scholarly journals Insurance Options: Beating the benchmark. Are Catastrophe Bonds more profitable than Corporate Bonds?

2020 ◽  
Vol 29 ◽  
pp. 3-17
Author(s):  
José Rafael Caro Barrera
Keyword(s):  
State Of The Art ◽  
Corporate Bonds ◽  
Financial Derivatives ◽  
Expected Returns ◽  
Trading Rule ◽  
Catastrophe Bonds ◽  
Cat Bonds ◽  
Key Issues ◽  
Basic Concepts ◽  
Art Research

In this paper we establish a comparison between one of the most traded financial derivatives in the markets, the so-called catastrophe bonds (abbreviated as cat bonds) and the corporate bonds. In the first section, we start from a brief definition as well as some basic concepts. In section two, we will enumerate the type of investors to whom these products might interesting and how to price them. Afterwards, in section three we move onto the analysis of the trading rule proposed, that is, the comparison with Corporate bonds, our benchmark, in terms of expected returns. In sections four and five, we will point out some key issues on how the credit risk associated to these products can be reduced and, finally, in the last section, we will conclude with some discussions and remark the state-of-the-art research on this field.

scholarly journals Structured Parallel Programming: How Informatics Can Help Overcome the Software Dilemma

1996 ◽  
Vol 5 (1) ◽  
pp. 33-45 ◽  
Author(s):  
Helmar Burkhart ◽  
Robert Frank ◽  
Guido Hächler
Keyword(s):  
Parallel Programming ◽  
State Of The Art ◽  
Parallel Computers ◽  
The State ◽  
Short Discussion ◽  
Current State ◽  
Main Challenge ◽  
Key Issues ◽  
Implementation Aspects ◽  
Basic Concepts

The state-of-the-art programming of parallel computers is far from being successful. The main challenge today is, therefore, the development of techniques and tools that improve programmers' productivity. Programmability, portability, and reusability are key issues to be solved. In this article we shall report about our ongoing efforts in this direction. After a short discussion of the software dilemma found today, we shall present the Basel approach. We shall summarize our algorithm description methodology and discuss the basic concepts of the proposed skeleton language. An algorithmic example and comments on implementation aspects will explain our work in more detail. We shall summarize the current state of the implementation and conclude with a discussion of related work.

Risk Factors of Collateralized Loan Obligations and Corporate Bonds

2020 ◽  
Vol 32 (6) ◽  
pp. 347-355
Author(s):  
Mark Wahrenburg ◽  
Andreas Barth ◽  
Mohammad Izadi ◽  
Anas Rahhal
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Asset Pricing ◽  
Systemic Risk ◽  
Corporate Bonds ◽  
Risk Exposure ◽  
Expected Returns ◽  
Yield Spreads ◽  
Pricing Factors ◽  
Return Difference

AbstractStructured products like collateralized loan obligations (CLOs) tend to offer significantly higher yield spreads than corporate bonds (CBs) with the same rating. At the same time, empirical evidence does not indicate that this higher yield is reduced by higher default losses of CLOs. The evidence thus suggests that CLOs offer higher expected returns compared to CB with similar credit risk. This study aims to analyze whether this return difference is captured by asset pricing factors. We show that market risk is the predominant risk factor for both CBs and CLOs. CLO investors, however, additionally demand a premium for their risk exposure towards systemic risk. This premium is inversely related to the rating class of the CLO.

scholarly journals Water-Worked Gravel Bed: State-of-the-Art Review

Water ◽  
2019 ◽  
Vol 11 (4) ◽  
pp. 694 ◽  
Author(s):  
Ellora Padhi ◽  
Subhasish Dey ◽  
Venkappayya R. Desai ◽  
Nadia Penna ◽  
Roberto Gaudio
Keyword(s):  
State Of The Art ◽  
Flow Characteristics ◽  
Streamwise Velocity ◽  
Secondary Currents ◽  
Gravel Bed ◽  
Natural Stream ◽  
Art Research ◽  
The Comparative Study ◽  
Water Work

In a natural gravel-bed stream, the bed that has an organized roughness structure created by the streamflow is called the water-worked gravel bed (WGB). Such a bed is entirely different from that created in a laboratory by depositing and spreading gravels in the experimental flume, called the screeded gravel bed (SGB). In this paper, a review on the state-of-the-art research on WGBs is presented, highlighting the role of water-work in determining the bed topographical structures and the turbulence characteristics in the flow. In doing so, various methods used to analyze the bed topographical structures are described. Besides, the effects of the water-work on the turbulent flow characteristics, such as streamwise velocity, Reynolds and form-induced stresses, conditional turbulent events and secondary currents in WGBs are discussed. Further, the results form WGBs and SGBs are compared critically. The comparative study infers that a WGB exhibits a higher roughness than an SGB. Consequently, the former has a higher magnitude of turbulence parameters than the latter. Finally, as a future scope of research, laboratory experiments should be conducted in WGBs rather than in SGBs to have an appropriate representation of the flow field close to a natural stream.

scholarly journals Fast Accurate and Automatic Brushstroke Extraction

2021 ◽  
Vol 17 (2) ◽  
pp. 1-24
Author(s):  
Yunfei Fu ◽  
Hongchuan Yu ◽  
Chih-Kuo Yeh ◽  
Tong-Yee Lee ◽  
Jian J. Zhang
Keyword(s):  
Neural Network ◽  
Efficient Algorithm ◽  
Deep Neural Network ◽  
High Efficiency ◽  
State Of The Art ◽  
High Reliability ◽  
The Other ◽  
Manual Annotation ◽  
Stroke Extraction ◽  
Art Research

Brushstrokes are viewed as the artist’s “handwriting” in a painting. In many applications such as style learning and transfer, mimicking painting, and painting authentication, it is highly desired to quantitatively and accurately identify brushstroke characteristics from old masters’ pieces using computer programs. However, due to the nature of hundreds or thousands of intermingling brushstrokes in the painting, it still remains challenging. This article proposes an efficient algorithm for brush Stroke extraction based on a Deep neural network, i.e., DStroke. Compared to the state-of-the-art research, the main merit of the proposed DStroke is to automatically and rapidly extract brushstrokes from a painting without manual annotation, while accurately approximating the real brushstrokes with high reliability. Herein, recovering the faithful soft transitions between brushstrokes is often ignored by the other methods. In fact, the details of brushstrokes in a master piece of painting (e.g., shapes, colors, texture, overlaps) are highly desired by artists since they hold promise to enhance and extend the artists’ powers, just like microscopes extend biologists’ powers. To demonstrate the high efficiency of the proposed DStroke, we perform it on a set of real scans of paintings and a set of synthetic paintings, respectively. Experiments show that the proposed DStroke is noticeably faster and more accurate at identifying and extracting brushstrokes, outperforming the other methods.

scholarly journals A Survey of Robots in Healthcare

Technologies ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 8 ◽  
Author(s):  
Maria Kyrarini ◽  
Fotios Lygerakis ◽  
Akilesh Rajavenkatanarayanan ◽  
Christos Sevastopoulos ◽  
Harish Ram Nambiappan ◽  
...  
Keyword(s):  
Artificial Intelligence ◽  
State Of The Art ◽  
The Elderly ◽  
Robotic Systems ◽  
Care Hospital ◽  
Robotic Technology ◽  
Persons With Disabilities ◽  
Survey Paper ◽  
Recent Advances ◽  
Art Research

In recent years, with the current advancements in Robotics and Artificial Intelligence (AI), robots have the potential to support the field of healthcare. Robotic systems are often introduced in the care of the elderly, children, and persons with disabilities, in hospitals, in rehabilitation and walking assistance, and other healthcare situations. In this survey paper, the recent advances in robotic technology applied in the healthcare domain are discussed. The paper provides detailed information about state-of-the-art research in care, hospital, assistive, rehabilitation, and walking assisting robots. The paper also discusses the open challenges healthcare robots face to be integrated into our society.

scholarly journals ClC-1 chloride channels: state-of-the-art research and future challenges

2015 ◽  
Vol 09 ◽  
Author(s):  
Paola Imbrici ◽  
Concetta Altamura ◽  
Mauro Pessia ◽  
Renato Mantegazza ◽  
Jean-François Desaphy ◽  
...  
Keyword(s):  
Chloride Channels ◽  
State Of The Art ◽  
Future Challenges ◽  
Art Research

A Review on R&D Status and Application of Fly Ash Cenospheres in Microwave Absorption

2013 ◽  
Vol 634-638 ◽  
pp. 1886-1889 ◽  
Author(s):  
Jing Zhang ◽  
Jiang Long Yu ◽  
Ping Yang Wang ◽  
Huan Zhao
Keyword(s):  
Surface Modification ◽  
Electromagnetic Wave ◽  
Fly Ash ◽  
Research And Development ◽  
Microwave Absorption ◽  
State Of The Art ◽  
Electromagnetic Wave Absorption ◽  
Wave Absorption ◽  
Art Research ◽  
Fly Ash Cenospheres

The paper provides an overview of surface modification and application of fly ash cenospheres. The state of the art research and development of electromagnetic wave absorption materials based on surface treated fly ash cenospheres are summarized.

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