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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 2 (1992), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: In the modern theory of finance, the valuation of derivative assets is commonly based on a replication argument. When there are transaction costs, this argument is no longer valid. In this paper, we try to address the general problem of finding the optimal portfolio among those which dominate a given derivative asset at maturity. We derive an interval for its price. the upper bound is the minimum amount one has to invest initially in order to obtain proceeds at least as valuable as the derivative asset. the lower bound is the maximum amount one can borrow initially against the proceeds of the derivative asset. We show that, in some instances, this interval may be strictly bounded above by the price of the replicating strategy. Prima facie, the cost of a dominating strategy should appear to be higher than that of the replicating one. But because trading is costly, it may pay to weigh the benefits of replication against those of potential savings on transaction costs.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    350 Main Street , Malden , MA 02148 , USA , and 108 Cowley Road , Oxford OX4 IJF , UK . : Blackwell Publishers, Inc.
    Mathematical finance 13 (2003), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: The numerical quantization method is a grid method that relies on the approximation of the solution to a nonlinear problem by piecewise constant functions. Its purpose is to compute a large number of conditional expectations along the path of the associated diffusion process. We give here an improvement of this method by describing a first-order scheme based on piecewise linear approximations. Main ingredients are correction terms in the transition probability weights. We emphasize the fact that in the case of optimal quantization, many of these correcting terms vanish. We think that this is a strong argument to use it. The problem of pricing and hedging American options is investigated and a priori estimates of the errors are proposed.
    Type of Medium: Electronic Resource
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  • 3
    ISSN: 1365-246X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geosciences
    Notes: The aim of the Couy experiment in the ‘Géologie Profonde de la France’ programme was to reach the source body of the magnetic anomaly of the ‘Bassin de Paris'. The drilling stopped at 3500 m. Magnetic field logging and susceptibility logging were undertaken to obtain as complete a description as possible of the magnetic parameters of rocks crossed by the borehole. Remanent magnetization and susceptibility measurements on the core were also carried out. The entire set of results is presented in this paper for both sedimentary layers and the basement. The values obtained for magnetic field variations and for susceptibility lead to the conclusion that the magnetic source body of the AMBP was not reached.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford [u.a.] : International Union of Crystallography (IUCr)
    Acta crystallographica 46 (1990), S. 2316-2318 
    ISSN: 1600-5759
    Source: Crystallography Journals Online : IUCR Backfile Archive 1948-2001
    Topics: Chemistry and Pharmacology , Geosciences , Physics
    Type of Medium: Electronic Resource
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  • 5
    ISSN: 1399-0047
    Source: Crystallography Journals Online : IUCR Backfile Archive 1948-2001
    Topics: Chemistry and Pharmacology , Geosciences , Physics
    Notes: The crystal structure of the family IIIa cellulose-binding domain (CBD) from the cellulosomal scaffoldin subunit (CipC) of Clostridium cellulolyticum has been determined. The structure reveals a nine-stranded jelly-roll topology which exhibits distinctive structural elements consistent with family III CBDs that bind crystalline cellulose. These include a well conserved calcium-binding site, a putative cellulose-binding surface and a conserved shallow groove of unknown function. The CipC CBD structure is very similar to the previously elucidated family IIIa CBD from the CipA scaffoldin of C. thermocellum, with some minor differences. The CipC CBD structure was also compared with other previously described CBD structures from families IIIc and IV derived from the endoglucanases of Thermomonospora fusca and Cellulomonas fimi, respectively. The possible functional consequences of structural similarities and differences in the shallow groove and cellulose-binding faces among various CBD families and subfamilies are discussed.
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  • 6
    ISSN: 1432-0975
    Keywords: Key words Coral ; Sea anemone ; Dinoflagellates ; Symbiosis ; Eutrophication
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology , Geosciences
    Notes: Abstract  Symbiotic dinoflagellates are abundant in the endoderm cells of tropical marine anthozoans, but the cell-specific density (CSD) of symbionts has not yet been investigated. In this study we used mechanical and enzymatic methods of maceration, and staining with substrate-specific fluorochromes, to observe a large number of individual host cells from 33 species of tropical anthozoans collected in Florida, Hawaii and Jamaica or cultured in Monaco. In the majority of species, most of the host cells contained a single algal cell (singlet). Host cells with two or more (up to six) algae were much less abundant. The average CSD for the 33 species was 1.54±0.30 (range 1.11 to 2.19). Singlets arranged in a monolayer can account for the areal density of algae observed in many anthozoans. The dinoflagellates occupy most of the interior of macerated host cells, leaving the host cytoplasm and cell membrane as a thin outer layer, often unresolvable by light microscopy. This spatial arrangement may favor diffusion and transport of CO2, bicarbonate ions, and nutrients from the environment to the algae. The effect of nutrient enrichment on CSD was determined by exposing eleven species to chronically elevated levels of ammonium-N. After four weeks all species exhibited a dramatic increase in algal mitotic index and CSD. The potential consequences of environmentally induced increases in CSD in tropical anthozoans are discussed in terms of the decreased cell-specific photosynthesis (CO2 limitation) and decreased rates of calcification observed in other studies.
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  • 7
    ISSN: 1432-0975
    Keywords: Keywords Coral ; Nitrogen ; Phosphorus ; Eutrophication
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology , Geosciences
    Notes: Abstract  The effect of prolonged (9 week) nutrient enrichment on the growth and photosynthetic rates of the zooxanthellate coral Stylophora pistillata was investigated. The main questions were: (1) what is the exposure time needed to induce measurable change in growth rate? (2) which are the concentrations of nitrogen and phosphorus required to cause changes in these rates? (3) what is the recovery potential of the corals after the nutrient stress? For this purpose, three tanks (N, P, NP) were enriched with ammonium (N), phosphorus (P) or both nutrients (NP), respectively. A fourth tank (C) served as a control. The growth of 40 nubbins (10 in each tank) was monitored during four periods: period 1 (nutrient-poor conditions), period 2 (10 μm NH4 and/or 2 μm PO4 enrichment), period 3 (20 μm NH4 and/or 2 μm PO4) and period 4 (nutrient-poor conditions). Period 4 was performed to study the recovery potential of corals after a nutrient stress. During period 1, growth rates remained constant in all tanks. In the P tank, growth rates declined during the two enrichment periods, with a total decrease of 60% by the end of period 3. In the N tank, growth rates remained nearly constant during period 2 but decreased in period 3 (60% decrease). In the NP tank, 50% and 25% decreases were observed during periods 2 and 3. At the end of the recovery period, a regain in growth rate was observed in the N and NP tanks (35 and 30% increase, respectively, compared with the rates measured at the end of period 3) and growth rates returned to 60% of the initial rates. By contrast, in the P tank, there was no regain in growth and a further decrease of 5% was observed. Rates of photosynthesis were often higher during the enriched than the nutrient-poor period (up to 150% increase). Corals with the highest percent increases in maximal gross photosynthetic rate (P g max ) had the smallest decreases in growth rate due to nutrient enrichment. In conclusion, high ammonium (20 μm) and relatively low phosphorus concentrations (2 μm) are required to induce a significant decrease in coral growth rate. The largest reduction was observed with both ammonium and phosphorus enrichment. The decrease in growth rate was rapid following nutrient enrichment, since a 10% decrease or more could be observed after the first week of treatment.
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  • 8
    ISSN: 1573-1472
    Keywords: Turbulence ; Convective boundary layer ; Clear air radar observations ; Coherent organizations ; Radar-aircraft joint observations
    Source: Springer Online Journal Archives 1860-2000
    Topics: Geosciences , Physics
    Notes: Abstract The scientific objective of the TRAC experiment (Turbulence Radar Aircraft Cells) was to investigate the respective roles played by small-scale turbulence and coherent structures in the vertical transfer within the atmospheric boundary layer (ABL). Field research held in June 1993 in France was based on coupled aircraft and Doppler radar measurements. The results discussed here are mainly focused on the evaluation of the performance of the radar in the 3D description of the clear air ABL, which was the technical goal of TRAC. During the experiment, the radar was able to provide continuous and coherent echo fields over a range of several tens of kilometres, extending up to about 3 km. Good agreement was obtained in the ABL between the radar-derived turbulent quantities and airborne measurements. As depicted by the reflectivity fields, coherent organizations were found to be a common feature of the eleven ABL cases analyzed. These organizations evolved during the day between a banded structure and a cellular pattern. A very weak correlation was found between the reflectivity field and the atmospheric parameters measured by the aircraft. However, in terms of characteristic scale, the reflectivity field appeared to be strongly related to the water vapour field. The inhomogeneity induced by the coherent circulations questions the representativity of one-dimensional sampling of these 3D fields and suggests the need to adapt the traditional statistical approach of the ABL.
    Type of Medium: Electronic Resource
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