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This book provides an analysis, under both discrete-time and continuous-time frameworks, on the price dynamics of leveraged exchange-traded funds (LETFs), with emphasis on the roles of leverage ratio, realized volatility, investment horizon, and tracking errors. This study provides new insights on the risks associated with LETFs. It also leads to the discussion of new risk management concepts, such as admissible leverage ratios and admissible risk horizon, as well as the mathematical and empirical analyses of several trading strategies, including static portfolios, pairs trading, and stop-loss strategies involving ETFs and LETFs. The final part of the book addresses the pricing of options wr...
The School of Mathematics is a masterpiece of the early 1930s by Gio Ponti, who is today regarded as a master of Italian Modernism. Although World War II bombings shattered the coloured stained-glass window that once adorned the balanced and harmonious white travertine façade, the building remains a striking and significant piece of architecture. Although it underwent a series of transformations over the years before its historical and artistic relevance was recognised, it can still be appreciated and admired for its magnificent expressivity. Its uniqueness derives from its complexity, such as is often found in Italian monuments of all ages: a rare synthesis of urban design, architecture, a...