Search results for: American options

Authors: Guillaume Leduc

Abstract:

In this paper, we describe a broad setting under which the error of the approximation can be quantified, controlled, and for which convergence occurs at a speed of n⁻¹ for European and American options. We describe how knowledge of the error allows for arbitrarily fast acceleration of the convergence.

Keywords: random walk approximation, European and American options, rate of convergence, option pricing

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Authors: Marasovic Branka, Aljinovic Zdravka, Poklepovic Tea

Abstract:

Numerical methods like binomial and trinomial trees and finite difference methods can be used to price a wide range of options contracts for which there are no known analytical solutions. American options are the most famous of that kind of options. Besides numerical methods, American options can be valued with the approximation formulas, like Bjerksund-Stensland formulas from 1993 and 2002. When the value of American option is approximated by Bjerksund-Stensland formulas, the computer time spent to carry out that calculation is very short. The computer time spent using numerical methods can vary from less than one second to several minutes or even hours. However to be able to conduct a comparative analysis of numerical methods and Bjerksund-Stensland formulas, we will limit computer calculation time of numerical method to less than one second. Therefore, we ask the question: Which method will be most accurate at nearly the same computer calculation time?

Keywords: Bjerksund and Stensland approximations, computational analysis, finance, options pricing, numerical methods

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Authors: Mohammad Saber Rohi, Saghar Heidari

Abstract:

In this paper, we studied the pricing problem of American options under a regime-switching model with the possibility of a non-optimal exercise policy (early or late exercise time) which is called an irrational strategy. For this, we consider a Markovmodulated model for the dynamic of the underlying asset as an alternative model to the classical Balck-Scholes-Merton model (BSM) and an intensity-based model for the irrational strategy, to provide more realistic results for American option prices under the irrational behavior in real financial markets. Applying a partial differential equation (PDE) approach, the pricing problem of American options under regime-switching models can be formulated as coupled PDEs. To solve the resulting systems of PDEs in this model, we apply a finite element method as the numerical solving procedure to the resulting variational inequality. Under some appropriate assumptions, we establish the stability of the method and compare its accuracy to some recent works to illustrate the suitability of the proposed model and the accuracy of the applied numerical method for the pricing problem of American options under the regime-switching model with irrational behaviors.

Keywords: irrational exercise strategy, rationality parameter, regime-switching model, American option, finite element method, variational inequality

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Authors: Salah Alrabeei, Mohammad Yousuf

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The goal of option pricing theory is to help the investors to manage their money, enhance returns and control their financial future by theoretically valuing their options. However, most of the option pricing models have no analytical solution. Furthermore, not all the numerical methods are efficient to solve these models because they have nonsmoothing payoffs or discontinuous derivatives at the exercise price. In this paper, we solve the American option under jump diffusion models by using efficient time-dependent numerical methods. several techniques are integrated to reduced the overcome the computational complexity. Fast Fourier Transform (FFT) algorithm is used as a matrix-vector multiplication solver, which reduces the complexity from O(M2) into O(M logM). Partial fraction decomposition technique is applied to rational approximation schemes to overcome the complexity of inverting polynomial of matrices. The proposed method is easy to implement on serial or parallel versions. Numerical results are presented to prove the accuracy and efficiency of the proposed method.

Keywords: integral differential equations, jump–diffusion model, American options, rational approximation

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Authors: Rachel Turney

Abstract:

American Woman is a discussion of being a woman in American through the lens of intersectionality, critical race theory, Muslim American identities, and social citizenship. The survey design and resulting paper are based on the researcher’s personal experience studying intersectionality and Muslim American identities through National Endowment for the Humanities. The researcher poses three questions to White, African American, and Muslim American women about female identify in America. Results are coded and analyzed in their meaning in the context of American society. Results show the similarities, primarily the idea of motherhood and fighting in society. Results also examine differences like those related to faith and family identifies in responses. The researcher examines the specific overlap in responses in the context of social citizenship.

Keywords: women, Muslim women, intersectionality, feminism

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Authors: Jiahau Guo, Yihe Zhang

Abstract:

This paper proposes solutions for pricing options on stocks paying discrete dividends in markets with daily price limits. We first extend the intraday density function of Guo and Chang (2020) to a multi-day one and use the framework of Haug et al. (2003) to value European options on stocks paying discrete dividends. Next, we adopt the fast Fourier transform (FFT) to derive accurate and efficient formulae for American options and further employ the three-point Richardson extrapolation to accelerate the computation. Finally, the accuracy of our proposed methods is verified by simulations.

Keywords: daily price limit, discrete dividend, early exercise, fast Fourier transform, multi-day density function, Richardson extrapolation

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Authors: Cameron Truong, Mikhail Bhatia, Yangyang Chen, Viet Nga Cao

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Using a sample of U.S. firms between 1996 and 2011, this paper documents a positive association between options trading volume and future stock price crash risk. This relation is evidently more pronounced among firms with higher information asymmetry, business uncertainty, and short-sale constraints. In a dichotomous cross-sectional setting, we also document that firms with options trading have higher future crash risk than firms without options trading. We further show in a difference-in-difference analysis that firms experience an increase in crash risk immediately after the listing of options. The results suggest that options traders are able of identifying bad news hoarding by management and choose to trade in a liquid options market in anticipation of future crashes.

Keywords: bad news hoarding, cross-sectional setting, options trading, stock price crash

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Authors: Russell Rosen

Abstract:

American Sign Language (ASL) has been developed and used by signing deaf and hard of hearing (DHH) individuals in the American Deaf community since early nineteenth century. In the last two decades, secondary schools in the US offered ASL for foreign language credit to secondary school learners. The learners who learn ASL as a foreign language are largely American native speakers of English. They not only learn ASL in US schools but also create spaces under certain interactional and social conditions in their home communities outside of classrooms and use ASL with each other instead of their native English. This phenomenon is a transmigration of language from a native social group to a non-native, non-kin social group. This study looks at the transmigration of ASL from signing Deaf community to the general speaking and hearing American society. Theoretical implications of this study are discussed.

Keywords: American Sign Language, Foreign Language, Language transmission, United States

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Authors: Jesus David Argueta Moreno, Justa Rufina Martel, Edith Gabriela Carrasco

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The Central American Coffee small, medium, and large corporations search for excellence, sustainability, and continuous improvement, triggers in a still unknown scale the Local expansion, crusading, and franchising strategies towards a more suitable commercial opportunity, where the dynamics of the Central American business displacement can be explained through the markets permeability traits. By considering the previously mentioned, the present study aims to evaluate the franchising potentialities offered by Central American Coffee business scenario, in order to explain dynamics of the business demography phenomena and its relevance on the Central American competitiveness landscape.

Keywords: competitiveness, franchising, business demography, Central American Coffee

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Authors: Aziza Tahar Djebbar

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Throughout American history, many American presidents have tried to create new reforms to enhance the living conditions of the American citizens and promote their welfare. Among these reforms were those dealing with health care, education, as well as social security, which would facilitate accordingly the evolution of the American welfare state. After the New Deal, from 1945 to 1969, American presidents sought to carry out and enlarge the scope of the welfare state that emerged during the Roosevelt Administration by introducing new social reforms. Yet, there were some American presidents who succeeded, and there were some presidents who failed.The task of this research work is to depict the postwar period from 1945 to 1969. Some light will be shed on the main causes that led to the delay of many programs from 1945 to 1960. Further, the focus will be on the main factors that contributed to the reappearance of many social reforms and the dramatic expansion of the welfare state all along the 1960s.

Keywords: new deal, great society, medicaid, medicare, war on poverty, social reforms, welfare reforms

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Authors: Natalia M. Acevedo, Luis M. Jimenez, Erick Lambis

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Imperfections in the capital market are used to argue the relevance of the corporate risk management function. With corporate hedge, the value of the company is increased by reducing the volatility of the expected cash flow and making it possible to face a lower bankruptcy costs and financial difficulties, without sacrificing tax advantages for debt financing. With the propose to avoid exchange rate troubles over cash flows of Colombian exporting firms, this dissertation uses financial options, over exchange rate between Peso and Dollar, for realizing a financial hedge. In this study, a strategy of hedge is designed for an exporting company in Colombia with the objective of preventing fluctuations because, if the exchange rate down, the number of Colombian pesos that obtains the company by exports, is less than agreed. The exchange rate of Colombia is measured by the TRM (Representative Market Rate), representing the number of Colombian pesos for an American dollar. First, the TMR is modelled through the Geometric Brownian Motion, with this, the project price is simulated using Montecarlo simulations and finding the mean of TRM for three, six and twelve months. For financial hedging, currency options were used. The 6-month projection was covered with financial options on European-type currency with a strike price of $ 2,780.47 for each month; this value corresponds to the last value of the historical TRM. In the compensation of the options in each month, the price paid for the premium, calculated with the Black-Scholes method for currency options, was considered. Finally, with the modeling of prices and the Monte Carlo simulation, the effect of the exchange hedging with options on the exporting company was determined, this by means of the unit price estimate to which the dollars in the scenario without coverage were changed and scenario with coverage. After using the scenarios: is determinate that the TRM will have a bull trend and the exporting firm will be affected positively because they will get more pesos for each dollar. The results show that the financial options manage to reduce the exchange risk. The expected value with coverage is approximate to the expected value without coverage, but the 5% percentile with coverage is greater than without coverage. The foregoing indicates that in the worst scenarios the exporting companies will obtain better prices for the sale of the currencies if they cover.

Keywords: currency hedging, futures, geometric Brownian motion, options

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Authors: Jesus Argueta

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This study aims to explore the Business Demography Phenomena along the Central American context, through the examination of its theoretical background, and the revision of Central American corporations success stories, that will eventually guide this research towards the business Demography Key Performance Indicators, across the Central American Business Ambiance. Considering that this analysis will support the development of a Small and Medium Business Observatory over the Honduran commercial landscapes, as platform for the reinforcement of this global topic.

Keywords: business demography, economic dynamism, small, medium and large enterprises, corporate demography

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Authors: Yangyang Zhang

Abstract:

Martin Eden tells about the tragedy of the protagonist Martin Eden’s suicide after his disillusion about American dream. The author Jack London presents various spatial routines of Martin Eden and reveals the involvement of space in realizing American dream: on the one hand, the Berkeley and Oakland cities contribute to Martin’s material success, making his American dream practical, and on the other hand, the two cities involve in the oppression of bourgeoisie ideology to Martin, promoting the domestic imperialization of bourgeoisie ideology represented by American dream. Molded by bourgeoisie ideology in the city, Martin constructed the oriental South Sea, revealing the oversea imperialization of bourgeoisie ideology behind American dream. By exploring the social, historical and political aspects of space, Martin Eden tries to demonstrate the mere material success and imperialism represented by American dream, revealing the fact of the involvement of American dreamin ideological oppression. When Jack London wrote Martin Eden, he had become a famous writer and realized his personal "American dream". He integrated his struggle experience into the protagonist Martin Eden, and also put his critique of the nature of "American dream" in the novel. The concept of the "American Dream" made the United States the land of dreams, and it also made many Americans believe that through personal struggle, they could climb the social ladder. Under the context of rapid growth in economy in the late 19 th century, American dream was reduced to the satisfaction on a material level. When material wealth was fulfilled, many people felt shattered for a variety of reasons, and such a phenomenon was reflected in the literature of disillusionment in 19th-century America.Martin Eden is such a work about disillusion, in which the geographical space becomes the witness of the realization and disillusionment of the protagonist Martin's "American dream". By analyzing the spatial narrative in Martin Eden, this paper reveals that the "American dream" only represents material success for individuals and the imperialization of capitalist ideology, and exposes the ideological nature of the "American Dream".

Keywords: Martin Eden, space, American dream, ideology of imperialism

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Authors: Janaka B. Lewis

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“Narratives of Slavery and the Culture of Play” examines how play is discussed in early African American literature by both men and women to illustrate ways that they negotiated the hierarchy and oppression of enslavement. Reading narratives categorized as “slave narratives,” including those written by Frederick Douglass, Harriet Jacobs, and Olaudah Equiano, through the lens of play theory offers an illuminated analysis of the significance of play culture in these texts. It then reads late nineteenth-century play culture (or absence thereof) portrayed in literature as a lens for more contemporary African American oral and literary culture. These discussions of social constructions through literature bridge analyses of African American-authored texts and create a larger conversation about print media as a tool of activism and resistance. This essay also contributes to a larger body of analysis of nineteenth-century African American culture through literature.

Keywords: childhood, slavery, consciousness of play, 19th century African American culture

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Authors: Safwa Yargui

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This research examines the quest for a post-war American epic poem in the age of late capitalism. It explores the possibility of an epic poem in the context of post-war late capitalist America, despite the prevailing scholarly skepticism regarding the existence of epic poetry after Milton’s Paradise Lost. The aim of this paper is to demonstrate the possibility of a post-war American epic through the argument of epic consciousness. Epic consciousness provides a significant nuance to the reading of the post-war American epic by focusing on the epic’s responsiveness to late capitalism via various language forms; cultural manifestations; and conscious distortions of late capitalist media-related language; in addition to the epic’ conscious inclusion of the process of writing a post-war epic that requires a direct engagement with American-based materials. By focusing on interdisciplinary theoretical approaches, this paper includes both socio-cultural literary theories as well as literary and epic approaches developed by scholars in their critical texts that respectively contextualize the late capitalist situation and the question of post-war American epic poetry. The major findings of this research provides a new theoretical approach to the question of post-war American epic poetry. In examining the role of consciousness, this paper aims to suggest a re-thinking of the post-war American epic that is capable of self-commitment for the purpose of achieving a new sense of epic poetry in post-war late capitalist America.

Keywords: american epic, epic consciousness, late capitalism, post-wat poetry

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Authors: Jaroslav Kusnir

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In her short story collection, Sabrina & Corina, Kali Fajardo-Anstine depicts mostly Latina characters of indigenous background living and travelling in the American West and the Southwest. In all the stories, place and the environment plays an important role in the construction of cultural identity of these characters that is influenced by their indigenous background, a specificity of the American West, its culture and environment, as well as a contemporary (modern) American culture, position of women and gender roles in a Latino community in the USA. This paper will analyze Fajardo-Anstine´s depiction of a specificity of place, especially of the American West and its role in a construction of Latino/a cultural identity in a modern American society as manifested especially in Fajardo-Anstine´s stories Any Further West and Sabrina & Corina. At the same time, the paper will point out Fajardo-Anstine´s construction of cultural identity of female characters and their gender roles in both Latino and a contemporary American societies. The research results show that the formation of Latina cultural identity is closely connected with both place, that is the American West and the Soutwest as well as with Latina and contemporary American cultures.

Keywords: American culture, american west, cultural identity, female identity, latina identity, place

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Authors: Svetlana Pushkar

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Eco-indicator 99 (EI99) considers fundamental life cycle assessment (LCA) uncertainties via egalitarian/egalitarian (e/e), hierarchist/hierarchist (h/h), individualist/individualist (i/i), individualist/average (i/a), egalitarian/average (e/a), and hierarchist/average (h/a) methodological options. The objective of this study is to provide a reliable two-stage nested mixed balanced Analysis of Variance (ANOVA) test as a supplemental test to EI99 to address the problematic combination of similarly and not similarly produced materials usually found in building technologies. The robustness of the test was determined from both the “EI99 (all options)” stage (including e/e, i/i, h/h, e/a, i/a, and h/a - all methodological options) and the “EI99 (perspectives)” stage (including e/e, i/i, and h/h methodological options of EI99 - the methodological options with their particular weighting set or e/a, i/a, and h/a methodological options of EI99 - the methodological options with the average weighting set) of evaluating building technologies.

Keywords: building technologies, LCA uncertainty, Eco-indicator 99, two-stage nested mixed ANOVA test

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Authors: Kaori Mori Want

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American society is a racially diverse society and there are children books that tell the importance of respecting racial differences. Through reading books, children understand the world around them little by little along with their direct interaction with the world in reality. They find role models in books, strive to be like role models, and grow confidence in who they are. Books thus nurture the mind of children. On the other hand, because of their small presence, children books for multiracial Asian American children are scarce. Multiracial Asian American population is increasing but they are still minority in number. The lack of children’s books for these children may deprive the opportunities of them to embrace their multiraciality positively because they cannot find someone like them in any books. Children books for multiracial Asian American are still not that many, but a few have been being published recently. This paper introduces children books for multiracial Asian American children, and examines how they address issues pertaining to these children, and how they could nurture their self-esteem. Many states of the US used to ban interracial marriages and interracial families and their children once were discriminated against in American society. There was even a theory called the hybrid degeneracy theory which claimed that mixed race children were inferior mentally and physically. In this negative social environment, some multiracial Asian American people report that they had trouble embracing their multiracial identity positively. Yet, children books for these children are full of positive messages. This paper will argue the importance of children books for the mental growth of multiracial Asian American children, and how these books can contribute to the development of multiculturalism in the US in general.

Keywords: critical mixed race studies in the US, hapa children literature, interracial marriage, multiraciality

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Authors: Olga Andrianova, Lazar Jeifets

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The security issue has always been one of the most sensitive and significant in Latin American context, especially focused on Central American region. Despite the fact that the time of the civil wars has ended, violence, delinquency, insecurity, discrimination still exist and keep relevance in the 21st century. This article is dedicated to consider this kind of problems, to find out the main causes and to propose solution approaches.

Keywords: Central America, insecurity, instability, post-war countries, violence

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Authors: Niranjan Devkota , Ram Kumar Phuya, Durga Lal Shreshta

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This paper estimates cost and benefit of adoption of climate change adaptation options available to the rural rice farmers of Nepal. Adoption of adaptation strategies, intensity of use of adaptation options, identification of labor and non-labor cost and finally per unit cost and benefit analysis of climate change adaptation were made. Multi-stage sampling technique was used to source respondents for the study and used structured questionnaire techniques to collect data from 773 households from seven districts; 3 from Terai and 4 from Hilly region of Nepal. The result revealed that there are 13 major adaptation options rice farmers practice in order to protect themselves from climatic risk. Among the given adaptation options, the first three popular adaptation options practiced by rice farmers are (i) increasing use of chemical fertilizer (60.93%) (ii) use of climate smart verities (49.29%) and (iii) change in nursery date (32.08%). Adaptation cost is obvious, based on that, the first three costly adaptation options are the alternative irrigation practice which incurred average cost of US $69.95 (US$ 1 = 102.84 Nepalese Rupees) followed by a denser plantation of local seeds ($ 20.69) and using climate smart varieties ($ 18.06). 88% farmers practiced more than one adaptation strategies on the same farm with the aim of reducing the effect of extreme climatic conditions. Total cost and revenue revealed that per unit total cost ranges from $28.34 to $32.79 whereas per unit total revenue ranges $33.4 to $49.02. Surprisingly, it is observed that farmers who do not adopt any adaptation options are able to receive highest income from per unit production. As Net Present Value (NPV) is positive and Benefit Cost Ration (BCR) is greater than one for every adaptation options that indicates the available adaptation options are profitable to the rice farmers.

Keywords: climate change, adaptation options, cost benefit analysis, rural rice farmers, Nepal

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Authors: Yujia Sun

Abstract:

Research on nominalizations in English can be traced back to at least the 1960s and even centered in the field nowadays. At the very beginning, the discussion was about the relationship between verbs and nouns, but then it moved to the distinct senses embodied in different forms of nominals, namely, various types of nominalizations. This paper tries to address the issue that how speakers perceive different forms of verbal nouns, and what might influence their perceptions. The data are collected through a self-designed questionnaire targeted at native speakers of American English, and the employment of the Corpus of Contemporary American English (COCA). The results show that semantic differences between different forms of nominals do play a role in people’s preference to certain form than another. But it still awaits more explorations to see how the frequency of usage is interrelates to this issue.

Keywords: corpus of contemporary American English, derived nominalization, frequency of usage, ing-formed nominalization

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Authors: Olga Andrianova, Lazar Jeifets

Abstract:

The security issue has always been one of the most sensitive and significant in Latin American context, especially focused on Central American region. Despite the fact that the time of the civil wars has ended, violence, delinquency, insecurity, discrimination still exist and keep relevance in the 21st century. This article is dedicated to consider this kind of problems, to find out the main causes and to propose solution approaches.

Keywords: Central America, insecurity, instability, violence

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Authors: Dorota Galeza

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This paper argues that networks, such as the ECN and the American network, are affected by certain small events which are inherent to path dependence and preclude the full evolution towards efficiency. It is advocated that the American network is superior to the ECN in many respects due to its greater flexibility and longer history. This stems in particular from the creation of the American network, which was based on a small number of cases. Such a structure encourages further changes and modifications which are not necessarily radical. The ECN, by contrast, was established by legislative action, which explains its rigid structure and resistance to change. This paper is an attempt to transpose the superiority of the American network on to the ECN. It looks at concepts such as judicial cooperation, harmonisation of procedure, peer review and regulatory impact assessments (RIAs), and dispute resolution procedures.

Keywords: antitrust, competition, networks, path dependence

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Authors: Seyed-Ahmad Shahidi, Salemeh Kazemzadeh, Mehdi Sharifi Soltani, Azade Ghorbani-HasanSaraei

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The kinetics of colour changes of American Pokeweed extract, due to concentration by various heating methods was studied. Three different heating/evaporation processes were employed for production of American Pokeweed extract concentrate. The American Pokeweed extract was concentrated to a final 40 °Brix from an initial °Brix of 4 by microwave heating, rotary vacuum evaporator and evaporating at atmospheric pressure. The final American Pokeweed extract concentration of 40 °Brix was achieved in 188, 216 and 320 min by using microwave, rotary vacuum and atmospheric heating processes, respectively. The colour change during concentration processes was investigated. Total colour differences, Hunter L, a and b parameters were used to estimate the extent of colour loss. All Hunter colour parameters decreased with time. The zero-order, first-order and a combined kinetics model were applied to the changes in colour parameters. All models were found to describe the L, a and b-data adequately. Results indicated that variation in TCD followed both first-order and combined kinetics models. This model implied that the colour formation and pigment destruction occurred during concentration processes of American Pokeweed extract.

Keywords: American pokeweed, colour, concentration, kinetics

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Authors: Chantouch Wannathanom

Abstract:

Research The study of elders’ needs in Bangkok metropolis for the options of health tourism. The objective is to study of elders’ needs in Bangkok Metropolis for the options of health tourism. The research her collected data using a questionnaire. The samples used in this research is elderly people living in the Dusit area. Of 400 people found the majority were female than male. Accounted for18 percent aged between 50-55 years, mostly undergraduate degree. Moreover, most seniors do not have underlying disease. The study found that 1. Elders’ needs in Bangkok Metropolis for the options of health tourism; 2. Tourism activity patterns that fit elderly was divided into 5 categories, including massage, massage, and herbal sauna. Practicing meditation and ascetic. The results showed that selection of elderly tourist activities by choosing healthy eating are the first. The hypothesis testing period: Elders’ needs in Bangkok Metropolis for the options of health tourism is different. The level of statistical significance .05 level.

Keywords: needs, elder, health tourism, Bangkok

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Authors: Mimi Hafizah Abdullah, Hanani Farhah Harun, Nik Ruzni Nik Idris

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With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis.

Keywords: implied adjusted volatility, financial crisis, Leland option pricing models, Australian index options

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Authors: Michael Stokes

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Using a disability studies approach, this paper analyzes the American science fiction novel Ballroom of the Skies as way to address and access narratives of American exceptionalism in relation to global struggle. Combined with a critical race studies analysis of identity and cultural practice, this essay seeks to find parallels between the treatment of disability and the treatment of the racialized body in literature to forcibly reread potential for multiple assemblages of identity in the speculated futures of science fiction. Thinking through this relationship, the essay constructs a thematic understanding of social eugenics as practiced in American culture.

Keywords: disability studies, science fiction, eugenics, cultural studies

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Authors: Demisash, Abate Getnet, Gudisa, Ababo Geleta, Daba, Berhane Olani

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As consumption trends of fish are rising in Ethiopia, assessment of the environmental performance of Fisheries becomes vital. Hence, Cleaner Production Assessment was conducted on Lake Tana No.1 Fish Supply Association. This paper focuses on determining the characteristics, quantity, and setting up cleaner production options for the site with the experimental investigation. The survey analysis showed that illegal waste dumping in Lake Tana is common practice in the area, and some of the main reasons raised were they have no option than doing this for dis-charging fish wastes. Quantifying a fish waste by examination of records at the point of generation resulted in a generation rate of 72,822.61 kg per year, which is a significant amount of waste and needs management system. The result of the proximate analysis showed high free fat content of about 12.33%, and this was a good candidate for the production of biodiesel that has been set as an option for fish waste utilization. Among the different waste management options, waste reduction by product optimization, which involves biodiesel production, was chosen as a potential method. Laboratory scale experiments were performed to produce a renewable energy source from the wastes. The resulting biodiesel was characterized and found to have a density of 0.756kg/L, viscosity 0.24p, and 153°C flashpoints, which shows the product has values in compliance with the American Society for Testing and Materials (ASTM) standards.

Keywords: biodiesel, cleaner production, renewable energy, waste management

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Authors: Halima Benazzouz

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It is often believed that British English and American English are the foremost varieties of the English Language serving as reference norms for other varieties;that is the reason why they have obviously been compared and contrasted.Meanwhile,the terms “British English” and “American English” are used differently by different people to refer to: 1) Two national varieties each subsuming regional and other sub-varieties standard and non-standard. 2) Two national standard varieties in which each one is only part of the range of English within its own state, but the most prestigious part. 3) Two international varieties, that is each is more than a national variety of the English Language. 4) Two international standard varieties that may or may not each subsume other standard varieties.Furthermore,each variety serves as a reference norm for users of the language elsewhere. Moreover, without a clear identification, as primarily belonging to one variety or the other, British English(Br.Eng) and American English (Am.Eng) are understood as national or international varieties. British English and American English are both “variants” and “varieties” of the English Language, more similar than different.In brief, the following may justify general categories of difference between Standard American English (S.Am.E) and Standard British English (S.Br.e) each having their own sociolectic value: A difference in pronunciation exists between the two foremost varieties, although it is the same spelling, by contrast, a divergence in spelling may be recognized, eventhough the same pronunciation. In such case, the same term is different but there is a similarity in spelling and pronunciation. Otherwise, grammar, syntax, and punctuation are distinctively used to distinguish the two varieties of the English Language. Beyond these differences, spelling is noted as one of the chief sources of variation.

Keywords: Greek, Latin, French pronunciation expert, varieties of English language

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Authors: Jessadaporn Achariyopas

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The objectives of this study aim to analyze both the protagonist in The Catcher in the Rye in terms of ideological concepts and narrative techniques which influence the construction of the representation and the relationship between the representation and J. D. Salinger’s views on changes in American society in the 1940s. This area of study might concern two theories: namely, a theory of representation and narratology. In addition, this research is intended to answer the following three questions. Firstly, how is the production of meaning through language in The Catcher in the Rye constructed? Secondly, what are J. D. Salinger’s views on changes in American society in the 1940s? Lastly, how is the relationship between the representation and J. D. Salinger’s views? The findings showed that the protagonist’s views, J. D. Salinger’s views, and changes in American society in the 1940s are obviously interrelated. The production of meaning which is the representation of the protagonist’s views was constructed of narrative techniques. J. D. Salinger’s views on changes in American society in the 1940s were the same antisocial perspectives as Holden Caulfield’s which are phoniness, alienation and meltdown.

Keywords: representation, construction of the representation, systems of representation, phoniness, alienation, meltdown

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