Optimal Investment in a Levy Market

In this paper we consider the optimal investment problem in a market where the stock price process is modeled by a geometric Levy process (taking into account jumps). Except for the geometric Brownian model and the geometric Poissonian model, the resulting models are incomplete and there are many equivalent martingale measures. However, the model can be completed by the so-called power-jump assets. By doing this we allow investment in these new assets and we can try to maximize the expected utility of these portfolios. As particular cases we obtain the optimal portfolios based in stocks and bonds, showing that the new assets are superfluous for certain martingale measures that depend on the utility function we use.     

Activation profiles of opioid ligands in HEK cells expressing δ opioid receptors

Background  

The aim of the present study was to characterize the activation profiles of 15 opioid ligands in transfected human embryonic kidney cells expressing only δ opioid receptors. Activation profiles of most of these ligands at δ opioid receptors had not been previously characterized in vitro. Receptor activation was assessed by measuring the inhibition of forskolin-stimulated cAMP production.     

Estimating Invariant Probability Densities for Dynamical Systems

Knowing a probability density (ideally, an invariant density) for the trajectories of a dynamical system allows many significant estimates to be made, from the well-known dynamical invariants such as Lyapunov exponents and mutual information to conditional probabilities which are potentially more suitable for prediction than the single number produced by most predictors. Densities on typical attractors have properties, such as singularity with respect to Lebesgue measure, which make standard density estimators less useful than one would hope. In this paper we present a new method of estimating densities which can smooth in a way that tends to preserve fractal structure down to some level, and that also maintains invariance. We demonstrate with applications to real and artificial data.     

A nondifferentiable extension of a theorem of Pucci and Serrin and applications

We study the multiplicity of critical points for functionals which are only differentiable along some directions. We extend to this class of functionals the three critical point theorem of Pucci and Serrin and we apply it to a one-parameter family of functionals Jλ, λ∈I⊂R. Under suitable assumptions, we locate an open subinterval of values λ in I for which Jλ possesses at least three critical points. Applications to quasilinear boundary value problems are also given.     

Corn stover fractions and bioenergy

Information is presented on structure, composition, and response to enzymes of corn stover related to barriers for bioconversion to ethanol. Aromatic compounds occurred in most tissue cell walls. Ferulic acid esterase treatment before cellulase treatment significantly improved dry weight loss and release of phenolic acids and sugars in most fractions over cellulase alone. Leaf fractions were considerably higher in dry weight loss and released sugars with esterase treatment, but stem pith cells gave up the most phenolic acids. Results help identify plant fractions more appropriate for coproducts and bioconversion and those more suitable as residues for soil erosion control.     

Classical, phenomenological analysis of the kinetics of reactions at the gas-exposed surface of mixed ionic electronic conductors

The kinetics of reactions occurring at the gas-exposed surfaces of charged mixed ionic electronic conductors (MIECs) are examined from theoretical first principles. Analysis based on the classical electrochemical potential-transition state theory model reveals that the nature of the reactions is electrochemical in general. However, the influence of the surface potential on the reaction rate is opposite for adsorption and incorporation reactions. Two-dimensional finite volume models of an MIEC as working electrode in a half-cell configuration are presented. The results for a simple, two-step reduction process show that the effect of the surface potential on the rate of reactions is minimal for incorporation-limited reactions but more influential for adsorption-limited reactions. An erratum to this article is available at .     

Nonvanishing cohomology and classes of Gorenstein rings

We give counterexamples to the following conjecture of Auslander: given a finitely generated module M over an Artin algebra Λ, there exists a positive integer n_M such that for all finitely generated Λ-modules N, if Ext_Λⁱ(M,N)=0 for all i?0, then Ext_Λⁱ(M,N)=0 for all i?n_M. Some of our examples moreover yield homologically defined classes of commutative local rings strictly between the class of local complete intersections and the class of local Gorenstein rings.     

Parametric multiple sequence alignment and phylogeny construction

Bounds are given on the size of the parameter-space decomposition induced by multiple sequence alignment problems where phylogenetic information may be given or inferred. It is shown that many of the usual formulations of these problems fall within the same integer parametric framework, implying that the number of distinct optima obtained as the parameters are varied across their ranges is polynomially bounded in the length and number of sequences.     

Stark's conjecture over complex cubic number fields

Systematic computation of Stark units over nontotally real base fields is carried out for the first time. Since the information provided by Stark's conjecture is significantly less in this situation than the information provided over totally real base fields, new techniques are required. Precomputing Stark units in relative quadratic extensions (where the conjecture is already known to hold) and coupling this information with the Fincke-Pohst algorithm applied to certain quadratic forms leads to a significant reduction in search time for finding Stark units in larger extensions (where the conjecture is still unproven). Stark's conjecture is verified in each case for these Stark units in larger extensions and explicit generating polynomials for abelian extensions over complex cubic base fields, including Hilbert class fields, are obtained from the minimal polynomials of these new Stark units.