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Optimal Hedging of Option Portfolios with Transaction Costs

2006

One of the most successful approaches to option hedging with transaction costs is the utility based approach pioneered by Hodges and Neuberger (1989). However, this approach has one major drawback that prevents the broad application of this approach in practice: the lack of a closed-form solution. The direct numerical computations of the utility based hedging strategy are cumbersome in a practical implementation. Despite some recent advances in finding an explicit description of the utility based hedging strategy by using either asymptotic, approximation, or other methods, so far they were concerned primarily with hedging a single plain-vanilla option. However, in practice one often faces t…

Efficient analytic approximation of the optimal hedging strategy for a European call option with transaction costs

2006

One of the most successful approaches to option hedging with transaction costs is the utility-based approach, pioneered by Hodges and Neuberger [Rev. Futures Markets, 1989, 8, 222–239]. Judging against the best possible trade-off between the risk and the costs of a hedging strategy, this approach seems to achieve excellent empirical performance. However, this approach has one major drawback that prevents the broad application of this approach in practice: the lack of a closed-form solution. We overcome this drawback by presenting a simple yet efficient analytic approximation of the solution. We provide an empirical testing of our approximation strategy against the asymptotic and some other …

Integrating transaction cost economics and the resource-based view in services and innovation

2009

[EN] This study examines the complementary nature of Williamson's transaction cost theory and that of the resource-based view in the integration or externalisation of activities, with particular reference to services. Assessing comparative costs, idiosyncratic demands and core competences form the criteria for make or buy decisions, although the analysis of services endows idiosyncratic demands with particular relevance when internalisation of services does neither contribute cost advantages nor others related to the core competences of the firm. In addition to these make or buy questions, this study considers the front/back model in cases where the firm manages services internally.

Transcranial alternating current stimulation and sports performance: an explorative study of the association with the genetic background

2017

Clinico-Biomechanical Issues and Dynamic Stabilization When Considering Stem Cell Treatment for Degenerative Disc Disease

2013

After reading the article published in Transplantation (1), scientists are to be congratulatedVespecially with the clinical results as published. Looking for alternatives to avoid fusion is part of function-preserving spine care, as it should be the last option to be undertaken while keeping the debate open (2, 3). Nevertheless, we would like to point out some questions that arise from a clinical point of view from our daily surgical practice. First, several clinical presentations and procedures are compared without taking into account that they are different treatments applied for different disc disease situations (discectomy is performed for disc herniation with radicular symptoms, disc p…

Predictive Study of Heat Transfer to an Incompressible Fluid Past a Downstream-Facing Step in Turbulent Flow

1988

Communicator styles of hospital patients during nurse-patient counseling.

2002

Abstract This article describes nurse–patient communication during counseling sessions. It focuses on the patient as a participant in a discussion and aims at a description of patients’ communicator styles, which were observed on videotape based on 38 counseling sessions transcribed word by word. Interviews of the participating nurses and patients were used for partial support of the interpretations. The analytic method chosen was typology, and it has been used for achieving a multifaceted qualitative description of patient communication. The research material yielded seven types of communicator styles: Quietly Assenting, Emotionally Expressive, Storyteller, Stoic Observer, Inquisitive of D…

NMR structure of a non-conjugatable, ADP-ribosylation associated, ubiquitin-like domain from Tetrahymena thermophila polyubiquitin locus.

2019

Abstract Background Ubiquitin-like domains (UbLs), in addition to being post-translationally conjugated to the target through the E1-E2-E3 enzymatic cascade, can be translated as a part of the protein they ought to regulate. As integral UbLs coexist with the rest of the protein, their structural properties can differ from canonical ubiquitin, depending on the protein context and how they interact with it. In this work, we investigate T.th-ubl5, a UbL present in a polyubiquitin locus of Tetrahymena thermophila, which is integral to an ADP-ribosyl transferase protein. Only one other co-occurrence of these two domains within the same protein has been reported. Methods NMR, multiple sequence al…

Shaping women's agency through temporality in "The life and activity of the holy and blessed teacher Syncletica"

2020

The present article attempts to discuss the relationship between two female characters, Thecla and Syncletica, against the wider theoretical background of temporality as it was perceived and construed through literary texts. Syncletica is portrayed as a ‘disciple’ of Thecla. However, while the apocryphal Acts of Paul and Thecla appear to be pervaded with an eschatological expectation, the Life of Saint Syncletica shows signs of a different temporality. The detailed description of the whole life of Syncletica, with an emphasis on the course of illness, reveals a temporality more focused on the stages of life. Building on this evidence, I aim to identify a set of key features that…

Los efectos de los estresenates del trbajo, la asimetría de los conflictos y la insatisfacción laboral con el status quo en la creatividad

2013

La literatura científica ha tratado hasta el momento el fenómeno de la creatividad desde diversas perspectivas. Se va poniendo de manifiesto su importancia y habría que tenerla en cuenta en las decisiones cotidianas. Son las personas las que trabajan día a día en la empresa y las condiciones en las que lo hacen, las que determinan el éxito o el fracaso de las organizaciones. Debido a la propia naturaleza de la creatividad, se hace necesario para su estudio la aplicación de enfoques en el nivel individual (Zhou y George, 2001). El presente estudio se basa en los factores que hacen que las personas sean más o menos creativas pero de una manera diferente. En la actualidad, los niveles de estré…