HOW A SINGLE-FACTOR CAPM WORKS IN A MULTI-CURRENCY WORLD

2015 ◽  
Vol 46 (1) ◽  
pp. 103-139
Author(s):  
Robert Thomson ◽  
Şule Şahin ◽  
Taryn Reddy
Keyword(s):  
South African ◽  
Factor Model ◽  
Stochastic Modelling ◽  
Necessary Condition ◽  
Capital Asset Pricing ◽  
Single Factor ◽  
The Us ◽  
Market Consistent Valuation ◽  
The Uk

AbstractIn this paper, a single-factor multi-currency (SFM) capital-asset pricing model (SFM-CAPM) is developed. The advantage in using a single-factor model is that it does not treat currency risks as carrying different weight from investment risks; regardless of its source, risk is measured as variance, and weighted accordingly. The aim of this paper is primarily to give actuaries a way ahead in the use of the single-factor CAPM in a multi-currency world for the purposes of the stochastic modelling of the assets and liabilities of long-term financial institutions, such as pension funds, particularly for the purposes of liability-driven investments and market-consistent valuation, and the application of the model has been designed with that intention. However, it is envisaged that the model will also be of interest to other practitioners. The paper's major original contribution to the literature is its proof that, for a single-factor CAPM to work in a multi-currency world, there is a necessary condition. The theory is applied to two major currencies and two minor currencies, namely the US dollar, the UK pound, the South African rand and the Turkish lira.

Founders without Limits

2021 ◽  
Author(s):  
Bobby V. Reddy
Keyword(s):  
Stock Exchange ◽  
High Growth ◽  
Global History ◽  
Public Markets ◽  
The Us ◽  
History Of ◽  
The Uk ◽  
Dual Class ◽  
Blue Chip

Big Tech has flourished on the US public markets in recent years with numerous blue-chip IPOs, from Google and Facebook, to new kids on the block such as Snap, Zoom, and Airbnb. A key trend is the burgeoning use of dual-class stock. Dual-class stock enables founders to divest of equity and generate finance for growth through an IPO, without losing the control they desire to pursue their long-term, market-disrupting visions. Bobby Reddy scrutinises the global history of dual-class stock, evaluates the conceptual and empirical evidence on dual-class stock, and assesses the approach of the London Stock Exchange and ongoing UK regulatory reforms to dual-class stock. A policy roadmap is presented that optimally supports the adoption of dual-class stock while still protecting against its potential abuses, which will more effectively attract high-growth, innovative companies to the UK equity markets, boost the economy, and unleash the true potential of 'founders without limits'.

The Economics of Air Traffic Control

1980 ◽  
Vol 33 (1) ◽  
pp. 23-29
Author(s):  
Angus Hislop
Keyword(s):  
Traffic Control ◽  
Air Traffic Control ◽  
Air Traffic ◽  
Air Transport ◽  
Civil Aviation ◽  
Department Of Transportation ◽  
Private Industry ◽  
The Us ◽  
The Uk

This paper is based mainly on a study carried out in 1976/7 for the UK Department of Industry into the long-term development of air traffic control systems in Europe by a team drawn from the Civil Aviation Authority, the Royal Signals and Radar Establishment and private industry, in which Coopers and Lybrand provided the economic expertise.Until the early 1970s, air traffic control was almost completely neglected by air transport economists. Economists contributed to the planning of airports and airline operations but not to the third facet of the air transport system. However, in 1970–1, in conjunction with a programme of expansion and improvement of the country's airports and airways, the US Department of Transportation launched a major study of the airport and airways system. This was designed to establish an equitable charging policy between the different categories of user but in the event its recommendations in this area have only recently begun to be followed.

Stella Artois in South Africa: Cause Marketing and the Building of a Global Brand

2019 ◽  
pp. 1-8
Author(s):  
Julie Hennessy
Keyword(s):  
South Africa ◽  
South African ◽  
Consumer Perceptions ◽  
Export Market ◽  
International Expansion ◽  
Export Markets ◽  
Cause Marketing ◽  
Global Brand ◽  
The Us ◽  
The Uk

Stella Artois, an AB InBev brand, is the world's best-selling Belgian beer. In early 2017, Ricardo Tadeu, AB InBev Zone President for Africa, is planning the brand's entry into its next export market: South Africa. The case explores Stella's introduction strategies into three of its export markets—the UK (1976), the US (2000), and Mexico (2016)—examining the drivers of the brand's success as well as its failures. Students will analyze the brand's previous launches to determine what made it successful in some markets and not in others. They will apply these learnings to develop a strategy for the brand's introduction to the South African market. Beyond the central discussion of growth through international expansion, the case addresses issues of brand positioning for premium products, changing consumer perceptions, the use of cause marketing, category development and maturity, and competitive strategy.

The Problem of Income Inequality

2019 ◽  
pp. 42-44
Author(s):  
Andrew Smithers
Keyword(s):  
Income Inequality ◽  
Gini Coefficient ◽  
Living Standards ◽  
Living Standard ◽  
The Gini Coefficient ◽  
The Us ◽  
The Uk ◽  
Distribution Of Income

Living standards change in line with GDP per head only if the distribution of incomes is unchanged. If incomes become less equally distributed the living standards of most people will fall even if GDP per head is stable. The Gini Coefficient is the most widely used indicator designed to measure the distribution of income. UK inequality, on this measure, has risen since 1977, stabilized since 1987, and fallen in recent years. In the US there has been a long-term increase in income inequality. Unless this US trend for increased income inequality halts, it is quite likely that even if GDP per head rises in the US, the living standard of the average voter will fall. The recent data suggest that changes in income inequality pose less of a threat to living standards in the UK then they do to those in the US.

scholarly journals Comparison in intersectional discrimination

Legal Studies ◽  
2018 ◽  
Vol 38 (3) ◽  
pp. 379-395 ◽  
Author(s):  
Shreya Atrey
Keyword(s):  
Black Women ◽  
South African ◽  
White Women ◽  
Personal Characteristics ◽  
White Men ◽  
Test Cases ◽  
Flexible Approach ◽  
The Us ◽  
Strict Requirement ◽  
The Uk

AbstractThis article considers the use of comparison in establishing multi-ground claims of intersectional discrimination. Leading examples of test cases from the US and the UK exemplify the challenges in using comparison to establish discrimination against Black women, based on the grounds of both race and sex. These challenges include: the insistence on using a single mirror comparator (viz white men) or the difficulties in choosing multiple comparators from a range of options (viz white women, Asian women, Black men, white men etc); the missing rationale for the selection; and the unwieldiness in actually appreciating the nature of intersectional discrimination based on this exercise. To overcome these, Canadian courts have relaxed the strict requirement of necessarily resorting to comparison for proving discrimination and switched to the flexible approach. However, in practice, flexible approach appears as fastidious as strict comparison in its selection and use of comparators. Thus, neither of the two approaches has been too helpful in supporting intersectional claims. The article argues that instead, a useful way of proving intersectional discrimination is to follow the South African approach of making comparisons contextually: (i) between all relevant comparators, identified in reference to one, some, and all of the grounds or personal characteristics; and (ii) sifting through comparative evidence with the purpose of establishing similar and different patterns of group disadvantage which characterise the nature of intersectional discrimination. This approach brings both principle and purpose to employing comparison and can be especially useful in appreciating intersectional discrimination as based on multiple grounds.

scholarly journals 719 The Routine Use of Opioid Medication for Post-Operative Pain Relief Can Risk Long Term Dependence, In Patients Previously Opiate Naive

2021 ◽  
Vol 108 (Supplement_2) ◽  
Author(s):  
S McGurk ◽  
T Majeed ◽  
C Magee
Keyword(s):  
Pain Relief ◽  
Opiate Dependence ◽  
Prescribing Practices ◽  
Department Of Health ◽  
Opiate Use ◽  
Post Operative Pain ◽  
The Us ◽  
Observational Cohort ◽  
The Uk

Abstract Introduction Post-operative pain relief commonly involves opiates. Rising concerns about misuse has increased scrutiny of prescribing practices. In the UK, 12.5% of prescriptions are for opiates. In the US, the Department of Health and Human Services has declared an epidemic of opiate misuse. We aimed to evaluate opiate prescribing practices post-operatively, within a UK teaching hospital, and establish the risk of prolonged opiate use. Method A pan-speciality retrospective observational cohort study was performed. Patients who underwent surgery in the year 2018 were included. Patients were opiate naïve if their admission Medicine reconciliation and GP record described no opiates for the previous year. Endpoints: the proportion of patients discharged with opiates and the proportion of patients remaining on opiates at 1- and 2-years post admission. Results 20526 operations were performed on 17524 patients, across pan-specialities. 8772 patients were discharged on opiates. 673 required further opiates from their GP after discharge, of which 331 were previously opiate naive. At 1 year post op, 180 previously naive patients remained on opiates. Conclusions Attention needs to be given to the risk of developing opiate dependence post-operatively. An evidence-based approach should support clinicians in preventing an opiate crisis in the UK.

At a Glance …

2012 ◽  
Vol 220 ◽  
pp. F2-F2
Keyword(s):  
Euro Area ◽  
List Type ◽  
Short Term ◽  
Structural Problems ◽  
The Us ◽  
Successful Resolution ◽  
Fiscal Austerity ◽  
The Uk ◽  
Global Growth

Our baseline forecast is for global growth of 3.7 per cent in 2012. Growth will accelerate to 4 per cent in 2013. These forecasts are little changed from our previous forecast.As in our previous forecast, we assume a delayed but ultimately successful resolution of the Euro Area crisis. Nevertheless, we expect a mild recession in the Euro Area as a whole, as well as in the UK. Downside risks to the Euro Area remain high. Fiscal austerity will weigh on growth in the short term, while medium to long term structural problems remain unresolved.We forecast growth of about 2 per cent in the US this year, while China and India, although slowing, will continue to drive world growth.

scholarly journals Time trends and treatment pathways in the prescribing of individual oral anticoagulants in patients with non-valvular atrial fibrillation: an observational study of more than three million patients from Europe and the United States

2021 ◽  
Author(s):  
Pareen Vora ◽  
Henry Morgan Stewart ◽  
Beth Russell ◽  
Alex Asiimwe ◽  
Gunnar Brobert
Keyword(s):  
United States ◽  
Atrial Fibrillation ◽  
Time Trends ◽  
Oral Anticoagulants ◽  
The United States ◽  
Common Data Model ◽  
Long Term Treatment ◽  
The Us ◽  
The Uk

Background: Data directly comparing trends in the use of different oral anticoagulants (OACs) among patients with atrial fibrillation (AF) from different countries are limited. We addressed this using a large-scale network cohort study in the United States (US), Belgium, France, Germany and United Kingdom (UK). Methods: We used nine databases (claims or electronic health records) that had been converted into the Observational Medical Outcomes Partnership Common Data Model with analysis performed using open-source analytical tools. We identified adults with AF and a first OAC prescription, either vitamin K antagonist (VKA) or direct oral anticoagulant (DOAC) from 2010–2017. We described time-trends in use, continuation and switching. Results: In 2010, 87.5%–99.8% of patients started on a VKA. By 2017, the majority started on a DOAC: 87.0% (US), 88.3% (Belgium), 93.1% (France), 88.4% (Germany), 86.1%–86.7% (UK). In the UK, DOACs became the most common starting OAC in 2015, 2–3 years later than elsewhere. Apixaban was the most common starting OAC by 2017: 50.2%–57.8% (US), 31.4% (Belgium), 45.9% (France), 39.5% (Germany), 49.8%– 50.5% (UK), followed by rivaroxaban; 24.8%–32.5% (US), 25.7% (Belgium), 38.4% (France), 24.9% (Germany), 30.2%– 31.2% (UK). Long-term treatment was less common in the US than in Europe, especially the UK. A minority of patients switched from their index OAC, both in the short- and long-term. Conclusions: From 2010–2017, VKA use had significantly declined and DOAC use had significantly increased in the US and Europe; apixaban was the most prescribed OAC in 2017 followed by rivaroxaban.

UK foreign ministry's power diminishes and disperses

2018 ◽  
Keyword(s):  
State Department ◽  
Content Type ◽  
Recruitment And Retention ◽  
Career Opportunities ◽  
The Us ◽  
The Uk

Significance Like the US State Department, the UK Foreign and Commonwealth Office (FCO) has experienced a long-term diminution of its budgets and standing as foreign policymaking is dispersed among rival agencies. Impacts Budget transparency is likely to diminish as the FCO seeks to pool budgets with other agencies. Low morale and perceived narrowing of career opportunities will challenge recruitment and retention of staff. Post-Brexit 'Global Britain' may be curtailed in its influence for lack of diplomatic experience and resources.

scholarly journals Social Cohesion: Converging and Diverging Trends

2011 ◽  
Vol 215 ◽  
pp. R6-R22 ◽  
Author(s):  
Andy Green ◽  
Germ Janmaat ◽  
Helen Cheng
Keyword(s):  
Social Cohesion ◽  
Political Trust ◽  
Ample Evidence ◽  
The Us ◽  
Liberal Societies ◽  
Multiple Pressures ◽  
The Uk ◽  
Key Indicators ◽  
Institutional Foundations

Social theorists frequently argue that social cohesion is under threat in developed societies from the multiple pressures of globalisation. This article seeks to test this hypothesis through examining the trends across countries and regions in key indicators of social cohesion, including social and political trust, tolerance and perceptions of conflict. It finds ample evidence of long-term declines in cohesion in many countries, not least as exemplified by the erosion of social and political trust, which is particularly dramatic in the UK. The trends are not entirely convergent, since on most indicators Nordic countries have become more cohesive, yet each country faces challenges. In the final section the authors argue that different ‘regimes of social cohesion’ can be identified in specific clusters of countries which are based on different cultural and institutional foundations. In the ‘liberal model’, which applies in the UK and the US, the greatest threat to cohesion comes not from increasing cultural diversity, but from increasing barriers to mobility and the subsequent atrophy of faith in individual opportunity and meritocratic rewards — precisely those beliefs which have traditionally held liberal societies together.

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