We describe a scheme for constructing explicitly solvable arbitrage-free models for stock price. This is used to study a model similar to one introduced by Cox and Ross, where the volatility of the stock is proportional to the square root of the stock price. We derive a formula for the value of a European call option based on this model and give a procedure for estimating parameters and for testing the validity of the model.

A one-dimensional tiling is a bi-infinite string on a finite alphabet, and its tiling semigroup is an inverse semigroup whose elements are marked finite substrings of the tiling. We characterize the structure of these semigroups in the periodic case, in which the tiling is obtained by repetition of a fixed primitive word.

In this paper using the Quillen–Barr–Beck (co-)homology theory of universal algebras we define (co-)homology groups for commutative algebras with divided powers in prime characteristic. In particular, we determine for A a commutative 𝔽p-algebra with divided powers, the category of Beck A-modules and the group of Beck derivations. We construct the abelianization functor and we define (co-)homology. Moreover, we determine the cohomology in low dimensions and we interpret the first cohomology in terms of extensions.

We analyze the automorphism group for the norm closed quiver algebras 𝒯+(Q). We begin by focusing on two normal subgroups of the automorphism group which are characterized by their actions on the maximal ideal space of 𝒯+(Q). To further discuss arbitrary automorphisms we factor automorphism through subalgebras for which the automorphism group can be better understood. This allows us to classify a large number of noninner automorphisms. We suggest a candidate for the group of inner automorphisms.

We define asymptotically p-flat and innerly asymptotically p-flat sets in Banach spaces in terms of uniform weak* Kadec–Klee asymptotic smoothness, and use these concepts to characterize weakly compactly generated (Asplund) spaces that are c0(ω1)-generated or ℓp(ω1)-generated, where p∈(1,∞). In particular, we show that every subspace of c0(ω1) is c0(ω1)-generated and every subspace of ℓp(ω1) is ℓp(ω1)-generated for every p∈(1,∞). As a byproduct of the technology of projectional resolutions of the identity we get an alternative proof of Rosenthal’s theorem on fixing c0(ω1).

The duality properties of the integration map associated with a vector measure m are used to obtain a representation of the (pre)dual space of the space Lp(m) of p-integrable functions (where 1<p<∞) with respect to the measure m. For this, we provide suitable topologies for the tensor product of the space of q-integrable functions with respect to m (where p and q are conjugate real numbers) and the dual of the Banach space where m takes its values. Our main result asserts that under the assumption of compactness of the unit ball with respect to a particular topology, the space Lp(m) can be written as the dual of a suitable normed space.

Our first main result shows that a graph product of right cancellative monoids is itself right cancellative. If each of the component monoids satisfies the condition that the intersection of two principal left ideals is either principal or empty, then so does the graph product. Our second main result gives a presentation for the inverse hull of such a graph product. We then specialize to the case of the inverse hulls of graph monoids, obtaining what we call ‘polygraph monoids’. Among other properties, we observe that polygraph monoids are F*-inverse. This follows from a general characterization of those right cancellative monoids with inverse hulls that are F*-inverse.

This paper presents a sharp boundary growth estimate for all positive superharmonic functions u in a smooth domain Ω in ℝ2 satisfying the nonlinear inequality where c>0, α∈ℝ and p>0, and δΩ(x) stands for the distance from a point x to the boundary of Ω. A result is applied to show the existence of nontangential limits of such superharmonic functions.

Let A, B be Archimedean vector lattices and let (ui)i∈I, (vi)i∈I be maximal orthogonal systems of A and B, respectively. In this paper, we prove that if T is a lattice homomorphism from A into B such that for each λ∈ℝ+ and i∈I, then T is linear. This generalizes earlier results of Ercan and Wickstead (Math. Nachr279 (9–10) (2006), 1024–1027), Lochan and Strauss (J. London Math. Soc. (2) 25 (1982), 379–384), Mena and Roth (Proc. Amer. Math. Soc.71 (1978), 11–12) and Thanh (Ann. Univ. Sci. Budapest. Eotvos Sect. Math.34 (1992), 167–171).

Let S be a Riemann surface of finite type. Let ω be a pseudo-Anosov map of S that is obtained from Dehn twists along two families {A,B} of simple closed geodesics that fill S. Then ω can be realized as an extremal Teichmüller mapping on a surface of the same type (also denoted by S). Let ϕ be the corresponding holomorphic quadratic differential on S. We show that under certain conditions all possible nonpuncture zeros of ϕ stay away from all closures of once punctured disk components of S∖{A,B}, and the closure of each disk component of S∖{A,B} contains at most one zero of ϕ. As a consequence, we show that the number of distinct zeros and poles of ϕ is less than or equal to the number of components of S∖{A,B}.