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No--arbitrage property provides a simple method for pricing financial derivatives. However, arbitrage opportunities exist among different markets in various fields, even for a very short time. By knowing that an arbitrage property exists, we can adopt a financial trading strategy. This paper investigates the inverse option problems (IOP) in the extended Black--Scholes model. We identify the model coefficients from the measured data and attempt to find arbitrage opportunities in different financial markets using a Bayesian inference approach, which is presented as an IOP solution. The posterior probability density function of the parameters is computed from the measured data.The statistics of the unknown parameters are estimated by a Markov Chain Monte Carlo (MCMC) algorithm, which exploits the posterior state space. The efficient sampling strategy of the MCMC algorithm enables us to solve inverse problems by the Bayesian inference technique. Our numerical results indicate that the Bayesian inference approach can simultaneously estimate the unknown trend and volatility coefficients from the measured data., 16 pages, 8 figures and 4 tables

This study examines statistical performance of tests for time-varying properties under misspecified conditional mean and variance. When we test for time-varying properties of the conditional mean in the case in which data have no time-varying mean but have time-varying variance, asymptotic tests have size distortions. This is improved by the use of a bootstrap method. Similarly, when we test for time-varying properties of the conditional variance in the case in which data have time-varying mean but no time-varying variance, asymptotic tests have large size distortions. This is not improved even by the use of bootstrap methods. We show that tests for time-varying properties of the conditional mean by the bootstrap are robust regardless of the time-varying variance model, whereas tests for time-varying properties of the conditional variance do not perform well in the presence of misspecified time-varying mean., Comment: 14 pages, 2 figures, 4 tables

Intraoperative ultrasound during transsphenoidal surgery (TSS) for pituitary tumors has been reported. In reports of endonasal ultrasound (US), Doppler US vessel images were informative and effective in endoscopic TSS. We performed endoscopic US imaging with high flow mode, which is a novel technology, to visualize small vessels during endonasal endoscopic TSS. Six patients (five with pituitary adenomas and one with Rathoke’s cleft cyst) underwent endoscopic US-assisted TSS. A small endoscopic US probe (Olympus, BF-UC260FW; diameter, 6.9 mm) was inserted transsphenoidally to the sellar floor and into the sella turcica, and endoscopic US monitoring was performed. By rotating the endoscopic US probe, the internal carotid artery, anterior cerebral artery, middle cerebral artery, various small vessels, optic nerve, and residual tumor were clearly visualized on the endoscopic US images. Real-time animated vessel images around the tumor could be generated when needed during TSS. The tumors were removed without leakage of cerebrospinal fluid in the six patients, and their visual acuity was restored. Endoscopic US with high flow mode can visualize not only main cerebral arteries but also intracranial small vessels on B-mode US images. Pituitary tumors were clearly recognized and removed safely and precisely by monitoring the cerebral artery and its small branches as landmarks.

Aim To report the effect of oval and round window reinforcement surgery performed in two patients with the Tullio phenomenon. Case 1: A male with bilateral superior canal dehiscence syndrome. Downbeat nystagmus with leftward horizontal eye movement was recorded in an electronystagmogram using a pure-tone sound of 110 dB at 2000 or 4000 Hz in the right ear. Case 2: A female who had undergone stapes surgery. Computed tomography revealed an ossicular prosthesis in the vestibule. An audiogram indicated mild to moderate hearing impairment in the right ear. Leftward horizontal nystagmus was recorded in an electronystagmogram using a pure-tone sound of 110 dB at 500 or 1000 Hz in the right ear. Surgical findings indicated that the prosthesis was inserted deep into the oval window, which was closed with thin connective tissue. Outcomes After oval and round window reinforcement surgery was performed in the right ear, and loud, pure-tone sounds elicited neither nystagmus nor dizziness in either patient.

This study investigates the most important asymmetric property for forecasting realized volatility in the Japanese futures and spot stock markets. We employ heterogeneous autoregressive (HAR) models allowing for three types of asymmetry: positive and negative realized semivariance (RSV), asymmetric jumps, and leverage effect. We find a clear difference among HAR models allowing for asymmetry. The HAR model with leverage effect performs best among asymmetric models. Additionally, the forecast performance of the HAR model with RSV is superior to that with asymmetric jumps. The asymmetric jump components do not produce better forecast performance compared with the standard HAR models. The empirical results indicate that asymmetric information, particularly leverage effect and RSV, yields better modeling and more accurate forecast performance for the realized volatility of Japanese stock markets.

This paper investigates an inverse problem of option pricing in the extended Black--Scholes model. We identify the model coefficients from the measured data and attempt to find arbitrage opportunities in financial markets using a Bayesian inference approach. The posterior probability density function of the parameters is computed from the measured data. The statistics of the unknown parameters are estimated by Markov Chain Monte Carlo (MCMC), which explores the posterior state space. The efficient sampling strategy of MCMC enables us to solve inverse problems by the Bayesian inference technique. Our numerical results indicate that the Bayesian inference approach can simultaneously estimate the unknown drift and volatility coefficients from the measured data.

This paper investigates the inverse option problems (IOP) in the extended Black--Scholes model arising in financial markets. We identify the volatility and the drift coefficient from the measured data in financial markets using a Bayesian inference approach, which is presented as an IOP solution. The posterior probability density function of the parameters is computed from the measured data. The statistics of the unknown parameters are estimated by a Markov Chain Monte Carlo (MCMC) algorithm, which exploits the posterior state space. The efficient sampling strategy of the MCMC algorithm enables us to solve inverse problems by the Bayesian inference technique. Our numerical results indicate that the Bayesian inference approach can simultaneously estimate the unknown trend and volatility coefficients from the measured data.

In this study, based on our previous study in which the proposed model is derived based on the SIR model and E. M. Rogers&rsquo, s Diffusion of Innovation Theory, including the aspects of contact and time delay, we examined the mathematical properties, especially the stability of the equilibrium for our proposed mathematical model. By means of the results of the stability in this study, we also used actual data representing transient and resurgent booms, and conducted parameter estimation for our proposed model using Bayesian inference. In addition, we conducted a model fitting to five actual data. By this study, we reconfirmed that we can express the resurgences or minute oscillations of actual data by means of our proposed model.

The aim of this paper is to reconstruct local volatility from market prices of binary options. In the case of the space-dependent volatility, we obtain the stable linearization and the available integral equation to identify local volatility from observable data of binary options. We achieve the reconstruction of local volatility by numerical simulation.

A 57-year-old woman presented to our department with a 2-month history of pain and paresthesia on the left side of the face 12 years after having undergone surgery for breast cancer. We performed an endoscopic biopsy and diagnosed metastatic breast cancer to the pterygopalatine fossa. There has been no recurrence for two years since the metastatic tumor was treated by radiation therapy. A literature search shows only one case of metastatic breast cancer with severe trigeminal neuralgia located in the V2 division of the trigeminal nerve area. Metastatic disease should be considered part of the differential diagnosis in patients presenting with trigeminal neuropathy.

We report endonasal ultrasonography (US)-assisted neuroendoscopic transsphenoidal surgery (TSS) in seven patients. With sagittal and coronal US images, internal carotid arteries, anterior cerebral arteries, residual tumor, and lateral ventricles were recognized, and the tumors were removed without leakage of cerebrospinal fluid in patients with pituitary adenoma. US images clearly depicted the carotid arteries, anterior cerebral arteries, middle cerebral arteries, chiasmatic cistern, and residual tumor. Endonasal US images can provide real-time animated information and may help neuroendoscopic TSS, whenever needed during TSS.

We herein report a case of female eosinophilic granulomatosis with polyangiitis (EGPA) in which polyethylene glycol (PEG) precipitation was used to evaluate the patient's levels IgE-immune complexes (IC). Her serum IgE (7,110 IU/mL) and IgE-IC (1,880 IU/mL) levels were observed with an IgE PEG precipitated index of 26.4%. We speculate that the circulating IgE-IC were formed by anti-neutrophil IgE autoantibodies. Therefore, the large amount of IgE autoantibodies in the patient's serum appears to have induced a constant allergic pathology. This pathology may have resulted in a marked infiltration of eosinophils into the tissues, as well as intensified the EGPA pathology.

Background Studies show that immunoglobulin E (IgE) is produced in the local nasal mucosa in allergic rhinitis patients. However, no study involved the measurement of IgE levels in the local nasal mucosal tissue in allergic rhinitis patients. This study aimed to measure the local IgE levels in the nasal mucosal tissue and to compare the levels of total IgE and specific IgEs in the serum and the inferior turbinate nasal mucosa in allergic rhinitis patients using the AlaSTAT 3gAllergy assay (Siemens Healthcare Diagnostics AG, Erlangen, Germany). Methods Total IgE antibodies and allergen-specific IgE antibodies in each sample of nasal mucosal tissue from 11 allergic rhinitis patients were measured with the AlaSTAT 3gAllergy assay. We compared the levels of total IgE and IgEs specific for house dust (HD), mites, and cedar pollen in the serum and the inferior turbinate. Results The total IgE levels and the cedar pollen-specific IgE levels in the inferior turbinate mucosal tissue correlated significantly with their respective levels in serum. The HD- and mite-specific IgE levels in the inferior turbinate mucosal tissue did not correlate significantly with their respective levels in the serum. Conclusions Our results evaluating the correlations between nasal mucosal and serum levels of antigen-specific IgE indicate that IgE produced in the nasal mucosa affects the IgE levels in the serum, especially the cedar pollen-specific IgE.

The authors presented a case of a 46-year old male with a complaint of unilateral progressive sensorineural hearing loss and dizziness, diagnosed with fourth ventricle ependymoma. A Large unilateral acoustic neuroma compressing the cerebellum and brainstem was suspected at first, however results of detailed equilibrium tests including eye tracking test, optokinetic pattern test, caloric test and visual suppression test indicated bilateral lesions of the cerebellum and brainstem. MR images depicted a tumor mass from the fourth ventricle invading the bilateral cerebellum and brainstem, and the postoperative histological examination demonstrated typical findings of ependymoma. The possibility of a fourth ventricle ependymoma mimicking acoustic neuroma should be considered when we encounter cases with not only unilateral progressive sensorineural hearing loss and dizziness but also abnormal equilibrium test findings indicating bilateral cerebellum and brainstem lesions.

One of the most interesting problems discerned when applying the Black--Scholes model to financial derivatives, is reconciling the deviation between expected and observed values. In our recent work, we derived a new model based on the Black--Scholes model and formulated a new mathematical approach to an inverse problem in financial markets. In this paper, we apply microlocal analysis to prove a uniqueness of the solution to our inverse problem. While microlocal analysis is used for various models in physics and engineering, this is the first attempt to apply it to a model in financial markets. First, we explain our model, which is a type of arbitrage model. Next we illustrate our new mathematical approach, and then for space-dependent real drift, we obtain stable linearization and an integral equation. Finally, by applying microlocal analysis to the integral equation, we prove our uniqueness of the solution to our new mathematical model in financial markets.

Twenty-seven nasal allergy patients suffering from olfactory disturbance were evaluated in this study. The intravenous olfaction test yielded almost normal responses in 27 cases. The standard olfactory acuity test, however, showed that the mean thresholds of detection of each odor were almost the same, while the mean thresholds of recognition of odors A and E were higher than those of the other odors. Douek has reported selective olfactory loss in patients with vasomotor rhinitis including allergic rhinitis and proposed the concept of "anosmic zones". By modifying the definition of "anosmic zones" in order to use it for the results of T & T olfactometry, we identified 8 patients who exhibited anosmic zones among 27 subjects. These results were inconsistent with the proposed mechanism that nasal obstruction causes olfactory disturbance in patients suffering from nasal allergy. Therefore, the specific factors related to nasal allergy may influence olfaction. We speculate that the pathological changes in the olfactory mucosa may induce secondary abnormalities in olfactory transduction, particularly at the point of signal transduction in olfactory cells. Other possibilities to explain anosmic zones were also discussed.

A 59-year-old Japanese woman presented with right visual impairment and tunnel vision. Pituitary gland tumor was diagnosed and nasal endoscopic transsphenoidal surgery was performed. Following partial removal of the posterior wall of the sphenoid sinus and extension of the ultrasonography probe to contact the dura mater, the bilateral carotid arteries and the pituitary gland tumor were clearly visualized. The ultrasonography image became clearer when the sphenoid sinus was filled with physiological saline. Histopathological analysis of the resected specimen revealed a pituitary adenoma. Ultrasonography was particularly useful in depicting the arteries, showing the tumor at the nasal endoscopic transsphenoidal surgery.

Gas gangrene generally occurs in the extremities, and rarely in the neck.A 63-year-old male visited our clinic complaining of sore throat and dyspnea. He had fever and swelling in his neck. A CTscan showed gas formation in the soft tissues. We performed emergency tracheotomy and surgical drainage from his neck. We administered antibiotics and performed debridement of necrotic tissues. These treatments were very effective.Culture of the pus revealed Clostridium perfringens and Bacteroides interrmedium. We diagnosed gas gangrene.

Operative records of 75 patients with acquired attic cholesteatoma were evaluated and compared with preoperative HRCT findings. The cholesteatoma extensions were classified into five groups as follows; Group 1 (cholesteatoma limited to the attic, 9 cases), Group 2 (cholesteatoma occupying both the attic and the aditus, 5 cases), Group 3 (cholesteatoma extending down to the posterior tympanum, also occupying an area as in Group 2, 6 cases), Group 4 (cholesteatoma occupying the attic, the aditus and the mastoid antrum, 14 cases), and Group 5 (cholesteatoma extending down to the posterior tympanum, also occupying an area as in Group 4, 41 cases). Ventilatory conditions, or the existence of soft tissue density, were evaluated by HRCT at such locations as the supratubal recess, mesotympanum, anterior and posterior parts of the tympanic isthmus, epitympanum, and mastoid antrum. Results are as follows. In Group 1, all these locations were aerated with the exception of a few cases. In Group 2, complete opacification was observed in almost all of the antrums. Soft tissue masses involved the anterior and/or posterior parts of the tympanic isthmus in both Groups 3 and 5. In Group 3, the posterior part of tympanic isthmus was less aerated than the anterior part of tympanic isthmus. In Group 5, all locations were filled with soft tissue density except the supratubal recess and the mesotympanum, where some degree of aeration was observed. These results indicate that blockage of the ventilatory passages is not essential for formation of an attic cholesteatoma. Soft tissue density in HRCT is not the cause, but rather, the result of extension of a cholesteatoma.

When we analyze the reflection phenomenon for the elastic wave, the one of the most complicated and interesting problems is to study the mode conversion case. For the elastic wave, there are waves of different modes and a remarkable phenomenon called "mode-conversion'' which causes serious difficulties. In this paper, by considering the non back-scattering case, we examine the singularities of the scattering kernel for the elastic wave equation with transverse incident waves and derive a new result about the singularities of the scattering kernel.

A 32-year-old woman with Von Recklinghausen's disease had a malignant peripheral nerve sheath tumor that had progressed to malignancy from a neurofibroma arising in the left phrenic nerve. The tumor was removed combining a neck incision and thoracotomy. It should be more widely recognized that neurofibroma associated with Von Recklinghausen's disease may progress to malignancy. Primary treatment requires a broad surgical excision to obtain an adequate margin.

アクリロニトリルと塩化アリル(AC)および α-クロロアクリロニトリル(CAN)との共重合体(含塩素モノマー単位のモル分率は O.035)を 60ml/min の空気流中, 228℃ で熱処理し, 含塩素モノマー単位からの脱塩化水素によって生成する塩化水素が, 熱処理過程でのアクリロニトリル単位の構造変も化にどのような影響を与えるかについて調べた。脱塩化水素は, AC共重合体では2時間以上にわたって徐々に進行し, CAN共重合体では熱処理が開始されるとすぐに完了した。いずれの場合でも熱処理初期においては, シアノ基間重合が, 生成した塩化水素により, ポリアクリロニトリルの場合よりも促進されたが, シアノ基間重合を受けた構造部分での酸化, 脱水によって起こる芳香族化は, CAN共重合体の場合においてのみ促進され, AC共重合体ではむしろ抑制されることがわかった。ポリマー内への酸素の拡散が, 塩化水素の発生状況によって影響を受けるものと解釈した。なお, CAN単位のような脱塩化水素挙動を示す含塩素モノマー単位を少量含有する共重合体は, 炭素繊維製造のさいの前酸化処理の時間を短縮できる原料であると思われる。

Based on a variety of degradative reactions and spectroscopic analyses of the four pseudoaglycones, which were obtained by treatment of N-acetylsporaviridins (N-Ac-SVD) with DBU, the total structures of N-Ac-SVD were deduced as shown in Fig.1.