1,724,917 research outputs found
1.01.165: Lord Thomson congratulates Sir Robertson S. Aitken
No full textLord Thomson congratulates Sir Robertson S. Aitken, honourary graduate, Memorial University of Newfoundland
1.01.166: Lord Thomson congratulates Sir Robertson S. Aitken
No full textLord Thomson congratulates Sir Robertson S. Aitken, honourary graduate, Memorial University of Newfoundland
Conclusion to Building the Post-Pandemic University
No full textIn September 2022, Rectors, Presidents, and Vice-Chancellors assembled at the University of Bologna in Italy to sign the Magna Charta Universitatum (MCU 2020). This event was deeply symbolic for multiple reasons. The ceremony was the first public gathering of so many heads of universities since the Covid lockdowns. That it was at the University of Bologna, founded in 1088, cast the arc of time backwards as if to remind the world that this ancient institution had longer and deeper roots than the modern nation state. The Magna Charta itself, otherwise known as the Great Charta of Universities, is a short document that was ratified on the eve of the end of the Cold War in 1988, laying out the fundamental values and principles of the university, in particular institutional autonomy and academic freedom
STATIC FUND SEPARATION OF LONG-TERM INVESTMENTS
No full textThis paper proves a class of static fund separation theorems, valid for investors with a long horizon and constant relative risk aversion, and with stochastic investment opportunities. An optimal portfolio decomposes as a constant mix of a few preference‐free funds, which are common to all investors. The weight in each fund is a constant that may depend on an investor's risk aversion, but not on the state variable, which changes over time. Vice versa, the composition of each fund may depend on the state, but not on the risk aversion, since a fund appears in the portfolios of different investors. We prove these results for two classes of models with a single state variable, and several assets with constant correlations with the state. In the linear class, the state is an Ornstein–Uhlenbeck process, risk premia are affine in the state, while volatilities and the interest rate are constant. In the square root class, the state follows a square root diffusion, expected returns and the interest rate are affine in the state, while volatilities are linear in the square root of the state
Optimal importance sampling with explicit formulas in continuous time
No full textIn the Black-Scholes model, consider the problem of selecting a change of drift which minimizes the variance of Monte Carlo estimators for prices of path-dependent options. Employing large deviations techniques, the asymptotically optimal change of drift is identified as the solution to a one-dimensional variational problem, which may be reduced to the associated Euler-Lagrange differential equation. Closed-form solutions for geometric and arithmetic average Asian options are provided
Importance Sampling with Basket Options
No full textImportance sampling can greatly increase the precision of Monte Carlo methods,
expecially for options depending on several underlying assets. This article discusses
a characterization of asymptotically optimal drifts as solutions of a variational
problem, which leads to a system of Euler-Lagrange ODEs. The calculation of drifts
is discussed for basket options of European and Asian type
Erasures and Equivalences: Negotiating the Politics of Culture in the OECD's Global Competence Project
No full textIn 2014, the OECD-PISA’s Governing Board approved the addition of a set of global competence measures to its Programme of Student
Assessment. In our paper, we explore whether and how there are discursive shifts between the two framing papers (2016/2018) and what the outcomes are for policy-shaping. To this end, we employ
Network Text Analysis to map shifting semantic configurations. We show that (i) the concept of ‘global competence’ is radically redefined through the simplification and polarisation of the semantic universe surrounding it, (ii) that the concept ‘global’ becomes a shifting signifier which enables the establishment of an equivalence between the two studied documents, and that (iii) in this process, concepts such as ‘culture’ are now erased in the 2018 text.
Our findings show the dramatic change of approach between the two documents reinforces a narrative that is familiar to the OECD
around knowledge economy proxies
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