Miracle-dz/UniFAR-FTUs huggingface dataset:
Approximate Hedging of Options under Jump-Diffusion Processes

We consider the problem of hedging a European-type option in a market where asset prices have jump-diffusion dynamics. It is known that markets with jumps are incomplete and that there are several risk-neutral measures one can use to price and hedge options. In order to address these issues, we approximate such a market by discretizing the jumps in an averaged sense, and complete it by including traded options in the model and hedge portfolio. Under suitable conditions, we get a unique risk-neutral measure, which is used to determine the option price integro-partial differential equation, along with the asset positions that will replicate the option payoff. Upon implementation on a particular set of stock and option prices, our approximate complete market hedge yields easily computable asset positions that equal those of the minimal variance hedge, while at the same time offers protection against upward jumps and higher profit compared to delta hedging.
Study on Control Strategy for Photovoltaic Energy Systems Based on Recurrent Fuzzy Neural Networks

To increase the output efficiency of a photovoltaic (PV) energy system, the real-time maximum power point (MPP) of the PV array must be tracked closely. Herein a recurrent fuzzy neural network controller (RFNNC) was proposed to track the MPP. A radial basis function neural network (RBFNN) was developed to provide the reference information to the RFNNC. With a derived learning algorithm, the parameters of the RFNNC were updated adaptively. The mean square error of the estimated tracking error is 0.4×10-2 which guarantees a good predicting performance of the RBFNN. The RFNNC only needs about 4 ms to reach steady state with small fluctuation. Compared with the fuzzy logic control algorithm, simulation results show that the proposed control algorithm yields much better tracking performance.
Y a-t-il des lois en économie? , edited by Arnaud Berthoud, Bernard Delmas and Thierry Demals. Presses Universitaires du Septentrion, 2007. 647 pages.

The question chosen for the title of this volume periodically reappears in economic methodology, together with other questions that are somewhat related to it (cf. for instance D’Autume and Cartelier 1997 or Boehm et al. 2002). Whether or not genuine ‘scientific laws’, with the same degree of generality and character of necessity as traditionally attributed to the so-called laws of the natural sciences, will ever be found in economics (or in any other social science, for that matter) is a question which dates back at least to David Hume’s [1740] conviction that it should have been ‘worthwhile to try if the science of man will not admit of the same accuracy which several parts of natural philosophy are found susceptible of’. Hume was an optimist:
Penetrating the Book-to-Market Black Box: The R&D Effect

The book-to-market (BM) phenomenon – the positive association between BM and subsequent returns – looms large among capital market enigmas. Economic theory postulates that the difference between market and book values of companies reflects their future abnormal profits. We capture these abnormal profits for a large sample of science-based companies by estimating the value of the off-balance sheet investment generating those profits – the value of R&D capital – and show empirically: (i) Firms’ R&D capital is associated with their subsequent stock returns. (ii) For R&D intensive firms, this ‘R&D effect’ subsumes the ‘book-to-market effect. ’ (iii) The association between R&D and subsequent returns appears to result from an extra-market risk factor inherent in R&D, rather than from stock mispricing. We thus provide an explanation for the book-to-market phenomenon of R&D companies.
Union militancy and left‐wing leadership on London Underground

The article provides evidence from case study research into trade union organisation and activity on the London Under-ground during the 1990s. It explores the extent to which left-wing political leadership influenced the collectivisation and mobilisation of workers in an adversarial direction, and whether or not this militant trade unionism was self-defeating compared with a more moderate approach.
Combined Inactivation of the Candida albicans GPR1 and TPS2 Genes Results in Avirulence in a Mouse Model for Systemic Infection

ABSTRACT Inhibition of the biosynthesis of trehalose, a well-known stress protectant in pathogens, is an interesting approach for antifungal or antibacterial therapy. Deletion of TPS2, encoding trehalose-6-phosphate (T6P) phosphatase, results in strongly reduced virulence of Candida albicans due to accumulation of T6P instead of trehalose in response to stress. To further aggravate the deregulation in the pathogen, we have additionally deleted the GPR1 gene, encoding the nutrient receptor that activates the cyclic AMP-protein kinase A signaling pathway, which negatively regulates trehalose accumulation in yeasts. A gpr1 mutant is strongly affected in morphogenesis on solid media as well as in vivo in a mouse model but has only a slightly decreased virulence. The gpr1 tps2 double mutant, on the other hand, is completely avirulent in a mouse model for systemic infection. This strain accumulates very high T6P levels under stress conditions and has a growth defect at higher temperatures. We also show that a tps2 mutant is more sensitive to being killed by macrophages than the wild type or the gpr1 mutant. A double mutant has susceptibility similar to that of the single tps2 mutant. For morphogenesis on solid media, on the other hand, the gpr1 tps2 mutant shows a phenotype similar to that of the single gpr1 mutant. Taken together these results show that there is synergism between Gpr1 and Tps2 and that their combined inactivation results in complete avirulence. Combination therapy targeting both proteins may prove highly effective against pathogenic fungi with increased resistance to the currently used antifungal drugs.
National vs local funding for education: effects on growth and inequality

This paper develops a two‐period overlapping generations model with heterogeneous agents aiming at analysing how decentralization in the provision of public education affects growth and personal inequality via human capital investment. Education is financed by a tax levied by either national or local authorities. The tax rate is chosen according to a median voter mechanism. During their working period of life, individuals look after their offspring by providing them with a high level of school education stemming from taxation. In addition parent's contributions to the social security system provide them with retirement income. Heterogeneity accounts for the differences in the optimal taxation mechanism, linking the income distribution to the tax rate, and hence to human capital accumulation, growth and income inequality. In this way we relate differences among agents to the tax rate. We show that decentralization induces growth rate disparities among local communities but it can be ruled out by a proper fiscal substitution between social security and locally provided education. Unlike in the literature, this type of fiscal design allows local economies to grow faster and more equally than the national design.
The Economics of Higher Education in Developing Countries

Higher education, the top step of the learning ladder, is often found at the bottom of the list when priorities for educational spending are considered. The most common prescription for economic development is injections of basic, and especially vocational, education. Indeed, it is difficult to rationalize expenditure on another university when a high proportion of the country's population is illiterate and a considerable number of university graduates are unemployed. Given this setting, the purpose of this paper is to take a close look at the socioeconomic rationale for higher-education provision in developing countries. This is done by reviewing the costs and benefits associated with investment in higher education as a whole and especially in different postsecondary subjects. ' Particular attention is paid to the possible existence of returns to scale from university expansion, and a distinction is made between the incidence and the duration of graduate unemployment.
Import content of tourism: explaining differences among island states.

Although the import content of the tourism industry among small island states is considered to be high, there are wide disparities in the leakage rates among island destinations. This article seeks to test several hypotheses about factors that are likely to explain the differences in the import content of the industry among 19 destinations. The study found that the most important factors are country size and domestic agriculture. Interestingly, and contrary to expectation, tourist per capita housed at a destination and infrastructure development seemed to have little impact on the import content of the industry.
The Political Dynamics of the European Project

The formation of the European Project is a well established event on the international political horizon. However, its enlargement accommodating additional member States has made it more complex, and fundamental questions about its future development have been raised. The creation of an entry point for a European Variable Geometry (EVG) was intended to simplify the political processes of the Project. However, some have been concerned EVG will spell its demise. This paper is interested in exploring the nature and political dynamics of the European Project. To do this it adopts as a frame of reference a paradigm called Knowledge Cybernetics (KC), and it uses the rise of the EVG as an examining trigger. The paper engages in theory building, requiring a development of the KC paradigm. It will show that the complexity of the Project can be reduced by exploring its cultural dynamics, and its interactive stability can be examined through joint alliance theory.
On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households

This paper examines the long-run behavior of a one-good model of dynamic equilibrium with heterogeneous households.1 The main result is a characterization of the long-run steady state that verifies a conjecture of Ramsey [1928]. 2 If an agent's lifetime utility function over an infinite horizon is represented by a stationary, additive, discounted function with a constant pure rate of time preference, then the income distribution is shown in the long-run steady state to be determined by the lowest discount rate. The household with the lowest rate of discount owns all the capital and earns a wage income; all other households receive a wage income. If discount rates are equal between households, than the steady state distribution of income is indeterminate. Rader [1979] shows the emergence of a dominant consumer in the long run for a model without an explicit capital accumulation structure. The dominant consumer has the lowest pure rate of time preference in the economy. Advantages of our work over Rader's presentation are that the analysis is related to the theory of economic growth and the mathematics is elementary. One difference from the Rader result is that nondominant consumers have positive steady state consumption. Normally, those with high discount rates would want to contract to trade future labor for present consumption. These agents would then incur a debt equal to the discounted value of their wage income. Rader's result admits intertemporal trades of future labor for current consumption in a loan market extending into the indefinite future. Each consumer's budget constraint requires total assets to be
Execution Costs of Institutional Equity Orders

We compare institutional execution costs across the major U.S. exchanges using a sample of institutional equity orders in firms that switch exchanges. Execution costs including commissions are essentially indistinguishable across these exchanges. We also find the fraction of trading volume from momentum traders is greater on the NYSE than either the Nasdaq or AMEX and that orders are more likely to be worked by an institution's trading desk on the NYSE than on the Nasdaq. These results suggest that institutions actively manage execution strategies, taking into account characteristics of the markets in which they trade.
Securing institutional legitimacy or organizational effectiveness

Purpose – The purpose of this paper is to consider the impact of a major initiative (the National Competition Policy) and pieces of legislation (the Local Government Act and the Local Government Finance Standards) on the internal practices of a large Australian local authority.Design/methodology/approach – A theoretical framework is developed using new public management (NPM) and neo‐institutional theory literatures to explain the findings. A case study approach was applied to collect the data for the research.Findings – The findings reveal that the National Competition Policy 1993, the Local Government Act 1993 and the Local Government Finance Standards 1994 mainly have brought about significant changes to the organisation's internal management control processes, such as financial reporting, budgeting and performance appraisal. The changes brought in appeared to be coincidentally similar to NPM ideals. Furthermore, senior managers (such as the chief executive and divisional heads) played a major role in .
Mouse Strain Does Not Influence the Overall Effects of Bisphenol A-Induced Toxicity in Adult Antral Follicles1

ABSTRACT Bisphenol A (BPA) is an endocrine-disrupting chemical (EDC) widely used in common consumer products containing polycarbonate plastics and epoxy resins. Previous studies indicate that other EDCs have species-dependent effects. Furthermore, some EDCs are known to have different effects in different strains within the same species. Little information, however, is known about whether the effects of BPA on the ovary differ by strain. Previous studies have shown that BPA inhibits follicle growth, induces atresia, and inhibits steroidogenesis and expression of steroidogenic enzymes in antral follicles from adult FVB mice. Thus, this study was designed to expand previous work by testing the hypothesis that mouse strain may differentially affect the susceptibility of adult antral follicles to BPA-induced toxicity. To test this hypothesis, antral follicles were mechanically isolated from adult FVB, CD-1, and C57BL/6 mice, individually cultured for 6–120 h and treated with either vehicle control (dimethylsulfoxide) or various concentrations of BPA (1.0 μg/ml, 10 μg/ml, or 100 μg/ml). After culture, media were subjected to measurements of hormone production via ELISA, and follicles were subjected to real-time PCR for analysis of genes known to regulate steroidogenesis, the cell cycle, and atresia. Overall, BPA inhibited follicle growth and steroidogenesis in all tested strains, but CD-1 follicles were slightly more sensitive to BPA at early time points than FVB and C57BL/6 follicles. These data suggest that CD-1, FVB, and C57BL/6 mice can all be used to investigate the effects of BPA on ovarian follicles.
Retirement Income: Level, Risk, and Substitution Among Income Components

Summary This paper looks at the sources or retirement income and how these might change in the course of population aging. It stresses four points: Retirement income exhibits a large degree of heterogeneity. While some households are overannuitized, there are still pockets of poverty in old age. This heterogeneity is likely to increase in the future. There may be substitution among five broad classes of retirement income: social security, occupational pensions, earnings, asset income, and private intergenerational transfers. In is important for social policy to understand the associated crowding out. While substitution towards private income sources may keep th level of total retirement income constant when social security income declines, the riskiness of future retirement income packages is likely to change.In spite of its importance for social policy design, there is little systematic evidence on the substitution among, and the riskiness of,alternative retirement income packages. In particular, better longitudinal data is required for fact-based policy design.
Administration of resveratrol for 5 wk has no effect on glucagon-like peptide 1 secretion, gastric emptying, or glycemic control in type 2 diabetes: a randomized controlled trial.

BACKGROUND Resveratrol has been reported to lower glycemia in rodent models of type 2 diabetes associated with the stimulation of glucagon-like peptide 1 (GLP-1), which is known to slow gastric emptying, stimulate insulin secretion, and suppress glucagon secretion and energy intake. OBJECTIVE We evaluated the effects of 5 wk of resveratrol treatment on GLP-1 secretion, gastric emptying, and glycemic control in type 2 diabetes. DESIGN Fourteen patients with diet-controlled type-2 diabetes [mean ± SEM glycated hemoglobin (HbA1c): 6.4 ± 0.2% (46.4 ± 2.2 mmol/mol)] received resveratrol (500 mg twice daily) or a placebo over two 5-wk intervention periods with a 5-wk washout period in between in a double-blind, randomized, crossover design. Before and after each intervention period (4 visits), body weight and HbA1c were measured, and patients were evaluated after an overnight fast with a standardized mashed-potato meal labeled with 100 μg (13)C-octanoic acid to measure blood glucose and plasma GLP-1 concentrations and gastric emptying (breath test) over 240 min. Daily energy intake was estimated from 3-d food diaries during the week before each visit. RESULTS Fasting and postprandial blood glucose and plasma total GLP-1 as well as gastric emptying were similar at each assessment, and the change in each variable from weeks 0 to 5 did not differ between resveratrol and placebo groups. Similarly, changes in HbA1c, daily energy intake, and body weight after 5 wk did not differ between the 2 treatments. CONCLUSIONS In patients with diet-controlled type 2 diabetes, 5 wk of twice-daily 500 mg-resveratrol supplementation had no effect on GLP-1 secretion, glycemic control, gastric emptying, body weight, or energy intake. Our observations do not support the use of resveratrol for improving glycemic control. This trial was registered at www.anzctr. org.au as ACTRN12613000717752.
Reservation planning for elective surgery under uncertain demand for emergency surgery

This work concerns the advance scheduling of elective surgery when the operating rooms' capacity utilization by emergency surgery, as well as by elective procedures, is uncertain. New requests for bookings of elective surgery arrive each day. Such procedures preferably would be performed as soon as possible, but admitting too many patients may result in exceeding a day's capacity, possibly necessitating turning away some emergency cases. So the problem facing the hospital at the start of each day is how many of the additional requests for elective surgery to assign for that day. We provide a stochastic dynamic programming model for this aggregate advance scheduling problem. The model has some novel mathematical features. We analyze it and characterize the nature of the optimal policy, which is not necessarily of a control-limit type. Plausible numerical examples which confirm our theoretical results and provide additional insights are reported.
Competencias distintivas en las pymes: un aporte desde gestión humana

Con el fin de establecer de que manera se esta apoyando la competitividad por parte de la gestion humana en las pymes, se adelanto una investigacion en 16 pequenas y medianas unidades productivas de Manizales, en donde se estudiaron las competencias distintivas que mas inciden sobre los factores de competitividad empresarial. Desde el punto de vista teorico se tomaron el enfoque sistemico de la competitividad, la teoria de recursos y capacidades, y la perspectiva estrategica de la gestion humana. Se contrastaron las competencias distintivas en las pymes seleccionadas y se analizaron los hallazgos a partir del modelo teorico construido. El abordaje empirico se hizo desde un enfoque cualitativo, realizando entrevistas a los gerentes o responsables de gestion humana de estas unidades productivas.
Effects of Location Diversification and Corporate Governance on Multinational Enterprises' Financial Performance and Risk‐Taking: Evidence from Taiwanese Enterprises

This study investigates the location choice performance of foreign direct investment (FDI) originating from small- and medium-sized multinational enterprises established in newly industrialized economies. In this study we integrate location diversification, breadth and corporate governance to examine the performance of Taiwanese enterprises investing in Chinese mainland. Examining Taiwanese manufacturing enterprises from foundational, traditional and high-technology aspects, our findings demonstrate the following: (i) diversifying the location choice negatively affects the return of assets; (ii) investments in regions with an abundant population positively affect the performance of Taiwanese traditional manufacturing enterprises; and (iii) a higher percentage of insider holdings in Taiwanese enterprises results in better FDI performance. We conclude that the performance of FDI originating from Taiwanese enterprises varies depending on industrial and governance characteristics. We suggest that the location choice for Taiwan FDI in Chinese mainland should be determined by the characteristics of the industry. Chinese mainland should attract multinational enterprises from emerging markets according to the characteristics of regions.