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This study conducted a systematic literature review in order to describe the standards, audit models, maturity, and strategic planning principles for digital preservation. This work has a qualitative research approach, is documentary, descriptive and systematic. It uses the protocol for a systematic literature review. The results indicate a total of 309 candidate studies, 42 selected papers, and 24 primary studies. Ten standards, eight audit models and three digital preservation maturity models are presented. In addition, several studies in the field of strategic planning are analyzed, in aspects such as risks, regulations, administrative management, archival, technological, organizational, levels, strategy policy, structure for digital preservation, among others. [ABSTRACT FROM AUTHOR]

This study encompasses a geochemical investigation of Cretaceous source rocks from the Eastern Cordillera (Colombia). This basin represents an interesting area for geochemical studies due to its abundance of organic matter-rich levels, some of which exhibit mild to extremely high thermal maturities, enabling discussion on long-term carbon sinks. This research work focuses on the study of organic-rich shaly sediments of Barremian to Campanian age from seven (7) outcrop locations in two areas of the Boyacá Department. A set of seventy (70) rock samples have been analysed using several organic geochemical techniques and have shown to cover thermal maturity ranges from the early oil window to the metagenesis stage (measured reflectance values from 0.6% to 2.1%). The OAE2 event was identified based on a 2.5‰–3‰ carbon isotopic excursion in the distal Guaguaquí Group from the section along the Guaquaquí River. Maturity was not found to correlate with depositional burial depths in the so-called distal study area, suggesting that other tectonic events may have played an important role in the genetic history of hydrocarbons particularly in this part of the Boyacá Department. During the mid-to late Cretaceous times, the two study areas consisted of a marine margin with a terrestrial input from the east, which is reflected in a higher terrestrial character of sediments in the eastern foothills (V/Ni < 0.7) compared to the others. Finally, fluorene- and diamondoid-based components were used for enhancing the characterization of the mid-to late Cretaceous organic matter in terms of source in the study sub-region (three-fluorenes and dimethyl-/trimethyl-adamantanes ratios above or below 0.25 and 0.85). • The Eastern Cordillera is one of the most prolific petroliferous regions of Colombia. • Organic geochemistry of Cretaceous strata in the foothills of the East Andes (Boyacá). • Comparing the depositional settings and maturities of study source types in Boyacá. • Using aromatic hydrocarbons and diamondoid-based proxies for source characterization. • Assessing novel molecular geochemical parameters at very high thermal maturity levels. [ABSTRACT FROM AUTHOR]

• Stopping curing and taking off formwork based on maturity-strength is not sufficient. • While strength is attained at a certain age, durability may not. Further curing is required. • Several durability measures are used to estimate the correct time to stop curing. • Threshold limits to insure effective curing of concrete at high temperatures are given. • Curing and taking off formwork should be based on a certain maturity value rather than a certain age. The maturity concept assumes that the properties of concrete are directly related to its age and its previous temperature history. Irrespective of curing history, engineers use the maturity concept to stop curing or take off (remove) formwork of site concrete once strength is reached. Previous research concentrated on the use of maturity concept for strength evaluation but neglected other concrete properties. Although the maturity method is good indication for the strength of concrete, it may not be good indication for the durability and internal properties. The research investigates the applicability of the maturity of concrete to attain a reasonable level of both the strength, durability and internal properties of concrete, and hence recommends, for the first time, threshold limits for effective curing periods that attain both strength and durability. For this purpose, concrete samples were prepared and tested in the lab at three different temperatures, 20℃(68 ° F) , 40℃(104 ° F) and 65℃(149 ° F). Several destructive and nondestructive tests have been implemented for this purpose. The tests included strength, pulse velocity, density, voids ratio, sorptivity and conductivity. Results show that if maturity-strength only is used as a threshold to stop curing, then durability and internal properties of concrete may not be attained. This is obvious for samples cured at high temperatures (>20 °C). Also, curing history is an important factor for achieving the required age to stop curing. Hence, further curing is necessary under hot weather conditions. Minimum curing periods to attain both strength and durability are suggested. The use of NDT is quite helpful in this respect. The results show that to attain the same durability (conductivity), a minimum maturity of 600℃.days is required irrespective of the strength attained. Higher maturities are required to attain other properties depending on the curing temperature. In practical applications, these findings are important for concrete under hot weather and steam curing. [ABSTRACT FROM AUTHOR]

The present work is conducted on the Paleozoic (Ordovician) Khabour and the (Silurian) Akkas shales in the Akkas-1 well of western Iraq. The study is aiming to determine the implications of clay mineral transformation, organic mineral distribution and maturity of hydrocarbon generation, using X-ray diffraction (XRD), scanning electron microscopy (SEM) in addition to organic matter concentrations. In the shale of the Khabour Formation, amorphous organic matter is common and includes various Tasmanite-type organic matter, vitrinite, inertinite, and bituminite. The main clay minerals observed include illite, chlorite, kaolinite, in addition to mixed-layer illite-smectite and rare smectite. In Silurian shale, high content of organic matter is recorded in addition to abundant vitrinite and low content of grainy organic matter (Tasmanites) and pyrite. Illite and kaolinite are commonly found in addition to chlorite and illite-smectite clay minerals. Conversion of smectite to mixed-layer illite-smectite (I-S) and an increase in vitrinite reflectance are commonly observed below 2500 m depth in the studied formations, which coincides with oil and gas generation. These results could be used as an indication of higher maturity and hydrocarbon generation in the deeply buried shale of the Khabour and Akkas formations in western Iraq. [ABSTRACT FROM AUTHOR]

The study contributes to the literature by examining the firm- and country-specific determinants of the debt maturity structures in developing countries. The sample panel data set comprises of 3981 firms from 30 countries for 8 years from 2011 to 2018. Countries are selected among developing and transition economies based on data availability. A multilevel modelling methodology is employed in order to decompose the determinants of debt maturity. Variance components analysis revealed that country-level and firm-level are the causes of 15% and 50% of the total variability in debt maturity structures, respectively. Asset maturity, firm quality, firm size, leverage and growth opportunity are detected as firm-specific determinants of debt maturity. Besides, it is found that bank concentration and stock market development are also effective on the debt maturity structures of firms. [ABSTRACT FROM AUTHOR]

What determines the maturity structure of debt? In this article, I develop a simple model to explore how the optimal maturity of debt issued by a firm (or a country) depends both on the firm's cyclical state and other features of the economic environment in which it operates. I find that firms with better current earnings and better growth prospects issue debt with longer maturity, while firms operating in more-volatile environments issue debt with shorter maturity. Yield to maturity is a poor indicator of the risk of debt issued by a firm. The reason is simple: Yield to maturity captures both default risk and a component that is a pseudo term premium. In the model, the market does require a term premium and one appears only because of the risk of default. It is not possible to separate the impact of maturity and risk. [ABSTRACT FROM AUTHOR]

In this paper we introduce and relate elements as building blocks of five different patent management maturity approaches to construct an organization-specific practice. For this purpose, we identify differences as well as commonalities of patent management related maturity approaches published since the beginning of this millennium. Each of these approaches is based on different assumptions, methods, and application domains. We analyzed these approaches from a systems perspective, thereby allowing corporate and business management to decide which building blocks to select and adopt in assessing and developing their strategy and organization in terms of patent management maturity. [ABSTRACT FROM AUTHOR]

To what extent are futures prices interconnected across the maturity curve? Where in the term structure do price shocks originate, and which maturities do they reach? We propose a new approach, based on information theory, to study these cross-maturity linkages and the extent to which connectedness is impacted by market events. We introduce the concepts of backward and forward information flows, and propose a novel type of directed graph, to investigate the propagation of price shocks across the WTI term structure. Using daily data, we show that the mutual information shared by contracts with different maturities increases substantially starting in 2004, falls back sharply in 2011-2014, and recovers thereafter. Our findings point to a puzzling re-segmentation by maturity of the WTI market in 2012-2014. We document that, on average, short-dated futures emit more information than do backdated contracts. Importantly, however, we also show that significant amounts of information flow backwards along the maturity curve--almost always from intermediate maturities, but at times even from fardated contracts. These backward flows are especially strong and far-reaching amid the 2007-2008 oil price boom/bust. [ABSTRACT FROM AUTHOR]

The increased trading in multi-name financial products has required the development of state-of-the-art multivariate models. These models should be computationally tractable and, at the same time, flexible enough to explain the stylized facts of asset log-returns and of their dependence structure. The popular class of multivariate Lévy models provides a variety of tractable models, but suffers from one major shortcoming: Lévy models can replicate single-name derivative prices for a given time-to-maturity, but not for the whole range of quoted strikes and maturities, especially during periods of market turmoil. Moreover, there is a significant discrepancy between the moment term structure of Lévy models and the one observed in the market. Sato processes on the other hand exhibit a moment term structure that is more in line with empirical evidence and allow for a better replication of single-name option price surfaces. In this paper, we propose a general framework for multivariate models characterized by independent and time-inhomogeneous increments, where the asset log-return processes at unit time are modeled as linear combinations of independent self-decomposable random variables, where at least one self-decomposable random variable is shared by all the assets. As examples, we consider two general subclasses within this new framework, where we assume a normal variance-mean mixture with a one-sided tempered stable mixing density or a difference of one-sided tempered stable laws for the distribution of the risk factors. Particular attention is given to the models' ability to explain the asset dependence structure. A numerical study reveals the advantages of these new types of models. [ABSTRACT FROM AUTHOR]

The scriptural interpretation that pervades First Corinthians initiates a process of education and formation among the addressees: They must learn to employ Scripture as a standard for shaping their existence "in Christ." In this regard, discussions over the meaning of Paul's letter within the heterogeneous congregation are significant. Such discussions are stimulated through 1Cor 2:6–16 and 14:20–25, passages that lead the readers to a "mature" judgement concerning the gifts of God's spirit as well as appropriate behaviour. To that end, they appeal to Scripture in a twofold way: First, an explicit citation substantiates Paul's position in his debate with the Corinthians; second, an oblique reference – which, as soon as it is detected, helps to resolve the ambiguities in his reasoning – brings about agreement between him and those believers who are more familiar with Scripture. Apparently, only sufficient competence in interpreting and applying Scripture paves the way towards spiritual "maturity." [ABSTRACT FROM AUTHOR]

This study evaluates the factors that have a significant relationship to the level of maturity of the Environmental Management Systems (EMS) among Brazilian industrial companies, using a multiple linear regression model. The variables consider the respondents' characteristics, their categories, and other dummy variables. The results, in ascending order of their influence on the EMS maturity level, were possessing ISO 14001 certification, participation in the carbon market, disclosing information in reports (environmental disclosure), having a project to reduce water consumption, having a professional management model, having insurance against environmental accidents, company age, operating in the textile sector, and the legal constitution of the company Ltda. [ABSTRACT FROM AUTHOR]

In this paper, the geometric Asian option pricing problem is investigated under the assumption that the underlying stock price is assumed following a mixed fractional subdiffusive Black–Scholes model, and the geometric average Asian option pricing formula is derived under this assumption. We then apply the results to value Asian power options on the stocks that pay constant dividends when the payoff is a power function. Finally, lower bound of Asian options and some special cases are provided. [ABSTRACT FROM AUTHOR]

We show how to compute the expectiles of the risk-neutral distribution from the prices of European call and put options. Empirical properties of these implicit expectiles are studied on a data-set of closing daily prices of FTSE MIB index options. We introduce the interexpectile difference , for , and suggest that it is a natural measure of the variability of the risk-neutral distribution. We investigate its theoretical and empirical properties and compare it with the VIX index computed by CBOE. We also discuss a theoretical comparison with implicit VaR and CVaR introduced in Barone Adesi [J. Risk Financ. Manage., 2016, 9]. [ABSTRACT FROM AUTHOR]

El presente trabajo tiene como objetivo caracterizar y comparar una serie de modelos de madurez de sistemas de gestión disponibles en la literatura y determinar su factible uso en pymes. Para ello se definen ocho criterios en función a bibliografía de referencia. Ellos son dominio de aplicación, propósito de uso, cantidad de dimensiones, cantidad de niveles, descripción por niveles, procedimiento de aplicación, estilo de representación gráfica y complejidad de uso. Los resultados demuestran que los modelos de Fisher y la Norma ISO 9004 reflejan ser los más indicados para pymes debido principalmente a su baja complejidad de uso y a su representación en dos dimensiones, en donde además se especifica el nivel de desempeño actual y se muestra la ruta de mejoramiento por medio de un perfil de desempeño lineal. Como contrapartida no disponen de un procedimiento de aplicación y un instrumento para relevar los datos. No obstante se destaca que sólo CCMI y EFQM disponen de un procedimiento de aplicación pero son más complejos. The aim of present study is characterize and compare a series of maturity models for management systems available in the literature and identify feasible use in SMEs. According to reference bibliography, eight criteria are defined for this purpose. They are the domain of application, purpose of use, number of dimensions, number of levels, description by levels, application procedure, graphic style and complexity of use. The results show that Fisher models and the standard ISO 9004 reflect be best for SMEs mainly due to its low complexity of use and its representation in two dimensions, where also specifies the current performance level and it is displays the path of improvement by means of a linear performance profile. In return they do not have a procedure of application and an instrument to relieve data. However, only CCMI and EFQM have a procedure of application but they are more complicated. [ABSTRACT FROM AUTHOR]

Abstract Given that China has launched the largest carbon market in the world, it is of great significance to evaluate the "maturity" of the China's 7 regional pilot carbon emissions trading system. Based on an in-depth survey of 33 experts from more than 10 related institutions in the 7 pilots, this study develops a carbon market maturity evaluation index system that consists of 4 target layers including the attributes of environment, market and finance, supporting policies and infrastructure, and service capability of trading platform. By combining factor analysis and analytic hierarchy process methods, this study conducts a comprehensive evaluation on the maturity of 7 pilots. The results show that：The maturity of 7 pilots can be clearly categorized into several hierarchies, with Shenzhen (0.8113) ranks first due to its market-oriented mechanism; Beijing (0.5735), Hubei (0.5432), Shanghai (0.5004) and Guangdong (0.4846) are of similar degrees of maturity but with different characteristics - Beijing with most diversified emission controlled entities and strong environmental constraints, Hubei primarily driven by institutional arrangement, Shanghai with outstanding ability of platform service, Guangdong emphasizing on development of its primary market; while Tianjin (0.2616) and Chongqing (0.1338) exhibits lowest level of maturity. Overall, China's 7 pilots are still in their infancy and demonstrate a phenomenon of "low trading volume and superficial prosperity". Therefore, recommendations are brought out that the maturity of China's carbon markets should be promoted from the aspects of tightening environmental constraints, strengthening market capacity-building and cultivating related consulting industry. [ABSTRACT FROM AUTHOR]

This paper tested a value investing strategy for the Brazilian market, selecting stocks based on the criteria suggested by Graham (2007) so that lower quality companies with potential risks not captured by the traditional risk models were eliminated. Five hundred thirty-two stocks were analyzed in the period from May 2005 to April 2015 and, after applying the Graham selection filters, portfolios with 10-year maturity were obtained. After simulating the portfolios' performances over the analysis period and measuring the Sharpe ratios, it was possible to verify: (i) the validity of the Graham model for selecting stocks in the Brazilian market, (ii) tiering of the Graham filters according to their relevance, and (iii) the ideal composition for a value investing portfolio in the Brazilian market for the period analyzed. The portfolios obtained were able to offer higher risk adjusted returns than the Bovespa Index in the period, as well as lower risk metrics. The results confirmed the validity of the value investing strategy in the domestic market. [ABSTRACT FROM AUTHOR]

Six Sigma as the continuation of comprehensive quality management TQM is of interest to many enterprises. Unfortunately, not everybody successfully implements quality improvement projects using Six Sigma tools. This approach requires proper preparation in many areas of the company's operation, including: organization of processes, establishing measures, employee engagement and creating conditions for continuous improvement. The goal of the article is to present on the case study the idea of using the organizational maturity model for production management to assess a readiness of organization to implement Six Sigma. The case study presents a company maturity level diagnosis and a successful project of quality and productivity improvement using the Six Sigma concept, confirming that the organization's maturity model is the appropriate tool for assessing multi-faceted preparation for successful implementation of Six Sigma projects. [ABSTRACT FROM AUTHOR]

This study offers a RAGA-PP-SFA model to measure green technology’s innovation efficiency in the high-end manufacturing industry. The study’s aim is to solve the shortcomings of traditional SFA methods that are unable to improve multi-output efficiency. The RAGA-PP-SFA model presented here is based on the multi-emission and multi-output characteristics of high-end manufacturing innovation activities. Using panel data from 2010 to 2015 on China's high-end manufacturing industry and considering factors such as environmental regulation, government subsidy, and market maturity, this paper empirically examines and compares the efficiency of green technology innovation versus traditional technology innovation, as well as regional heterogeneity in China's high-end manufacturing industry. The study ultimately found a low level of green technology innovation efficiency in China’s high-end manufacturing industry. However, an overall rising trend shows that the green development of China's high-end manufacturing industry has achieved remarkable results. Green technology innovation efficiency in high-end manufacturing industries across various regions was generally lower than the efficiency of traditional technology innovation. Both types of efficiency showed a pattern of “high in the east and low in the middle and in the west”. High-high efficiency is primarily found in the east, whereas the west is characterized by low-low efficiency. There are significant differences between regions, pointing to an equal rate of development. Government subsidies and enterprise scale had a significant negative impact on green technology innovation efficiency in regional high-end manufacturing industries, while market maturity and industrial agglomeration had a significant positive impact. Based on the study’s findings, environmental regulation and openness to the outside world play insignificant roles in green technology innovation efficiency. [ABSTRACT FROM AUTHOR]

Sustainable Innovation (SI) combines the creation of economic, ecological and social value, having a strong connection with the dimensions of the Triple Bottom Line (TBL) in the long-term perspective. Innovating, according to these dimensions, requires the development of new instruments, as can be verified in the models of Maturity in Sustainable Innovation (MSI), to understand the construction of a certain competence and evolution of companies in a given area. In this context, this study sought to verify the relationship between MSI and the Financial and Market Performance (FMP) of companies. The quantitative research was based on the Modeling of Structural Equations (MSE) by means of software Smart PLS. The results point out the existence of a relationship between MSI and FMP, which can be explained, in part, by strategies related to the use of resources and capacities to generate competitive advantage for companies. It was also verified that theoretical discussion about innovation with a focus on sustainability remains unfinished and that both resources and organizational capacities, compete to explain the relationship between SIs and business performance (BP). [ABSTRACT FROM AUTHOR]

Catastrophe events are attracting increased attention because of their devastating consequences. Aimed at the nonlinear dependency and tail characteristics of different triggered indexes of multiple-event catastrophe bonds, this paper applies Copula function and the extreme value theory to multiple-event catastrophe bond pricing. At the same time, floating coupon and principal payoff structures are adopted instead of fixed coupon and principal payoff structures, to reduce moral hazard and improve bond attractiveness. Furthermore, we develop a CIR-Copula-POT bond pricing model with CIR stochastic rate and estimate flood multiple-event triggered catastrophe bond price using Monte Carlo simulation method. Finally, we implement the sensitivity analysis to show how catastrophe intensity, maturity date, and the dependence affect the prices of catastrophe bonds. [ABSTRACT FROM AUTHOR]

We consider a stochastic volatility model which captures relevant stylized facts of financial series, including the multi-scaling of moments. The volatility evolves according to a generalized Ornstein–Uhlenbeck processes with super-linear mean reversion. Using large deviations techniques, we determine the asymptotic shape of the implied volatility surface in any regime of small maturity t → 0 or extreme log-strike | κ | → ∞ (with bounded maturity). Even if the price has continuous paths, out-of-the-money implied volatility diverges for small maturity, producing a very pronounced smile. [ABSTRACT FROM AUTHOR]

The main objective of the present work is to determine characteristics, structure and operation of family businesses in Durango (Mexico). The study units are described according to sociodemographic criteria, About life cycle stages , typology and the generation stage, as well as the current maturity degree of family businesses that hace been studied. The method is based on the variables extracted from a model constituted by three systems: 1) the family, 2) the work and 3) the property, which is called "three circles" proposed by John Davis and Renato Tagiuri in 1980. This is a model that integrates three systems or subsets (subvariables) pillars in the existence of the family business, complemented by sociodemographic aspects, and the application of a tool called maturity signaling, for the determination of life cycle of the companies studied. [ABSTRACT FROM AUTHOR]

The rough Bergomi model introduced by Bayeret al.[Quant. Finance, 2015, 1–18] has been outperforming conventional Markovian stochastic volatility models by reproducing implied volatility smiles in a very realistic manner, in particular for short maturities. We investigate here the dynamics of the VIX and the forward variance curve generated by this model, and develop efficient pricing algorithms for VIX futures and options. We further analyse the validity of the rough Bergomi model to jointly describe the VIX and the SPX, and present a joint calibration algorithm based on the hybrid scheme by Bennedsenet al.[Finance Stoch., forthcoming]. [ABSTRACT FROM AUTHOR]

We consider the problem of finding model-independent bounds on the price of an Asian option, when the call prices at the maturity date of the option are known. Our methods differ from most approaches to model-independent pricing in that we consider the problem as a dynamic programming problem, where the controlled process is the conditional distribution of the asset at the maturity date. By formulating the problem in this manner, we are able to determine the model-independent price through a PDE formulation. Notably, this approach does not require specific constraints on the payoff function (e.g. convexity), and would appear to generalize to many related problems. [ABSTRACT FROM AUTHOR]

This paper investigates the derivatives pricing under the existence of liquidity costs and market impact for the underlying asset in continuous time. First, we formulate the charge for the liquidity costs and the market impact on the derivatives prices through a stochastic control problem that aims to maximize the mark-to-market value of the portfolio less the quadratic variation multiplied by a risk aversion parameter during the hedging period and the liquidation cost at maturity. Then, we obtain the derivatives price by reduction of this charge from the premium in the Bachelier model. Second, we consider a second order semilinear partial differential equation (PDE) of parabolic type associated with the control problem, which is analytically solved or approximated by an asymptotic expansion around a solution to an explicitly solvable nonlinear PDE. Finally, we present the numerical examples of the pricing for a variance option and a European call option, and show comparative static analyses. [ABSTRACT FROM AUTHOR]

The article reports that Foreign exchange (FX) rates confined to a band with barriers is modelled as a stochastic process, where one needs to deal with the boundaries. It mentions that FX option pricing in target zones with attainable boundaries. The basic idea behind option pricing in the presence of boundaries is no different than in the case without boundaries: we must construct a self-financing hedging strategy which replicates the claim at maturity.

Patent management has become increasingly important in technology-oriented companies. The patent itself does not only protect an invention against imitation, it also has a variety of other functions. For example, patents can be used for generating revenues by licensing to other companies as well as for gathering competitor information. To handle all these functions in an appropriate and balanced way, a professional patent management method is required. To achieve this, we aim to design a maturity model for patent management – the 7D Patent Management Maturity Model – that offers companies assistance in building, improving and reviewing their patent management. We define seven dimensions, namely portfolio, generation, intelligence, exploitation, enforcement, organization, and culture. The first five dimensions are core dimensions, the latter two supporting dimensions. We continue with an explanation of the guiding principles behind these dimensions, and finally illustrate the application of the model, showing how it can be used for the organizational development of a company's patent management. [ABSTRACT FROM AUTHOR]

Purpose Universities concerned with third mission activities are engines that increase regional competitiveness since their primary role in the knowledge-based economy is to stimulate innovation by transferring new knowledge and technologies to industry and society. The purpose of this paper is to show how IC can be mobilized by university technology transfer offices (TTOs) due to the correlation between efficient university technology transfer and intellectual capital (IC), thus contributing to the third stage of IC research.Design/methodology/approach The application of the Maturity Model developed by Secundo et al. (2016) is expanded by collecting data from 18 universities in the European countries to illustrate how IC can be used as a strategy and solution to the barriers faced by TTOs.Findings TTOs with increased access to and utilization of IC tend to have higher maturity levels. This new application of the Maturity Model, proves that IC can be utilized to manage and improve the efficiency of TTOs.Research limitations/implications An indication of the level of access that TTOs have to university IC is given leading to recommendations to improve university technology transfer. Future research should include a wider sample of universities to increase the validation of the Maturity Model and to prove it as a suitable and strategic approach for IC management at TTOs.Practical implications Knowing which IC components are essential for the efficiency of TTOs, and which IC needs greater utilization, will provide insights into policy and practical interventions to improve their efficiency, resulting in increasing universities’ competitiveness.Originality/value A new approach and perspective on utilizing IC to improve university technology transfer to contribute to the third stage of IC research calling for more practice-oriented research. [ABSTRACT FROM AUTHOR]

• Trace oligosaccharides were profiled in acacia honey with different ripening stages. • Turanose content increased gradually as acacia honey ripened. • Accurate quantitation of turanose via UPLC-ELSD. • Acacia honey quality can be graded according to the turanose content. Mature honeys that brew naturally in the hive develop distinct bioactive components, and thus carry a higher premium due to their superior quality. However, how to identify mature honeys remains difficult. Trace oligosaccharides are a likely source of biomarkers to indicate maturity. Here, we profiled trace oligosaccharides in acacia honey by GC–MS and used a metabolomics strategy to screen oligosaccharides that distinguish honeys with different maturities. Turanose content increased gradually in acacia honey samples and was closely related to the days stored in the hive (p < 0.05). To accurately quantify turanose, a UPLC-ELSD method was developed. Using the established method, honeys with ≥1.20 g/100 g of turanose could be classified as mature acacia honey. Based on the preliminary study, 500 commercial acacia honeys were analyzed, and only 77.2 % of these samples had a satisfactory level of turanose. This work offers a potential method to evaluate the quality of honeys. [ABSTRACT FROM AUTHOR]

The aim of this paper is to generalize the comprehensive structural model for defaultable fixed income bonds (considered in R. Agliardi, A comprehensive structural model for defaultable fixed-income bonds, Quant. Finance 11 (2011), no. 5, 749{762.) into a comprehensive unified model of structural and reduced form models. In our model the bond holders receive the deterministic coupon at predetermined coupon dates and the face value (debt) and the coupon at the maturity as well as the effect of government taxes which are paid on the proceeds of an investment in bonds is considered. The expected default event occurs when the equity value is not enough to pay coupon or debt at the coupon dates or maturity and an unexpected default event can occur at any time interval with the probability of given default intensity. We consider the model and pricing formula for equity value and using it calculate expected default barrier. Then we provide pricing model and formula for defaultable corporate bonds with discrete coupons, and consider the duration and the effect of the government taxes. [ABSTRACT FROM AUTHOR]

The guarantee under a unit-linked contract can be viewed as an option exercisable at the maturity date entitling the policyholder to the greater of the value of the units or the guaranteed amount. The principles of the Option Pricing Model were employed to derive the equilibrium premium for both a single-premium contract and a periodic-premium contract and some numerical simulation were presented. The aim of this study is to determine the equilibrium values of guarantees on single premium contracts and regular premium contracts. Also this research prescribes an optimal investment policy for the insurance company selling these policies. [ABSTRACT FROM AUTHOR]

The INFRABIM maturity metric - formal assessment of the maturity of BIM pilot projects The German Ministry of Transport and Digital Infrastructure (BMVI) aims at establishing the mandatory usage of Building Information Modeling for all building projects in its range of authority. To prepare this step, a number of pilot projects are being conducted. In order to identify yet existing hurdles and deficits and draw conclusions with respect to the required measures, it is necessary to formally assess the extent and the quality in the usage of BIM achieved in the pilot projects. To this end, the BMVI has installed a scientific counsel which developed a maturity metric which allows to measure the degree of the BIM implementation in a project in very detailed manner, by assigning scores in more than 60 criteria in ten different areas. The article introduces the metric and illustrates its application by means of the first four pilot projects of BMVI. [ABSTRACT FROM AUTHOR]

Existing literature provides little guidance on whether various debt maturity theories are useful in understanding the debt maturity choices of firms that are privately-held, small, and/or outside the manufacturing industry in developing economies. This paper conducts a comparative test of the major debt maturity theories using a firm-level dataset that covers a wide variety of firm types in a major developing economy, Turkey. Our findings provide considerable support for the liquidity risk, agency, and maturity-matching theories. The macroeconomic environment also has an important impact on debt maturity. The evidence for the signaling and tax theories, however, is weak at best. [ABSTRACT FROM AUTHOR]

We consider a framework featuring a central bank, private and financial agents as well as a financial market. The central bank’s objective is to maximize a functional, which measures the classical trade-off between output and inflation plus income from the sales of inflation linked calls minus payments for the liabilities that the inflation linked calls produce at maturity. Private agents have rational expectations and financial agents are averse against inflation risk. Following this route, we explain demand for inflation linked calls on the financial market from a no-arbitrage assumption and derive pricing formulas for inflation linked calls, which lead to a supply–demand equilibrium. We then study the consequences that the sales of inflation linked calls have on the observed inflation rate and price level. Similar as in Walsh (1995) we find that the inflationary bias is significantly reduced, and hence that markets for inflation linked calls provide a mechanism to implement inflation contracts as discussed in the classical literature. [ABSTRACT FROM AUTHOR]

The debt maturity of listed firms in Pakistan has shown significant decline over the last decade. In this study, we investigate changes in both the demandside and supply-side factors that are responsible for this decline. For this purpose, we study 364 firms for a period of seventeen years, i.e. 1996 to 2012. Analysis of the demand-side factors reveals that the decrease in debt maturity is significantly explained by agency and maturity matching theories while information asymmetry theory has limited explanatory power. Further, analysis of the supply-side factors such as loans granted to private sector explains much of the reason of decrease in debt maturity structures. Overall, both demand and supply-side factors are responsible for the declining debtmaturity structures of Pakistani firms; however, much of the decrease is attributed to supply-side rather than firms' own characteristics or demandside factors. [ABSTRACT FROM AUTHOR]

This article examines maturity effects for futures contracts listed on the South African Futures Exchange (SAFEX). Three classes of derivative contracts are examined agricultural, metals and energy futures. Estimation of the Samuelson effect is by the ordinary least squares (OLS) approach using the volatility estimator in Garman and Klass (1980), Parkinson (1980) and Serletis (1992). The analysis simultaneously tests for the Samuelson effect, while establishing significance of traded volume, change in open interest and bid-ask spread on intraday volatility. Multicollinearity and seasonality are incorporated to examine if maturity effects remain in the contracts. Findings are that only wheat supports maturity effects. However, white maize and silver volatility decline as time-to-maturity diminishes. The implications of the results for traders and market participants are discussed. [ABSTRACT FROM PUBLISHER]

Are you ready for a tender project? - Analysis of organisational project management maturity in the Austrian- Hungarian border region Since the 1990s the European Union has paid more and more attention to subsidising cross-border development. It is understandable that different funding from proposal sources is particularly important for the border area, especially to those of utmost importance that support co-operation and rural development. Therefore, they could become a driving force for development. The authors' research analyses the organisational project management maturity of the projects implemented in the frame of the Austria-Hungary Cross-border Cooperation Programme 2007-2013 (AT-HU). Analysing this kind of organisation is an important issue, since the new call for proposals are open in 2016 and the results of this study may provide a self-evaluation opportunity to organisations that need to know if they are ready or mature enough for a new tender project. The aim of this study was twofold. First of all, those indicators that could be used to analyse the project management maturity of implementing organisations in the AT-HU programme were identified. Based on the empirical research these are the project experience accumulated by the organisation, the internal processes operating at the institution and the professional background. Secondly, factors that can affect this project management maturity were explored and we determined five influencing area: the organisational structure, culture, project managers motivation and the typical and important competences. [ABSTRACT FROM AUTHOR]

Chang'E-5 (CE-5) landed in the northeast of the Oceanus Procellarum and successfully returned ∼1.73 kg lunar samples from a distinctively young mare basalt unit. The reflectance spectra between 0.45 μm to 3.20 μm at the landing site were acquired by the onboard Lunar Mineralogical Spectrometer before and after the sampling. The results from the spectral parameter analysis show the regolith is dominated by clinopyroxene, consistent with both orbital observations and laboratory analyses of the returned CE-5 samples. Optical maturity (OMAT) of regolith in the landing region of CE-5, Chang'E-4 (CE-4), and Chang'E-3 (CE-3) was analyzed, and the results show that the regoliths at CE-5 and CE-3 sites sitting on the ejecta blanket of the relatively young impact craters are both less mature than that at the CE-4 landing site. The OMAT and estimated content of submicroscopic metallic iron (SMFe) in the regolith show no obvious variations between the rock-shielded and unshielded regolith during the CE-5 descent, indicating the disturbance from rocket exhaust did not affect regolith maturity. Similar results on the effects of rocket exhaust were obtained from analyzing the regolith maturity along the CE-4 rover's traverse. Additionally, the surficial regolith and the scooped underlying layer in the centimeter-depth at CE-5 landing area exhibit similar maturities, suggestive of rapid gardening despite the geologically young age of the region. The results presented in this work shed light on the regolith evolution on the Moon and provide vital geological context for the analysis of the returned CE-5 samples. • In situ reflectance spectra are used to assessed mineralogy and regolith maturity at the Chang'E-5 landing site. • The derived mineralogy is consistent with both orbital observations and laboratory analysis of the returned samples. • The surficial regolith and the underlying layer in the centimeter-depth exhibit similar maturity. • This study provides spectral evidence that the upper few centimeters lunar regolith has been substantially churned. [ABSTRACT FROM AUTHOR]

Introduction: The physical evolution of the lunar surface with exposure to the space environment (particularly impacts) is termed "maturation", can take place over relatively short timescales, and has been attributed to the amount of glass and agglutinate content within the lunar soil [e.g., 1-8], the amount of trapped solar wind nitrogen [9], solar wind sputtering and vapor deposition [10-11], and/or the amount of sub-microscopic iron (SMFe) in the material. Studies show that the abundance of these glasses and agglutinates increases with age of the soil and can account for large portions of a given mature soil [e.g., 2,4,9,14]. Changes in physical properties of the lunar soil are quantified in terms of specific maturity indices (e.g., Optical maturity (OMAT) [13]), and thus soils are generally classified on the basis of one or more of these specific indices [3]. Though sampling maturity effects from different processes and on different time- and depth-scales, comparisons indicate that maturity of the soil can be tracked across wavelengths [14], which is a powerful tool when examining the surface evolution of the Moon. Data from the LRO and Kaguya missions (coupled with Clementine OMAT) provide new ways to examine lunar surface maturity and degradation of ejecta blankets around craters. Initial Discussion Current analysis focuses on radar, thermal, visible, and UV wavelengths, and comparisons suggest that the maturity of the soil can be tracked across wavelengths. The methods for representing those maturities were OMAT, Lunar Reconnaissance Orbiter Camera (LROC), Diviner, and Miniature Radio Frequency (Mini-RF). 36 craters have been identified, all of which are classified as "Copernican" or "Eratosthenian" in age. In a preliminary comparison [14], three craters: Byrgius A (young), Dufay B (intermediate), and Golitsyn J (old) were surveyed using different maturity methods to look for correlations of maturity as a function of wavelength. After reviewing these three craters, the conclusion was that maturity can be tracked across wavelengths but a more detailed comparison was necessary. Additional work, specifically using Mini-RF Radar data, Diviner lunar radiometer data, and LROC UV color data show that this comparison can be extended to multiple craters (Fig. 1), where trends begin appearing when specific maturity indices (e.g., surface roughness or scattering (CPR or m-?), Christiansen Feature band center, soil temperature) are compared against ejecta soil maturity (OMAT). Because we are using multiple datasets to understand how maturity indicators manifest across wavelength, it is important to examine each dataset individually and as a whole. By utilizing multiple datasets at multiple wavelengths, we hope to provide a more comprehensive understanding of maturation and degredation of craters on the lunar surface. Further, more detailed comparisons are necessary to fully understand specifics of correlating maturity trends. However, preliminary results suggest that these correlations can provide a powerful tool when examining the surface evolution of the Moon and determining relative ages between features. [ABSTRACT FROM AUTHOR]

Molecular parameters are both facies and maturity dependent. Source and maturity assessment remains a difficult task for oils which were derived from multiple source rocks at a wide range of maturities from the early to late oil generation window. In this paper, a new approach was presented to assess oil source on the basis of molecular facies parameters under maturity constraint using crossplots of one source parameter versus one maturity parameter. Concentrations of ΣC 29 steranes and C 30 hopane were tentatively used as maturity indicators. Quantitative GC, GC-MS and GC-IRMS analyses were performed on 52 oils from the southern and central Mahu sag of northwestern Junggar Basin, NW China. The 52 oils are first classified into three groups, i.e., groups I, II and III which were derived from source beds within the Lower Permian Fengcheng Formation (P 1 f), Middle Permian Lower Wuerhe Formation (P 2 w) and both, respectively on the basis of carbon isotopes of individual n -alkanes in combination with reservoir geological settings. These three oil groups, in particular groups I and II from different sources were further distinguished sufficiently using crossplots of ratios of pristane (Pr)/ n -C 17 and phytane (Ph)/ n -C 18 , β-carotane/ n -C 21 and concentrations of n -alkanes, Pr, Ph, β-carotane, Ts, C 29 Ts, C 30 diahopane, C 20 , C 21 and C 23 tricyclic terpanes versus concentrations of ΣC 29 steranes and C 30 hopane, respectively. Variation trends of isotopic reversal index (RI) and δ13C value of n -C 25 , the lowest among those of n -alkanes (n -C 12–34), with decreasing concentrations of ΣC 29 steranes and C 30 hopane demonstrate that carbon isotopes of n -alkanes were unlikely influenced significantly by oil maturities within oil generation window. Concentration of n -alkanes increases while concentrations of Pr, Ph, crotanes, terpanes and steranes generally decrease with decreasing concentrations of ΣC 29 steranes and C 30 hopane. Application of this approach provides numerous choices and opportunities to distinguish oil groups which were derived from different sources in combination with isotopic data and reservoir geological settings. • Molecular facies parameters were used to assess oil sources under maturity constraints. • Concentrations of n -alkanes and isoprenoids can be effective source and maturity indicators. • It is viable to assess oil source using concentration crossplots of biomarkers. • δ13C of individual n -alkanes are effective source indicator for the studied oils. [ABSTRACT FROM AUTHOR]

We propose an efficient method for the construction of an arbitrage-free call option price function from observed call price quotes. The no-arbitrage theory of option pricing places various shape constraints on the option price function. For each available maturity on a given trading day, the proposed method estimates an option price function of strike price using a Bernstein polynomial basis. Using the properties of this basis, we transform the constrained functional regression problem to the least-squares problem of finite dimension and derive the sufficiency conditions of no-arbitrage pricing to a set of linear constraints. The resultant linearly constrained least square minimization problem can easily be solved using an efficient quadratic programming algorithm. The proposed method is easy to use and constructs a smooth call price function which is arbitrage-free in the entire domain of the strike price with any finite number of observed call price quotes. We empirically test the proposed method on S&P 500 option price data and compare the results with the cubic spline smoothing method to see the applicability. [ABSTRACT FROM AUTHOR]

This paper investigates the linkages in the sovereign bond yields across different maturity spectrums among both developed and Asian countries. Term structure of interest rate is estimated using the Dynamic Nelson Siegel model and Kalman filter. The degrees of integration and transmission of shocks from one country to another are measured using forecast error variance decomposition in the generalized vector autoregression (VAR) model. The level factor showed higher spillover index across the countries. Regional influence is found to be higher in slope and curvature factors among the Asian countries. The linkages are high during periods of crisis. [ABSTRACT FROM AUTHOR]

Crowdsourcing implies user collaboration and engagement, which fosters a renewal of city governance processes. In this article, we address a subset of crowdsourcing, named citizen-sourcing, where citizens interact with authorities collaboratively and actively. Many systems have experimented citizen-sourcing in city governance processes; however, their maturity levels are mixed. In order to focus on the service maturity, we introduce a city service maturity framework that contains five levels of service support and two levels of information integration. As an example, we introduce CITY FEED, which implements citizen-sourcing in city issue management process. In order to support such process, CITY FEED supports all levels of the maturity framework (publishing, transacting, interacting, collaborating, and evaluating) and integrates related information relationally and heterogeneously. In order to integrate heterogeneous information, it implements a threefold feed deduplication mechanism based on the geographic, text semantic, and image similarities of feeds. Currently, CITY FEED is in a pilot stage. [ABSTRACT FROM AUTHOR]

This paper employs Granger causality tests to examine linkages between economic growth, measured by changes in real per capita GDP, financial maturity, measured by an index - calculated by using principal component analysis, and the diffusion of telecommunications technology (DTT) in 21 Asian countries over the period 1961-2012. We advance on previous studies with (a) advanced estimation procedures (panel cointegration techniques and panel Granger causality tests); and (b) the inclusion of all three potentially two-way interacting variables conjointly. Our findings are not uniform: they vary based on the region and country that is studied. We find that in the case of Bangladesh, Philippines, Singapore, Saudi Arabia, and United Arab Emirates and for Total Asia, financial maturity leads to economic growth, lending support to the supply-leading hypothesis. This implies that economic growth depends upon the level of financial maturity of the countries. In the case of Hong Kong, South Korea, Pakistan, Sri Lanka, Indonesia, and Vietnam, economic growth leads to financial maturity, lending support to the demand-following hypothesis. This implies that economic growth determines the level of financial maturity. For Bangladesh, Philippines, Singapore, Saudi Arabia, United Arab Emirates, and Total Asia, financial maturity leads to economic growth, in line with the supply-leading hypothesis. In case of China, Hong Kong, Japan, India, Iran, Thailand, Kuwait, East Asia, South Asia, and West Asia, economic growth and financial maturity cause each other, lending support to both the demand-following and supplyleading hypotheses. Furthermore, in the case of India, Malaysia, and Philippines, economic growth leads to DTT, congruent with the demand-following hypothesis. On the other hand, in the case of Bangladesh, Sri Lanka, Singapore, Thailand, Saudi Arabia, United Arab Emirates, South Asia, South East Asia, and Total Asia, DTT leads to economic growth, lending support to the supplyleading hypothesis. By contrast, for China, Hong Kong, Japan, South Korea, Qatar, and East Asia, economic growth and DTT are self-reinforcing and subject to feedback consistent with both the demand-following and supply-leading hypotheses. Finally, in the case of Hong Kong, Pakistan, Indonesia, Philippines, Thailand, Vietnam, United Arab Emirates, South East Asia, and Total Asia, DTT leads to financial maturity, lending support to the supply-leading hypothesis, while for China, India, Kuwait, Qatar, and West Asia, financial maturity leads to DTT, lending support to the demand-following hypothesis. In case of Malaysia, financial maturity and DTT cause each other thus supporting both the demand-following and supply-leading hypotheses. [ABSTRACT FROM AUTHOR]

We provide representations of solutions to terminal value problems of inhomogeneous Black–Scholes equations and study such general properties as min–max estimates, gradient estimates, monotonicity and convexity of the solutions with respect to the stock price variable, which are important for financial security pricing. In particular, we focus on finding representation of the gradient (with respect to the stock price variable) of solutions to the terminal value problems with discontinuous terminal payoffs or inhomogeneous terms. Such terminal value problems are often encountered in pricing problems of compound-like options such as Bermudan options or defaultable bonds with discrete default barrier, default intensity and endogenous default recovery. Our results can be used in pricing real defaultable bonds under consideration of existence of discrete coupons or taxes on coupons. [ABSTRACT FROM AUTHOR]

We optimize the asset allocation, consumption and bequest decisions of a couple with an uncertain lifetime. The asset menu consists of zero coupon bonds and pure endowments with different maturities, whole life annuities and stocks. The pure endowments pay either fixed or variable benefits, and, similarly to the whole life annuities, are contingent on either a single or a joint lifetime. We model the stock returns and the parameters for the term structure with a vector autoregressive model, thus considering time-varying investment opportunities. To find the optimal solution we use a multi-stage stochastic programming approach, which allows for including complex surrender charges on pure endowments and annuities, as well as transaction costs on stocks and bonds. Our findings indicate that despite high surrender charges, households should invest in a wide combination of life contingent products with different maturities and underlying financial risk. [ABSTRACT FROM AUTHOR]

American options are actively traded worldwide on exchanges, thus making their accurate and efficient pricing an important problem. As most financial markets exhibit randomly varying volatility, in this paper we introduce an approximation of an American option price under stochastic volatility models. We achieve this by using the maturity randomization method known as Canadization. The volatility process is characterized by fast and slow-scale fluctuating factors. In particular, we study the case of an American put with a single underlying asset and use perturbative expansion techniques to approximate its price as well as the optimal exercise boundary up to the first order. We then use the approximate optimal exercise boundary formula to price an American put via Monte Carlo. We also develop efficient control variates for our simulation method using martingales resulting from the approximate price formula. A numerical study is conducted to demonstrate that the proposed method performs better than the least squares regression method popular in the financial industry, in typical settings where values of the scaling parameters are small. Further, it is empirically observed that in the regimes where the scaling parameter value is equal to unity, fast and slow-scale approximations are equally accurate. [ABSTRACT FROM AUTHOR]

In this paper, we propose a general technique to develop first- and second-order closed-form approximation formulas for short-maturity options with random strikes. Our method is based on a change of numeraire and on Malliavin calculus techniques, which allow us to study the corresponding short-maturity implied volatility skew and to obtain simple closed-form approximation formulas depending on the derivative operator. The numerical analysis shows that these formulas are extremely accurate and improve some previous approaches for two-asset and three-asset spread options such as Kirk’s formula or the decomposition method presented in Alòset al.[Energy Risk, 2011,9, 52–57]. This methodology is not model-dependent, and it can be applied to the case of random interest rates and volatilities. [ABSTRACT FROM PUBLISHER]