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e-Infrastructure and e-Services for Developing Countries
This book constitutes the thoroughly refereed post-conference proceedings of the Third International ICST Conference on e-Infrastructure and e-Services for Developing Countries, AFRICOMM 2011, held in Zanzibar, Tansania, in November 2011. The 24 revised full papers presented together with 2 poster papers were carefully reviewed and selected from numerous submissions. The papers cover a wide range of topics in the field of information and communication infrastructures. They are organized in two tracks: communication infrastructures for developing countries and electronic services, ICT policy, and regulatory issues for developing countries.
Quantum Mind and Social Science
A unique contribution to the understanding of social science, showing the implications of quantum physics for the nature of human society.
The Quantum Nature of Things
This book offers readers an entirely original and unconventional view of quantum mechanics. It is a view that accepts quantum mechanics as the natural way to think about the way nature works, rather than the view commonly expressed, especially in books on quantum physics, that quantum theory is weird and counterintuitive. It is based on the concept of itemization. From this simple premise, quantities like energy and momentum, both linear and angular emerge naturally, as do configuration space, potentials, the electromagnetic field, many-body dynamics, special relativity and relativistic wave mechanics. The many-body dynamics, because it is not tied to physics from the outset, can be applied ...
Credit Risk Contagion and the Global Financial Crisis
"This paper investigates how the market valuation of credit risk changed during 2008-2009 via a separation of the probability of default (PD) and the loss given default (LGD) of credit default swaps (CDSs), using the information implied by equity options. While the Lehman Brothers collapse in September 2008 harmed the stability of the financial systems in major industrialized countries, the CDS spreads of some major UK banks did not increase in response to this turmoil in financial markets including the decline in their own stock prices. This implies that the CDS spreads of financial institutions may not reflect all their credit risk due to the government interventions. Since CDS spreads are...
A Framework for Extracting the Probability of Default from Stock Option Prices
"This paper develops a framework to estimate the probability of default (PD) implied in listed stock options. The underlying option pricing model measures PD as the intensity of a jump diffusion process, in which the underlying stock price jumps to zero at default. We adopt a two-stage calibration algorithm to obtain the precise estimator of PD. In the calibration procedure, we improve the fitness of the option pricing model via the implementation of the time inhomogeneous term structure model in the option pricing model. Since the term structure model perfectly fits the actual term structure, we resolve the estimation bias caused by the poor fitness of the time homogeneous term structure model. It is demonstrated that the PD estimator from listed stock options can provide meaningful insights on the pricing of credit derivatives like credit default swap."--Prelim.
