An implied volatility is the volatility implied by the market price of an option based on the Black-Scholes option pricing model. An interest rate swaption volatility surface is a four-dimensional plot of the implied volatility of a swaption as a function of strike and expiry and tenor.

The traditional configuration of content on top and comments on the bottom on most websites often dismiss comments as of secondary importance to content. This article looks at how comment culture(s) in China operate outside of the top-bottom dichotomy where comments are increasingly supplanting content as the main form of consumable media. Through…[Read more]

Overnight index swaps (OIS) curves became the market standard for discounting collateralized cashflows. The reason often given for using the OIS rate as the discount rate is that it is derived from the fed funds rate and the fed funds rate is the interest rate usually paid on collateral. As such the fed funds rate and OIS rate are the relevant…[Read more]

„Political Correctness“, „Identitätspolitik“ und „Cancel Culture“ werden heutzutage überwiegend als Waffen von Konservativen eingesetzt, um ihre Privilegien gegen emanzipative Neuregelungen zu verteidigen. Solche Neuregelungen als Einschränkung der Kunst- und Meinungsfreiheit zu kritisieren ist deshalb meist falsch. Tatsächlich tragen „Politic…[Read more]

This paper analyzes the perception of the Eastern European revolutions of 1989
through the Chilean press, in the context of the process of political change that Chile was experiencing
at that time. The research relies on the critical review of various contemporary media:
newspapers, magazines, and written testimonials, which allow us to…[Read more]

For many reasons, the mid-19th century was a time of intensified interest within literature and philosophy in outstanding individuals who were ahead of
their times and opened up new prospects for the world as it developed. In this respect, Norwid shared the views of his era. Studies on his oeuvre have spread
the sound view – even in the i…[Read more]

The basis curve construction methodology is based on the most liquid market instruments. Normally a basis curve is divided into two parts. The short end of the term structure is determined using LIBOR rates and the remaining is derived using basis swaps.

A new cycle of communications commons has become part of the contemporary repertoire of Indigenous first nations in North America. The mobilization of the Standing Rock Sioux is perhaps the best-known example of a continent-wide cycle of resistance in which Indigenous communities have employed a combination of collectively governed land-based…[Read more]

Unlike other Latin American countries, Colombia has consistently been governed by centre-right or right-wing political parties. The absence of political space for the Left in this country allowed governments to portray protests as subversive and criminal. However, starting in 2008, right-wing politicians have embraced, supported…[Read more]

Zero curves can be derived from government bonds or LIBOR/swap instruments. The LIBOR/swap term structure offers several advantages over government curves, and is a robust tool for pricing and hedging financial products. Correlations among governments and other fixed-income products have declined, making the swap term structure a more efficient…[Read more]

This article outlines a concept of anarchist internationalism as non-domination. The discussion falls into two parts. The first outlines the general theory, building on analysis of the anarchist critique of republicanism, describing anarchist internationalism as cosmopolitan and based on a permanent “right of secession”. The second part con…[Read more]

This paper analyzes the position of the Chilean Catholic Church in the debate on national development and the Alliance for Progress that took place in the
country during 1961-1970. The Church participated in the public discussion through the magazine Mensaje, in which positions were opposed between economic (material) development and spiritual…[Read more]

Earth Focus is a forum for discussion and a catalyst for action for young people of all ages. We deal with issues concerning our environment, community and culture at all levels. Issue 17 includes the sections: Your Future Starts Here, Decent and Dignified Jobs, Voices of Child Labor, Prepare for a Career, Become a Volunteer, Youth Employment in…[Read more]

Article on Wagner’s 1847 arrangement of Gluck’s _Iphigénie en Aulide_; adapted from, and may be read in conjunction with, Chapter 3 of Jeremy Coleman, _Richard Wagner in Paris: Translation, Identity, Modernity_ (The Boydell Press, 2019).

The term structure of interest rates, also known as yield curve, is defined as the relationship between the yield-to-maturity on a zero coupon bond and the bond’s maturity. Zero yield curves play an essential role in the valuation of all financial products.

Highlights and insights from the author’s unique Global Faculty Development position at Kansai University in Osaka from 2016-2020. The article, published in Australia, summarizes data on the expressed needs of faculty clients, cites international research on English-Medium Instruction programs, and shows how globalization pressures reach the level…[Read more]

Value at Risk (VaR) is the regulatory measurement for assessing market risk. It reports the maximum likely loss on a portfolio for a given probability defined as x% confidence level over N days. VaR is vital in market risk management and control. Also regulatory and economic capital computation is based on VaR results. Although VaR measure is…[Read more]

Risk sensitivities, also referred to as Greeks, are the measure of a financial instrument’s value reaction to changes in underlying factors. The value of a financial instrument is impacted by many factors, such as interest rate, stock price, implied volatility, time, etc. Sensitivities are risk measures that are more important than fair values.

Vor wenigen Tagen hat das Hamburger Kabarett-Theater Schmidts Tivoli die Zusammenarbeit mit dem Komiker Kay Ray beendet, offenbar weil rassistische Witze in der Show einen zentralen Platz einnehmen. Kurz nach der Cancel-Affäre zwischen Lisa Eckhart und dem Hamburger Nochtspeicher sieht sich nun auch Ray als Opfer von „Cancel Culture“, die die Kuns…[Read more]

This article investigates the military approach as a means of solving protracted civil conflicts, in particular focusing on the cases of Sri Lanka and Colombia in comparison. The approach adopted is to study the emergence of these military options within the context of each country’s history and to assess whether the call for war was merely a…[Read more]