PROPERTY RISK UNDER SOLVENCY II: EFFECTS OF DIFFERENT UNSMOOTHING TECHNIQUES

Solvency II imposes risk-based capital requirements on EU insurance companies. This paper evaluates the property risk standard model proposed. The calibration was performed from the IPD UK monthly index total returns for the period between December 1986 and December 2009. In general, it is considered that returns derived from valuation-based indices are smoother than those derived from transaction-based indices. This paper contributes to the existing literature by applying various unsmoothing techniques to this index. The results show that the capital requirements, applying the same calculation method (historical value at risk at the 99.5% confidence level) as in the calibration of the standard model, are generally bigger than those proposed in the standard model of Solvency II.

KOMPARASI JAKARTA ISLAMIC INDEX DAN FTSE BURSA MALAYSIA HIJRAH SHARIAH INDEX

<p><em>The purpose of this study is to analyze the differences in the performance of the JII Index in Indonesia and FBMHS in Malaysia using the Sharpe, Treynor and Jensen Alpha ratios.</em></p><p><em>The type of this research is hypothesis testing by using purposive sampling techniques. The population in this study is all listed Islamic Indexes in Indonesia Stock Exchange and Bursa Malaysia. Two Indices are obtained from the sampling process, namely Jakarta Islamic Index (JII) and the FTSE Bursa Malaysia Hijrah Shariah Index (FBMHS). Object of this study is the monthly index return for the period of January 2009 to December 2011, amounting to 36 points of data.</em></p><p><em>Hypothesis testing is intended to determine whether there are significant differences between the performance of JII and FBMHS on Sharpe, Treynor and Jensen aspects. The tests carried out using Two Independent Samples Mean Comparison. The results showed that there was no significant difference between the performance of JII and FBMHS on the Sharpe, Treynor and Jensen Alpha ratios.</em></p>

Analisis Keunggulan Bersaing Nissan di Indonesia

Automotive sales in Indonesia picked up sharply in 2010, and increase of prices does not lower the demand for automotive products. The large population of Indonesia and the low level of car ownership in the country suggest there is a lot of potential for expansion in the automotive industry. The aim of this research is to observe Nissan’s strategy in Indonesia to gain a spot in the top 10 of the best automotive seller in Indonesia. This research uses primary data with forecasting with monthly index to forecast the demand and to detect the selling target plans in 2010. Then, with combined porter five forces to determine the competitive strategy in the last 5 years.