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Covered Warrants : How the Implied Volatility Changes Over TimeGustafsson, Lars, Lindberg, Marcus January 2005 (has links)
Problem: Investors are dependent on the issuers’ valuation of covered warrants because the issuers also act as market makers. Hence it is crucial that the issuers value each of the five variables used in the Black & Scholes pricing formula in the same way at both the buying and selling occasion. For a covered warrant investor the most important is-sue is the volatility and how it changes over time. This thesis will therefore search for differences in changes of implied volatility between the different issuers. Purpose: The purpose of this thesis is to analyze differences and similarities between the issuers’ changes of their covered warrants implied volatility. Method: The authors have calculated the implied volatility for a sample of warrants with H&M and Ericsson as underlying assets. Black & Scholes formula has been used and this part of the thesis is made with a quantitative approach. After the implied volatility had been calculated correlation tests to the mean as well as to the stock were made. When analyzing the results the authors, in addition to the calculation, used a qualitative method by interviewing market makers. This was made in order to find better explanations to the results. Conclusions: The differences in changes of implied volatility found between different warrants were small. In general, one warrant changed in the same way as the other ones from one day to another. These results reject the rumors that single issuers adjust their implied volatility in order to make more money. When single events in form of reports were analyzed, the authors found that the issuers changed their volatility in the same way to adjust for the changed uncertainty about the stocks future price. Further, these events clarifies that the basic dynamics of implied volatility is followed by the market. The analysis of how the implied volatility changes with respect to the stock price movements indicates a negative correlation. This implies that an increase in the stock price will lower the implied volatility and vice verse.
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Koronabehandling av polymerbelagd kartong : Inverkan av process och lagringstid på ytegenskaper och ytkemi hos koronabehandlat polymerbelagt kartong material / Corona treating of polymer covered paperboard : Impact of process and storage time at surface chemistry and surface properties for corona treated polymer covered paperboardsenqvist, johanna January 2009 (has links)
Det här arbetet har utförts som ett 30 hp examensarbete för kemiingenjörsutbildning på Karlstads universitet åt Stora Enso, Forshaga. Syftet var att undersöka koronabehandlingens effekt på plastbelagda kartongytor. Frågor som hur effekten minskar under lagringstid, om effekten påverkas av materialets bredd, tjocklek, pigment i plasten samt kylvalsarnas påverkan skulle undersökas. Största delen i arbetet var att undersöka hur ytenergin på behandlad plastbelagd kartong minskar med tiden och om detta varierar beroende på behandlingsgraden. Resultaten visade som väntat att ytenergin sjunker med tiden och ju högre ytenergin var direkt efter behandlingen desto fortare sjunker den. Direkt efter behandlingen varierade värdena ganska mycket men efter ca en vecka så verkade ytan ha "lugnat sig" (antagligen hade antalet laddningar som fanns på ytan direkt efter behandlingen då minskat). Ytenergin sjunker snabbast under den första månaden och sedan börjar kurvan plana ut. Efter ca två månader är nivån ganska stabil. Vid jämförelse av olika bredder gick det att se små skillnader som visade att breda rullar kräver mindre effekt för att nå ett visst dyntal än vad en smalare rulle gör. Samtidigt gick det att se att rullarna tycks ha något lägre ytenergi i kanten av rullarna än vad de har i mitten, men inte heller här handlar det om några stora skillnader. Arbetet innefattade även ett test för jämförelse av olika ytvikter på kartongen och det visade sig att ett tjockt material kräver mer energi vid behandlingen än ett tunnare, men skillnaden är liten. Det gick även att se skillnader vid jämförelsen av rullar som belagts med pigmenterad plast och de som belagts med transparent. Polyetylen med pigment i kräver lite högre effekt vid behandlingen för att kunna nå upp till lika hög ytenergi som samma material belagd med transparent plast. Det sista testet som skulle visa om det finns skillnader mellan matt och blank kylvals visade att olika kylvalsar gav olika ytråhet, men skillnaden mellan valsarna blir större på en ytrå yta än på en slät yta. Det var stora skillnader mellan valsarna om de jämfördes på dekorsidan, men på mer ytråa insidan verkade inte kylvalsen ha lika stor inverkan.
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Effects of operating conditions on the surface modification of steel using a coating method of closed-type electrical dischargeMa, Chia-nan 26 August 2009 (has links)
¡@¡@An electrical discharge coating method, which an isolated sleeve is used to form a closed space between the end surface of electrode and the workpiece so that the particles, the ions, and the pressure during the discharge process are concentrated on this space, is employed to increase the coating speed and the quality of the coating. The electrode for the cathode is made of brass, and the workpiece for the anode SKD11. They are immersed in kerosene containing W/C powder with the concentration of 50g/L. The time for the pulse-on is 25£gs and that for the pulse-off times 500£gs. The growing thickness and the quality of coating layer are investigated under the supply voltage of 50-400V, discharge coating time of 34-284s, and the gap distance of 50-300£gm.
¡@¡@Experimental results show that when the supply voltage is larger than 100V, the gap distance less than 150£gm and discharge coating time 142s, the area covered by the coating can achieve more than 90 percent of the total surface area. Moreover, the coating thickness increases with increasing gap distance and discharge coating time, but as the gap distance is larger than 150£gm, the coating thickness decreases with increasing gap distance.
¡@¡@For a special case, under the supply voltage of 200V, the gap distance of 100£gm and the discharge coating time of 142s, the coating thickness can achieve about 17£gm with little pore in the coating layer. The hardness of the coating layer can almost achieve the level of W/C hardness.
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Covered Warrants : How the Implied Volatility Changes Over TimeGustafsson, Lars, Lindberg, Marcus January 2005 (has links)
<p>Problem: Investors are dependent on the issuers’ valuation of covered warrants because the issuers also act as market makers. Hence it is crucial that the issuers value each of the five variables used in the Black & Scholes pricing formula in the same way at both the buying and selling occasion. For a covered warrant investor the most important is-sue is the volatility and how it changes over time. This thesis will therefore search for differences in changes of implied volatility between the different issuers.</p><p>Purpose: The purpose of this thesis is to analyze differences and similarities between the issuers’ changes of their covered warrants implied volatility.</p><p>Method: The authors have calculated the implied volatility for a sample of warrants with H&M and Ericsson as underlying assets. Black & Scholes formula has been used and this part of the thesis is made with a quantitative approach. After the implied volatility had been calculated correlation tests to the mean as well as to the stock were made. When analyzing the results the authors, in addition to the calculation, used a qualitative method by interviewing market makers. This was made in order to find better explanations to the results.</p><p>Conclusions: The differences in changes of implied volatility found between different warrants were small. In general, one warrant changed in the same way as the other ones from one day to another. These results reject the rumors that single issuers adjust their implied volatility in order to make more money. When single events in form of reports were analyzed, the authors found that the issuers changed their volatility in the same way to adjust for the changed uncertainty about the stocks future price. Further, these events clarifies that the basic dynamics of implied volatility is followed by the market. The analysis of how the implied volatility changes with respect to the stock price movements indicates a negative correlation. This implies that an increase in the stock price will lower the implied volatility and vice verse.</p>
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Strengthening historic covered bridges to carry modern trafficCyphers, Rex A. January 2003 (has links)
Thesis (M.S.)--West Virginia University, 2003. / Title from document title page. Document formatted into pages; contains x, 128 p. : ill. (some col.). Includes abstract. Includes bibliographical references (p. 96-97).
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Den svenska bolånemarknaden : Förändringar efter introduktionen av säkerställda obligationerSundberg, Emelie, Thorildsson, Peter January 2013 (has links)
När en person tar ett lån för att köpa en fastighet så tar denne ett Bolån. I Sverige har det funnits en fungerande bolånemarknad sedan länge, men år 2004 infördes en ny lag som kom att förändra hur den underliggande säkerheten hos lånen disponeras. Den nya typen av bolån benämndes säkerställda obligationer, en typ av obligation som skulle vara säkrare för både de som investerar och ger ut obligationen. Eftersom liknande lagstiftning redan fanns i flera andra länder i övriga världen, syftade även lagstiftningen till att underlätta för investerare internationellt. Lagen togs i bruk 2006 då flera av de stora svenska bankerna byta ut sina gamla obligationer för bolån mot de nya säkerställda obligationerna, och lagstiftningen ledde följaktligen till en del förändringar på den svenska bolånemarknaden. Utifrån den genomförda studien kan vi konstatera att bolånemarknaden inte genomgått några markanta förändringar, men att lagstiftningen öppnat upp nya dörrar för många potentiella investerare. Det verkar även som att marknaden för säkerställda obligationer kommer fortsätta utvecklas positivt, men det fanns en viss meningsskiljaktighet angående marknaden för säkerhetsställda obligationers framtida utveckling. Vi såg i studien, att många i vår omgivning antingen hade ingen eller en mycket begränsad kunskap om säkerställda obligationer. Studien har därför en lärande verkan, den informerar läsaren om en för vårt samhälle och vår vardag så nödvändig typ av obligation, som känns relevant att belysa. Relevansen i studien ligger i att ta reda på om lagstiftningen är det som fört marknaden framåt, detta för att öppna för vidare diskussioner om exempelvis en internationell lagstiftning skulle kunna vidga marknaden ytterligare.
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Naked Short Selling: Is it Information-Based Trading?Liu, Hu 2012 August 1900 (has links)
Naked short selling occurs when a short seller fails to deliver shares on the settlement day. The business press and many corporate managers characterize it as abusive price manipulation, alleging that selling nonexistent shares causes a price decline regardless of fundamentals. To curtail the practice, the SEC issued regulations, first to restrain and later to prohibit all naked short selling (i.e., Reg. SHO in 2004 and its amendment in 2009). Contrary to allegations, I find that the naked short selling component of total short interest is significantly associated with accounting and market fundamentals, indicating proper information usage. Further, naked short interest is highly significant in predicting one-quarter ahead abnormal stock returns, and it dominates covered short interest when both measures are included. I also calculate returns from a zero-investment trading strategy that buys (sells) shares with low (high) levels of both covered and naked short interest. I find abnormal returns are approximately 3.9 times larger than when using only covered short interest. Empirical evidence therefore indicates that recent actions by regulators to eliminate naked short selling are likely to impede arbitrage and thereby reduce market efficiency.
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Hydrochemistry of Ice-Covered Lakes and Ponds in the Untersee Oasis (Queen Maud Land, Antarctica)Faucher, Benoit 18 June 2021 (has links)
Several thousand coastal perennially ice-covered oligotrophic lakes and ponds have been identified on the Antarctic continent. To date, most hydrochemical studies on Antarctica’s ice-covered lakes have been undertaken in the McMurdo Dry Valleys (more than 20 lakes/ponds studied since 1957) because of their proximity to the McMurdo research station and the New Zealand station Scott Base. Yet, little attention has been given to coastal ice-covered lakes situated in Antarctica’s central Queen Maud Land region, and more specifically in the Untersee Oasis: a polar Oasis that encompasses two large perennially ice-covered lakes (Lake Untersee & Lake Obersee), and numerous small ice-covered morainic ponds. Consequently, this PhD research project aims to describe and understand the distribution, ice cover phenology, and contemporary hydrochemistry of perennially ice-covered lakes and ponds located in the Untersee Oasis and their effect on the activity of the benthic microbial ecosystem. Lake Untersee, the largest freshwater coastal lake in central Queen Maud Land, was the main focus of this study. Its energy and water mass balance was initially investigated to understand its current equilibrium and how this perennially well-sealed ice-covered lake may evolve under changing climate conditions. Results suggest that Lake Untersee’s mass balance was in equilibrium between the late 1990s and 2018, and the lake is mainly fed by subglacial meltwater (55-60%) and by subaqueous melting of glacier ice (40-45%). A recursive stable water isotope (δD-δ18O) evolution model for well-sealed perennial ice-covered lakes that takes into account the effect of changing chemistry in residual waters on δD-δ18O values was then developed and determined that Lake Untersee is in isotopic steady-state. Modeling results also showed that Untersee most likely did not receive additional inputs from surface streams during the last 300–500 years at the time of sampling, in November-December 2017. However, in mid-January 2019, Untersee experienced a glacial lake outburst flood (GLOF) that increased the water level by 2 m (contributing 1.75×107 m3 of water), modifying its water chemistry and inorganic carbon load. High-resolution grain size and carbon isotope analyses of the benthic microbial mats suggest that GLOFs occurred periodically over the Holocene and that those events sporadically increased the primary productivity of its benthic microbial ecosystem. Finally, ice-covered ponds in the Oasis were identified and sampled to compare their morphometric properties, hydrochemical properties, and microbial mat activity with Lake Untersee. It was discovered that the Untersee Oasis ponds offer the full spectrum of ice cover types (i.e., perennial well-sealed, perennial and moat forming, and seasonally ice-covered) and that their hydrochemical properties depend on ice cover type. Empirical pond data was used to determine how Lake Untersee and the ponds themselves will evolve as they transition under a warming climate from well-sealed to moat forming and from moat forming to seasonally ice-covered.
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An Analysis on Wildfire Mitigations Employed by Utilities in CaliforniaLuu, Evan 01 December 2023 (has links) (PDF)
As climate change continues to worsen, environmental effects are felt by many people around the world. In California, some of its most damaging wildfires have been found to be started by utilities. As the state continues to suffer from worsening wildfire conditions, the utilities need to implement a variety of wildfire mitigations to help reduce the risk of wildfires that can affect the state and its residents. This paper analyzes the effectiveness of four mitigations employed across three California utilities and suggests potential ways for the mitigations to be used together. The technologies evaluated are covered conductor, rapid earth fault current limiter, distribution fault analysis, and early fault detection. Each of these mitigate different failure drivers of utility lines, whether it is due to a contact from a foreign object, an equipment failure, or another driver. Because each mitigation is more effective against different drivers, a suggestion for multiple mitigations to use together is given. This also includes a path for utilities to evaluate mitigation effectiveness in a different way that may more accurately represent how many fires are stopped by the mitigations employed.
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ENVIRONMENTAL IMPACTS ON RUBISCO: FROM GREEN ALGAL LABORATORY ISOLATES TO ANTARCTIC LAKE COMMUNITIESDolhi, Jenna M. 04 August 2014 (has links)
No description available.
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