Publish in OALib Journal
APC: Only $99
To capture the impact of skewness and increase kurtosis on Black’s  European put values, we first substitute a Gram-Charlier (GC) distribution and next a Johnson distribution for Black’s Gaussian one. We introduce next each distribution in the option payoff and develop until the closedform expression of each put is arrived at. Finally, we estimate by simulations GC, Johnson and Black put options, choosing the latter one as benchmark. Simulation estimates encompassing both skewness and kurtosis show that, for at-the-money (ATM) or slightly in-the-money put values, 1) Black’s overvaluation with respect to Johnson puts is very significant and 2) its undervaluation with respect to GC ones remains moderate. Yet, by using the same skewness values for both GC and Johnson puts, we highlight the differences induced by increasing kurtosis between the two models. In this case, the GC overvaluation for ATM values is explained by value differences in the put time component. Yet, while both Black and GC values exhibit significant time decay close to expiry, Johnson’s ones remain stable up to maturity.
Time series for the Southern Oscillation Index and mean global near surface temperature anomalies are compared for the 1950 to 2012 period using recently released HadCRU4 data. The method avoids a focused statistical analysis of the data, in part because the study deals with smoothed data, which means there is the danger of spurious correlations, and in part because the El Ni?o Southern Oscillation is a cyclical phenomenon of irregular period. In these situations the results of regression analysis or similar statistical evaluation can be misleading. With the potential controversy arising over a particular statistical analysis removed, the findings indicate that El Nino-Southern Oscillation exercises a major influence on mean global temperature. The results show the potential of natural forcing mechanisms to account for mean global temperature variation, although the extent of the influence is difficult to quantify from among the variability of short-term influences.
The East Alligator River drains a 7000 km2 catchment in northern Australia comprised largely of Aboriginal land and has a
very low average population density of about 0.15 persons per km2.
River reaches were classified according to geomorphic features on both the East
Alligator River and its major tributary, Magela Creek, next to which is located
the Ranger uranium mine. Sixteen reaches were described for the 241.4 km of the
East Alligator River and ten reaches were described for the 118.8 km of Magela
Creek. The dominant river types on the East Alligator River were various types
of anabranching rivers, sandstone gorges and cuspate tidal meanders. On Magela
Creek the dominant river types were wetlands and channel billabongs, island
anabranching and sandstone gorges. It is unusual for anabranching rivers and
gorges to be so dominant. Current river classification schemes could not
accommodate all the various river types and need to be modified so that tidal
channels are covered in more detail and so that the classification of
anabranching rivers recognises that sand-bed varieties occur in partly confined
This article seeks to uncover if some of the traits most associated with salespeople manifested themselves in the activities of candidates in the constituency of Dún Laoghaire during the 2007 Irish general election. Such a finding would suggest that just as political parties have looked to the marketing profession for their lead in developing political marketing, politicians are looking to, and adopting the traits of those in the sales profession. This would point to the traits that the modern politician must possess in order to get and remain elected. It would also raise significant questions in terms of how candidates present themselves to the electorate, as well as how they go about campaigning and formulating policy.