A Random Walk Through Quantitative Finance

Coenraad C. A. Labuschagne

Programme in Quantitative Finance

Department of Finance and Investment Management
University of Johannesburg
South Africa

Inaugural Lecture
6 April 2016

Coenraad C. A. Labuschagne Inaugural Lecture

Abstract

Quantitative finance has some of its roots in probability

theory, which has its roots in functional analysis.
Both probability theory and functional analysis are areas of
mathematics.
The interaction between these three areas of mathematics
will be discussed.
In particular, attention will be given to the basic problems in
quantitative finance and the tools from probability theory
and functional analysis that are used to solve them.

Coenraad C. A. Labuschagne Inaugural Lecture

Introduction

This presentation is about what I do as a mathematician in

quantitative finance – in layman’s terms.
I will discuss some of the basic problems in quantitative
finance.
Then mention the tools from probability theory that are
used to solve them.
This will be followed by a discussion on the interaction
between functional analysis, probability theory and
quantitative finance.
All this, of course, is from my own perspective and
governed by my research contributions and interests.

Coenraad C. A. Labuschagne Inaugural Lecture

 Quantitative Finance

Coenraad C. A. Labuschagne Inaugural Lecture

Problem: pricing of financial instruments

Suppose a financial institution enters into a contract with a

client to sell a financial product - called a financial
instrument or derivative - to the client.
They agree that at specified time t = T, the financial
institution will pay the client a specified amount C(t, K)
which depends on K, the strike price.
The client will make a once off payment at time t = 0.
The problem is to determine the selling price of the
derivative at time t = 0.
Obtain the price at time t = 0 of a claim with agreed price K at
time t = T.

Coenraad C. A. Labuschagne Inaugural Lecture

 Keep in mind that the value of the claim C(t, K) varies as
time t varies.
The financial institution does not want to sell the derivative
at time t = 0, be exposed to the claim at time T, and in the
mean time do nothing with the cash that the product was
sold for!
That cash has to be invested so as to cover the price of the
claim at time t = T.
This means that the position has to be hedged.
So the question is twofold:
How do you price the claim at time t = 0, and hedge the
position.

Coenraad C. A. Labuschagne Inaugural Lecture

Problem: management of risk
An important aspect of quantitative finance is the
management of risk.
There are various types of risk that need to managed.
These include:
credit risk,
market risk,
volatility,
arbitrage, and
inflation.
The source has to be identified, the risk has to be
measured, and steps have to be formulated to address
these.
An axiomatic approach to Risk Measures was introduced
by Artzner, Delbaen, Eber and Heath in the early 1990s.
Formulation of the the latter needs the notion of an
Lp -space (an object from probability theory and functional
analysis) .
Coenraad C. A. Labuschagne Inaugural Lecture
Tools

Solutions to these problems in Quantitative Finance regarding

pricing & hedging and risk management
usually require the following from
probability theory and functional analysis
expectations,
conditional expectations,
martingales,
submartingales and supermartingales,
stopping times, and
Lp -spaces.

Coenraad C. A. Labuschagne Inaugural Lecture

Pricing

There are many known approaches to option pricing,

which includes heavy-tailed distribution techniques.
The continuous time Black-Scholes-Merton (BSM) model
is considered by many financial practitioners to be
adequate for option pricing, irrespective of its
over-simplified assumptions.
It was, and still is, widely used in practice, as it is well
understood and yields a framework in which both pricing
and hedging is possible.

Coenraad C. A. Labuschagne Inaugural Lecture

Black Scholes Merton (BSM) pricing model

Health warning: if equations make you feel ill, do not look at the
next two slides.
Let T denote the fixed time of maturity of a derivative
contract and σ as the volatility of the underlying security, in
this case a stock price S.
The Black-Scholes-Merton partial differential equation
(PDE) is given by

∂f ∂f 1 ∂2f
+ rS + σ 2 S2 2 = rf
∂t ∂S 2 ∂S
where
f is the price of a derivative which depends on the stock
price St and time t ∈ [0, T].
r is a constant interest rate, known as the risk-free rate.

Coenraad C. A. Labuschagne Inaugural Lecture

BSM PDE

For a European call and put option (which are specific financial
derivatives) with strike K, the BSM PDE has solution
 
Vt = α S0 N (αd1 ) − Ke−r(T−t) N (αd2 )

where  
S0
+ r + 12 σ 2 (T − t)


ln K
d1 = p
σ (T − t)
and √
d2 = d1 − σ T − t,
where α = 1 for a call option and α = −1 for a put option and
N (x) is the cumulative distribution function of the standard
normal distribution.

Coenraad C. A. Labuschagne Inaugural Lecture

2008 Global Financial Crisis - 1

The 2008 Global Financial Crisis (GFC) was a dramatic

event for financial markets.
This forced many changes to be made in global markets.
The economic meltdown that followed had massive effects
on many everyday issues such as house prices, interest
rates and inflation.
Investment banks were also affected and numerous
investment banks either defaulted and many banks in the
United States were taken over by the U.S. Federal Reserve
to avoid default.
The impact on financial derivative pricing and risk
management did not escape the GFC.

Coenraad C. A. Labuschagne Inaugural Lecture

2008 Global Financial Crisis - 2

Prior to the 2008 credit crisis, pricing the value of a

derivative was relatively straightforward. Universally,
practitioners and many academics agreed on the pricing
method used to price a derivative.
The method was well-known: discount future expected
cash flows under the risk-neutral measure to the present
date using the risk-free rate. This method was derived from
the fundamental theory laid down by Black, Scholes and
Merton in the 1970s.

Coenraad C. A. Labuschagne Inaugural Lecture

2008 Global Financial Crisis - 3

The 2008 credit crisis drove home the fact that what was
used in practice prior to the crisis as an approximation
(also called a proxy) for the theoretical notion of a risk-free
interest rate, as required by the BSM model, is totally
inadequate to yield realistic results.
The myth that banks are risk-free was disproved by the
2008 credit crisis. The default of what we used to call "too
big to fail“ banks, such as Lehman Brothers and Bear
Stearns, which defaulted in the 2008 credit crisis,
disproved the myth that banks are risk-free.

Coenraad C. A. Labuschagne Inaugural Lecture

2008 Global Financial Crisis - 4

The 2008 credit crisis also exposed the inadequate

management of counterparty credit risk.
Counterparty credit risk (also known as default risk)
between two parties, is the two-sided risk that one of the
counterparties will not pay, as obligated on a trade or a
transaction between the two parties.
Changes need to be made to the usual ways in which
"business was conducted“ prior to the 2008 credit crisis
and these changes need to be addressed and incorporated
in the models used prior to the 2008 credit crisis.
Improved credit risk management costs money and
adjustments have to be made to compensate for the costs
involved.

Coenraad C. A. Labuschagne Inaugural Lecture

Counterparty credit risk

One of the ways to mitigate counterparty credit risk is by

posting collateral in a derivative trade. Collateral is a
borrower’s pledge of specific assets to a lender, to secure
repayment of a liability.
Banks required collateral posted from their counterparties
on certain trades prior to the 2008 credit crisis.
But as it became apparent that banks are not risk-free,
clients require that banks now also post collateral on some
transactions.

Coenraad C. A. Labuschagne Inaugural Lecture

What research do I do?

The changes forced on the BSM model by the 2008 GFC are
researched. In particular, the following problems are
considered:
What is a suitable candidate for the risk-free rate in the
South African market and how is it estimated?
Extensions of the BSM model due to improved risk
management brought about by adjustments to costs (XVA).
The Piterbarg model for option pricing as a replacement for
the BSM model.
The Piterbarg is an extension of the BSM model which takes
the posting of collateral and multiple interest rates into account.

Coenraad C. A. Labuschagne Inaugural Lecture

Research contributions: pricing & hedging and
management of risk

Contributions include
Pricing of convertible bonds.
Pricing of exotic options using the Wang transform.
Establishing a connection between the Wang and
Esscher-Girsanov transforms.
Representing set-valued risk measures defined on Banach
space valued Orlicz spaces.
Extensions of the BSM model to accommodate
shortcomings emphasised by the 2008 GFC.
Modelling the stock indices using univariate conditional
volatility models.

Coenraad C. A. Labuschagne Inaugural Lecture

A convertible bond is a corporate debt security that gives the
holder the right to exchange future cash payments for a
prescribed number of shares of equity.

The Wang transform and the Esscher-Girsanov transform

provide pricing techniques which do not require a change of
measure.

Coenraad C. A. Labuschagne Inaugural Lecture

Quantitative Finance – Research Papers - Under
Review
C.C.A. L ABUSCHAGNE , S.T. VON B OETTICHER, Discrete
hedging in the Piterbarg option pricing framework.
C.C.A. L ABUSCHAGNE , S.T. VON B OETTICHER, Dupire’s
formula in the Piterbarg pricing formula.
C.C.A. L ABUSCHAGNE , S.T. VON B OETTICHER,
Calculating the Piterbarg price of a derivative using historic
return distribution methods.
C. B. H UNZINGER , A. KOTZÉ , C.C.A. L ABUSCHAGNE,
Greeks and volatility skews of the Wang transform.
C.C.A. L ABUSCHAGNE , E. M AJEWSKA , J. O LBRYS , Crisis
periods, contagion and integration effects in the major
African equity markets during the 2007–2009 global
financial crisis.
A. KOTZÉ , C.C.A. L ABUSCHAGNE , A linear algebra
approach to quantify a Basel III compliant default fund.
Coenraad C. A. Labuschagne Inaugural Lecture
Quantitative Finance – Selected Research Papers

C.C.A. L ABUSCHAGNE , T.M. O FFWOOD -L E R OUX ,

Representations of set-valued risk measures defined on
the l-tensor product of Banach lattices, Positivity, 18
(2014), 619–639.
C. B. H UNZINGER , C.C.A. L ABUSCHAGNE, The Cox, Ross
and Rubinstein tree model which includes bilateral credit
risk and funding costs, North American Journal of
Economics and Finance, 29 (2014), 200–217.
A. KOTZÉ , C.C.A. L ABUSCHAGNE , M. N AIR ,
N.PADAYACHI , Arbitrage-free implied volatility surfaces for
options on single stock futures, North American Journal of
Economics and Finance, 26 (2013) 380–399.

Coenraad C. A. Labuschagne Inaugural Lecture

C.C.A. L ABUSCHAGNE , S.T. VON B OETTICHER ,
Construction of a BRICS index and option price evaluation
relative to constituent indexes. Proceedings of the World
Finance Conference, December 2015, Hanoi, Vietnam, in
press.
C.C.A. L ABUSCHAGNE , S.T. VON B OETTICHER , An
overview of the Piterbarg option pricing model.
Proceedings of the World Finance Conference, December
2015, Hanoi, Vietnam, in press.
C. B. H UNZINGER , C.C.A. L ABUSCHAGNE, The Wang
transform as an option pricing model. Proceedings of the
World Finance Conference, December 2015, Hanoi,
Vietnam, in press.
T. J AKARASI , C.C.A. L ABUSCHAGNE , O. M AHOMED,
Estimating the South African overnight indexed swap
curve. Proceedings of ICOAE 2015, Kazan, Russia:
Procedia Ecomomics and Finance, in press.
Coenraad C. A. Labuschagne Inaugural Lecture
C.C.A. L ABUSCHAGNE , P. V ENTER , S.T. VON B OTTICHER ,
A comparison of Risk Neutral Historic Distribution -,
E-GARCH - and GJR-GARCH model generated volatility
skews for BRICS Securities Exchange indexes.
Proceedings of ICOAE 2015, Kazan, Russia: Procedia
Ecomomics and Finance, in press.
C. B. H UNZINGER , C.C.A. L ABUSCHAGNE, Pricing a
collateralised derivative trade with a funding value
adjustment. In: Proceedings of the Mathematics of
Finance Conference, Kruger National Park, August 2014,
Journal of Risk Financial Management 8 (2015), 17-42.
doi:10.3390/jrfm8010017.
C.C.A. L ABUSCHAGNE , W. S URIYAKAT, S.T. VON
B OETTICHER , Tracing the Effect of the Global Financial
Crisis on ASEAN Stock Exchanges via Implied Volatility.
Proceedings of the 2nd International Conference on
Economics, Finance and Management Outlooks 20-21
December, 2014, Kuala Lumper, Malaysia.
C.C.A. L ABUSCHAGNE , T.M. O FFWOOD, Pricing exotic
Coenraad C. A. Labuschagne Inaugural Lecture
C.C.A. L ABUSCHAGNE , T.M. O FFWOOD, Pricing
Convertible Bonds using the CGMY model. In:
Proceedings of the conference Non-Linear Mathematics for
Uncertainty and its Applications (NLMUA2011), Beijing,
September 2011, Springer-Verlag 2011, Advances in
Intelligent and Soft Computing 100, 231 – 238 (2011).
C.C.A. L ABUSCHAGNE , H.T. N GUYEN , A universal
framework for financial and actuarial pricing of risk: myth
or reality? In: Proceedings of the third conference of the
Econometric Society of Thailand, Chiang Mai University,
Thailand, January 2010: The Thai Econometric Society, 2
(2010), 59 - 65.
C.C.A. L ABUSCHAGNE , T.M. O FFWOOD, On the
fundamental theorems of asset pricing. In: Proceedings of
the third conference of the Econometric Society of
Thailand, Chiang Mai University, Thailand, January 2010:
The Thai Econometric Society, 2 (2010), 49 - 58.

Coenraad C. A. Labuschagne Inaugural Lecture

 MATHEMATICS

Coenraad C. A. Labuschagne Inaugural Lecture

Research in "Pure Mathematics" Related To
Quantitative Finance?

Measure theory is a special case of vector lattice theory.

In particular, Lp spaces are special cases of a vector lattice.
The natural question that arises is: is it possible to extend
the theory of stochastic processes on Lp spaces to a
theory of stochastic processes on vector lattices?
Extensive progress and contributions have been made on
this issue.
This theory has been developed to such as extent that it is
highly likely that the pricing of options as discussed above
can be done in the setting of vector lattices.

Coenraad C. A. Labuschagne Inaugural Lecture

Stochastic Processes on Riesz spaces

We developed a theory of discrete stochastic processes on

Riesz spaces.
In this framework, the measure space is replaced by the
order structure of the Riesz space.
We were able to give sensible definitions of the basic
notions of probability theory in Riesz spaces.
This included the notions of conditional expectation,
martingale, submartingale, supermartingale, stopping time,
independence, Doob’s decomposition for submartingales,
an optional stopping theorem, martingale convergence
theorems, ergodic theorems, various zero one/two laws,
and a discrete stochastic integral.

Coenraad C. A. Labuschagne Inaugural Lecture

Stochastic Processes on Riesz Spaces – Selected
Research Papers

J.J. G ROBLER , C.C.A. L ABUSCHAGNE, The Itô integral for

martingales in vector lattices.
J.J. G ROBLER , C.C.A. L ABUSCHAGNE, The Itô integral for
Brownian motion in vector lattices, Part II, Journal of
Mathematical Analysis and Applications, 423 (2015),
820-833.
doi:10.1016/j.jmaa.2014.09.063.
J.J. G ROBLER , C.C.A. L ABUSCHAGNE, The Itô integral for
Brownian motion in vector lattices, Part I, Journal of
Mathematical Analysis and Applications, 423 (2015),
797-819.
doi:10.1016/j.jmaa.2014.08.013.

Coenraad C. A. Labuschagne Inaugural Lecture

C.C.A. L ABUSCHAGNE , B.A. WATSON , Discrete time
stochastic integrals in Riesz spaces, Positivity 14 (2010),
859 - 875.
M. KOROSTENSKI , C.C.A. L ABUSCHAGNE , A note on
regular martingales in Riesz spaces, Quaestiones
Mathematicae, 31 (2008), 219 - 224.
W.-C. K UO, C.C.A. L ABUSCHAGNE , B.A. WATSON ,
Amarts in Riesz spaces, Acta Mathematica Sinica (English
Series), 24 (2008), 329 - 342.
W.-C. K UO, C.C.A. L ABUSCHAGNE , B.A. WATSON ,
Ergodic theory and the strong law of large numbers on
Riesz spaces, Journal of Mathematical Analysis and
Applications, 325 (2007), 422 - 437.

Coenraad C. A. Labuschagne Inaugural Lecture

W.-C. K UO, C.C.A. L ABUSCHAGNE , B.A. WATSON ,
Convergence of Riesz space martingales, Indagationes
Mathematicae (New Series), 17 (2006), 271 - 283.
W.-C. K UO, C.C.A. L ABUSCHAGNE , B.A. WATSON ,
Conditional expectations on Riesz spaces, Journal of
Mathematical Analysis and Applications, 303 (2005), 509 -
521.
W.-C. K UO, C.C.A. L ABUSCHAGNE , B.A. WATSON ,
Discrete-time stochastic processes on Riesz spaces,
Indagationes Mathematicae (New Series), 15 (2004), 435
- 451.

Coenraad C. A. Labuschagne Inaugural Lecture

W.-C. K UO, C.C.A. L ABUSCHAGNE , B.A. WATSON , A
zero-one law for Riesz space and fuzzy processes. In: Y.
Liu (ed.) et al., Fuzzy Logic, Soft Computing and
Computational Intelligence (Volumes I, II, III). Collection of
papers presented at the International Fuzzy Systems
Association World Congress (IFSA 2005), Beijing, China,
July 28 - 31, 2005. Tsinghua University Press, Springer,
Beijing, 2005. Fuzzy Logic, Soft Computing and
Computational Intelligence, Volume I, 393 - 397 (2005).
W.-C. K UO, C.C.A. L ABUSCHAGNE , B.A. WATSON , Riesz
space and fuzzy upcrossing theorems. In: M. López-Díaz
(ed.) et al., Soft methodology and random information
systems. Collection of papers presented at the 2nd
international conference on soft methods in probability and
statistics (SMPS 2004), Oviedo, Spain, September 2 - 4,
2004. Berlin: Springer. Advances in Soft Computing, 101 -
108 (2004).

Coenraad C. A. Labuschagne Inaugural Lecture

Banach Space Valued Stochastic Processes –
Contributions

We developed a theory of discrete stochastic processes in

Banach spaces and Banach lattices, without the use of
measure theory.
Guided by known results on stochastic processes on
Bochner spaces, we replaced the Bochner space by an
l-tensor product of a Banach lattice and a Banach space,
and derived analogues of these results.
The main highlights are
a full description of the convergence of a vector valued
martingale in terms of its scalar valued component (a new
result, even in the classical case), and
characterisations of martingale convergence in terms of the
Radon-Nikodým property in Banach spaces (an analogue
of a known Bochner space result).

Coenraad C. A. Labuschagne Inaugural Lecture

We also gave characterisations of submartingale and
supermartingale convergence in terms of the
Radon-Nikodým property, and
a characterization the Radon-Nikodým property in an
l-tensor product in terms of the Radon-Nikodým property
on each of the component spaces.

Coenraad C. A. Labuschagne Inaugural Lecture

Banach Space Valued Stochastic Processes –
Selected Research Papers

C.C.A. L ABUSCHAGNE , V. M ARRAFFA , Operator

martingale decompositions and the Radon-Nikodým
property in Banach spaces, Journal of Mathematical
Analysis and Applications, 363 (2010), 357 - 365.
S.F. C ULLENDER , C.C.A. L ABUSCHAGNE , Convergent
martingales of operators and the Radon-Nikodým property
in Banach spaces, Proceedings of the American
Mathematical Society, 136 (2008), 3883 - 3893.
S.F. C ULLENDER , C.C.A. L ABUSCHAGNE , Corrigendum to
“Unconditional martingale difference sequences in Banach
spaces" [J. Math. Anal. Appl. 326 (2007) 1291 - 1309],
Journal of Mathematical Analysis and Applications, 338
(2008), 751 - 752.

Coenraad C. A. Labuschagne Inaugural Lecture

S.F. C ULLENDER , C.C.A. L ABUSCHAGNE , Unconditional
Schauder decompositions and stopping times in the
Lebesgue-Bochner spaces, Journal of Mathematical
Analysis and Applications, 336 (2007), 849 - 864.
S.F. C ULLENDER , W.-C. K UO, C.C.A. L ABUSCHAGNE ,
B.A. WATSON , Measure-free martingales with application
to classical martingales. In: J. Lawry (ed.) et al., Soft
methods for integrated uncertainty modelling. Proceedings
of the 2006 international workshop on soft methods in
probability and statistics (SMPS 2006), Bristol, United
Kingdom, September 5 - 7, 2006. Berlin: Springer.
Advances in Soft Computing, 121 - 128 (2006).

Coenraad C. A. Labuschagne Inaugural Lecture

Set Valued Stochastic Processes – Contributions

Robert Aumann received the Nobel Memorial Prize in

Economics in 2005 for his work on conflict and cooperation
through game-theory analysis.
He used set-valued stochastic processes in his work.
Hiai and Umegaki were instrumental in developing
set-valued stochastic processes on the space of integrably
bounded functions (the latter is a complete metric space of
set valued functions).
We showed that many of their results can be obtained from
our research on Banach space valued stochastic
processes.
The main tool required is a lattice version of Rådström’s
embedding theorem noted by Andrew Pinchuck, Clint van
Alten and I.

Coenraad C. A. Labuschagne Inaugural Lecture

Set Valued Stochastic Processes – Research Papers

C.C.A. L ABUSCHAGNE , V. M ARRAFFA , On Spaces of

Bochner and Pettis Integrable Functions and their
Set-valued Counterparts. In: Proceedings of the
conference Nonlinear Mathematics for Uncertainty and its
Applications NLMUA2011), Beijing, September 2011,
Springer-Verlag 2011, Advances in Intelligent and Soft
Computing 100, 51 - 59 (2011).
C.C.A. L ABUSCHAGNE , A.L. P INCHUCK , Doob’s
decomposition of set-valued submartingales via ordered
near vector spaces, Quaestiones Mathematicae, 32
(2009), 247 - 264.

Coenraad C. A. Labuschagne Inaugural Lecture

C.C.A. L ABUSCHAGNE , A Banach lattice approach to
convergent integrably bounded set-valued martingales and
their positive parts, Journal of Mathematical Analysis and
Applications, 342 (2008), 780 - 797.
C.C.A. L ABUSCHAGNE , Join-semilattices of integrable
set-valued martingales, Thai Journal of Mathematics (a
special conference issue), 5 (2007), 53 - 69. The 8th
International Conference on Fixed Point Theory and its
Applications, Chiang Mai, Thailand, July 16 - 22, 2007.

Coenraad C. A. Labuschagne Inaugural Lecture

Fuzzy Stochastic Processes

What is Fuzzy Mathematics?

In Mathematics a set A is associated with its indicator χA
function.
χA takes the value 1 on A and 0 outside A.
In Fuzzy Mathematics a set A is associated with a function
fA .
The function fA can take on any value from 0 to 1.

Fuzzy mathematics has many applications! Check the inside of

the door or cover of your appliances when you get home.

We made the following contributions to fuzzy stochastic

processes:

Coenraad C. A. Labuschagne Inaugural Lecture

Fuzzy Stochastic Processes – Research Papers

C.C.A. L ABUSCHAGNE , A.L. P UNCHUCK, Doob’s

decomposition of fuzzy submartingales via ordered near
vector spaces. In: Proceedings of the Second Asian
conference on Nonlinear Analysis and Optimization
Phuket, Thailand, September 2010: Journal of Nonlinear
Analysis and Optimization: Theory and Applications (a
special conference issue), 2, 39 - 52 (2011).
C.C.A. L ABUSCHAGNE , Positive parts of convergent fuzzy
martingales, In: Q.P. Ha and N.M. Kwok (ed.), Proceedings
of the 8th International Conference on Intelligent
Technologies, InTech’07, Sydney, Australia, December 12 -
14, 2007. University of Technology Sydney, Australia.
Intelligent Technologies in Robotics and Automation, 293 -
299 (2007).

Coenraad C. A. Labuschagne Inaugural Lecture

Functional Analysis - Contributions

My contributions to functional analysis include

the study of geometric and order properties of tensor
products of normed spaces and normed Riesz spaces,
the geometric and order properties of various spaces of
maps acting between normed spaces and normed Riesz
spaces.

Coenraad C. A. Labuschagne Inaugural Lecture

Functional Analysis – Selected Research Papers

C.C.A. L ABUSCHAGNE , V. M ARRAFFA , A note on the

Banach space of preregular maps, Quaestiones
Mathematicae, 34 (2011), 113 - 117.
C.C.A. L ABUSCHAGNE , T.M. O FFWOOD, A description of
Banach space-valued Orlicz hearts, Central European
Journal of Mathematics, 8 (2010), 1109 - 1119.
C.C.A. L ABUSCHAGNE , V. M ARRAFFA , On set-valued cone
absolutely summing maps, Central European Journal of
Mathematics, 8 (2010), 148 - 157.
P.D. A LLENBY, C.C.A. L ABUSCHAGNE , On the uniform
density of C(X) ⊗ C(Y) in C(X × Y), Indagationes
Mathematicae (New Series), 20 (2009), 19 - 22.

Coenraad C. A. Labuschagne Inaugural Lecture

S.F. C ULLENDER , C.C.A. L ABUSCHAGNE , A description of
the space of Banach space-valued absolutely p-summable
sequences, Quaestiones Mathematicae, 31 (2008), 101 -
105.
S.F. C ULLENDER , C.C.A. L ABUSCHAGNE , A note on the
M-norm of Chaney-Schaefer, Quaestiones Mathematicae,
30 (2007), 151 - 158.
C.C.A. L ABUSCHAGNE , Preduals and nuclear operators
associated with bounded, p-convex, p-concave and
positive p-summing operators, Canadian Journal of
Mathematics, 59 (2007), 614 - 637.
C.C.A. L ABUSCHAGNE , A Dodds-Fremlin property for
Asplund and Radon-Nikodým operators, Positivity, 10
(2006), 391 - 407.

Coenraad C. A. Labuschagne Inaugural Lecture

C.C.A. L ABUSCHAGNE , Equivalence of the Bochner norm
and its transpose characterizes Lp -spaces, Journal of
Mathematical Analysis and Applications, 308 (2005), 746 -
758.
C.C.A. L ABUSCHAGNE , Characterizing the one-sided
tensor norms ∆p and t ∆p , Quaestiones Mathematicae, 27
(2004), 339 - 363.
C.C.A. L ABUSCHAGNE , Riesz reasonable cross norms on
tensor products of Banach lattices, Quaestiones
Mathematicae, 27 (2004), 243–266.
C.C.A. L ABUSCHAGNE , A note on the order continuity of
the norm of E⊗e m F, Archiv der Mathematik (Basel), 62
(1994), 335 - 337.

Coenraad C. A. Labuschagne Inaugural Lecture

J.J. G ROBLER , C.C.A. L ABUSCHAGNE , An f-algebra
approach to the Riesz tensor product of Archimedean
Riesz spaces, Quaestiones Mathematicae, 12 (1989), 425
- 438.
J.J. G ROBLER , C.C.A. L ABUSCHAGNE , A note on the
approximation of elements in the Riesz tensor product,
Mathematische Zeitschrift, 201 (1989), 273 - 277.
J.J. G ROBLER , C.C.A. L ABUSCHAGNE , The tensor product
of Archimedean ordered vector spaces, Mathematical
Proceedings of the Cambridge Philosophical Society, 104
(1988), 331 - 345.
J.J. G ROBLER , C.C.A. L ABUSCHAGNE , An existence proof
for the Riesz tensor product by operator methods, South
African Journal of Science, 84 (1988), 330 - 331.

Coenraad C. A. Labuschagne Inaugural Lecture

Ordered Spaces – Research Papers

C.C.A. L ABUSCHAGNE , C.J. VAN A LTEN , On the MacNeille

completion of MTL-chains, Intech 2008 - Proceedings of
the 9th International Conference on Intelligent
Technologies (2008), 71 - 75.
C.C.A. L ABUSCHAGNE , A.L. P INCHUCK , C.J. VAN A LTEN ,
A vector lattice version of Rådström’s embedding theorem,
Quaestiones Mathematicae, 30 (2007), 285 - 308.
C.C.A. L ABUSCHAGNE , C.J. VAN A LTEN , On the variety of
Riesz spaces, Indagationes Mathematicae (New Series),
18 (2007), 61 - 68.

Coenraad C. A. Labuschagne Inaugural Lecture

Other – Research Papers

M. KOROSTENSKI , C.C.A. L ABUSCHAGNE , Lax proper

maps of locales, Journal of Pure and Applied Algebra, 208
(2007), 655 - 664.

Coenraad C. A. Labuschagne Inaugural Lecture

Acknowledgements

My sincere thanks are due to

Professor Koos Grobler, North-West University
(Potchefstroom), who taught me almost all the
mathematics that I know, who supervised my doctoral
thesis, and who is my collaborator from whom I still learn
lots on a daily basis.
The organisers of the Positivity 7 Conference in honour of
Professor Adrian Zaanen’s 100th birthday, for inviting me to
give a plenary talk at the conference. Professor Zaanen
was my mathematical grandfather (the doctoral supervisor
of Koos Grobler).

Coenraad C. A. Labuschagne Inaugural Lecture

 My research collaborators - it was such a pleasure to work
with you.
All my PhD and Masters students - it was a privilege and
an honour to work with you, and I learnt more from you that
you could ever have hoped to learn from me.
The University of Johannesburg for the opportunity to give
this lecture.

A special word of thanks is due to Professor Eben Mare for his

willingness to act as respondent - thank you Eben!

Coenraad C. A. Labuschagne Inaugural Lecture

Enlightenment

Before enlightenment
chopping wood
carrying water.

After enlightenment
chopping wood
carrying water.

Z EN P ROVERB

Coenraad C. A. Labuschagne Inaugural Lecture

THANK YOU FOR YOUR ATTENTION

Coenraad C. A. Labuschagne Inaugural Lecture