Carbon permits and associated …nancial derivatives are increasingly traded in …nancial markets. E¢ ciently functioning carbon markets are necessary if reductions in CO2 emissions are to be achieved in a cost-e¤ective manner. With these considerations in mind, this paper adds to the growing literature which seeks to understand the operations of the carbon markets. We jointly model the spot and f...

A "posynomial" is a (generalized) polynomial with arbitrary real exponents, but positive coefficients and positive independent variables. Each posynomial program in which a posynomial is to be minimized subject to only inequality posynomial constraints is termed a "reversed geometric program". The study of each reversed geometric program is reduced to the study of a corresponding family of appr...

Ostracode magnesium/calcium (Mg/Ca)-based bottom-water temperatures were combined with benthic foraminiferal oxygen isotopes in order to quantify the oxygen isotopic composition of seawater, and estimate continental ice volume and sea-level variability during the Mid-Pliocene warm period, ca 3.3-3.0Ma. Results indicate that, following a low stand of approximately 65m below present at marine iso...

The relative concentrations of big gastrin (G-34) and little gastrin (G-17) were compared in the sera and tumours (gastrinomas) of Zollinger-Ellison syndrome patients. Big and little gastrins were identified in all 10 serum samples and in all 10 tumour biopsies examined. In serum, G-34 (range of concentrations 58-220 000 fmol/ml) was the major form of gastrin and G-17 (22-78 000 fmol/ml) was a ...

Microcin PDI inhibits a diversity of pathogenic Escherichia coli through the action of an effector protein, McpM. In this study we demonstrated that expression of the inhibitory phenotype is induced under low osmolarity conditions and expression is primarily controlled by the EnvZ/OmpR two-component regulatory system. Functional, mutagenesis and complementation experiments were used to empirica...

The asymptotic distribution of maximum likelihood estimators is derived for a class of exponential generalized autoregressive conditional heteroskedasticity (EGARCH) models. The result carries over to models for duration and realised volatility that use an exponential link function. A key feature of the model formulation is that the dynamics are driven by the score. Keywords: Duration models; g...

Credit scoring models play a fundamental role in the risk management practice at most banks. They are used to quantify credit risk at counterparty or transaction level in the different phases of the credit cycle (e.g. application, behavioural, collection models). The credit score empowers users to make quick decisions or even to automate decisions and this is extremely desirable when banks are ...

Despite its clear importance, there is no consensus on the optimal asset allocation strategy for retirement investors of varying age, gender, and risk tolerance. This study analyzes the allocation question by focusing on the downside risks that result from the joint uncertainty over investment returns and life expectancy. Using a new analytical approach, we show that concentrating on the severi...

Gastric adenocarcinoma (GAC) is the 16th most common cancer in UK and has a 5-year survival rate of 20.7%. GastroPanel (Biohit Oyj; Helsinki, Finland) an ELISA kit that measures four plasma biomarkers: Pepsinogen I (PGI), II (PGII), Gastrin 17 (G17) Helicobacter pylori IgG antibodies (Hp IgG), for detection atrophic gastritis (AG). PGI PGI/PGII ratio correlates inversely with severity chronic h...

Using data from 1983 to 2010, we propose a new fear measure for Treasury markets, akin to the VIX for equities, labeled TIV. We show that TIV explains one third of the time variation in funding liquidity and that the spread between the VIX and TIV captures flight to quality. We then construct Treasury bond variance risk premia as the difference between the implied variance and an expected varia...