A General Stochastic Calculus Approach to Insider Trading

The purpose of this paper is to present a general stochastic calculus approach to insider trading. We consider a market driven by a standard Brownian motion $B(t)$ on a filtered probability space $\displaystyle (\Omega,\F,\left\{\F\right\}_{t\geq 0},P)$ where the coefficients are adapted to a filtration ${\Bbb G}=\left\{\G_t\right\}_{0\leq t\leq T}$, with $\F_t\subset\G_t$ for all $t\in [0,T]$, $T>0$ being a fixed terminal time. By an {\it insider} in this market we mean a person who has access to a filtration (information) $\displaystyle{\Bbb H}=\left\{\H_t\right\}_{0\leq t\leq T}$ which is strictly bigger than the filtration $\displaystyle{\Bbb G}=\left\{\G_t\right\}_{0\leq t\leq T}$. In this context an insider strategy is represented by an $\H_t$-adapted process $\phi(t)$ and we interpret all anticipating integrals as the forward integral defined in [23] and [25]. We consider an optimal portfolio problem with general utility for an insider with access to a general information $\H_t \supset\G_t$ and show that if an optimal insider portfolio $\pi^*(t)$ of this problem exists, then $B(t)$ is an $\H_t$-semimartingale, i.e. the enlargement of filtration property holds. This is a converse of previously known results in this field. Moreover, if $\pi^*$ exists we obtain an explicit expression in terms of $\pi^*$ for the semimartingale decomposition of $B(t)$ with respect to $\H_t$. This is a generalization of results in [16], [20] and [2].     

Spectrophotometric determination of olanzapine by its oxidation with N-bromosuccinimide and cerium(IV)sulfate.

Three simple spectrophotometric methods have been described for the assay of olanzapine in its pure and pharmaceutical formulations. The direct method (A) is based on the drug oxidation with excess of N-bromosuccinimide in acidic medium and the two indirect methods (B and C) are based on the oxidation of the drug with excess of N-bromosuccinimide and cerium(IV)sulfate, followed by the reaction of the unconsumed oxidants with celestine blue. The calibration graphs were linear over the range 10 - 120 microg mL(-1) (method A), 0.5 - 6.0 microg mL(-1) (method B) and 0.6 - 3.0 microg mL(-1) (method C). After validation, the proposed methods were successfully applied to assay of olanzapine in its commercial tablets with mean percentage recoveries of 101.23 +/- 0.10, 96 +/- 0.10 and 94 +/- 0.04%. The mechanism of olanzapine oxidation with N-bromosuccinimide was also proposed.     

Decay dynamics of europium excited states in bioactive glasses

Optical probes of solution-produced glasses yield valuable information about the local structure and dynamics of the host glass systems. We report lifetime results for europium excited states in a series of sol–gel-produced bioactive glasses with the composition Ca_xP_0.06Si_0.94?xO₂ (0.11<x<0.35). The excited state lifetimes are very narrowly distributed about a mean value, leading to nearly single exponential decay curves. A rate equation model is used to study the effects of calcium concentration and temperature on the decay rates. While the presence of calcium in the glass samples greatly enhances the luminescence, over the concentration range tested, no significant difference in the decay times was measured. Over the temperature range 77–300 K about 20% and 30% increases in the decay rates of the ⁵D₀ and ⁵D₁ levels were measured, respectively.     

Kinetics of the reaction of solvated electrons with fluorobenzene in liquid ammonia

The rate of disappearance of solvated electrons by reaction with fluorobenzene in ammonia is accelerated by small concentrations of methanol; it also has a “negative activation energy” depending on the methanol concentration. The kinetic data suggest an exothermic electron attachment-detachment equilibrium with the fluorobenzene followed by a slower reaction of the electron adduct with the proton donating methanol.     

The He(Iα) Photoelectron Spectra of Substituted 1,2-Dithietes

The He(Iα) photoelectron (PE.) spectra of a series of substituted 1,2-dithietes have been recorded and assigned with respect to the orbital sequence derived from an STO-3G model calculation and by correlation with the PE. spectra of related compounds. The results provide additional support for the presence of a closed, four-membered ring moiety in all the 1,2-dithietes investigated. In all cases the two highest occupied molecular orbitals are b₂(π)= HOMO, a₂(π), with exception of 3,4-bis(trifluoromethyl)-1,2-dithiete where the sequence b₂(π), a₂(π) or a₂(π), b₂(π) is uncertain.