Recovering implied risk-neutral probability density function using SVR

Using support vector regression （SVR）, a novel non-parametric method for recovering implied risk-neutral probability density function （IRNPDF） is investigated by solving linear operator equations. First, the SVR principle for function approximation is introduced, and an SVR method for solving linear operator equations with knowing some values of the right-hand function and without knowing its form is depicted. Then, the principle for solving the IRNPDF based on SVR and the method for constructing cross-kernel functions are proposed. Finally, an empirical example is given to verify the validity of the method. The results show that the proposed method can overcome the shortcomings of the traditional parametric methods, which have strict restrictions on the option exercise price; meanwhile, it requires less data than other non-parametric methods, and it is a promising method for the recover of IRNPDF.

Extracting Information on Implied Volatilities and Discrete Dividends From American Option Prices

This paper deals with options on assets, such as stocks or indexes, which pay cash dividends. Pricing methods which consider discrete dividends are usually computationally expensive and become infeasible when one considers multiple dividends paid during the option lifetime. This is the case of long-term options and options on indexes. The first purpose of this paper is to assess efficient and accurate numerical procedures which yield consistent prices for both European and American options when the underlying asset pays discrete dividends. The authors then analyze some methodologies to extract information on implied volatilities and dividends from quoted option prices. Implied dividends can also be computed using a modified version of the well-known put-call parity relationship. This technique is straightforward, nevertheless, its use is limited to European options, and when dealing with equities, most traded options are of American type. As an alternative, the numerical inversion of pricing methods, such as efficient interpolated binomial method, can be used. This paper applies different procedures to obtain implied volatilities and dividends of listed stocks of the Italian derivatives market （IDEM）.

Recover Implied Volatility in Short-term Interest Rate Model

This paper concerns an inverse problem of recovering implied volatility in short-term interest rate model from the market prices of zero-coupon bonds. Based on lineariza-tion, an analytic solution, which is given as a power series, is derived for the direct problem.By neglecting high order terms in the power series, an integral equation about the pertur-bation of volatility is formulated and the Tikhonov regularization method is applied to solvethe integral equation. Finally numerical experiments are given and the results show that the method is effective.

Implied volatility estimation of bitcoin options and the stylized facts of option pricing

The recently developed Bitcoin futures and options contracts in cryptocurrency derivatives exchanges mark the beginning of a new era in Bitcoin price risk hedging.The need for these tools dates back to the market crash of 1987,when investors needed better ways to protect their portfolios through option insurance.These tools provide greater flexibility to trade and hedge volatile swings in Bitcoin prices effectively.The violation of constant volatility and the log-normality assumption of the Black–Scholes option pricing model led to the discovery of the volatility smile,smirk,or skew in options markets.These stylized facts;that is,the volatility smile and implied volatilities implied by the option prices,are well documented in the option literature for almost all financial markets.These are expected to be true for Bitcoin options as well.The data sets for the study are based on short-dated Bitcoin options(14-day maturity)of two time periods traded on Deribit Bitcoin Futures and Options Exchange,a Netherlandsbased cryptocurrency derivative exchange.The estimated results are compared with benchmark Black–Scholes implied volatility values for accuracy and efficiency analysis.This study has two aims:(1)to provide insights into the volatility smile in Bitcoin options and(2)to estimate the implied volatility of Bitcoin options through numerical approximation techniques,specifically the Newton Raphson and Bisection methods.The experimental results show that Bitcoin options belong to the commodity class of assets based on the presence of a volatility forward skew in Bitcoin option data.Moreover,the Newton Raphson and Bisection methods are effective in estimating the implied volatility of Bitcoin options.However,the Newton Raphson forecasting technique converges faster than does the Bisection method.

Cultural Input in English Vocabulary Teaching

The close relationship between the English words and culture is analyzed in this article.Only by understanding the hidden cultural meanings in the English words,can college students truly have a good command of them and can their communicative ability be improved.

Diagnosing Thermalization Dynamics of Non-Hermitian Quantum Systems via GKSL Master Equations

The application of the eigenstate thermalization hypothesis to non-Hermitian quantum systems has become one of the most important topics in dissipative quantum chaos, recently giving rise to intense debates. The process of thermalization is intricate, involving many time-evolution trajectories in the reduced Hilbert space of the system. By considering two different expansion forms of the density matrices adopted in the biorthogonal and right-state time evolutions, we derive two versions of the Gorini–Kossakowski–Sudarshan–Lindblad(GKSL)master equations describing the non-Hermitian systems coupled to a bosonic heat bath in thermal equilibrium. By solving the equations, we identify a sufficient condition for thermalization under both time evolutions, resulting in Boltzmann biorthogonal and right-eigenstate statistics, respectively. This finding implies that the recently proposed biorthogonal random matrix theory needs an appropriate revision. Moreover, we exemplify the precise dynamics of thermalization and thermodynamic properties with test models.

On Grice's Conversational Implicature Theory

Conversational Implicature Theory is one important theory of pragmatics. It focuses on the implied meaning of the speakers and plays an important role in speech communication.

Decompesition of Kernel and Maximal Generalized Bochner-Riesz Means

设l∈N,δ=k/p-k+1/2,以及<p<1.本文的主要结果是建立广义BochnerRiesz平均的核的某种分解: ((1-|ξ|~l)~σ+)^(x)=sum from f=1 to J(k,l,p) b_f((1-|ξ|~2)ь+ζ)^(x)+T(|x|),其中T满足 T^(n+1)(s)≤cmin{(1+s)_(k-n-2),(1+s)^(-k,p)},0<s<∞以及n=[K(1/p-1)]·作为上述分解的一个直接结果,我们得到:临界阶广义Bochner-Riesz平均在H^p(R^k)上的a.e.收敛性。

Investigating the mechanisms of glyphosate resistance in goosegrass(Eleusine indica) population from South China

Glyphosate has been used worldwide for nearly 40 years,and 30 types of resistant weeds have been reported.Glyphosate is mass-produced and widely used in China,but few studies and reports on glyphosate-resistant weeds and resistance mechanisms exist.Previous studies found a goosegrass species with high glyphosate resistance from orchards in South China and its glyphosate resistant mechanism was described in this study.The cDNAof 5-enolpyruvylshikimate-3-phosphate synthase（EPSPS,EC 2.5.1.19）,the target enzyme of glyphosate,was cloned from the glyphosate-resistant and-susceptible goosegrass,respectively,and referred as EPSPS-R and EPSPS-S.The Pro106 residue was known to be involved in the glyphosate resistance in most goosegrass populations.However,sequence analysis did not find the mutation at the Pro106 residue in the R biotype EPSPS amino acid sequence.The residue 133 and 382 was mutated in the R biotype EPSPS amino acid sequence instead,but it did not affect the EPSPS-S and EPSPS-R genes sensitivities to glyphosate.RT-PCR and Western blot analyses suggested that EPSPS mRNA and protein are mainly present in the shoot tissues both in the R and S goosegrass biotypes.The EPSPS-R rapidly responds to the glyphosate in R-biotype goosegrass and the induced expression was detected at 12 h post glyphosate treatment.The mRNA and protein expression of EPSPS-R increased constantly as the increasing concentration of glyphosate.However,the expression of the EPSPS-S was not induced significantly by glyphosate in the S goosegrass biotype.Quantification of real-time PCR results showed that the copy number of the EPSPS in R-biotype goosegrass was 4.7 times higher than that in the S goosegrass biotype.All the results implied that EPSPS gene amplification might mainly caused the glyphosate resistance of a goosegrass population collected from orchards in South China.

广义Young不等式及其逆(英文)

本文给出一种广义Young不等式,并且通过建立函数不等式证明了它的逆。

盘锦城市文化展示馆,盘锦,中国

项目以稳重的建筑形态塑造了一个具有仪式感的场所空间,幻化的建筑表皮再现了＂红海滩＂地域景观,内向的空间布局隐喻着＂天圆地方＂的传统内涵,将城市开放空间融入建筑主导空间,诠释了建筑对城市空间的尊重与回应。

略论英语修辞格的一个难点

修辞学是英语专业学生在二、三年级必学的一个内容,也是教学的重点,各套教材在这一阶段对此都有安排.英语在其漫长的语言发展史中,逐步形成了丰富的修辞手法,其中最常见也最重要的可算simile明喻.metaphor暗喻.personification拟人、hyper-bole夸张、euphemism委婉和metonymy借代这几种了.在数年的教学实践中.笔者发现.metaphor和metonymy是其中较易混淆的两种,学生们常感到难以区分,判断中错误率较高.问题出在哪里呢?关键是没有很好掌握两种修辞格的本质和区别.首先让我们来看看它们的定义.由于英汉修辞格的名称和含义不是完全对应的.所以我们着重看对英语修辞格的诠释:Metaphor—A metaphor,like a simile,alsomakes a comparison between two unlike ele-ments,but unlike a simile,this Comparisonis implied,rather than stated.《英汉辞海》的metaphor一条是:用一个词或短语指出常见的一种物体或概念以代替另一种,从而暗示它们之间的相似之处.

Volatility Forecasting and Volatility Risk Premium

Volatility is an important variable in the financial market. We propose a model-free implied volatility method to measure the volatility and test the volatility risk premium. The model-free implied volatility does not depend on the option pricing model, and extracts information from all the option contracts. We provide empirical evidence from the S & P 500 index option that model-free implied volatility is more accurate to forecast the future volatility and the volatility risk premium does not exist.

A Study on the Interaction Between The Catcher in the Rye and the Readers From the Perspective of Iser’s Reader-Response

The Catcher in the Rye has been popular with readers since its publication,and critics at home and abroad have also conducted a lot of research on it.But they mainly proceed from the author and the text to evaluate and analyze,ignoring the readers who are essential participants in text interpretation in the eyes of reader-response critics.In order to make up for this shortcoming,this article will take Iser’s reader-response criticism as a research perspective,starting from the three aspects of implied reader,response-inviting structure,and gaps to explore the interaction between the text of The Catcher in the Rye and the readers during the reading process.This research is expected to provide a new interpretation of this novel and provide reference for future research in related fields.

Comments on Legal Developments for the Chinese Product Quality Guarantee--Concept,situation,problems and solutions

The current legal system of product quality guarantee in China,with the"Three Guarantees" as its main form,has not yet met the demands of economic andsocial development.The Chinese government needs to establish a more uniform andadvanced system based on the current one.This article analyzes and discusses theconcept,current situation,existing problems and solutions in the context of the currentlegal system of product quality guarantee.

Discussing Young Adult Literature in Norway. Interdisciplinary Comments Inspired by Modern Theory

Young adult and children＇s literature from Norway （Scandinavia） is often considered to be among the world＇s leading in the genre. This has taken place in a period of rapid cultural modernization. This article will discuss Norwegian young adult and children＇s literature from the perspective of social and cultural theory. The paper will go beyond the strictly aesthetic field and discuss young adult and children＇s literature from the perspectives of three internally related, though different continental modern theories, two of them left Hegelian. One of the great names of this school of theory of socialization is Thomas Ziehe, German theorist of ＂Sozialisationstheorie＂, Ziehe gives some clues for a new description of the implied readers inscribed in this literature. Axel Honneth is another theorist who has implications for general humaniora. His theory of recognition, fruitful for social sciences, may also give a clue for a metatheory of literature. Young adult and children＇s literature is also subject to changes of simulacric order and of the cultural disorder of the age of extremes, as Jean Baudrillard wrote about in his book The Transparency of Evil.

Narrative Focalization of William Faulkner's Barn Burning

Barn Burning is a short story written by William Faulkner, which first appeared in 1939 and has since been widely read.The story guides readers to observe the world through a 10-year-old boy, Sarty's point of view, at the same time, the continual intervening of omniscient narrator breaks through the restrictions of Sarty's subjective point of view. Faulkner's use of multiple points of view makes the novel hard to understand. In order to better appreciate Barn Burning, analysis of the use of multiple points of view with the help of Gerard Genette's focalization theory is necessary. Moreover, the application of Wayne Booth's ideas of implied author and discussion of Sarty's narrative reliability are also presented. Hopefully, it can help readers form a good habit of narrative thinking and understand the novel in a better way.

“Red and White”——Color Metaphor in Alice’s Adventure in Wonderland

In various literary works,as a carrier of cultural background,the use color can arouse the special imagination and reso⁃nance of the viewer.Therefore,many creators employ color to express the metaphorical meanings of the characters and story de⁃velopment in their works.Metaphor involves two concepts in different fields(categories).How to deeply understand the charac⁃ter settings by analyzing the color concepts in works has become a research focus.In the film Alice in Wonderland,every scene is rich in colors,and in the complete works,red and white are especially emphasized.Therefore,the focus is to analyze the colloca⁃tion and application of red and white color in movies based on metaphor theory,and to excavate the personality,situation and ideas of the characters.In this film,the deep meaning of color is not exactly the same as the traditional concept.White is no lon⁃ger only a symbol of purity,but also a representative of hypocritical irony.Red is not only a symbol of blood and violence,but al⁃so a reflection of the emptiness under passion and the desire for passion.

Message from Editors

SWITCHED reluctance motor(SRM)is a doubly salient electric machine that relies on reluctance torque to rotate rather than electromagnetic torque,as implied on the name.The term switch comes from the fact that the motor depends heavily on power switches for its operation.This was the reason that slowed the development of SRM since micro and power electronics were not so advanced.

Instability from Steady and Axisymmetric to Steady and Asymmetric Floating Half Zone Convection in a Fat Liquid Bridge of Larger Prandtl Number

The linear instability analysis of the present paper shows that the thermocapillary convection in a half floating zone of larger Prandtl number has a steady instability mode ωi = 0 and m = 1 for a fat liquid bridge V = 1.2 with small geometrical aspect ratio A = 0.6. This conclusion is different from the usual idea of hydrothermal instability, and implies that the instability of the system may excite a steady and axial asymmetric state before the onset of oscillation in the case of large Prandtl number.