An executive's handbook for understanding and risk managing unit linked guarantees

2012 ◽  
Vol 17 (1) ◽  
pp. 71-125 ◽  
Author(s):  
J. Maher ◽  
J. Corrigan ◽  
A. Bentley ◽  
W. Diffey
Keyword(s):  
Capital Markets ◽  
Sustainable Management ◽  
Balance Sheet ◽  
Market Risk ◽  
Comprehensive Analysis ◽  
Senior Executive ◽  
Comprehensive Understanding ◽  
Micro Structure ◽  
Executive Summary ◽  
First Order

AbstractThe focus of this paper is the identification, and more importantly, sustainable management, of risks embedded in guarantees attaching to unit linked savings and retirement contracts (as commonly referred to as GMxBs). In developing customer centric guarantees that are not readily transferrable to the capital markets, insurance undertakings require the skills and resources to hedge the guarantees within their own balance sheet (or with a temporary use of packaged solutions such as reinsurance). In taking on the guarantee manufacture task insurers are departing from areas of historic competence and need to develop a comprehensive understanding of all elements of market risk replication. These include both first order market exposures as well as the material second order risks associated with market micro structure. The paper seeks to integrate this comprehensive analysis within a practitioner focused framework and concludes with a senior executive summary of “Seven key considerations in successful guarantee manufacture”.

scholarly journals Riskmetrics™ Methodology in Assessment of Investment Risk on Capital Markets

2010 ◽  
Vol 9 (1) ◽  
pp. 34-51
Author(s):  
Grzegorz Mentel
Keyword(s):  
Capital Markets ◽  
Stock Exchange ◽  
Risk Measures ◽  
Market Risk ◽  
Investment Risk ◽  
Financial Instruments ◽  
Investment Portfolio ◽  
Warsaw Stock Exchange ◽  
Financial Portfolio

Riskmetrics™ Methodology in Assessment of Investment Risk on Capital Markets In the article the author has presented the methodology of assessment of market risk connected with investing in all sorts of financial instruments such as: shares, bonds and other derivatives, e.g. RiskGrade (RG). The measure has been introduced by RiskMetrics. The article presents the application of RiskGrades methodology while choosing the optimum investment portfolio for a Polish investor who invests in shares in the Warsaw Stock Exchange. Moreover, some other risk measures have been discussed which describe the efficiency of the optimum financial portfolio.

scholarly journals Boundary work in response to professionals’ contextual constraints: Micro-strategies in interprofessional collaboration

2022 ◽  
pp. 017084062210741
Author(s):  
Clarissa E. Weber ◽  
Christian Kortkamp ◽  
Indre Maurer ◽  
Eva Hummers
Keyword(s):  
Qualitative Data ◽  
Time Pressure ◽  
Interprofessional Collaboration ◽  
Boundary Work ◽  
Comprehensive Understanding ◽  
Professional Boundaries ◽  
First Order ◽  
Everyday Work ◽  
Legal Restrictions ◽  
Different Sources

Boundary-work research has extensively explored how professionals engage in boundary work to protect or expand their professional boundaries in interprofessional collaboration (IPC). Yet professionals’ contextual constraints in everyday work, such as time pressure or legal restrictions, often result in competing interests of the professionals involved in IPC, prompting them to engage in boundary work to limit—instead of protect or expand—their boundaries. Our empirical analysis uses comprehensive qualitative data on IPC in Germany between self-employed general practitioners (GPs) and registered nurses employed in nursing homes in which GPs’ efficiency interests compete with nurses’ safeguarding interests, leading both professionals to engage in boundary-work efforts to limit their boundaries. Our findings provide a comprehensive understanding and framework of professionals’ boundary work, showing that individual GPs and nurses typically hold a portfolio of various defending and accommodating micro-strategies. Based on our first-order findings, we identify how different sources of power enable particular micro-strategies and explore how the choice of micro-strategies depends on different forms of trust in the collaborating partner. Lastly, we outline interactions of micro-strategies, illustrating how the outcomes of professionals’ bilateral boundary work depend on the sequence of these strategies.

scholarly journals Arginine Deiminase and Biotin Metabolism Signaling Pathways Play an Important Role in Human-Derived Serotype V, ST1 Streptococcus agalactiae Virulent Strain upon Infected Tilapia

Animals ◽  
2020 ◽  
Vol 10 (5) ◽  
pp. 849
Author(s):  
Yu Liu ◽  
Liping Li ◽  
Zhiping Luo ◽  
Rui Wang ◽  
Ting Huang ◽  
...  
Keyword(s):  
Signaling Pathways ◽  
Signaling Pathway ◽  
Streptococcus Agalactiae ◽  
Functional Annotation ◽  
Virulent Strain ◽  
Comprehensive Analysis ◽  
Arginine Deiminase ◽  
Differentially Expressed ◽  
Comprehensive Understanding ◽  
Protein Levels

Our previous study showed that human-derived Streptococcus agalactiae (serotype V) could infect tilapia, but the mechanism underlying the cross-species infection remains unrecognized. In this study, a multi-omics analysis was performed on human-derived S.agalactiae strain NNA048 (virulent to tilapia, serotype V, ST1) and human-derived S.agalactiae strain NNA038 (non-virulent to tilapia, serotype V, ST1). The results showed that 907 genes (504 up/403 down) and 89 proteins (51 up/38 down) were differentially expressed (p < 0.05) between NNA038 and NNA048. Among them, 56 genes (proteins) were altered with similar trends at both mRNA and protein levels. Functional annotation of them showed that the main differences were enriched in the arginine deiminase system signaling pathway and biotin metabolism signaling pathway: gdhA, glnA, ASL, ADI, OTC, arcC, FabF, FabG, FabZ, BioB and BirA genes may have been important factors leading to the pathogenicity differences between NNA038 and NNA048. We aimed to provide a comprehensive analysis of the human-derived serotype V ST1 S.agalactiae strains, which were virulent and non-virulent to tilapia, and provide a more comprehensive understanding of the virulence mechanism.

scholarly journals The implications of first-order risk aversion for asset market risk premiums

1997 ◽  
Vol 40 (1) ◽  
pp. 3-39 ◽  
Author(s):  
Geert Bekaert ◽  
Robert J. Hodrick ◽  
David A. Marshall
Keyword(s):  
Risk Aversion ◽  
Market Risk ◽  
Asset Market ◽  
Risk Premiums ◽  
First Order

scholarly journals Monetary Policy, Debt and the Cyclical Behavior of Inventories

2007 ◽  
Vol 9 (1) ◽  
pp. 41
Author(s):  
Abdul Ghafar Ismail ◽  
Zakaria Bahari
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Capital Markets ◽  
Negative Impact ◽  
Balance Sheet ◽  
Adjustment Cost ◽  
External Financing ◽  
Net Worth ◽  
Financial Variables ◽  
Imperfect Capital Markets

An earlier study on the determinants of inventories investment has been proposed by Lovel (1961). However, the study fails to mention the effects of financial variables. The puzzle prevails on account of imperfect capital markets. This implies that interest rate generally affects inventory investment indirectly through the debt channel. For instance, in the period of tight monetary policy, increasing interest rates have a negative impact on the present value of firms’ collateralizable net worth. In addition, they also weaken firms’ balance sheets as interest expenses also rise up. In imperfect capital markets, this fact indicates an increase in the amount of external financing that firms need, a rise in the premium on external financing that they face, and a reduction in their accumulation of assets, their spending and their production. Given the low adjustment cost that characterizes firms, it will be inventories that firms will initially reduce. Therefore, this paper is contributes to the issue of monetary policy transmission in Malaysia. Our specific attention is limited to the channel of monetary policy on a firm’s inventory. Using micro data, we try to take into account the relevance of the firm’s balance sheet conditions in the transmission of monetary policy.

Ontology in information studies: without, within, and withal knowledge management

2014 ◽  
Vol 70 (3) ◽  
pp. 425-442 ◽  
Author(s):  
Bradley Wendell Compton
Keyword(s):  
Information Theory ◽  
Digital Technology ◽  
Design Methodology ◽  
Comprehensive Analysis ◽  
Ontology Development ◽  
Comprehensive Understanding ◽  
Complete Understanding ◽  
Content Type ◽  
Information Studies ◽  
Postmodern Philosophy

Purpose – Ontology in information studies consists of antinomic conceptions, methodologies, and emphases in both application and philosophizing. A comprehensive understanding of ontology in information studies can be achieved by employing Slavoj Žižek's parallax view which holds that reality is not only best understood by articulating conflicting perspectives on a particular phenomenon, but that given phenomena are fundamentally constrained by incommensurable perspectives that must be acknowledged accordingly. The paper aims to discuss these issues. Design/methodology/approach – Ontology in information studies, including computational ontology development, is analyzed using critical information theory based on Heideggerian, poststructuralist, and anti-postmodern philosophy. The discussion is framed by Žižek's notion of the parallax Real. Findings – A complete understanding of ontology in information studies that does not reduce ontology to a totalizing theory or sequester notions of ontology to conflicting, unrelated discourses, necessarily accepts articulating the alterity between differing ontological views as the means by which one can best allude to what “ontology in information studies really is.” Originality/value – This paper presents a comprehensive analysis of radically different ontological perspectives on the nature of reality with respect to digital technology.

Wettbewerbsbeschränkungen auf Märkten für börsennotierte Aktien und Aktienderivate

2019 ◽  
Author(s):  
Hendrik Wessling
Keyword(s):  
Financial Markets ◽  
Initial Public Offerings ◽  
Capital Markets ◽  
Comprehensive Analysis ◽  
Antitrust Law ◽  
Market Manipulation ◽  
Public Offerings ◽  
Long Time ◽  
Damage Claims ◽  
The Relationship

For a long time, markets for listed stocks and listed stock derivatives have been regarded as immune to competition restrictions or distortions. This dissertation disproves this generally accepted theory and shows that numerous anticompetitive practices can and do occur in this segment of financial markets. Its comprehensive analysis includes market cornering, agreements that restrict supply in initial public offerings and instances of coordinated market manipulation. It considers the latest empirical findings relating to capital markets and, since it refers to the point at which antitrust law and capital markets law overlap, also examines the relationship between both legal fields. Using the example of coordinated market manipulation, the author ultimately analyses sanctions and damage claims arising from parallel violations of antitrust law and capital markets law.

scholarly journals A Circular Economy for Phosphorus in Sweden—Is it Possible?

2021 ◽  
Vol 13 (7) ◽  
pp. 3733
Author(s):  
Dag Lorick ◽  
Robin Harder ◽  
Magdalena Svanström
Keyword(s):  
Biomass Production ◽  
Circular Economy ◽  
Sustainable Management ◽  
Agricultural Sector ◽  
Mining Waste ◽  
Phosphorus Concentration ◽  
Comprehensive Understanding ◽  
Mineral Phosphorus ◽  
Forestry Sector ◽  
Stocks And Flows

More sustainable management of phosphorus requires comprehensive understanding of phosphorus stocks and flows. With the purpose of shedding light on the possibilities for an increased level of recirculation of phosphorus in Sweden, phosphorus flows entering and exiting biomass production sectors were quantified along with waste flows, that is, flows that are not currently utilized in biomass production. Relevant waste flows were also characterized in terms of phosphorus concentration, plant availability, contamination and geo-spatial distribution. The theoretical recirculation potential of phosphorus in Sweden was then estimated. The results indicate that there is a large potential for making phosphorus management more circular, especially regarding the utilization of phosphorus in sewage sludge as well as wood ashes from the forestry sector. Moreover, there is a large amount of phosphorus in mining waste that could potentially be used for fertilizer production. It is concluded that the amount of phosphorus in flows fit for recirculation in forestry could more or less balance today’s output. In agriculture, however, recirculation can only sufficiently replace imported mineral phosphorus at current demand if the phosphorus in mining waste is utilized. Thus, if the goal is to replace all of the mineral phosphorus, the agricultural sector also has to become much more efficient in its phosphorus usage.

Development and Application of Sour Service Pipeline Steel with Low Manganese Content

2019 ◽  
Vol 944 ◽  
pp. 808-814
Author(s):  
Yan Hua Li ◽  
Qiang Chi ◽  
Wei Wei Li ◽  
Bin Zou ◽  
Ping Xie ◽  
...  
Keyword(s):  
Pipeline Steel ◽  
Manganese Content ◽  
Structure Design ◽  
Comprehensive Analysis ◽  
Micro Structure ◽  
High Toughness ◽  
Comprehensive Properties ◽  
Mechanical Properties And Corrosion ◽  
Sour Service ◽  
Test Result

Comprehensive analysis on the requirement and evaluation result of pipeline steel for sour service is carried out in this paper. So as to provide technical support for the development of the high toughness sour service pipeline steel with low manganese content.The evaluation results shows that the high toughness sour service pipeline steel with low manganese content has excellent comprehensive properties, and the excellent comprehensive mechanical properties and corrosion resistance properties of trial products are achieved through reasonable composition and micro-structure design. The HIC and SSC test result complies with pipeline steel requirement for sour service drafted by major international manufacturers. In order to guarantee the application prospect of the trial products, the weldability of the sour service pipeline steel is analyzed finally, and the test result shows that HAZ softening can be improved when the cooling rate was higher than 20 °C /s.

scholarly journals A Comprehensive Analysis Structure for the Design of Masonry Arches

2021 ◽  
Vol 15 (1) ◽  
pp. 381-397
Author(s):  
Gabriel Stockdale ◽  
Gabriele Milani
Keyword(s):  
Structural Analysis ◽  
Comprehensive Analysis ◽  
Analysis Approach ◽  
Design Technique ◽  
Masonry Arches ◽  
First Order ◽  
Comprehensive Method ◽  
Assessment Approach ◽  
Simplified Analysis ◽  
Analysis Platform

Background: Structural masonry framing has the potential to be an advantageous design technique for new constructions. The realization of this potential requires both design modernizations and accessible analysis methodologies. The focus and understanding of masonry frames have been directed towards the management and preservation of cultural heritage. This has resulted in an assessment approach to the analysis and duality of the term “masonry” to describe both a material and a method of construction. Objectives: The objective of this work is to differentiate masonry as a method and masonry as a material and to use this differentiation to present a comprehensive method-based analysis structure for masonry arches that is formulated around the need to control and optimize the system. Methods: This work presents an analysis approach that defines and utilizes kinematic equilibrium to establish determinant systems. This is achieved through the inclusion of a loading variable to a defined mechanical condition of the arch. The solution to the equilibrium equation sets is evaluated for admissibility through the examination of the thrust line and arch geometry. The simplified analysis is formulated into a simple software structure, a first-order assessment strategy, a characterization technique to link experiment and theory, and carried to dynamic modeling. Results: The results of the approach are the foundation and blueprint for a comprehensive, efficient, and adaptable structural analysis platform designed for the structural analysis of masonry frames. Conclusion: The developed analysis approach and supporting applications cover the base requirements for promoting the application of masonry frames for new constructions.

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