Greeks (finance)

In mathematical finance, the Greeks are the quantities representing the sensitivity of the price of derivatives such as options to a change in underlying parameters on which the value of an instrument or portfolio of financial instruments is dependent. The name is used because the most common of these sensitivities are denoted by Greek letters (as are some other finance measures). Collectively these have also been called the risk sensitivities,risk measures or hedge parameters.

Use of the Greeks

The Greeks are vital tools in risk management. Each Greek measures the sensitivity of the value of a portfolio to a small change in a given underlying parameter, so that component risks may be treated in isolation, and the portfolio rebalanced accordingly to achieve a desired exposure; see for example delta hedging.

The Greeks in the Black–Scholes model are relatively easy to calculate, a desirable property of financial models, and are very useful for derivatives traders, especially those who seek to hedge their portfolios from adverse changes in market conditions. For this reason, those Greeks which are particularly useful for hedging—such as delta, theta, and vega—are well-defined for measuring changes in Price, Time and Volatility. Although rho is a primary input into the Black–Scholes model, the overall impact on the value of an option corresponding to changes in the risk-free interest rate is generally insignificant and therefore higher-order derivatives involving the risk-free interest rate are not common.

Color (EP)

Color is the second EP by Japanese visual kei band, Girugamesh, released on July 7, 2010.

Track listing

Personnel

References

Color (band)

Color (stylized as COLOR) was a Japanese punk band formed in 1985 by Dynamite Tommy, who founded the Free-Will record label a year later. They are considered to be important to the formation of visual kei. Their debut album Gekitotsu was named one of the top albums from 1989-1998 in a 2004 issue of the music magazine Band Yarouze.

History

Color released their debut album Gekitotsu, in January 1988. After releasing their second album Fools! Get Lucky!!, they signed to Crown Records and released their only major studio album a couple months later, Ask the Angels. It is said that the label made the band rewrite the album's lyrics, which were originally in English, in Japanese to be more accessible by the mainstream. It seemed to have worked, as Ask the Angels reached number 16 on the Oricon chart and their popularity increased. However, in January 1990 at a concert on the album's tour, in their hometown of Osaka, a fan was accidentally stomped to death. The band decided to lay low and avoid media, they ended up losing their contract with Crown. During this hiatus, Tommy formed Sister's No Future with Ken-chan (Kamaitachi), while Marry started Goatcore with You Adachi (Dead End).

Trousers

Trousers (pants in North America) are an item of clothing worn from the waist to the ankles, covering both legs separately (rather than with cloth extending across both legs as in robes, skirts, and dresses).

In the UK the word "pants" generally means underwear and not trousers.Shorts are similar to trousers, but with legs that come down only to around the area of the knee, higher or lower depending on the style of the garment. To distinguish them from shorts, trousers may be called "long trousers" in certain contexts such as school uniform, where tailored shorts may be called "short trousers", especially in the UK.

In most of the Western world, trousers have been worn since ancient times and throughout the Medieval period, becoming the most common form of lower-body clothing for adult males in the modern world, although shorts are also widely worn, and kilts and other garments may be worn in various regions and cultures. Breeches were worn instead of trousers in early modern Europe by some men in higher classes of society. Since the mid-20th century, trousers have increasingly been worn by women as well. Jeans, made of denim, are a form of trousers for casual wear, now widely worn all over the world by both sexes. Shorts are often preferred in hot weather or for some sports and also often by children and teenagers. Trousers are worn on the hips or waist and may be held up by their own fastenings, a belt or suspenders (braces). Leggings are form-fitting trousers, of a clingy material, often knitted cotton and spandex (elastane).

Young Americans (album)

Young Americans is the ninth studio album by English musician David Bowie, released in 1975.

For the record, which showed off his 1970s "obsession" with soul music, he let go of the influences he had drawn from in the past, replacing them with sounds from "local dance halls", which, at the time, were blaring with "lush strings, sliding hi-hat whispers, and swanky R&B rhythms of Philadelphia Soul." Bowie is quoted describing the album as "the squashed remains of ethnic music as it survives in the age of Muzak rock, written and sung by a white limey".

Because of the strong influence of black music on the album, Bowie used the term "plastic soul" (originally coined by an unknown black musician in the 1960s) to describe the sound of Young Americans. Although Bowie was an English musician bringing up touchy American issues, the album was still very successful in the US; the album itself reached the top ten in that country, with the song "Fame" hitting the No. 1 spot the same year the album was released.

Relative direction

The most common relative directions are left, right, forward(s), backward(s), up, and down. No absolute direction corresponds to any of the relative directions. This is a consequence of the translational invariance of the laws of physics: nature, loosely speaking, behaves the same no matter what direction one moves. As demonstrated by the Michelson-Morley null result, there is no absolute inertial frame of reference. There are definite relationships between the relative directions, however. Left and right, forward and backward, and up and down are three pairs of complementary directions, each pair orthogonal to both of the others. Relative directions are also known as egocentric coordinates.

Traditions and conventions

Since definitions of left and right based on the geometry of the natural environment are unwieldy, in practice, the meaning of relative direction words is conveyed through tradition, acculturation, education, and direct reference. One common definition of up and down uses gravity and the planet Earth as a frame of reference. Since there is a very noticeable force of gravity acting between the Earth and any other nearby object, down is defined as that direction which an object moves in reference to the Earth when the object is allowed to fall freely. Up is then defined as the opposite direction of down. Another common definition uses a human body, standing upright, as a frame of reference. In that case, up is defined as the direction from feet to head, perpendicular to the surface of the Earth. In most cases, up is a directionally oriented position generally opposite to that of the pull of gravity.