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Copyright of Revista de Derecho Politico is the property of Editorial UNED and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Commemorative article for the 50th anniversary of the Black-Scholes mode presenting the derivation of the partial differential equation for pricing in the context of a continuous-time market model. The use of a physically-informed neural network (PINN) is proposed as a resolution method, as a novel technique in the field of scientific machine learning, which allows solving these types of equations without the need for a large amount of training data. The article includes the implementation of the method and the valuation results for the case of European call options. [ABSTRACT FROM AUTHOR]

Copyright of Dilemas Contemporáneos: Educación, Política y Valores is the property of Dilemas Contemporaneos: Educacion, Politica y Valores and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Divergencia is the property of Taller de Historia Politica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Lumina (0123-4072) is the property of Universidad de Manizales and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Objective: the study aims to characterize the Producers' Markets (MP) in Mexico City and its main actors to determine the role they play as a marketing option for small producers. Methodology: a list of MPs was prepared through an Internet search and the study was limited to Mexico City, as it is the area with the highest number of MPs. Data collection was carried out through in-depth interviews with the organizers of seven markets; twenty semi-structured interviews with producers, selected by their purpose; and 46 consumer surveys. The information was analyzed from a characterization of the markets, producers, consumers, products and their interrelationships. Results: Each of the markets studied has characteristics that make them particular and unique. However, something they share is the use of participatory certification to ensure the quality of the products that reach consumers; In addition to seeking to offer a space for interaction between producers and consumers in Mexico City; and the limited promotion that each one does to get their own position. Limitations: Being a study carried out in Mexico City, it only applies to markets located in this area. Conclusions: The MPs can represent a viable marketing option. This is only if considerations are taken into account such as: encouraging the search for a greater number of alliances and community networks in the MPs, so that they can experience growth by increasing the number of producers, increase promotion, expand the offer, incorporate products considered strategic and exploring new delivery channels such as e-commerce. [ABSTRACT FROM AUTHOR]

Copyright of Revista En-Contexto is the property of Tecnologico de Antioquia, Institucion Universitari and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Epistemus. Journal of Music, Cognition & Culture Research is the property of Facultad de Psicologia Universidad Autonoma de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Hermeneus is the property of Revista Hermeneus and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Heston model (1993) is validated for MXN/USD options, calculating the difference between the theoretical premium and the one issued by the Mexican Derivatives Market. The parameters were estimated covering a period from 2003 to 2018 and the prices of the European Call and Put options were calculated, considering the exercise prices of November 9, 2018. The results reveal overvaluation of Call OTM and ITM options with a variation of 5.87% and 3.46%, respectively, and for Put OTM options with 11.41%, thus ratifying that the model is reliable, it is also confirmed that it is a hedging instrument for all those investors exposed to the exchange market risk. [ABSTRACT FROM AUTHOR]

The primary objective of this study is to evaluate a standard European call option under different scenarios by using the Black-Scholes formula and the stochastic numerical methods of Euler-Maruyama and Taylor 2.0 with weak approximations. Simulations are performed under different trajectories, time steps, risk-free interest rates, and different strike prices. The results obtained for option valuation in all the cases analyzed show that the Euler-Maruyama and Taylor 2.0 methods have very low mean square errors when compared to the valuations obtained using the Black-Scholes formula. In conclusion, weak approximation scheme methods are sufficiently precise to be used in engineering or finance. [ABSTRACT FROM AUTHOR]

Copyright of Lecturas de Economia is the property of Universidad de Antioquia, Facultad de Ciencias Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Dilemas Contemporáneos: Educación, Política y Valores is the property of Dilemas Contemporaneos: Educacion, Politica y Valores and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Contaduría y Administración is the property of Facultad de Contaduria y Administracion-Universidad Nacional Autonoma de Mexico and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Introduction: The historical path from 2007 to 2018 of academic research in Spanish universities with undergraduate and postgraduate degrees in Communication fields is analyzed, focusing on the objects of study and the methods used when developing R&D Projects (PI + D) financed by state calls. Methodology: The preparation and recording of data has been made from the analysis of the texts that the State Administration has provided us through the corresponding Ministry, offering the summary that the Principal Investigators of the Projects have provided in the reports they give account for its processing. The universe of IP + D analyzed reached a total of 249 during the selected period and for the analysis of these texts with the summaries of the funded project, a protocol was prepared to record data referring to the beneficiary university and its research team, thus as well as the objects of study, their field of location, their objectives and, finally, the techniques of registration and data processing on which the projects have been based. Conclusions: Among the conclusions of this study, there is a sustained tendency to privilege media discourses as objects of study, and the use of appropriate techniques for document analysis. [ABSTRACT FROM AUTHOR]

Copyright of Revista Daena: International Journal of Good Conscience is the property of Spenta University Mexico and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Daena: International Journal of Good Conscience is the property of Spenta University Mexico and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Colombian state, consistent with the rise of criminal organizations and their use of foreign trade options, introduced the concept of risk management in customs regulation to neutralize these actions. This article of reflection will then allow us to know the scope and importance of the system of customs risk management and what revolves around it in that scenario and for this its main features will be outlined below. [ABSTRACT FROM AUTHOR]

It describes how the discrete Fourier transform could be applied to the valuation of financial options in discrete time, in what is called titration circular. This is no more than a graphical way to introduce the use of the discrete Fourier transform to determine the value of contingent assets and encourage its use in continuous-time models. [ABSTRACT FROM AUTHOR]

This paper develops a model for pricing European options on the index of the Mexican Stock Exchange assuming that the volatility of the underlying is driven by a GARCH-M (1,1). process. The proposed model combines the characteristics of structural and statistical models; that is, volatility is assumed to follow a GARCH-M (1,1) process calibrated on hisstorical data, but the equilibrium price of the option is based on nonarbitrage arguments. In this context, the model is capable of reflecting properly the changes of the conditional volatility of the underlying asset. The results of the numerical implementation of the model suggest that this is able to explain some systematic biases associated with the model published by Black and Scholes (1973). [ABSTRACT FROM AUTHOR]

Copyright of Estudios Gerenciales is the property of Universidad ICESI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper the methodology employed for assessing a bond that includes a call option (callable bond) is given by the numeric implementation of Hull and White short rate model, which it is accomplished through an interest rates trinomial tree. It also presents an application for the case of the company Interconexión Eléctrica S. A. -ISA-, which has issued two callable bonds instruments. For the development of such application computer algorithms are implemented to value the two bonds of the company, and they also allow the structuring of a bond with a generic type call option included. [ABSTRACT FROM AUTHOR]

The present paper values a Wind Farm as a Compound Real Option. By combining the different uncertainties, we evaluate the volatility of the project. The value of the project is calculated using binomial lattices including Market and Private Risks. [ABSTRACT FROM AUTHOR]

Colombia has to have a financial market that fits the needs of its increasingly internationalized economy. That means that a financial derivate market has to be developed. This includes a very deep options market in which forex options be widely dealt with in order to take advantage of the multiple benefits of this instrument specially for hedging purposes since the currency exchange risk is more and more threatening in a globalized world. Options are not very well known in Colombia and there is little information about them. They are only treaded in the over the counter (OTC) market since there not exists an organized one. Of course, it is possible to contract tailor made options in the OTC market, which would not be the case in an organized market, but at the same time this implies more counterpart rise Since the Colombian economy is getting more and more globalize and after adopting a floating exchange rate, the COP has experienced some appreciation that has risen up to 25%. This means considerable losses to the export sector. And also it should drive towards a culture more active in risk managing to hedge against foreign exchange volatility, which could avoid significant losses to the import/export sectors in the future, However, it has been identified that, in spite of the recent volatility of the peso/dollar exchange rate, there is little advance in developing such a culture. So this article focuses on the investigation clone about the reasons why the mayor Colombian import/export companies had not progressed in forex hedging even though there is an increasing risk because of the mentioned volatility. Investigations carried out on those topics above said were complemented with the study of the variables that determine the market price of options allowed to conclude about the principal reason against developing a strong culture for hedging against forex risk although this risk has been growing day by day. Conclusions are also drawn about why the Colombian options market has a very little deep, and which are the perspectives for a better use of this financial instrument which is identify for several authors as a symbol of a modern financial market. [ABSTRACT FROM AUTHOR]

We build a Conditional Real Options model VORC which allows for cash flows to be probabilistic and contingent on the average behavior of an external variable; and we apply our model to the crude oil market where the inflows on an investment project are contingent on the state of the base --the difference between the futures contract on an underlying asset and it's price for immediate delivery at present (or spot price)--. Our main result is that the VORC is a better criteria when evaluating projects with conditional, stochastic cashflows. [ABSTRACT FROM AUTHOR]

Since 1993 the Mexican federal government, through the agency called Apoyos y Servicios a la Comercialización Agropecuaria (ASERCA), has been using futures and options from the Chicago Board of Trade (CBOT) to hedge the white corn spot prices risk. The international hedging is effective if there is a causal leadership of the US # 2 yellow corn futures prices over the Mexican white corn spot prices. However, the results of the procedures of the auto regression vector model (impulseresponse function, variance decomposition, and Granger causality) rejected this conditional statement for the weekly prices included in the period between 1998 and 2005. [ABSTRACT FROM AUTHOR]

In this paper the methodology of real options is presented as an imperative tool for the board of directors of a firm for the decision making process on the financial assessment of projects or business strategies when there is flexibility (optionality) of making, in the future, new decisions such as: expanding, contracting, deferring, correcting or abandoning a project or strategy. In this regard, this research carries out a literature review of closed-form formulas to value the optionality of several strategies are obtained under the assumption that the present value of the expected cash flow follows a log-normal distribution or by using binomial methods. In particular, this paper deals with the case of the decision making of selling or shutting down a firm when the market value of its securities (titles of capital and debt) exceeds the present value of the expected cash flows, or the present value of such expected cash flows is less than certain salvage value. In this context, a Mexican firm that provides satellite communications services is analyzed. Moreover, the methodology of real options is applied to highway construction projects, in particular, the case of the Toluca-Atlacomulco highway project is examined under the assumptions of constant and stochastic volatility. It is also important to emphasize that this paper focuses on: i) the valuation of American abandonment real options; ii) valuation of composed real options; iii) valuation of real options with stochastic volatility extending Hull and White's (1987) model. [ABSTRACT FROM AUTHOR]

The article discusses how to achieve the optimal hedging of a cash flow when facing price risk of the product the company sells. It presents an analytical solution to the optimal hedging strategy in the general case and in some particular situations. It also obtains an expression to measure the efficiency of the hedging strategy.

This paper describes different types of callable bonds. It also presents a model to value those callable bonds when interest rates follow a stochastic process, inspired in the model to value American options developed by Longstaff and Schwartz (2001), known as the Least Squares Montecarlo algorithm. The proposed methodology is applied to the valuation of two semi American callable bonds. A sensibility analysis is developed for the bond's values and for the option's values included in the bonds. [ABSTRACT FROM AUTHOR]

In this paper, we study the use of options in Shareholder Agreements in privately held companies. We focus exclusively on the use, in this type of agreements, of exit strategies and the general restrictions to transfer and to cede shares. We find that the legal framework of the agreements generates different kind of options. These options can be either explicit -- for instance, call options and put options -- or implicit -- for example, drag-along rights --, and we try to recognize in them the basic elements of the financial options. [ABSTRACT FROM AUTHOR]

El artículo discute la acumulación de reservas internacionales en el caso del Banco Central de México. Se enfoca en la metodología utilizada para valuar la opción de venta de dólares y determinar el ejercicio de dicha opción por parte del Banco Central de México. El artículo también examina la probabilidad de ejercicio de la opción ante cambios en el tipo de cambio.

Se presenta un análisis de la experiencia canadiense con los derivados financieros. Se definen los valores derivados y el papel que desempeñan en una economía financiera. Se analizan las categorías esenciales de activos financieros derivados (opciones, futuros y canjes) y se examinan los conceptos que implica un mercado financiero "completo", a fin de explicar la significación de dichos mercados. Se reseñan algunos estudios sobre las ganancias y pérdidas relacionadas con la introducción de derivados.