The Structure of the ‘EU’ropean Ensemble of State Apparatuses and Its Geopolitical Ambitions

Against the backdrop of the international political and economic system’s increasing fragmentation, this article attempts to analyse the geopolitical ambitions of the EU. Currently, the EU strives to become an independent global power. For this purpose, the EU tries to establish greater independence from the US and, to a certain degree, from its Member states. This is closely linked to (a) the emergence of the Euro as a currency competing with the US dollar for the status of the ‘global reserve currency’ and (b) the construction of a common foreign and ‘security’ policy. Taking the German literature on the political economy of the state and on the European Integration, insights from neo-Gramscian International Political Economy, and the ‘scale debate’ in Anglophone geography as point of departure, I analyse the European ensemble of state apparatuses and demonstrate that these ambitions have failed, due to the status quo of a fragmented Europe.     

Mean-variance hedging with oil futures

We analyze mean-variance-optimal dynamic hedging strategies in oil futures for oil producers and consumers. In a model for the oil spot and futures market with Gaussian convenience yield curves and a stochastic market price of risk, we find analytical solutions for the optimal trading strategies. An implementation of our strategies in an out-of-sample test on market data shows that the hedging strategies improve long-term return-risk profiles of both the producer and the consumer.     

Arbitrage-free market models for option prices: the multi-strike case

This paper studies modeling and existence issues for market models of option prices in a continuous-time framework with one stock, one bond and a family of European call options for one fixed maturity and all strikes. After arguing that (classical) implied volatilities are ill-suited for constructing such models, we introduce the new concepts of local implied volatilities and price level. We show that these new quantities provide a natural and simple parametrization of all option price models satisfying the natural static arbitrage bounds across strikes. We next characterize absence of dynamic arbitrage for such models in terms of drift restrictions on the model coefficients. For the resulting infinite system of SDEs for the price level and all local implied volatilities, we then study the question of solvability and provide sufficient conditions for existence and uniqueness of a solution. We give explicit examples of volatility coefficients satisfying the required assumptions, and hence of arbitrage-free multi-strike market models of option prices.      

Satisfaction with botulinum toxin treatment in post-stroke spasticity: results from two cross-sectional surveys (patients and physicians)

Objective:

To characterize patient and physician satisfaction with current standard-of-care botulinum toxin treatment regimens for symptom control in patients with post-stroke spasticity using structured interviews with patients and physicians.

Research design and methods:

Two cross-sectional surveys were conducted in Canada, France, Germany, and the US. The patient survey included patients with post-stroke spasticity who had undergone at least two botulinum toxin A injection cycles. Information on patients’ current and prior botulinum toxin treatment cycles and quality of life was collected. The physician survey included physicians treating post-stroke spasticity with botulinum toxins and collected information regarding physician satisfaction with botulinum toxin treatment for post-stroke spasticity.

Results:

Of 79 participating patients with post-stroke spasticity, 61 (77%) received treatment with onabotulinumtoxinA, 15 (19%) with abobotulinumtoxinA, and three (4%) with incobotulinumtoxinA. Overall, 40.5% of patients were very satisfied, 48.1% were somewhat satisfied, and 11.4% were not at all satisfied with botulinum toxin treatment. Patient satisfaction was lowest just before injection and highest at the time of peak effect. The mean injection interval was 13.7 (SD?=?3.5) weeks; however, 43.4% of patients expressed a preference for intervals of ≤10 weeks. Most of the 105 participating physicians’ were moderately (57.7%) or very (36.5%) satisfied with botulinum toxin treatment. However, physicians estimated that 16.2% of their patients with post-stroke spasticity could benefit from shorter injection intervals, and that 24.6% of patients could benefit from higher doses than those permitted by current country directives.

Study limitations:

Patients’ responses were based on subjective recollections and physicians’ responses were based on general impressions.

Conclusions:

These surveys indicate that patients’ and physicians’ satisfaction with botulinum toxin therapy for post-stroke spasticity is overall very good. However, patients’ satisfaction over the treatment cycle varied with onset, peak, and trough of treatment effects and patients and physicians expressed a need for treatment individualization.     

TERM STRUCTURES OF IMPLIED VOLATILITIES: ABSENCE OF ARBITRAGE AND EXISTENCE RESULTS

This paper studies modeling and existence issues for market models of stochastic implied volatility in a continuous-time framework with one stock, one bank account, and a family of European options for all maturities with a fixed payoff function h . We first characterize absence of arbitrage in terms of drift conditions for the forward implied volatilities corresponding to a general convex h . For the resulting infinite system of SDEs for the stock and all the forward implied volatilities, we then study the question of solvability and provide sufficient conditions for existence and uniqueness of a solution. We do this for two examples of h , namely, calls with a fixed strike and a fixed power of the terminal stock price, and we give explicit examples of volatility coefficients satisfying the required assumptions.