453,436 research outputs found

    Social Security as a Financial Asset: Gender-Specific Risks and Returns

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    Social Security is a financial asset whose 'purchase' is compulsory for most working individuals; the return during the individual's working lifetime is related to the rate of change of aggregate labor income. If an individual's labor income is strongly related to aggregate labor income, then the Social Security asset is a particularly unattractive asset. In this situation, the individual would benefit from a reformed Social Security system that would permit investment of retirement funds in other financial assets. This paper investigates how this aspect of Social Security risk varies across groups of individuals who differ according to gender; education; race; and age. The main finding is that there are important differences across groups in this component of Social Security risk, as captured by the sensitivity of individual-level income growth to changes in the SSWI. This element of risk is most important for women, especially women who are young-to-middle aged and with more education. This analysis suggests that women would have more to gain, compared with men, from a reformed Social Security system.

    Undiversifiable Returns in a CAPM Economy

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    The effects of endogenous undiversifiable investment and market structure changes on security pricing are analyzed within the GEI-CAPM (General Equilibrium with Incomplete Markets Capital Asset Pricing Model). Both the mutual fund and security market line theorems are extended conditional to a redefinition of the market portfolio. Relative prices of securities are still determined by covariances with the aggregate endowment but they fail to preserve the ``standard'' invariance result of the CAPM with quadratic utilities. Asset prices may change in response to financial innovation.General Equilibrium with Incomplete Markets; Portfolio Choice; Transfer Technology; Capital Asset Pricing Model

    Web development evolution: the assimilation of web engineering security

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    In today’s e-commerce environment, information is an incredibly valuable asset. Surveys indicate that companies are suffering staggering financial losses due to web security issues. Analyzing the underlying causes of these security breaches shows that a significant proportion of them are caused by straightforward design errors in systems and not by failures in security mechanisms. There is significant research into security mechanisms but there is little research into the integration of these into software design processes, even those processes specifically designed for Web Engineering. Security should be designed into the application development process upfront through an independent flexible methodology that contains customizable components

    Web development evolution: the assimilation of web engineering security

    Get PDF
    In today’s e-commerce environment, information is an incredibly valuable asset. Surveys indicate that companies are suffering staggering financial losses due to web security issues. Analyzing the underlying causes of these security breaches shows that a significant proportion of them are caused by straightforward design errors in systems and not by failures in security mechanisms. There is significant research into security mechanisms but there is little research into the integration of these into software design processes, even those processes specifically designed for Web Engineering. Security should be designed into the application development process upfront through an independent flexible methodology that contains customizable components

    Asymptotic Methods for Asset Market Equilibrium Analysis

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    General equilibrium analysis is difficult when asset markets are incomplete. We make the simplifying assumption that uncertainty is small and use bifurcation methods to compute Taylor series approximations for asset demand and asset market equilibrium. A computer must be used to derive these approximations since they involve large amounts of algebraic manipulation. To illustrate this method, we apply it to analyzing the allocative, price, and welfare effects of introducing a new derivative security. We find that the introduction of any derivative will raise the value of the risky asset relative to bonds.

    Assets & Opportunity Profile: Dallas

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    Highlights data on the scope and scale of financial insecurity among households in Dallas, including income and asset poverty rates by demographics, education, and geography. Lists examples of city-level strategies to build residents' financial security

    Making the Case for Eliminating Asset Limits: Why Asset Limits Undermine Financial Security for Arkansans

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    In this brief, Southern Bancorp Community Partners' policy team presents the case for why Arkansas should enact legislation or create an administrative rule to eliminate asset limits on SNAP and TANF. This paper will provide a concise background on asset limits over the past two decades, highlight key research findings from the asset-building field, and offer recommendations on how and why Arkansas should abolish asset limits on SNAP and TANF

    The rise and fall of the ABS market

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    The financial crisis has raised some concern about the quality of information available on some traded assets on the securities markets to market participants and regulators. Asset-backed securitization in general got partial blame for the paucity of liquidity on bank balance sheets and the consequent credit crunch. After the Asset-Backed Security (ABS) market fell to near inactivity in 2009, the US federal government's Term Asset-Backed Securities Loan Facility (TALF) provided backing and a boost to the issuance of asset-backed securitization. In this market condition, given the nature of ABS, it is difficult for them not to be relatively illiquid, and this has resulted in unacceptable levels of market risk for most investors. Their liquidity before the crisis was driven by a market in continuous expansion, fed by Special Purpose Vehicle (SPV), Conduits, and other low capitalized term-transformation vehicles. Nowadays, the industry is concerned with the ongoing ABS reforms and how these will be implemented. This article reviews the ABS market in the last decade and the possible consequences of the recent regulatory proposals. It proposes a retention policy and the institution of a new financial body to supervise the quality of the security in an ABS pool, its liquidity, and the model risk implied by the issuer's valuation modeAsset Backed Security; Government Policy and Regulation
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