226 research outputs found
Shedding light on the taxonomic diversity of the south american miocene caimans: the status of Melanosuchus fisheri (Crocodylia, Alligatoroidea)
No full textMelanosuchus niger Spix is distributed throughout the Amazon River basin today. The extinct Melanosuchus fisheri Medina from the late Miocene of Venezuela was erected based on two almost complete, but heavily deformed skulls (the holotype MCNC 243 and the referred specimen MCZ 4336), which show morphological differences from each other. The comparison indicates that only the holotype can be referred to Melanosuchus Gray. We propose MCZ 4336 is a representative of the caimanine Globidentosuchus brachyrostris Scheyer, Aguilera, Delfino, Fortier, Carlini, Sánchez, Carrillo-Briceño, Quiroz and Sãnchez-Villagra. Although the taxonomy of M. fisheri is taken into question herein, the classification of the holotype still sustains the hypothesis that the genus is registered in South America since the late Miocene
PISM parameter ensemble analysis of Antarctic Ice Sheet glacial cycle simulations
No full textThis dataset contains PISM simulation results of the Antarctic Ice Sheet based on code release v1.0-paleo-ensemble (https://doi.org/10.5281/zenodo.3574033). PISM is the open-source Parallel Ice Sheet Model developed mainly at UAF, USA and PIK, Germany. See documentation in http://www.pism-docs.org.
With the help of the added jupyter notebook (Python 2.7.3), all figures can be reproduced as published in the article:
- Albrecht et al., 2020, doi:10.5194/tc-14-633-2020.
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Data:
Find PISM results as netCDF data. See 'README.md' for a list of all performed experiment.
All forcing input data for the experiments and plots can be downloaded and remapped via https://github.com/pism/pism-ais. Some of the original input data files are freely available, for others please contact the author or the corresponding data publisher.
The jupyter notebook (https://jupyter.org) paleo_paper2_final.ipynb (based on python) in 'plot_scripts' accesses the uploaded PISM results in 'model_data' or 'supplement' and saves the plots as vector and pixel graphics to 'final_figures'. Edit header for changing work paths. Jupyter notebook can be run in the browser and shared, see
https://nbviewer.jupyter.org/url/www.pik-potsdam.de/~albrecht/notebooks/paleo_paper/paleo_paper2_final.ipynb.
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Methods:
The scoring scheme with respect to modern and paleo data based on Python 2.7.3 can be downloaded from (https://doi.org/10.5281/zenodo.3585118). The ensemble analysis calculates misfits to the paleo constraint database AntICEdat (Briggs & Tarasov, 2013) and to RAISED Consortium (2014) as well as to modern ice geometry from Bedmap2 (Fretwell et al., 2013), ice speed (Rignot et al., 2011) an GPS (Whitehouse et al., 2011). The analysis is based on Pollard et al., (2016) and Briggs et al., (2014).
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Contact :
Albrecht, Torsten ([email protected]) ; Potsdam-Institute for Climate Impact Research (PIK), Potsdam, German
Interest rate convexity and the volatility smile
No full textWhen pricing the convexity effect in irregular interest rate derivatives such as, e.g., Libor-in-arrears or CMS, one often ignores the volatility smile, which is quite pronounced in the interest rate options market. This note solves the problem of convexity by replicating the irregular interest flow or option with liquidly traded options with different strikes thereby taking into account the volatility smile. This idea is known among practitioners for pricing CMS caps. We approach the problem on a more general scale and apply the result to various examples. --interest rate options,volatility smile,convexity,,option replication
It's the market power, stupid! Stock return patterns in international bank M&A
No full textThis paper analyzes capital market reactions to international bank M&A. We investigate combined stock return patterns of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M&A hypotheses and relate characteristic and mutually exclusive abnormal stock return patterns to each hypothesis. We find that investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model we show that patterns related to market power significantly concur with large relative target size, intra-industry mergers, and increasing market concentration, suggesting a substantial lessening of competition through M&A. --M&A,Banks,Event Study,Peer Returns,Market Power
Schildia fragilis
No full textSchildia fragilis (Carrera, 1944) (Figs 12, 31–34, 38) (Carrera, 1944: 88, 89) Schildia (Shannomyioleptus) fragilis (Hull 1962: 314). Schildia fragilis (Martin 1965: 114; Martin 1968b: 5; Martin 1975: 189; Artigas & Papavero 1988: 98, 102). Schildia zonae (Martin, 1975: 190, 192). syn.n. Diagnosis. This species is distinguished from its congeners by the wide face, the light brown to brown lateral postpronotal lobes, the long postocular setae, and the long presutural dorsocentral setae. Redescription. Head: Face silver pruinose, sometimes dorsal half apruinose, wide, wider than adjacent ommatidium; mystax light yellow, 2 setae; vertex wide, wider than face at clypeal–facial margin, silver pruinose; occipital triangle apruinose, distance between triangle and median eye margin more than adjacent ommatidium; occiput laterally grey pruinose, median dorso-ventral stripe silver pruinose; postocular setae yellow, long; proboscis brown; Antennae: scape and pedicel light yellow, light yellow to light brown setae dorsally and ventrally; postpedicel light yellow proximally, light brown distally, silver pruinose, between 1.5–2 times as long as combined length of scape and pedicel; stylus brown, 1/4 as long as postpedicel, composed of 1 element. Th orax: Predominantly brown, parts silver and brown pruinose; antepronotum, postpronotum, and median postpronotal lobes silver pruinose; lateral postpronotal lobes apruinose, light yellow to light brown; scutum brown, sometimes antero-laterally lighter brown, predominantly apruinose, lateral and posterior margins brown pruinose; presutural dc setae: 1 short, 1 intermediate, 1 long, postsutural dc setae: 3–5 short anteriorly oriented setae, 5–6 short acr setae, 1 npl and 1 spa seta; anepisternum brown, few yellow anepisternal setae on anterior and dorsal margins, anteriorly and dorsally silver and remaining parts brown pruinose; anepimeron, proepimeron, katepisternum, katepimeron and meron+metanepisternum brown, proepimeron silver pruinose, katepisternum anteriorly and antero-dorsally silver pruinose, posterodorsally brown pruinose, central area apruinose, meron+metanepisternum brown pruinose anteriorly, medially apruinose, posteriorly silver pruinose, metkatepisternum brown, silver pruinose; scutellum brown, silver pruinose, few very short apical scutellar setae; Legs: light yellow to light brown; coxae and trochanters light yellow; pro and mes femora light yellow with 2 transverse light brown bands, met femur mostly light yellow to light brown, clubbed in distal 1/3, club brown, yellow transverse band at proximal margin of club, scattered brown macrosetae on pro and mes femora, met femur with distinct rows of brown macrosetae; pro and mes tibiae light yellow with 2 light brown transverse bands, met tibia brown with median yellow transverse band, about 2 times as long as width of tibia, all tibiae with yellow to light brown erect macrosetae in rows, pro and mes tibiae with 2 long apical macrosetae, met tibia with 2 apical macrosetae; tarsus light yellow to light brown, proximal tarsomere always longer than 2 following tarsomeres combined, short and long macrosetae on all tarsomeres; all empodia minute, sometimes met empodium 1/4 of median claw; median claw more than half as long as lateral claw; Wings (Fig. 12): length = 4.4–4.7 mm; few microtrichia, trichoid spicules short, symmetrical dorsally and ventrally, about 18–20 on M1 between r-m and diversion of M1 and M2; cell d small, terminating in M2 and M3, r-m situated proximal to separation of M3 and CuA1; R1 reaching C well proximal to R5 and M1 joining C, R2+3 straight proximally and smoothly arching posteriad distally; halter light yellow, knob dark brown, length = 0.9 mm. Abdomen: Brown; T2 length = 2.7–3.0 mm, T2 with yellow transverse band medially, T2–3 with short, erect, evenly spaced macrosetae, remaining T with irregularly spaced and longer macrosetae, T7–8 with lateral sensory areas (Fig. 34); Male terminalia (Figs 31–33): epandrial halves fused medially, distal tip straight, pointed; epandrium and hypandrium fused proximally, gonocoxite and hypandrium fused to form gonocoxite-hypandrial complex; Aedeagus: not protruding from hypopygium, very short, prong a wide tube; Female genitalia (see Figs 9and 10in Artigas and Papavero 1988) - spermathecae occupying only segment 8, individual spermathecal ducts long and coiled; spermathecal reservoirs not sclerotized, as wide as individual ducts, forming a coil. Type material. The ♂ holotype of Shannomyioleptus fragilis is labeled “ Maracaju Mato Grosso Brasil / Junho 1937 / Serviço Febre Amarela M.E.S., Bras. / ♂ / HOLOTIPO (red label) / Shannomyioleptus fragilis Carrera, 1944 ♂ M. CARRERA DET. (species name and author handwritten, black border) / 104435” (MZSP). The specimen was originally double mounted (attached to triangular label paper), but was destroyed when shipped to the authors (the remnants are preserved in a vial). A ♀ paratype is labeled “ Maracaju Mato Grosso Brasil / Maio 1937 / Serviço Febre Amarela M.E.S., Bras. / ♀ / ALLOTIPO (red label) / 104436 / Shannomyioleptus fragilis Carrera, 1944 ♀ M. CARRERA DET. (species name and author handwritten, black border) / ♀ ” (MZSP). The specimen was originally double mounted (minuten attached to pin), but has been destroyed when shipped to the authors (the remnants are preserved in a vial). A paratype of undeterminable gender is labeled “ Maracaju Mato Grosso Brasil / Junho 1937 / Serviço Febre Amarela M.E.S., Bras. / PARATIPO (red label) / Shannomyioleptus fragilis Carrera, 1944 M. CARRERA DET. (species name and author handwritten, black border)” (USNM). The specimen is double mounted (attached to triangular piece of label paper) and is in good condition (abdomen broken posterior to T 2). Another paratype of undeterminable gender is labeled “ Maracaju Mato Grosso Brasil / Junho 1937 / Serviço Febre Amarela M.E.S., Bras. / ♀ / PARATIPO (red label) / S.W. Bromley Collection 1955 / Shannomyioleptus fragilis n. sp. 44 M. CARRERA DET. (species name and author handwritten, black border)” (USNM). The specimen is double mounted (attached to triangular piece of label paper) and is in poor condition (antennae, right wing, most legs, and abdomen broken). Another paratype of undeterminable gender is labeled “Serviço Febre Amarela M.E.S., Bras. / Maracaju Mato Grosso Brasil / Junho 1937 / PARATIPO (red label) / Shannomyioleptus fragilis Carrera, 1944 M. CARRERA DET. (species name and author handwritten, black bor- der)” (MCZ). The specimen is directly mounted (glued laterally to pin) and is in fair condition. The ♀ holotype of Schildia zonae is labeled “ PANAMA C. Z. Piña Area 18 Nov 57 W.J. Hanson (date handwritten) / USU (red ink) / HOLOTYPE Schildia zonae Chas. H. Martin (species name handwritten, red label) / zonae (handwritten)” (EMUS). The specimen is doubled mounted (attached to paper point), and is in very good condition. The ♂ paratype of Schildia zonae is labeled “ PANAMA C. Z. Piña Area 18 Nov 57 W.J. Hanson (date handwritten) / USU (red ink) / ALLOTYPE Schildia zonae Chas. H. Martin (species name handwritten, red label)” (EMUS). The specimen is doubled mounted (attached to paper point) and is in good condition (T 5–8 glued to paper point). Specimens. Brazil: Paraná: 2♀ Morretes, 25°34’S 048°53’W, 10–13.iv.2002, M. Tavanes et al. (MZSP); British Guyana: 1? Essequibo R., Moraballi Creek, 12°15’S 070°54’W, 21.ix.1929, Oxford University Expedition (BMNH); Peru: Madre de Dios: 1♀ Manu (Erika near Salvacion), 12°15’S 070°54’W, 5–6.ix.1988, A.Freidberg (USNM). Distribution. Brazil, British Guyana, Panama, Peru (Fig. 38). Biodiversity hotspot/ high-biodiversity wilderness area: Cerrado, Mesoamerica/Amazonia (Fig. 38). Remarks. Schildia zonae, described from Panama, is here synonymized with S. fragilis as this species is here shown to be more widespread than initially thought by Martin (1975). Morphologically, the holotypes are indistinguishable and the male terminalia also provide evidence that the two described species are actually one taxon.Published as part of Dikow, Torsten & Bayless, Keith M., 2009, Taxonomic revision of the genus Schildia Aldrich, 1923 (Diptera: Asilidae: Leptogastrinae) with the description of new extant and extinct species, pp. 253-289 in Insect Systematics & Evolution 40 on pages 268-271, DOI: 10.1163/187631209X458358, http://zenodo.org/record/397524
Schildia fragilis
No full textSchildia fragilis (Carrera, 1944) (Figs 12, 31–34, 38) (Carrera, 1944: 88, 89) Schildia (Shannomyioleptus) fragilis (Hull 1962: 314). Schildia fragilis (Martin 1965: 114; Martin 1968b: 5; Martin 1975: 189; Artigas & Papavero 1988: 98, 102). Schildia zonae (Martin, 1975: 190, 192). syn.n. Diagnosis. This species is distinguished from its congeners by the wide face, the light brown to brown lateral postpronotal lobes, the long postocular setae, and the long presutural dorsocentral setae. Redescription. Head: Face silver pruinose, sometimes dorsal half apruinose, wide, wider than adjacent ommatidium; mystax light yellow, 2 setae; vertex wide, wider than face at clypeal–facial margin, silver pruinose; occipital triangle apruinose, distance between triangle and median eye margin more than adjacent ommatidium; occiput laterally grey pruinose, median dorso-ventral stripe silver pruinose; postocular setae yellow, long; proboscis brown; Antennae: scape and pedicel light yellow, light yellow to light brown setae dorsally and ventrally; postpedicel light yellow proximally, light brown distally, silver pruinose, between 1.5–2 times as long as combined length of scape and pedicel; stylus brown, 1/4 as long as postpedicel, composed of 1 element. Th orax: Predominantly brown, parts silver and brown pruinose; antepronotum, postpronotum, and median postpronotal lobes silver pruinose; lateral postpronotal lobes apruinose, light yellow to light brown; scutum brown, sometimes antero-laterally lighter brown, predominantly apruinose, lateral and posterior margins brown pruinose; presutural dc setae: 1 short, 1 intermediate, 1 long, postsutural dc setae: 3–5 short anteriorly oriented setae, 5–6 short acr setae, 1 npl and 1 spa seta; anepisternum brown, few yellow anepisternal setae on anterior and dorsal margins, anteriorly and dorsally silver and remaining parts brown pruinose; anepimeron, proepimeron, katepisternum, katepimeron and meron+metanepisternum brown, proepimeron silver pruinose, katepisternum anteriorly and antero-dorsally silver pruinose, posterodorsally brown pruinose, central area apruinose, meron+metanepisternum brown pruinose anteriorly, medially apruinose, posteriorly silver pruinose, metkatepisternum brown, silver pruinose; scutellum brown, silver pruinose, few very short apical scutellar setae; Legs: light yellow to light brown; coxae and trochanters light yellow; pro and mes femora light yellow with 2 transverse light brown bands, met femur mostly light yellow to light brown, clubbed in distal 1/3, club brown, yellow transverse band at proximal margin of club, scattered brown macrosetae on pro and mes femora, met femur with distinct rows of brown macrosetae; pro and mes tibiae light yellow with 2 light brown transverse bands, met tibia brown with median yellow transverse band, about 2 times as long as width of tibia, all tibiae with yellow to light brown erect macrosetae in rows, pro and mes tibiae with 2 long apical macrosetae, met tibia with 2 apical macrosetae; tarsus light yellow to light brown, proximal tarsomere always longer than 2 following tarsomeres combined, short and long macrosetae on all tarsomeres; all empodia minute, sometimes met empodium 1/4 of median claw; median claw more than half as long as lateral claw; Wings (Fig. 12): length = 4.4–4.7 mm; few microtrichia, trichoid spicules short, symmetrical dorsally and ventrally, about 18–20 on M1 between r-m and diversion of M1 and M2; cell d small, terminating in M2 and M3, r-m situated proximal to separation of M3 and CuA1; R1 reaching C well proximal to R5 and M1 joining C, R2+3 straight proximally and smoothly arching posteriad distally; halter light yellow, knob dark brown, length = 0.9 mm. Abdomen: Brown; T2 length = 2.7–3.0 mm, T2 with yellow transverse band medially, T2–3 with short, erect, evenly spaced macrosetae, remaining T with irregularly spaced and longer macrosetae, T7–8 with lateral sensory areas (Fig. 34); Male terminalia (Figs 31–33): epandrial halves fused medially, distal tip straight, pointed; epandrium and hypandrium fused proximally, gonocoxite and hypandrium fused to form gonocoxite-hypandrial complex; Aedeagus: not protruding from hypopygium, very short, prong a wide tube; Female genitalia (see Figs 9and 10in Artigas and Papavero 1988) - spermathecae occupying only segment 8, individual spermathecal ducts long and coiled; spermathecal reservoirs not sclerotized, as wide as individual ducts, forming a coil. Type material. The ♂ holotype of Shannomyioleptus fragilis is labeled “ Maracaju Mato Grosso Brasil / Junho 1937 / Serviço Febre Amarela M.E.S., Bras. / ♂ / HOLOTIPO (red label) / Shannomyioleptus fragilis Carrera, 1944 ♂ M. CARRERA DET. (species name and author handwritten, black border) / 104435” (MZSP). The specimen was originally double mounted (attached to triangular label paper), but was destroyed when shipped to the authors (the remnants are preserved in a vial). A ♀ paratype is labeled “ Maracaju Mato Grosso Brasil / Maio 1937 / Serviço Febre Amarela M.E.S., Bras. / ♀ / ALLOTIPO (red label) / 104436 / Shannomyioleptus fragilis Carrera, 1944 ♀ M. CARRERA DET. (species name and author handwritten, black border) / ♀ ” (MZSP). The specimen was originally double mounted (minuten attached to pin), but has been destroyed when shipped to the authors (the remnants are preserved in a vial). A paratype of undeterminable gender is labeled “ Maracaju Mato Grosso Brasil / Junho 1937 / Serviço Febre Amarela M.E.S., Bras. / PARATIPO (red label) / Shannomyioleptus fragilis Carrera, 1944 M. CARRERA DET. (species name and author handwritten, black border)” (USNM). The specimen is double mounted (attached to triangular piece of label paper) and is in good condition (abdomen broken posterior to T 2). Another paratype of undeterminable gender is labeled “ Maracaju Mato Grosso Brasil / Junho 1937 / Serviço Febre Amarela M.E.S., Bras. / ♀ / PARATIPO (red label) / S.W. Bromley Collection 1955 / Shannomyioleptus fragilis n. sp. 44 M. CARRERA DET. (species name and author handwritten, black border)” (USNM). The specimen is double mounted (attached to triangular piece of label paper) and is in poor condition (antennae, right wing, most legs, and abdomen broken). Another paratype of undeterminable gender is labeled “Serviço Febre Amarela M.E.S., Bras. / Maracaju Mato Grosso Brasil / Junho 1937 / PARATIPO (red label) / Shannomyioleptus fragilis Carrera, 1944 M. CARRERA DET. (species name and author handwritten, black bor- der)” (MCZ). The specimen is directly mounted (glued laterally to pin) and is in fair condition. The ♀ holotype of Schildia zonae is labeled “ PANAMA C. Z. Piña Area 18 Nov 57 W.J. Hanson (date handwritten) / USU (red ink) / HOLOTYPE Schildia zonae Chas. H. Martin (species name handwritten, red label) / zonae (handwritten)” (EMUS). The specimen is doubled mounted (attached to paper point), and is in very good condition. The ♂ paratype of Schildia zonae is labeled “ PANAMA C. Z. Piña Area 18 Nov 57 W.J. Hanson (date handwritten) / USU (red ink) / ALLOTYPE Schildia zonae Chas. H. Martin (species name handwritten, red label)” (EMUS). The specimen is doubled mounted (attached to paper point) and is in good condition (T 5–8 glued to paper point). Specimens. Brazil: Paraná: 2♀ Morretes, 25°34’S 048°53’W, 10–13.iv.2002, M. Tavanes et al. (MZSP); British Guyana: 1? Essequibo R., Moraballi Creek, 12°15’S 070°54’W, 21.ix.1929, Oxford University Expedition (BMNH); Peru: Madre de Dios: 1♀ Manu (Erika near Salvacion), 12°15’S 070°54’W, 5–6.ix.1988, A.Freidberg (USNM). Distribution. Brazil, British Guyana, Panama, Peru (Fig. 38). Biodiversity hotspot/ high-biodiversity wilderness area: Cerrado, Mesoamerica/Amazonia (Fig. 38). Remarks. Schildia zonae, described from Panama, is here synonymized with S. fragilis as this species is here shown to be more widespread than initially thought by Martin (1975). Morphologically, the holotypes are indistinguishable and the male terminalia also provide evidence that the two described species are actually one taxon.Published as part of Dikow, Torsten & Bayless, Keith M., 2009, Taxonomic revision of the genus Schildia Aldrich, 1923 (Diptera: Asilidae: Leptogastrinae) with the description of new extant and extinct species, pp. 253-289 in Insect Systematics & Evolution 40 on pages 268-271, DOI: 10.1163/187631209X458358, http://zenodo.org/record/397524
On the cost of delayed currency fixing announcements
No full textIn Foreign Exchange Markets vanilla and barrier options are traded frequently. The market standard is a cutoff time of 10:00 a.m. in New York for the strike of vanillas and a knock-out event based on a continuously observed barrier in the inter bank market. However, many clients, particularly from Italy, prefer the cutoff and knock-out event to be based on the fixing published by the European Central Bank on the Reuters Page ECB37. These barrier options are called discretely monitored barrier options. While these options can be priced in several models by various techniques, the ECB source of the fixing causes two problems. First of all, it is not tradable, and secondly it is published with a delay of about 10 - 20 minutes. We examine here the effect of these problems on the hedge of those options and consequently suggest a cost based on the additional uncertainty encountered. --exotic options,currency fixings
Manufacturing Integrated Algorithm-Based Product Design – Case Study of a Snap-Fit Fastening
No full textAbstractIntegrated product design in manufacturing aims to comprehensively tap manufacturing potential for higher durability, lightweight design and additional functional benefits in the realized product. This paper introduces an approach for systematically integrating manufacturing induced properties into product design and is illustrated with a case study of an innovative snap-fit fastening integrated into a linear flow split profile structure. After analyzing and comprehensively considering manufacturing processes as well as assembly and use processes, product properties are transformed into a formalized design task. Optimal product design is provided by algorithm-based solution finding methods that specifically consider the manufacturing induced properties. This allows the optimized snap-fit to systematically utilize manufacturing technologies to combine a simple assembly and high holding forces
A case for money in the ECB monetary policy strategy
No full textOne major outcome of the review of the ECBs two pillar monetary policy strategy, which was published on 8 May 2003, has been the de facto downgrading of the hitherto prominent role assigned to the stock of money. According to the authors judgement, however, there is a strong theoretical and empirical rationale for the ECB monetary policy to pay close attention to the information content of money in the form of M3. However, the authors argue the ECB should make use of the so-called price gap or real money gap concept rather than the reference value as the latter runs the risk of giving misleading policy recommendations and compromising the indicator quality of the stock of money. Making use of M3 seems all the more rational as currently no better inflation indicator appears to exist in providing inflation forecasts in the euro area. --P-star,real money gap,excess liquidity,ECB
Möglichkeiten der Strukturierung von Hedgefondsportfolios
No full textThe year 2000 started the evolution of the German market for Structured Products with incorporated Hedge Fund exposures. This paper provides an extensive commentary on this fast growing segment. Our analysis suggests that the market for existing products is affected by significant heterogeneity. This heterogeneity relates to amongst others the underlying product and cost structure, the performance and the investment style. The diversity and flexibility that enables the investor to acquire a tailor-made and portfolio-optimized asset allocation, has proven to remain attractive, despite the events of recent years. A new investment act ('Investmentmodernisierungsgesetz') was implemented in Germany in 2004. This means that direct investments in (Fund of) Hedge Funds now compete against Structured Products. However our analysis concludes that these product groups coexist. One reason is the innovation power of financial engineers who continuously create new structured products with specific features. --Hedgefonds,Structured Products,Index Certificates,Constant Proportion Portfolio Insurance,Indizes
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