Angra dos Reis, December 1, 2011. Jorge Zubelli Organizing Committee



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We hereby certify that, Adriano De Cezaro, Fundação Universidade do Rio Grande, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Calibration of Local Volatility Surface by Iterative Methods

We hereby certify that, Alexandru Hening, University of California at Berkeley, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Killed Brownian Motion with a Prescribed Lifetime Distribution and Models of Default

We hereby certify that, Andreea Minca, Cornell University, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Controlled defaults in financial networks

We hereby certify that, Bruno Dupire, Bloomberg - NY, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: A New Approach to Volatility Derivatives

We hereby certify that, Carole Bernard, University of Waterloo, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Minicourse - Optimal Portfolio Selection / Talk: Optimal investment under state-dependent constraints

We hereby certify that, Chin-Hung Terence Ma, African Institute for Mathematical Sciences, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Repo 2008

We hereby certify that, Diane Wilcox, University of The Witwatersrand, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Autocorrelation and price impact in high frequency trades on the Johannesburg and Sao Paulo Stock Exchanges

We hereby certify that, Edgardo Brigatti, Universidade Federal do Rio de Janeiro, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: An hedged Monte Carlo approach for option pricing

We hereby certify that, Fabiana Travessini, Fundação Universidade do Rio Grande, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: The Optimal Stopping Time in American Options: A Level Set Approach

We hereby certify that, Jean-Pierre Fouque, University of California Santa Barbara, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Smile at the Boundary Layer.

We hereby certify that, John Chadam, University of Pittsburgh, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: The inverse first crossing problem

We hereby certify that, Juan Carlos Arismendi Zambrano, Univ. of London, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Multiasset garch option pricing model

We hereby certify that, Juliano Melquiades Vianello, Petróleo Brasileiro S/a, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Real Options Used in Projects of Industrial Unit Divided in Independent Subdivisions

We hereby certify that, Julien Guyon, Societe Generale, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: The smile calibration problem solved

We hereby certify that, Lane Hughston, Imperial College London, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: General Theory of Geometric Lévy Models for Dynamic Asset Pricing

We hereby certify that, Leonard Christopher Gordon Rogers, University of Cambridge, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Market Selection: Hungry Misers and Happy Bankrupts

We hereby certify that, Luiza Miranyan, Bloomberg - NY, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: On incorporating forward looking market data into linear multi-factor models

We hereby certify that, Marcela Lobo Francisco, Universidade Gama Filho, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Real Options Used in Projects of Industrial Unit Divided in Independent Subdivisions

We hereby certify that, Martin Schweizer, Swiss Federal Institute of Technology, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Stability aspects in absence of arbitrage conditions

We hereby certify that, Matheus Grasselli, Mcmaster University, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Minicourse - Understanding financial crisis - a statistical perspective / Talk: A dynamical systems model for credit expansion, asset price bubbles and financial fragility

We hereby certify that, Nicholas Westray, Imperial College London, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Minicourse - Applications of Stochastic Control in Algorithmic Trading / Talk: Global Markets Microstructure

We hereby certify that, Raphael Douady, Université Paris I - Sorbonne, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Nonlinear Polymodels and the StressVaR: New Risk Concepts for Fund Allocation

We hereby certify that, Roger Lee, University of Chicago, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Joint strike/expiry asymptotics of implied volatility

We hereby certify that, Sandrine Tobelem-foldvari, London School of Economics and Political Science, participated in the Mathematics & Finance: Research in Options, held at Hotel do Bosque, Angra dos Reis - RJ, from November 25 to December 1, 2011 and presented the following work: Non Linear Robust Asset Allocation