Calibration of a basket option model applied to company valuation

Applying real options thinking to company valuation seems theoretically and intuitively appealing. However, the real option analogy of a single European option as well as the compound option proxy perform poorly when applied to company valuation. We therefore suggest to rework the building blocks of real option applications to corporate valuation.  We introduce a framework to delineate the distribution of the underlying asset in the risk neutral world, which is important in order to value any derivative. This is achieved by an algorithm to calibrate a basket option model using real world data of observed share prices. The fitting takes account of the class of stable distributions. The index of stability of asymmetric α stable distribution serves as an over-all parameter to characterise the specific distribution.     

Resolution of triacylglycerol positional isomers by reversed-phase high-performance liquid chromatography

The ability of reversed-phase high-performance liquid chromatography (RP-HPLC) to separate some positionally isomeric disaturated and monounsaturated triacylglycerols (TAGs) as intact species is demonstrated for the first time. Mobile phases of acetonitrile modified with methanol, ethanol, 2-propanol, 1-propanol, 1-butanol, acetone, or dichloromethane were tested for the separation of POP-PPO, PLP-PPL, PEP-PPE, and PDP-PPD (P-palmitic, O-oleic, L-linoleic, E-eicosapentaenoic, D-docosahexaenoic acid residue) on a single RP-HPLC column. The resolution improved with increasing number of double bonds in the acyl residues. While POP and PPO were only partially resolved, PDP and PPD were fully separated with all tested mobile phases, except those containing methanol. Also separated were the four TAGs having the same equivalent carbon number (ECN = 42), PEP, PPE, PDP, and PPD, on a single RP-HPLC column with mobile phase acetonitrile-2-propanol (70:30, v/v) at 0.8 mL/min. In all cases the isomer with the unsaturated acyl residue in either 1- or 3-position was retained more strongly than the respective 2-isomer.     

Regioselective separation of isomeric triacylglycerols by reversed-phase high-performance liquid chromatography: stationary phase and mobile phase effects

Complete regioselective separation of five pairs of isomeric dipalmitoyl polyalkenoyl glycerols with two to six double bonds in the unsaturated acyl residues has been achieved by RP-HPLC on a single ODS column. Four ODS columns with stationary phases containing different percentages of free silanol groups have been tested. Binary mobile phases of ACN admixed with dichloromethane, tetrahydrofuran, 1-propanol, 2-propanol, ethanol, or acetone have been examined. The choice of modifier depended on the nature of the stationary phase. The more polar solvents were better suited for stationary phases with higher percentage of free silanol groups. Isomeric species were eluted according to chain length, number of double bonds, and the position of the unsaturated acyl chain in the glycerol molecule. Retention increases in the order 20:5 < 22:6 < 18:3 < 20:4 < 18:2. Within each isomeric pair, the species with unsaturated acyl chain occupying either the sn-1- or the 3-position were retained preferentially. Complete simultaneous regioselective separation of 10 isomeric triacylglycerols in a single isocratic run on a single ODS column was demonstrated.     

Different extraction methods of biologically active components from propolis: a preliminary study

Background  

Propolis is widely used in apitherapy, preparations, and food and beverage additives. Various extraction techniques were applied in the extraction of the biologically active constituents of poplar type propolis in order to compare their efficiency. The methods employed were: traditional maceration extraction, ultrasound extraction (UE), and microwave assisted extraction (MAE).     

Antibacterial mono- and sesquiterpene esters of benzoic acids from Iranian propolis

Background  

Propolis (bee glue) has been used as a remedy since ancient times. Propolis from unexplored regions attracts the attention of scientists in the search for new bioactive molecules.     

Influence of Pressure on the Intramolecular Spin Exchange in a Short Imidazolium-Nitroxide Biradical

A short-chain imidazoline-type nitroxide biradical R ₅ ^NO –CH=N–N=C(CH₃)–R ₅ ^N , B2, with nitroxide rings R ₅ ^N and R ₅ ^NO as 1-oxyl-2,2,5,5-tetramethyl-3-imidazoline and 1-oxyl-2,2,5,5-tetramethyl-3-N-oxide imidazoline, respectively, has been studied using X-band electron paramagnetic resonance (EPR) spectroscopy in CH₃CN solutions at variable temperature T and pressure P. Changes of the solution viscosity on the intramolecular electron spin exchange in B2 is characterized by calculating the value of the exchange integral |J/a|, where a denotes the ¹⁴N hyperfine splitting (hfs) constant. It is revealed that the intramolecular dynamics in B2 do not follow the Debye–Stokes–Einstein law, while the Arrhenius dependence is fulfilled. Probable reasons of such behavior are discussed.     

Chemical composition of propolis from Canada, its antiradical activity and plant origin

The chemical composition of propolis from two regions in Canada was studied: Boreal forest and the Pacific coastal forest that lie outside the area of distribution of Aigeiros poplars, the usual propolis source plants. In the sample from Victoria, p-hydroxyacetophenone, benzyl hydroxybenzoate and cinnamic acid were the major components, accompanied by significant amounts of dihydrochalcones, which allowed the identification of its plant source: Populus trichocarpa of section Tacamahaca. Three dihydrochalcones were new for propolis. The sample from Richmond was characterized by large amounts of p-coumaric and cinnamic acid, typical for poplars of section Leuce, subsection Trepidae, its plant source was identified as P. tremuloides. Both samples showed a good radical scavenging activity against DPPH. Obviously, the Northern type propolis is a promising potential source of biologically active substances and deserves further investigation.     

Determination of trace elements in natural waters by inductively coupled plasma time of flight mass spectrometry after flow injection preconcentration in a knotted reactor

A flow injection on-line sorption system was developed for the separation and preconcentration of traces of Ag, Cd, Co, Ni, Pb, U and Y from natural water samples with subsequent detection by ICP TOF MS. Simultaneous preconcentration of the analytes was achieved by complexation with the chelating reagent 1-phenyl-3-methyl-4-benzoylpyrazol-5-one immobilized on the inner walls of a (200 cm × 0.5 mm) PTFE knotted reactor. The analytes were eluted and transported to an axial ICP TOF MS system with 1% (v/v) HNO₃ containing 0.3 μg l⁻¹ of Rh as an internal standard using ultrasonic nebulization. The detection limits (3σ) varied from 0.3 ng l⁻¹ for Y to 15.2 ng l⁻¹ for Ni and the precision (R.S.D.) was better than 4%. Using a loading time of 90 s and a sample flow rate of 4.5 ml min⁻¹, enhancement factors of 3-14 were obtained for the different analytes in comparison with their direct determination by ICP TOF MS with ultrasonic nebulization without preconcentration. The accuracy of the method was demonstrated by analysis of water based certified reference materials.     

Retention of lipids in silver ion high-performance liquid chromatography: Facts and assumptions

The factors affecting the retention of lipids in silver ion HPLC are presented and discussed here, according to the present understanding of the processes that take place in this chromatographic system. The discussion is focused mainly on fatty acids and triacylglycerols.     

Identification of the plant origin of the botanical biomarkers of Mediterranean type propolis

Propolis is a honeybee product which bees produce by collecting resins from various botanical sources. The chemical composition of propolis is directly dependant on the availability of resinous plant materials in different geographic regions. This study was undertaken to evaluate the resinous plant sources used by bees to produce Mediterranean type propolis. Although this propolis type has already been the subject of numerous studies, its major botanical source had not yet been identified. In this study, using GC-MS analysis, we identify the resin of the common cypress, Cupressus_sempervirens, as the major plant source of the characteristic diterpene fingerprint profile of Mediterranean propolis.