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2021 ◽  
Vol 26 (1) ◽  
pp. 59-84
Author(s):  
Mathias Beiglböck ◽  
Gudmund Pammer ◽  
Walter Schachermayer

AbstractFamously, mathematical finance was started by Bachelier in his 1900 PhD thesis where – among many other achievements – he also provided a formal derivation of the Kolmogorov forward equation. This also forms the basis for Dupire’s (again formal) solution to the problem of finding an arbitrage-free model calibrated to a given volatility surface. The latter result has rigorous counterparts in the theorems of Kellerer and Lowther. In this survey article, we revisit these hallmarks of stochastic finance, highlighting the role played by some optimal transport results in this context.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yusuf Dinç ◽  
Rashed Jahangir ◽  
Ruslan Nagayev ◽  
Fahrettin Çakır

Purpose The emerging markets have been witnessing a remarkable revival of rotating savings and credit associations (ROSCAs) serving as alternative informal financing and investment platforms, also known as savings-based finance (SBF) in Turkey. The purpose of this study is to present the SBF model mathematically, analyse the performance of the SBF sector and propose a new Sharīʿah-compliant SBF model for the acquisition of durables. Design/methodology/approach The paper thoroughly reviews the concept and practice of ROSCA across the globe, mathematically models and empirically analyses the performance of Turkish SBF companies using a unique data set. Findings The study formulates a two-person SBF model and proposes a Mudarabah-Wakalah hybrid model with a new investment feature. It is found that the concept of ROSCA is being operationalized in 105 countries across the globe under different names with slight business model modifications. The research also reveals that the demand for financing of durables in Turkey significantly increased in recent years with the demand for housing is twice greater compared to vehicles. Most importantly, a strong significant inter- and intra-comovement is observed between these durables implying that the success of the sector in one segment has attracted the customers to other SBF products. It shows that the SBF institutions can effectively serve as the alternative financing houses for pooling savings and financing the durables, and they have strong potential to capture a larger financial market share in Turkey and even globally. Originality/value The study constructs mathematical models and proposes a new investment wing to an existing SBF wealth fund.


2021 ◽  
Vol 923 (1) ◽  
pp. 19
Author(s):  
Eileen C. Gonzales ◽  
Ben Burningham ◽  
Jacqueline K. Faherty ◽  
Channon Visscher ◽  
Mark Marley ◽  
...  

Abstract We present the first retrieval analysis of a substellar subdwarf, SDSS J125637.13−022452.4 (SDSS J1256−0224), using the Brewster retrieval code base. We find SDSS J1256−0224 is best fit by a cloud-free model with an ion (neutral H, H−, and electron) abundance corresponding to Fe / H ion = − 1.5 . However, this model is indistinguishable from a cloud-free model with Fe / H ion = − 2.0 and a cloud-free model with Fe / H ion = − 1.5 assuming a subsolar carbon-to-oxygen ratio. We are able to constrain abundances for H2O, FeH, and CrH, with an inability to constrain any carbon-bearing species likely due to the low metallicity of SDSS J1256−0224. We also present an updated spectral energy distribution (SED) and semiempirical fundamental parameters. Our retrieval- and SED-based fundamental parameters agree with the Baraffe low-metallicity evolutionary models. From examining our “rejected” models (those with ΔBIC > 45), we find that we are able to retrieve gas abundances consistent with those of our best fitting model. We find the cloud in these poorer fitting “cloudy” models is either pushed to the bottom of the atmosphere or made optically thin.


Solar Physics ◽  
2021 ◽  
Vol 296 (12) ◽  
Author(s):  
Rosemeire Aparecida Rosa Oliveira ◽  
Marcos William da Silva Oliveira ◽  
Arian Ojeda-González ◽  
Valdir Gil Pillat ◽  
Ezequiel Echer ◽  
...  

Blood ◽  
2021 ◽  
Vol 138 (Supplement 1) ◽  
pp. 873-873
Author(s):  
Hong-hu Zhu ◽  
Ya-fang Ma ◽  
Suning Chen ◽  
Ying Lu ◽  
Jiang Huang ◽  
...  

Abstract Background: Low-risk patients with acute promyelocytic leukemia (APL) can be cured using only ATRA and arsenic trioxide (ATO), without chemotherapy(Lo-Coco F, et al. NEJM 2013) .Our group simplified the protocol by replacing iv ATO with oral arsenic, referred to as RIF, allowing for outpatient, oral and chemotherapy-free treatment for an increasing number of APL patients (Zhu HH, et al. NEJM 2014; 371:2239-41;Zhu HH, et al. Lancet Oncol 2018;19:871-879; Zhu HH, et al. Blood 2019;134:597-605). We also reported a promising single-center results using chemo-free postremission treatment for high-risk APL patients (Zhu HH, Blood 2018;131:2987-2989), which need to be confirmed in a well designed multi-center trial. Objective: To evaluate the efficacy of safety Realgar indigo formula plus retinoic acid as postremission treatment in an oral and chemo-free model for high-risk APL patients . Design, setting and participants: a prospective, multicenter, single-arm, phase II clinical trial conducted in the First Affiliated Hospital, Zhejiang University College of Medicine, China. Eligible patients (>18 years old) with newly diagnosed APL and achieved complete remission(CR) were enrolled since May 2019, with final follow-up in July 31,2021. Interventions: The consolidation therapy included realgar-Indigo naturalis formula (60 mg/kg daily in an oral divided dose) in a 4-week-on and4-week-off regimen for 4 cycles and ATRA (25 mg/m 2 daily in anoral divided dose) in a 2-week-on and 2-week-off regimen for 7 cycles. The primary endpoint was the 2-year DFS. Secondary endpoints included complete molecular remission (CMR) defined as the absence of detectable PML-RARA transcripts., event-free survival (EFS), OS, and safety. Main outcomes and measures: 38 eligible patients were enrolled including 18 males and 20 females and the median age was 41 years old (18-77 years). The median of WBC count is 25.39(10.2-113.9)×109/L[ >50×10 9/L n=10; (20-50)×10 9/L n=14,(10-20)×10 9/L n=14].All the patients achieved CMR during post-remission treatment phase (7 months). Until now, no molecular, hematologic recurrence,and central nervous system leukemia has happened with median follow-up of 13 months. What's more, this chemotherapy-free, completely oral regimen was well tolerated. C onclusions: These exciting results proved that RIF plus retinoic acid as postremission treatment of high-risk APL was effective, safe and convenient. The study is ongoing, and the effective of this regimen need to be evaluated by more patients and longer time. Figure 1. The overall survival(OS) and disease-free survival (DFS) of high-risk APL patients. Figure 1 Figure 1. Disclosures No relevant conflicts of interest to declare.


Author(s):  
Haoran Zhao ◽  
Xin Sun ◽  
Junyu Dong ◽  
Milos Manic ◽  
Huiyu Zhou ◽  
...  
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