ESSAYS ON DETERMINANTS OF FINANCIAL BEHAVIOR OF
... This thesis investigates the role of individual-specific factors in individuals’ financial behavior. The main focus of the analysis is on two characteristics of individuals: risk attitude and gender. Although these two factors are believed to be important determinants of financial behavior, a review ...
... This thesis investigates the role of individual-specific factors in individuals’ financial behavior. The main focus of the analysis is on two characteristics of individuals: risk attitude and gender. Although these two factors are believed to be important determinants of financial behavior, a review ...
financial stability, systemic risk and macroprudential policy
... through common behaviour and mutual interaction.3 The only “true” macroprudential policy instruments are those which are explicitly focused on the financial system as a whole and on the endogenous processes going on within it. Other measures that can be used to a certain extent to support financial st ...
... through common behaviour and mutual interaction.3 The only “true” macroprudential policy instruments are those which are explicitly focused on the financial system as a whole and on the endogenous processes going on within it. Other measures that can be used to a certain extent to support financial st ...
Annual Equity-Based Insurance Guarantees Conference
... Andrew D. Rallis, FSA, MAAA Senior Vice President & Global Chief Actuary MetLife, Inc. Andrew D. Rallis is Senior Vice President and Global Chief Actuary and is responsible for the practice of actuarial science across MetLife. Andrew also serves as Chairman of MetLife’s captive reinsurers and serves ...
... Andrew D. Rallis, FSA, MAAA Senior Vice President & Global Chief Actuary MetLife, Inc. Andrew D. Rallis is Senior Vice President and Global Chief Actuary and is responsible for the practice of actuarial science across MetLife. Andrew also serves as Chairman of MetLife’s captive reinsurers and serves ...
Measuring the Benefits of Option Strategies For Portfolio Management
... rises above the option’s exercise price, whereas put options generate income when the price of the underlying stock falls below the option’s exercise price. The asymmetric payoff structure of options allows fund managers to change the shape of portfolio return distributions in optimal ways. In the p ...
... rises above the option’s exercise price, whereas put options generate income when the price of the underlying stock falls below the option’s exercise price. The asymmetric payoff structure of options allows fund managers to change the shape of portfolio return distributions in optimal ways. In the p ...
Annual Financial Statements and Combined
... We offer our clients a modern network of outlets as well as e-Banking and payment services featuring the newest technological standards. The majority of ProCredit bank branches are equipped with modern 24-hour Self-Service Areas which very positively stand out from the competition in terms of equipm ...
... We offer our clients a modern network of outlets as well as e-Banking and payment services featuring the newest technological standards. The majority of ProCredit bank branches are equipped with modern 24-hour Self-Service Areas which very positively stand out from the competition in terms of equipm ...
Sample Chapter - McGraw Hill Higher Education
... in Part Two, provides the tools needed to interpret the history of rates of return, and the lessons that history offers for how investors might go about constructing portfolios using both safe and risky assets. Deciding the proportion an investor desires to put at risk must be augmented by a decisio ...
... in Part Two, provides the tools needed to interpret the history of rates of return, and the lessons that history offers for how investors might go about constructing portfolios using both safe and risky assets. Deciding the proportion an investor desires to put at risk must be augmented by a decisio ...
capital - International Actuarial Association
... capital model. Many insurers use pragmatic approximations that make use of values in their financial statements (which may or may not use consistent valuation bases and/or include explicit or implicit conservatism) as a base from which to assess the adequacy of their capital. It can be important to ...
... capital model. Many insurers use pragmatic approximations that make use of values in their financial statements (which may or may not use consistent valuation bases and/or include explicit or implicit conservatism) as a base from which to assess the adequacy of their capital. It can be important to ...
Standard Bank Group
... operations, which for financial reporting purposes have been separately classified as non-current assets and liabilities held for sale in the comparative period. The group’s controlling interest in Standard Bank Plc, which included the group’s global markets outside Africa operations, was disposed o ...
... operations, which for financial reporting purposes have been separately classified as non-current assets and liabilities held for sale in the comparative period. The group’s controlling interest in Standard Bank Plc, which included the group’s global markets outside Africa operations, was disposed o ...
NBER WORKING PAPER SERIES RISK AVERSION AND OPTIMAL PORTFOLIO POLICIES IN
... also study a heterogeneous-agent general equilibrium model with portfolio constraints where the heterogeneity arises from differences in beliefs rather than differences in risk aversion (all agents have log utility); they show that some of their results on pricing would extend to an economy where agen ...
... also study a heterogeneous-agent general equilibrium model with portfolio constraints where the heterogeneity arises from differences in beliefs rather than differences in risk aversion (all agents have log utility); they show that some of their results on pricing would extend to an economy where agen ...
Sample chapter - McGraw Hill Higher Education
... to participate in this game. In fact, a risk-averse investor may be defined as someone who would not participate in a fair game. Similarly, it can be shown that a risk-neutral investor would be indifferent to participation, and a risk-seeking investor would be prepared to pay for the right to partic ...
... to participate in this game. In fact, a risk-averse investor may be defined as someone who would not participate in a fair game. Similarly, it can be shown that a risk-neutral investor would be indifferent to participation, and a risk-seeking investor would be prepared to pay for the right to partic ...
Challenger - Submission to the Financial System Inquiry. Issues set
... services. While Australian retirees have a rate of home ownership of 85%, higher than the OECD34 average of 76%, a high proportion of these homeowner retirees had mortgages on their homes. Moreover, evidence from Australian Housing and Urban Research Institute (AHURI) indicates that the burden of mo ...
... services. While Australian retirees have a rate of home ownership of 85%, higher than the OECD34 average of 76%, a high proportion of these homeowner retirees had mortgages on their homes. Moreover, evidence from Australian Housing and Urban Research Institute (AHURI) indicates that the burden of mo ...
The development of the risky financial behavior scale: A measure of
... Human decision making has been a productive field for academic researchers in both social science and natural science domains in the past several decades. Of decision making topics, the study of human financial decisions has become an important focus due to its clear connection to our daily lives. R ...
... Human decision making has been a productive field for academic researchers in both social science and natural science domains in the past several decades. Of decision making topics, the study of human financial decisions has become an important focus due to its clear connection to our daily lives. R ...
Disappointment Aversion in Asset Allocation
... DA is larger for equities whose expected returns are larger than those of the other risky assets. The large DA in equities could be a potential source of the equity premium puzzle which is not well explained by risk. We also find empirical evidence that the levels of DA are affected by wealth as wel ...
... DA is larger for equities whose expected returns are larger than those of the other risky assets. The large DA in equities could be a potential source of the equity premium puzzle which is not well explained by risk. We also find empirical evidence that the levels of DA are affected by wealth as wel ...
Capital Adequacy Ratio Report
... maintaining a leading position in the domestic market in the commercial banking sector. ...
... maintaining a leading position in the domestic market in the commercial banking sector. ...
NBER WORKING PAPER SERIES Hanno Lustig Yi-Li Chien
... of risk and interest rates are i.i.d. over time when aggregate consumption growth is i.i.d. over time. This version of the model does not contribute any dynamics endogenously. As a result, the standard deviation of stock returns is obviously much too small in this two-agent model, since there is no ...
... of risk and interest rates are i.i.d. over time when aggregate consumption growth is i.i.d. over time. This version of the model does not contribute any dynamics endogenously. As a result, the standard deviation of stock returns is obviously much too small in this two-agent model, since there is no ...
chapter 2 estimating discount rates
... the value of only that investment or a small group of investments will have only a small impact on your overall portfolio. The second reason is that the effects of firm-specific actions on the prices of individual assets in a portfolio can be either positive or negative for each asset for any period ...
... the value of only that investment or a small group of investments will have only a small impact on your overall portfolio. The second reason is that the effects of firm-specific actions on the prices of individual assets in a portfolio can be either positive or negative for each asset for any period ...
Math Gone Mad: Regulatory Risk Modeling by the Federal Reserve
... been major problems with financial modeling, not least because faulty financial models were a big contributor to the recent financial crisis. A continuing threat comes from the regulatory risk modeling agenda—at the center of which is the use of the Federal Reserve’s mandated stress tests to determi ...
... been major problems with financial modeling, not least because faulty financial models were a big contributor to the recent financial crisis. A continuing threat comes from the regulatory risk modeling agenda—at the center of which is the use of the Federal Reserve’s mandated stress tests to determi ...
Systemic Risk in Hedge Funds
... information concerning their asset holding. Hence, hedge funds attract different types of investors. According to Liang (1998), hedge funds are either limited partnerships with no more than 500 investors [within the U.S.] or offshore corporations [outside the U.S.]. This regulatory oversight gives h ...
... information concerning their asset holding. Hence, hedge funds attract different types of investors. According to Liang (1998), hedge funds are either limited partnerships with no more than 500 investors [within the U.S.] or offshore corporations [outside the U.S.]. This regulatory oversight gives h ...
Temi di Discussione
... questionnaire used by the Italian Institute of Statistics. A specific contribution of this paper to the analysis of the probability of delinquency is that we focus on the percentage of households with mortgages who are late in making payments, while other studies tend to emphasize the frequency of d ...
... questionnaire used by the Italian Institute of Statistics. A specific contribution of this paper to the analysis of the probability of delinquency is that we focus on the percentage of households with mortgages who are late in making payments, while other studies tend to emphasize the frequency of d ...
Liquidity provision, banking, and the allocation of interest rate risk*
... interest rate risk, or that parties other than banks are better qualified to bear these risks. The underlying issue then is (i) what is an optimal level of aggregate exposure to interest rate risk and (ii) how are these risks efficiently shared? This issue cannot be settled by a routine invocation o ...
... interest rate risk, or that parties other than banks are better qualified to bear these risks. The underlying issue then is (i) what is an optimal level of aggregate exposure to interest rate risk and (ii) how are these risks efficiently shared? This issue cannot be settled by a routine invocation o ...
Prudential Requirements Consultation Paper
... enhancement and updating to meet the unique needs of participants in, and risks inherent in, Jamaica’s securities markets. When considering measures to strengthen the sectors ability to withstand future shocks the concentration of the business model, and therefore the revenue stream, of most SDs in ...
... enhancement and updating to meet the unique needs of participants in, and risks inherent in, Jamaica’s securities markets. When considering measures to strengthen the sectors ability to withstand future shocks the concentration of the business model, and therefore the revenue stream, of most SDs in ...
A New Approach for Managing Operational Risk: Addressing the
... Operational failure has played a role in virtually every catastrophic loss that has taken place during the past 20 years. In fact, the 2008 global financial crisis was largely caused by a series of massive operational failures. The American Insurance Group (AIG) event, which was an example of princi ...
... Operational failure has played a role in virtually every catastrophic loss that has taken place during the past 20 years. In fact, the 2008 global financial crisis was largely caused by a series of massive operational failures. The American Insurance Group (AIG) event, which was an example of princi ...
Ms. Muffet, the Spider(gram)
... analyzing the latter group of countries given that fewer risk indicators are readily available for them. However, our goal of making the CFSM as inclusive of, and comparable across, as many countries as possible means that its construction is ultimately hostage to data gaps across countries and indi ...
... analyzing the latter group of countries given that fewer risk indicators are readily available for them. However, our goal of making the CFSM as inclusive of, and comparable across, as many countries as possible means that its construction is ultimately hostage to data gaps across countries and indi ...
Understanding and Communicating Risk Appetite
... fall or stagnate. A financial organization with a lower risk appetite might choose to avoid opportunities that are more risky, but offer greater returns. Finally, another organization with a high risk appetite might decide to procure natural resources from a volatile country where the total investme ...
... fall or stagnate. A financial organization with a lower risk appetite might choose to avoid opportunities that are more risky, but offer greater returns. Finally, another organization with a high risk appetite might decide to procure natural resources from a volatile country where the total investme ...
Dynamic Monitoring of Financial Intermediaries with Subordinated
... riskier are hypothesized to have larger observable subordinated yield spreads [1]. Crosssectional studies cannot provide a relevant and prompt signal mechanism to regulators or market participants mainly for two reasons. First, they rely on public accounting measures that are announced in a quarterl ...
... riskier are hypothesized to have larger observable subordinated yield spreads [1]. Crosssectional studies cannot provide a relevant and prompt signal mechanism to regulators or market participants mainly for two reasons. First, they rely on public accounting measures that are announced in a quarterl ...
Risk
Risk is potential of losing something of value. Values (such as physical health, social status, emotional well being or financial wealth) can be gained or lost when taking risk resulting from a given action, activity and/or inaction, foreseen or unforeseen. Risk can also be defined as the intentional interaction with uncertainty. Uncertainty is a potential, unpredictable, unmeasurable and uncontrollable outcome, risk is a consequence of action taken in spite of uncertaintyRisk perception is the subjective judgment people make about the severity and/or probability of a risk, and may vary person to person. Any human endeavor carries some risk, but some are much riskier than others.