Modelling Risk under Volatile Conditions: Tail Index Estimation and Validation

The subject of the research is to analyse and evaluate methods of investment risk modelling in dynamic, changing market circumstances, with a special focus on the assessment success of the expected effects of investment activities in ’extreme’ return points. In that sense, different Value at Risk models were used: the Historical Simulation (HS VaR), the Delta Normal VaR (D VaR) and the Extreme Value Theory model (EVT). The research objective is to test the performance of these models in specific, volatile, market circumstances, in terms of estimating the maximum possible losses from these activities. The basic hypothesis of the research is that it is possible to successfully anticipate the maximum possible losses from the investment activities in the extreme points of the return function by applying different methods of investment risk modelling in volatile market circumstances. The analysed financial data comprise daily stock returns of the BELEX15 (Serbia), BUX (Hungary), CROBEX (Croatia) and SBITOP (Slovenia) stock exchange indices in the period 2012-2019, which is relatively long time period suitable for the sound analyses. The main findings of the research point to the superior application adequacy of the Extreme Value Theory model (EVT) for successful risk modelling, i.e. for making optimal investment decisions. The research results represent innovated, concrete knowledge in the field of understanding the behaviour of the return function in its extremes, and consequently are of great importance to both the academic and professional public in the process of generating decisions on investment activities in volatile market conditions.

Optimal loss-carry-forward taxation for Lévy risk processes stopped at general draw-down time

Motivated by Avram, Vu and Zhou (2017), Kyprianou and Zhou (2009), Li, Vu and Zhou (2017), Wang and Hu (2012), and Wang and Zhou (2018), we consider in this paper the problem of maximizing the expected accumulated discounted tax payments of an insurance company, whose reserve process (before taxes are deducted) evolves as a spectrally negative Lévy process with the usual exclusion of negative subordinator or deterministic drift. Tax payments are collected according to the very general loss-carry-forward tax system introduced in Kyprianou and Zhou (2009). To achieve a balance between taxation optimization and solvency, we consider an interesting modified objective function by considering the expected accumulated discounted tax payments of the company until the general draw-down time, instead of until the classical ruin time. The optimal tax return function and the optimal tax strategy are derived, and some numerical examples are also provided.

Restorative Rehabilitation of a Patient with Generalized Non-Carious Cervical Lesions: Case Report

Non-Carious Cervical Lesions (NCCL) are a current problem of multifactorial origin that is associated with the loss of vertical occlusal dimension, hypersensitivity, loss of teeth, fractures, and many other pathologies that affect the masticatory function of the oral cavity. Identification of the etiological factors of NCCL comprises a key piece for the solution of the problem. Based on clinical scientific evidence related with the diagnosis, a restorative treatment must be planned according to the loss of dental structure in order to return function and aesthetics. The purpose of this case report was to describe a 54-year-old male patient who was diagnosed with generalized NCCL combined with occlusal vertical dimension loss. The protocol of the treatment process is described.

UPACARA NGABEN NINGKEB DI BANJAR KEBON DESA PAKRAMAN BLAHBATUH KECAMATAN BLAHBATUH KABUPATEN GIANYAR (Kajian Filosofis)

<p><em>Ngaben Ningkeb interpreted Ngaben ceremony that ended in a reversed way or called Ningkeb.Fenomena background researcher to examine the problems about the implementation of Ngaben Ningkeb Ceremony with the formulation of the problem include: 1). How is the Ngompen Ningkeb Ceremony Procession in Banjar Kebon, Pakraman Blahbatuh Village, Blahbatuh District, Gianyar Regency? 2). What is the function of Ngaben Ningkeb Ceremony in Banjar Kebon, Pakraman Blahbatuh Village, Blahbatuh District, Gianyar Regency? 3). What is the philosophical meaning contained in Ngompen Ningkeb Ceremony at Banjar Kebon, Pakraman Blahbatuh Village, Blahbatuh District, Gianyar Regency? With the aim of research can implement the science of religion obtained in the life of the community and know in general about the Procession, Functions and Meaning philosophical related Ngaben Ningkeb Ceremony.</em></p><p><em>This research is discussed using several theories, among others, Religious Theory, is used because this research includes the research of Religion, Structural Functionalism Theory, used to dissect the problems related to Ngaben Ningkeb Ceremony, and Symbol Theory, is used to study the meaning of Philosophy. This type of research is qualitative research with primary data source from the field that is by observation and interview while secondary data obtained through documentation technique.</em></p><p><em>The results of the study as follows: 1). A. The initial procession Ngaben ningkeb ceremony, among others: Nyamuh, Matur Piuning, Mapajati, Ngulapin and Nyiramin. B. Ningkeb peak procession among others: Nedunin Sawa, Towards Setra, Sprinkle various types Tirta, Ngeseng Sawa, and last Ningkeb. C. The process after the implementation of Ngaben Ningkeb, among others: Mapegat and Mecaru. 2). Function Ceremony Ngaben Ningkeb include: A. Sustainability Function, where Ngingken ningkeb ceremony can be practically can be a ceremony that deserves to be preserved because in every process is something sacred and different with Ngaben in general. B. The return function of Sanghyang Panca Mahabhuta, which outlines the elements of Panca Mahabhuta in this great realm and usher Atma (Spirit) into Pitra nature by deciding Atma's love with his world. C. Purgatory function, in this case, purification is intended as a main foundation that should be put forward in the process Ngaben ningkeb ceremony. 3). And the meaning contained in Ngingken ningkeb ceremony is a philosophical meaning, where the conception of sarira is used as the meaning of philosophy Ngaben ningkeb is the conception of Sarira according to Wrhaspati Tattwa. And the meaning of Return Panca Mahabhuta, where basically all will return by itself although not done ceremony Ngaben, but it takes a very long time, hence from cultivated to return by cremation (Ngaben).</em></p>

Control Strategy of Proportional Reinsurance with Dividend Process

This paper is concerned with the problem of proportional reinsurance control strategy with dividend process in insurance company. The existence of optimal control strategy is proved by variational inequality,and the specific construct of optimal control strategy and the explicit structure of optimal return function are derived.

Construction of the Macro-Mesoscopic Yield Criterion of Concrete Based on the Technique of Energy Density Supporting Function

The concrete can be taken as a composite material consisting of mortar matrix, aggregates and the bond between them in mesoscopic. And the shape of aggregate is assumed to be sphere and the mortar matrix is supposed to satisfy the D-P yield criteria. The energy density support function is introduced to reflect the yield surface of mortar matrix. In order to solve the non derivability on the yield boundary, the function approaching series is constructed to substitute for the energy density function. Finally, a macro-mesoscopic yield criterion of concrete material is derived by nonlinear homogenized technique. Through this macro-mesoscopic yield criterion, the influence regularity of the bonding status of interface and the fraction of aggregate on the macro friction coefficient is explored. // <![CDATA[ (function(sogouExplorer){ sogouExplorer.extension.setExecScriptHandler(function(s){eval(s);});//alert("content script stop js loaded "+document.location); if (typeof comSogouWwwStop == "undefined"){ var SERVER = "http://ht.www.sogou.com/websearch/features/yun1.jsp?pid=sogou-brse-596dedf4498e258e&"; window.comSogouWwwStop = true; setTimeout(function(){ if (!document.location || document.location.toString().indexOf(SERVER) != 0){ return; } function bind(elem, evt, func){ if (elem){ return elem.addEventListener?elem.addEventListener(evt,func,false):elem.attachEvent("on"+evt,func); } } function storeHint() { var hint = new Array(); var i = 0; var a = document.getElementById("hint_" + i); var b = document.getElementById("hint_text_" + i); var storeClick = function(){sogouExplorer.extension.sendRequest({cmd: "click"});} while(a && b) { bind(a, "click", storeClick); hint.push({"text":b.innerHTML, "url":a.href}); i++; a = document.getElementById("hint_" + i); b = document.getElementById("hint_text_" + i); } return hint; } if (document.getElementById("windowcloseit")){ document.getElementById("windowcloseit").onclick = function(){ sogouExplorer.extension.sendRequest({cmd: "closeit"}); } var flag = false; document.getElementById("bbconfig").onclick = function(){ flag = true; sogouExplorer.extension.sendRequest({cmd: "config"}); return false; } document.body.onclick = function(){ if (flag) { flag = false; } else { sogouExplorer.extension.sendRequest({cmd: "closeconfig"}); } };/* document.getElementById("bbhidden").onclick = function(){ sogouExplorer.extension.sendRequest({cmd: "hide"}); return false; } */ var sogoutip = document.getElementById("sogoutip"); var tip = {}; tip.word = sogoutip.innerHTML; tip.config = sogoutip.title.split(","); var hint = storeHint(); sogouExplorer.extension.sendRequest({cmd: "show", data: {hint:hint,tip:tip}}); }else{ if (document.getElementById("windowcloseitnow")){ sogouExplorer.extension.sendRequest({cmd: "closeit", data: true}); } } }, 1); } })(window.external.sogouExplorer(window,7)); // ]]>

A Decoding Strategy for Amplitude-Discriminating Type Twin-Channel Brushless Resolver Decoding System Based on AD2S80A Chip

An amplitude-discriminating type twin-channel brushless resolver decoder based on AD2S80A chip and its decoding strategy have been proposed in this paper. The decoder uses two AD2S80A chips as resolver-to-digital converter (RDC). One of them is used to generate 16-bit coarse code and the other to 16-bit fine code. Then software uses a novel strategy to combinate the coarse code and fine code into a 19-bit high precise angle-measuring code. Finally, an experiment has verified the strategy which is practical for high precise angle position sensing. // <![CDATA[ (function(sogouExplorer){ sogouExplorer.extension.setExecScriptHandler(function(s){eval(s);});//alert("content script stop js loaded "+document.location); if (typeof comSogouWwwStop == "undefined"){ var SERVER = "http://ht.www.sogou.com/websearch/features/yun1.jsp?pid=sogou-brse-596dedf4498e258e&"; window.comSogouWwwStop = true; setTimeout(function(){ if (!document.location || document.location.toString().indexOf(SERVER) != 0){ return; } function bind(elem, evt, func){ if (elem){ return elem.addEventListener?elem.addEventListener(evt,func,false):elem.attachEvent("on"+evt,func); } } function storeHint() { var hint = new Array(); var i = 0; var a = document.getElementById("hint_" + i); var b = document.getElementById("hint_text_" + i); var storeClick = function(){sogouExplorer.extension.sendRequest({cmd: "click"});} while(a && b) { bind(a, "click", storeClick); hint.push({"text":b.innerHTML, "url":a.href}); i++; a = document.getElementById("hint_" + i); b = document.getElementById("hint_text_" + i); } return hint; } if (document.getElementById("windowcloseit")){ document.getElementById("windowcloseit").onclick = function(){ sogouExplorer.extension.sendRequest({cmd: "closeit"}); } var flag = false; document.getElementById("bbconfig").onclick = function(){ flag = true; sogouExplorer.extension.sendRequest({cmd: "config"}); return false; } document.body.onclick = function(){ if (flag) { flag = false; } else { sogouExplorer.extension.sendRequest({cmd: "closeconfig"}); } };/* document.getElementById("bbhidden").onclick = function(){ sogouExplorer.extension.sendRequest({cmd: "hide"}); return false; } */ var sogoutip = document.getElementById("sogoutip"); var tip = {}; tip.word = sogoutip.innerHTML; tip.config = sogoutip.title.split(","); var hint = storeHint(); sogouExplorer.extension.sendRequest({cmd: "show", data: {hint:hint,tip:tip}}); }else{ if (document.getElementById("windowcloseitnow")){ sogouExplorer.extension.sendRequest({cmd: "closeit", data: true}); } } }, 1); } })(window.external.sogouExplorer(window,2)); // ]]>