Stock loan valuation under a regime-switching model with mean-reverting and finite maturity

<正> Stock loans are business contracts between borrowers and lenders in which the borroweruses shares of stock as collateral for the loan.Since the value of the collateral is subject to wide andfrequent price swings,valuing such a transaction behaves more like an option pricing problem thana debt valuation problem.This paper will list,prove,and analyze formulas for stock loan valuationwith finite horizon under various stock models,including classical geometric Brownian motion,meanreverting,and two-state regime-switching with both mean-reverting and geometric Brownian motionstates.Numerical examples are reported to illustrate the results.     

Managing the Technological Edge: The UNESCO International Computation Centre and the Limits to the Transfer of Computer Technology, 1946-61

The spread of the modern computer is assumed to have been a smooth process of technology transfer. This view relies on an assessment of the open circulation of knowledge ensured by the US and British governments in the early post-war years. This article presents new historical evidence that question this view. At the centre of the article lies the ill-fated establishment of the UNESCO International Computation Centre. The project was initially conceived in 1946 to provide advanced computation capabilities to scientists of all nations. It soon became a prize sought by Western European countries like the Netherlands and Italy seeking to speed up their own national research programs. Nonetheless, as the article explains, the US government's limitations on the research function of the future centre resulted in the withdrawal of European support for the project. These limitations illustrate the extent to which US foreign science policy could operate as (stealth) industrial policy to secure a competitive technological advantage and the prospects of US manufacturers in a future European market.     

Molecular phylogenetic evidence that the Chinese viviparid genus Margarya (Gastropoda: Viviparidae) is polyphyletic

We investigated the phylogeny of the viviparid genus Margarya,endemic to Yunnan,China,using two mitochondrial gene fragments(COI and 16S rRNA).The molecular phylogeny based on the combined dataset indicates that Margarya is polyphyletic,as two of the three well-supported clades containing species of Margarya also comprise species from other viviparid genera.In one clade,sequences of four species of Margarya even cluster indiscriminately with those of two species of Cipangopaludina,indicating that the current state of Asian viviparid taxonomy needs to be revised.Additionally,these data suggest that shell evolution in viviparids is complex,as even the large and strongly sculptured shells of Margarya,which are outstanding among Asian viviparids,can apparently be easily converted to simple smooth shells.The molecular data also indicate that the species status of the six extant species of Margarya should be re-assessed.     

Catastrophic wildfire and number of populations as factors influencing risk of extinction for Gila trout ( Oncorhynchus gilae )

We used the computer program RAMAS to explore the sensitivity of an extinction-risk model for the Gila trout ( Oncorhynchus gilae ) to management of wildfires and number of populations of the species. The Gila trout is an endangered salmonid presently restricted to very few headwaters of the Gila and San Francisco river tributaries in southwestern New Mexico. Life history data for 10 extant populations were used to examine sensitivity of the species viability to changes in a variety of factors including population size, fecundity, life stage structure, number of populations, severity and probability of forest fires, and a regulated fishery. The probability and severity of forest fires and number of populations had the greatest effect on viability. Results indicate that successful conservation of Gila trout requires establishment of additional populations and reduction of the severity of forest fires through a program incorporating more frequent, but less severe, fires.     

美国

美国,凭借其幅员辽阔的疆域、在研究及发展上持续不断的投入以及高质量的教育系统,自Vannevar Bush起草并发表了具有深远影响且备受推崇的讨论美国战后科学政策的报告《科学,无止境的前沿》(Science,TheEndless Frontier)[1]之时起,美国这个国家在世界科学领域就一直占据主导地位.然而进入21...     

Nesting and summer habitat use by translocated Sage Grouse ( Centrocercus Urophasianus ) in central Idaho

We translocated 196 Sage Grouse ( Centrocercus urophasianus into Sawtooth Valley, Idaho, during March-April 1986-87 to augment a small resident population. Forty-four grouse equipped with radio transmitters were monitored through spring and summer. Nest sites ( n = 6) had greater ( P = .032) horizontal cover than did independent random plots ( n = 7). During summer, grouse used sites ( n = 50) with taller live and dead shrub heights, greater shrub canopy cover, and more ground litter ( P n = 50) 50-300 m from use sites. Distance to edge and mountain sagebrush ( Artemisia tridentata vaseyana ) density best separated use sites from independent random plots in logistic regression analysis and correctly classified 64% of the use sites and 78% of the independent random plots. Sage Grouse used sties that had narrower frequency distributions for many variables than did independent plots ( P < .04), suggesting selection for uniform habitat.     

Metric inference for social networks

Using a natural metric on the space of networks, we define a probability measure for network-valued random variables. This measure is indexed by two parameters, which are interpretable as a location parameter and a dispersion parameter. From this structure, one can develop maximum likelihood estimates, hypothesis tests and confidence regions, all in the context of independent and identically distributed networks. The value of this perspective is illustrated through application to portions of the friedship cognitive social structure data gathered by Krackhardt (1987).We thank Ove Frank, David Krackhardt, the editor and the referees for their constructive comments and suggestions.