Recovering risk-neutral probability density functions from options prices using cubic splines and ensuring nonnegativity

We present a new approach to estimate the risk-neutral probability density function (pdf) of the future prices of an underlying asset from the prices of options written on the asset. The estimation is carried out in the space of cubic spline functions, yielding appropriate smoothness. The resulting optimization problem, used to invert the data and determine the corresponding density function, is a convex quadratic or semidefinite programming problem, depending on the formulation. Both of these problems can be efficiently solved by numerical optimization software.     

Skilled workforce scheduling in Service Centres

The Skilled Workforce Project Scheduling Problem (SWPSP) is a complex problem of task scheduling and resource assignment that comes up in the daily management of many company Service Centres (SC). The SWPSP considers many real characteristics faced daily by the SC: client-company service quality agreements that establish maximum dates for the beginning and the end of tasks with penalties for delays, criticality levels indicating the client-priority in processing each task, generalized precedence relationships that can produce cycle structures, time period and percentage time lags and variable task durations depending on the worker executing the task. Furthermore, the SC workforce is made up of specialist workers characterised by efficiency levels showing their efficiency and speed executing the several types of tasks. Each worker has his or her own timetable.     

Encryption test of pseudo-aleatory messages embedded on chaotic laser signals: An information theory approach

In this Letter, we make use of two information-theory based indicators to measure the goodness of two encryption schemes commonly used within the context of chaotic communications. In particular, we have shown that the computation of the normalized Shannon entropy and the MPR-Statistical Complexity measure [M.T. Martín, A. Plastino, O.A. Rosso, Phys. Lett. A 311 (2003) 126, P.W. Lamberti, M.T. Martín, A. Plastino, O.A. Rosso, Physica A 334 (2004) 119] for different chaotic laser signals can lead to statistically significant criteria to assess the quality of several encryption techniques. The proposed measures allow, in some cases, to detect the presence of a message embedded within a chaotic carrier. They also reveal that the Chaos Modulation scheme is more reliable from the statistical point of view, when compared with the Chaos Shift Keying.     

Synthesis of halogenated hydrazone derivatives and their applicability in the preparation of 4-chloropyrazoles

Reaction of hydrazonic derivatives 1 with N-chlorosuccinimide affords monohalogenated hydrazones 3 with nearly quantitative yields. When 3 is treated with mineral acids or trifluoroacetic acid 4-chloropyrazoles are isolated.     

Impact of operational changes on the scaling factors of radioactive wastes from the IEA-R1 research reactor

Nowadays, the scaling factor methodology is widely used in order to estimate the activity concentration of difficult to measure nuclides in low- and intermediate-level waste from nuclear reactors. However, very few experimental studies evaluate how operational changes in the reactors affect scaling factors. The present work examines the impact of operational changes on the scaling factors that were determined for spent ion-exchange resins and spent activated charcoal permanently withdrawn as radioactive wastes from the water cleanup system of the IEA-R1 nuclear research reactor.     

Withanolides from Aureliana fasciculata var. fasciculata

In the first phytochemical study of the Aureliana genus (Solanaceae), two new withanolides, 1 and 2 , together with two known sterols, were isolated from the MeOH extract of the leaves of Aureliana fasciculata var. fasciculata. The structures were established as (4S,22R)‐16α‐acetoxy‐5β,6β‐epoxy‐4β,17α‐dihydroxy‐1‐oxowitha‐2,24‐dienolide (aurelianolide A) and (4S,22R)‐16α‐acetoxy‐4β,17α‐dihydroxy‐1‐oxowitha‐2,5,24‐trienolide (aurelianolide B). The new compounds possessed the unusual 16α,17α‐dioxygenated group and were fully characterized by spectroscopic techniques, including ¹H‐ and ¹³C‐NMR (DEPT), as well as 2D‐NMR (HMBC, HMQC, ¹H,¹H‐COSY, NOESY) experiments, and HR‐MS.     

Electrochemical criteria for evaluating conservative treatments applied to contemporary metallic sculpture. A case study

A combination of different electrochemical techniques, namely, voltammetry of microparticles, open circuit potential, potentiodynamic polarization, electrochemical impedance spectroscopy, and electrochemical noise was used for studying a contemporary kinetic sculpture: “I Hábitat en órbita baja de la Tierra” (1 Habitat in low-orbit around the Earth, Elvira Alfageme, 1981). It introduced the concept of ‘electrochemical equivalence’ in order to evaluate alternative conservative treatments consisting of doré and golden patination. Electrochemical information is relevant with regard to aesthetic and ethic problems associated to the conservation/restoration of works of art.     

SPE and LC-MS/MS determination of 14 illicit drugs in surface waters from the Natural Park of L’Albufera (València, Spain)

A simple and robust method using solid-phase extraction (SPE) and liquid chromatography tandem mass spectrometry (LC-MS/MS) for the simultaneous determination of 14 drugs of abuse and their metabolites (cocainics, amphetamine-like compounds, cannabinoids, and opiates) in surface waters has been developed. Seven SPE adsorbents (Oasis HLB, Oasis MCX, Oasis Wax, Supelselect HLB, Strata-X, Strata-XCW), amount of sorbent bed, water volume, and pH were investigated. The highest recoveries, as well as the simplest protocol, were obtained for Oasis HLB cartridges (6 mL/200 mg) using 250 mL of water. The proposed method was linear in a concentration range from 0.03–6 to 300–60,000 ng/L depending on the compound, with correlation coefficients higher than 0.998. Matrix effects have been studied in surface water samples, and several isotope-labeled internal standards have been evaluated as a way to compensate the signal suppression observed. Limits of detection (LODs) and quantification (LOQs) ranged from 0.01 to 1.54 ng/L and from 0.03 to 5.13 ng/L, respectively. Recoveries were 71–102% at the LOQ level and 77–104 at 50 ng/L. The intra-day and intermediate precisions were from 1% to 8% and from 2% to 11%, respectively. The present work reports for the first time the occurrence of drugs of abuse residues in surface water samples from the Natural Park of L’Albufera (Valencia, Spain). Codeine, cocaine, benzoylecgonine, ecgonine methylester, amphetamine, 3,4-methylendioxy methamphetamine, morphine, and methadone were quantified with median values of 11.10, 0.02, 5.59, 0.08, 0.21, 0.75 and 0.14 ng/L respectively, and 11-nor-9-carboxy-Δ9-tetrahydrocannabinol was detected in one sample at levels <LOQ.