histopathological findings. The PCR results provided an early diagnosis and initiation of treatment for TB. However, negative PCR results did not lead to discontinuation of unnecessary TB treatment in patients on medication. In conclusion, nested PCR on lung tissue specimens is a useful diagnostic test for pulmonary TB in patients with an unusual presentation.
Overfishing of Inland Waters

Abstract Inland waters have received only slight consideration in recent discussions of the global fisheries crisis, even though inland fisheries provide much-needed protein, jobs, and income, especially in poor rural communities of developing countries. Systematic overfishing of fresh waters is largely unrecognized because of weak reporting and because fishery declines take place within a complex of other pressures. Moreover, the ecosystem consequences of changes to the species, size, and trophic composition of fish assemblages are poorly understood. These complexities underlie the paradox that overexploitation of a fishery may not be marked by declines in total yield, even when individual species and long-term sustainability are highly threatened. Indeed, one of the symptoms of intense fishing in inland waters is the collapse of particular stocks even as overall fish production rises—a biodiversity crisis more than a fisheries crisis.
Occupational Licensing and Minorities: A Reply to Klein, Powell, and Vorotnikov

In this paper we respond to Daniel Klein, Benjamin Powell, and Evgeny Vorotnikov’s (henceforth KPV) critique of our 2009 Journal of Law and Economics paper on the effects of occupational regulation on the employment of female and black workers. Our view is that KPV have not successfully made the case that our study is “rife with problems,” that our findings are “simply spurious correlations,” and that our conclusions are “highly doubtful. ” In our reply we take on each of KPV’s criticisms. Specifically, we demonstrate that neither (1) our use of census data; nor (2) the problem of uneven enforcement of licensing laws; nor (3) measurement error in the timing and stringency of licensing laws; nor (4) the omitted variables that KPV identify systematically bias our estimates in favor of finding positive effects. In each of these instances, we show that the problems that KPV have identified would either bias our estimates toward zero or in the opposite direction of what we do find. Additionally, we argue that KPV’s falsification tests do not clearly show that our empirical methodology is biased. Finally, we estimate new regressions in light of KPV’s suggestions and find results that are consistent with our original conclusions. Accordingly, KPV have failed to mount a persuasive critique of our original paper.
Examination of the Addictive and Behavioral Properties of Fatty Acid-Binding Protein Inhibitor SBFI26

The therapeutic properties of cannabinoids have been well demonstrated but are overshadowed by such adverse effects as cognitive and motor dysfunction, as well as their potential for addiction. Recent research on the natural lipid ligands of cannabinoid receptors, also known as endocannabinoids, has shed light on the mechanisms of intracellular transport of the endocannabinoid anandamide by fatty acid-binding proteins (FABPs) and subsequent catabolism by fatty acid amide hydrolase. These findings facilitated the recent development of SBFI26, a pharmacological inhibitor of epidermal- and brain-specific FABP5 and FABP7, which effectively increases anandamide signaling. The goal of this study was to examine this compound for any possible rewarding and addictive properties as well as effects on locomotor activity, working/recognition memory, and propensity for sociability and preference for social novelty (SN) given its recently reported anti-inflammatory and analgesic properties. Male C57BL mice were split into four treatment groups and conditioned with 5.0, 20.0, 40.0 mg/kg SBFI26, or vehicle during a conditioned place preference (CPP) paradigm. Following CPP, mice underwent a battery of behavioral tests [open field, novel object recognition (NOR), social interaction (SI), and SN] paired with acute SBFI26 administration. Results showed that SBFI26 did not produce CPP or conditioned place aversion regardless of dose and did not induce any differences in locomotor and exploratory activity during CPP- or SBFI26-paired open field activity. We also observed no differences between treatment groups in NOR, SI, and SN. In conclusion, as SBFI26 was shown previously by our group to have significant analgesic and anti-inflammatory properties, here we show that it does not pose a risk of dependence or motor and cognitive impairment under the conditions tested.
Evaluation of perifacet injections and paraspinal muscle rehabilitation in treatment of low back pain. A randomised controlled trial.

BACKGROUND Lumbar paraspinal muscle dysfunction and Low Back Pain are strongly correlated. The best treatment for non-specific Low Back Pain is still controversial. OBJECTIVE To evaluate the efficacy of lumbar multifidus muscle retraining exercises and perifacet multifidus injections in the treatment of Low Back Pain. MATERIAL AND METHODS 63 patients with non-specific LBP, with or without leg pain, and magnetic resonance images of paraspinal muscle degeneration only, were randomised to one of three treatment groups: A- Back education and standard physiotherapy for 10 weeks, B- Back education and gym ball exercise for 10 weeks or C- Perifacet injection into the lumbar multifidus muscle with methylprednisolone. The Oswestry Disability Index was used as the primary outcome measure and the SF-36, modified Zung depression index, modified somatic perception and McGill pain questionnaires were used as secondary outcome measures. RESULTS 56 patients completed the trial. The Oswestry Disability Index improved in general from a mean of 29.9 to 25.9, but there were no statistically significant differences between the groups. Low back pain improved most in group C (P<0.02), while physical activities and social functioning were improved the most in group B (P<0.03). CONCLUSION Perifacet injection and back education including a gym ball exercise program may be more effective than back education alone in relieving pain and improving physical capacity respectively. Back education including gym ball exercise could be used for non-specific Low Back Pain, as the ultimate goal should be to restore function.