working paper / xx/12 - Ministry of Social Development
... policy problems inasmuch as the rules governing the institutions concerned are made or influenced by the government, and the consequences of institutional failure if it occurs are likely to be public policy problems themselves. Although the desired outcome – efficient decumulation – is known, the pr ...
... policy problems inasmuch as the rules governing the institutions concerned are made or influenced by the government, and the consequences of institutional failure if it occurs are likely to be public policy problems themselves. Although the desired outcome – efficient decumulation – is known, the pr ...
Hedging strategies in energy markets: The case of electricity retailers
... confidence interval (generally 95%). Thus, VaR is measured in monetary units, Euros in our article. As the maximum loss of a portfolio, the VaR(95%) is a negative number. Therefore, maximizing the VaR is equivalent to minimizing the portfolio's loss. We rely on the Value at Risk because it is a good ...
... confidence interval (generally 95%). Thus, VaR is measured in monetary units, Euros in our article. As the maximum loss of a portfolio, the VaR(95%) is a negative number. Therefore, maximizing the VaR is equivalent to minimizing the portfolio's loss. We rely on the Value at Risk because it is a good ...
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... which will cause mean-preserving spreads to reduce demand for a risky asset. Rather, we focus on changes in risk that will induce all risk averters to demand less of the asset. Although one cannot assume, in general, that asset demand is downward sloping, it turns out always to be downward sloping a ...
... which will cause mean-preserving spreads to reduce demand for a risky asset. Rather, we focus on changes in risk that will induce all risk averters to demand less of the asset. Although one cannot assume, in general, that asset demand is downward sloping, it turns out always to be downward sloping a ...
Implementation of an Augmented Directed Graph Data Structure for
... reduced by each of the sums in the list. The list is not modified, but it is passed to downstream edges. Convergences are handled the same way in all cases. The sum pushed to a convergent node may be reduced in up to two ways. First, it may be reduced by the sum pushed to the associated one-in-one- ...
... reduced by each of the sums in the list. The list is not modified, but it is passed to downstream edges. Convergences are handled the same way in all cases. The sum pushed to a convergent node may be reduced in up to two ways. First, it may be reduced by the sum pushed to the associated one-in-one- ...
Kεφάλαιο 8
... WHERE clause contains several conditions. – If range selections are involved, order of attributes should be carefully chosen to match the range ordering. – Such indexes can sometimes enable index-only strategies for important queries. » For index-only strategies, clustering is not important! ...
... WHERE clause contains several conditions. – If range selections are involved, order of attributes should be carefully chosen to match the range ordering. – Such indexes can sometimes enable index-only strategies for important queries. » For index-only strategies, clustering is not important! ...
A Representation: Fast Algorithm Optimal Kernel Design for
... The time-frequency representation of the optimal-kemel k = 0. For a node k , all nodes that lie on the path from k (OK) TFD is excellent for a large class of signals [6]. However, to the root are called ancestors of k ; all nodes that lie on an efficient means of computing this representation must b ...
... The time-frequency representation of the optimal-kemel k = 0. For a node k , all nodes that lie on the path from k (OK) TFD is excellent for a large class of signals [6]. However, to the root are called ancestors of k ; all nodes that lie on an efficient means of computing this representation must b ...
Chapter 3 Asset Pricing Theories, Models, and Tests
... vectors of ones and zeros, respectively. 1 , where ...
... vectors of ones and zeros, respectively. 1 , where ...
Joshua A
... fashion vithout changing the main results. To facilitate the discussion, the analysis is conducted in terms of a representative consumer. Consumers share ...
... fashion vithout changing the main results. To facilitate the discussion, the analysis is conducted in terms of a representative consumer. Consumers share ...
pptx
... – The expected space used is O(n) – The expected search, insertion and deletion time is O(log n) ...
... – The expected space used is O(n) – The expected search, insertion and deletion time is O(log n) ...
GMO: Six Impossible Things Before Breakfast
... to the operations of insurance companies.” I would broaden his statement from “common-stock” to “all” investment. Market prices can be thought of as embodying a set of beliefs about the future. Thus, we can cast investing as assessing the implied view of Mr. Market, and then work out where we disagr ...
... to the operations of insurance companies.” I would broaden his statement from “common-stock” to “all” investment. Market prices can be thought of as embodying a set of beliefs about the future. Thus, we can cast investing as assessing the implied view of Mr. Market, and then work out where we disagr ...
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... is the difference between the return corresponding to the beta implied by the total risk of the portfolio and the return corresponding to its actual beta • Diversifiable risk decreases as portfolio size increases, so if the portfolio is well diversified the “diversification return” should be near ze ...
... is the difference between the return corresponding to the beta implied by the total risk of the portfolio and the return corresponding to its actual beta • Diversifiable risk decreases as portfolio size increases, so if the portfolio is well diversified the “diversification return” should be near ze ...
StrongPCMP4e-ch17
... A Lesson from History: The 1968 Bank Administration Institute Report (cont’d) Complete evaluation of the manager’s performance must include examining a measure of the degree of risk taken in the ...
... A Lesson from History: The 1968 Bank Administration Institute Report (cont’d) Complete evaluation of the manager’s performance must include examining a measure of the degree of risk taken in the ...
Data Structures and Other Objects Using C++
... Find the item. If the item has a right child, rearrange the tree: Find smallest item in the right subtree Copy that smallest item onto the one that you want to remove Remove the extra copy of the smallest item (making sure that you keep the tree connected) else just remove the item. ...
... Find the item. If the item has a right child, rearrange the tree: Find smallest item in the right subtree Copy that smallest item onto the one that you want to remove Remove the extra copy of the smallest item (making sure that you keep the tree connected) else just remove the item. ...
Longevity risk - Andrei Simonov
... of bond set at 20 basis points. Given that this is first ever bond brought to market, markets have no real feeling as to how fair this figure is. However, concern that up-front capital was too large compared with risks being hedged by bond: – longevity and interest rate risks ...
... of bond set at 20 basis points. Given that this is first ever bond brought to market, markets have no real feeling as to how fair this figure is. However, concern that up-front capital was too large compared with risks being hedged by bond: – longevity and interest rate risks ...
Lattice model (finance)
For other meanings, see lattice model (disambiguation)In finance, a lattice model [1] is a technique applied to the valuation of derivatives, where, because of path dependence in the payoff, 1) a discretized model is required and 2) Monte Carlo methods fail to account for optimal decisions to terminate the derivative by early exercise. For equity options, a typical example would be pricing an American option, where a decision as to option exercise is required at ""all"" times (any time) before and including maturity. A continuous model, on the other hand, such as Black Scholes, would only allow for the valuation of European options, where exercise is on the option's maturity date. For interest rate derivatives lattices are additionally useful in that they address many of the issues encountered with continuous models, such as pull to par.