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<p class="gmail-Data1" align="center" style="text-align:center;margin:0cm 0cm 0.0001pt;font-size:12pt;font-family:"Times New Roman",serif"><b><u><span lang="EN-GB" style="font-size:14pt">Seminar Announcement</span></u></b><span lang="EN-GB"><span></span></span></p>
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<p class="gmail-Data1" style="line-height:150%;margin:0cm 0cm 0.0001pt"><b style="font-size:12pt;font-family:"Times New Roman",serif"><span lang="EN-GB">Date:</span></b><span lang="EN-GB" style=""> <font face="Times New Roman, serif" style="font-size:12pt"> </font><font face="times new roman, serif" style="">
<font size="4"><span style="color:rgb(34,34,34);font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial;float:none;display:inline"> Wednesday, May 2</span>
, 2018</font></font><font face="Times New Roman, serif" style="" size="4"><span></span></font></span></p>
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<p class="gmail-Data1" style="line-height:150%;margin:0cm 0cm 0.0001pt;font-family:"Times New Roman",serif"><b style="font-size:12pt"><span>Time:</span></b><span style="font-size:12pt"> </span><font size="4"> 14:00</font><span style="font-size:12pt"></span></p>
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<p class="gmail-Data1" style="line-height:150%;margin:0cm 0cm 0.0001pt;font-family:"Times New Roman",serif"><b style="font-size:12pt"><span>Location:</span></b> <span style="font-size:12pt"> </span><font size="4"> Aula Marie Curie, Palazzo D'Ancona, SNS</font><span style="font-size:12pt"></span></p>
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<p class="MsoNormal" style="margin:0cm 0cm 0.0001pt 70.8pt;text-align:justify;line-height:150%"><b style="font-size:12pt;font-family:TradeGothicPl-CondEighteen"><span lang="EN-GB" style="font-family:"Times New Roman",serif">Title:</span></b><span lang="EN-GB" style="line-height:150%"><font face="TradeGothicPl-CondEighteen" style="font-size:16pt"> </font>
<span style="color:rgb(34,34,34);font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial;float:none;display:inline"><font face="times new roman, serif" style="" size="4"><b>Continuous Time Random Walk in finance. The story of symbiosis.</b></font></span><br style="color:rgb(34,34,34);font-family:arial,sans-serif;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration-style:initial;text-decoration-color:initial;font-size:12.8px;background-color:rgb(255,255,255)">
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<p class="gmail-Data1" style="line-height:150%;margin:0cm 0cm 0.0001pt"><b style=""><span lang="EN-US" style=""><font face="Times New Roman, serif" style="font-size:12pt">Speaker: </font>
<span style="color:rgb(34,34,34);font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial;float:none;display:inline"><font face="times new roman, serif" style="" size="4">Tomasz Gubiec </font></span></span></b></p><p class="gmail-Data1" style="line-height:150%;margin:0cm 0cm 0.0001pt"><b style=""><span lang="EN-US" style=""><span style="color:rgb(34,34,34);font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial;float:none;display:inline"><font face="times new roman, serif" style="" size="4"> (University of Warsaw)</font></span>
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<p class="gmail-Affiliation" style="text-align:justify;margin:0cm 0cm 0.0001pt;font-size:12pt"><b style=""><span lang="EN-US" style=""><font face="Times New Roman, serif">Abstract: </font>
</span></b></p><div style="color:rgb(34,34,34);font-size:small;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial"><b style=""><span style="font-size:12.8px"><font face="times new roman, serif">Over 50 years ago, two physicists Montroll and Weiss in the physical context of dispersive transport and diffusion introduced stochastic process, named Continuous-Time Random Walk (CTRW). The trajectory of such a process is created by elementary events ‘spatial’ jumps of the stochastic process preceded by waiting (or interevent or pausing) time. Since introduction, CTRW found innumerable application in different fields [1]. In this seminar, I will focus on the application of CTRW to finance [2] and I will tell the story of how this application turned out to be fruitful for both sided and motivated new directions of research [3,4].</font></span></b></div><div style="color:rgb(34,34,34);font-size:small;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial"><b style=""><span style="font-size:12.8px"><font face="times new roman, serif"><br></font></span></b></div><div style="color:rgb(34,34,34);font-size:small;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial"><b style=""><span style="font-size:12.8px"><font face="times new roman, serif">[1] Kutner, R., & Masoliver, J. (2017). The continuous time random walk, still trendy: fifty-year history, state of art and outlook. The European Physical Journal B, 90(3), 50</font></span></b></div><div style="color:rgb(34,34,34);font-size:small;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial"><b style=""><span style="font-size:12.8px"><font face="times new roman, serif">[2] Scalas, E. (2006). Five years of continuous-time random walks in econophysics. In The complex networks of economic interactions (pp. 3-16). Springer, Berlin, Heidelberg.</font></span></b></div><div style="color:rgb(34,34,34);font-size:small;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial"><b style=""><span style="font-size:12.8px"><font face="times new roman, serif">[3] Gubiec, T., & Kutner, R. (2010). Backward jump continuous-time random walk: An application to market trading. Physical Review E, 82(4), 046119</font></span></b></div><div style="color:rgb(34,34,34);font-size:small;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial"><b style=""><font face="times new roman, serif"><span style="font-size:12.8px">[4] Gubiec, T., & Kutner, R. (2017). Continuous-Time Random Walk with multi-step memory: an application to market dynamics. The European Physical Journal B, 90(11), 228</span><br style="color:rgb(34,34,34);font-size:12.8px;font-style:normal;font-variant-ligatures:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);text-decoration-style:initial;text-decoration-color:initial"></font></b></div><b style="">
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