Combined Accumulation- and Decumulation-Plans with Risk-Controlled Capital Protection

We base our analysis on an investor, usually a retiree, endowed with a certain amount of wealth W, who considers both his own consumption needs (fixed periodic withdrawals) and the requirement of his heirs (defined bequest). For this purpose he pursues the following in-vestment strategy. The part F is invested in a set of investment funds with the target to achieve an accumulated wealth at the end of a certain time horizon of at least the original amount of wealth W (or the fraction ), measured in real terms. As certain investment risks are implied, we allow for the probability of falling short of the target and implement it into our model as a risk control parameter. The remaining part MM of the original wealth is invested in money market funds in order to avoid additional investment risks and deliver fixed periodic withdrawals until the end of the respective time horizon. The optimal investment strategy is the investment fund allocation that satisfies the probability of shortfall and mini-mizes F, while maximizing the fixed periodic withdrawals. We outline this investment prob-lem in a mathematical model and illustrate the solution for a reasonable choice of empirical parameters.

Asset/Liability Management of German Life Insurance Companies: A Value-at-Risk Approach in the Presence of Interest Rate Guarantees

This contribution analyses the implications of two major determinants influencing the asset allocation decision of German life insurers, which are the capital market development on the one hand and the interest rate guarantees of the traditional life insurance policies on the other hand. The adverse development of the stock prices between 2000 and 2002 asks for a consideration of not only the �normal� volatility but also the worst-case developments in an asset/liability management. In order to meet the latter requirement, we technically apply the risk measures of Value-at-Risk and Conditional Value-at-Risk. German life insurance policies incorporate interest rate guarantees, which are granted on an annual basis. This specific �myopic� nature of guarantees creates � beyond the control of the shortfall risk in general � the necessity to manage the asset allocation on an annual basis to match the time horizon of assets and liabilities. A quantitative approach analyses the impacts on the asset allocation decision. In our research we do not only consider market valuation, but also institutional peculiarities (such as hidden reserves and accounting norms) of German life insurers. We reveal the possibility of a riskless one-year investment, either based on market values or on book values, to be crucial for guaranteeing interest rates on an annual basis.

Pricing of Cyber Insurance Contracts in a Network Model

We develop a novel approach for pricing cyber insurance contracts. The considered cyber threats, such as viruses and worms, diffuse in a structured data network. The spread of the cyber infection is modeled by an interacting Markov chain. Conditional on the underlying infection, the occurrence and size of claims are described by a marked point process. We introduce and analyze a new polynomial approximation of claims together with a mean-field approach that allows to compute aggregate expected losses and prices of cyber insurance. Numerical case studies demonstrate the impact of the network topology and indicate that higher order approximations are indispensable for the analysis of non-linear claims. © 2018 by Astin Bulletin. All rights reserved

Rezension zu „Französisches und deutsches Verfassungsrecht. Ein Rechtsvergleich“ von Nikolaus Marsch, Yoan Vilain und Mattias Wendel (eds.). Berlin & Heidelberg, Springer 2015.

Das mit Unterstützung der Deutsch-Französischen Hochschule geförderte Lehrbuch ist ein Versuch eines „Brückenbaus“ zwischen deutscher und französischer Staatsrechtslehre. In der deutschen wie französischen Verfassungslehre ist die Kenntnis der „benachbarten“ Rechtsordnung von eher randständiger Bedeutung, wenn man von einigen komparatistischen Handbüchern (wie etwa dem Ius Publicum Europaeum, herausgegeben von BOGDANDY / CRUZ VILLALÓN / HUBER) und einigen spezialvergleichenden Studien absieht. Umso verdienstvoller ist das Bemühen der Herausgeber, die Grundstrukturen beider Verfassungsordnungen in einem „integrierten Rechtsvergleich“ gegenüberzustellen und von der herkömmlichen Gliederung nach „Landesberichten“ abzusehen. Dies erfordert ein hohes Maß an Kenntnis beider Rechtsordnungen, die sich – wie das Autorenverzeichnis ausweist – besonders durch Studium bzw. Promotion auch in der jeweils fremden Rechtsordnung am besten gewinnen lässt. Das Werk gliedert sich in neun Abschnitte, die die wesentlichen Elemente und Strukturen der beiden Verfassungen untersuchen. Im Folgenden können nur einige Grundlinien und besondere Aspekte hervorgehoben werden

Simultaneous phase, amplitude, and polarization control of femtosecond laser pulses

We present a serial pulse shaper design which allows us to shape the phase, amplitude, and polarization of fs laser pulses independently and simultaneously. The capabilities of this setup are demonstrated by implementing a method for generating parametrically tailored laser pulses. This method is applied on the ionization of NaK molecules by feedback loop optimization, employing a temporal sub pulse encoding. Moreover, we introduce and characterize a further development of this common path pulse shaper scheme for full control of all light field parameters

Seed dormancy in F1 and F2 generations of imidazolinone-tolerant oilseed rape at different locations

Die Einführung von Imidazolinon-tolerantem Raps (Brassica napus; Clearfieldraps, CL Raps) wird speziell im Bereich der Kontrolle von Durchwuchsraps mit Skepsis aufgenommen. Die vorliegende Studie untersuchte die Neigung zu sekundärer Dormanz bei 15 CL Rapsgenotypen an zwei Standorten in Deutschland im Jahr 2012/2013 (Versuch 1) sowie Auswirkungen der maternalen Umgebung auf die Dormanzneigung der gebildeten Rapssamen in CL und nicht-CL Raps (insgesamt 8 Sorten) an 12 Standorten in Deutschland in den Jahren 2011/2012 (Versuch 2). Die CL-Genotypen variierten in der Dormanzneigung von 0 bis 95,7% in der F1-Generation (Hybridsaatgut) und von 3,5 bis 77,9% in der entsprechenden F2-Generation (Erntegut). Das Niveau der Dormanz in der F2 entsprach dem in der F1, sowohl bei isolierten als auch in etwas geringerem Maß bei nicht-isolierten Pflanzen. Bei allen geprüften Genotypen setzten sich die angebauten F1-Pflanzen aus Einzelpflanzen mit zum Teil unterschiedlicher Dormanzneigung in der jeweiligen Nachkommenschaft zusammen; zum Teil wich die Dormanz der F2 einer Einzelpflanze bis zu 30% vom Sortenmittel ab.Unterschiede in der Dormanz zeigten sich in zwei CL Raps-Genotypen und sechs nicht-CL-Genotypen an 12 Standorten (trial 2/Versuch 2). Samen von niedrig dormanten Genotypen reagierten tendenziell stärker auf die maternale Umgebung als Samen von hoch dormanten Geno­typen. Niederschläge während der Reifezeit korrelierten positiv mit der Dormanz (R = 0,78). Insgesamt können Züchter die Dormanzwerte der F1-Generation nutzen, um das Potential der Dormanz jener Samen in der F2-Generation zu bewerten, die zu Durchwuchs führen könnten. DOI: 10.5073/JfK.2016.06.03, https://doi.org/10.5073/JfK.2016.06.03The introduction of imidazolinone-tolerant oilseed rape (Brassica napus; Clearfield®, CL OSR) meets with skepticism on volunteer control. This study examined the disposition to secondary seed dormancy of 15 CL OSR geno­types at two locations in south-west Germany in 2012/2013 (trial 1) between sown seed (F1) and harvested seed (F2), and effects of maternal environment on dormancy disposition on CL and non-CL OSR in 12 locations in Germany in 2011/2012 (trial 2). The CL genotypes differed in dormancy from 0 to 95.7% in the F1 generation and from 3.5 to 77.9% for their corresponding offspring (F2). The dormancy levels of the F1 generations corresponded to that of the F2 generations. This correlation was higher if seeds derived from flowers which have been isolated in the plastic bags and thus outcrossing has been prevented. Seed lots from individual isolated F1 plants deviated in dormancy by up to 30% from the mean of all isolated plants of a specific genotype. In trial 2, seeds from low dormancy genotypes tended to respond more strongly to maternal environment than high dormancy genotypes did. Precipitation during the period of ripening was positively correlated with dormancy (R = 0.78). Overall, breeders can use the dormancy values of the F1 generation to assess the potential of dormancy in their offspring, which are those seeds that are relevant for causing volunteers if several other external conditions are fitting. DOI: 10.5073/JfK.2016.06.03, https://doi.org/10.5073/JfK.2016.06.0

Ebselen Improves Ischemia-Reperfusion Injury After Rat Lung Transplantation

The heterocyclic organic compound ebselen (2-phenyl-1,2-benizsoselenazol-3(2H)-one) is a glutathione peroxidase mimick with protective properties against oxidative injury. Ebselen also has anti-inflammatory activity, including attenuation of tumor necrosis factor release and increase of interleukin-10, as shown invivo, in inflammatory and ischemia-reperfusion injuries, including those of the lung. This study was designed to assess its effect on severe ischemia-reperfusion injury in a model of left-sided rat lung isotransplantation. Orthotopic single left-sided lung allotransplantation (Wistar to Wistar) was performed in female rats after a total ischemic time of 18h. In nine recipients given 500mg/kg oral ebselen 1h before transplantation, graft PaO2/FiO2 was improved 24h after transplantation, as evidenced with a mean (standard deviation) PaO2 of 139 (61) mmHg vs. eight controls with 65 (33) mmHg (p=0.009). Bronchoalveolar PMN count was reduced to approximately 50% in the ebselen group compared with controls, whereas no difference in the tumor necrosis factor content was found. We conclude that the improvement of lung function in ebselen-treated transplanted rats is mainly the result of the anti-inflammatory activity of the drug during reperfusio

Photoassociation and coherent transient dynamics in the interaction of ultracold rubidium atoms with shaped femtosecond pulses - I. Experiment

We experimentally investigate various processes present in the photoassociative interaction of an ultracold atomic sample with shaped femtosecond laser pulses. We demonstrate the photoassociation of pairs of rubidium atoms into electronically excited, bound molecular states using spectrally cut femtosecond laser pulses tuned below the rubidium D1 or D2 asymptote. Time-resolved pump-probe spectra reveal coherent oscillations of the molecular formation rate, which are due to coherent transient dynamics in the electronic excitation. The oscillation frequency corresponds to the detun-ing of the spectral cut position to the asymptotic transition frequency of the rubidium D1 or D2 lines, respectively. Measurements of the molecular photoassociation signal as a function of the pulse energy reveal a non-linear dependence and indicate a non-perturbative excitation process. Chirping the association laser pulse allowed us to change the phase of the coherent transients. Furthermore, a signature for molecules in the electronic ground state is found, which is attributed to molecule formation by femtosecond photoassociation followed by spontaneous decay. In a subsequent article [A. Merli et al., submitted] quantum mechanical calculations are presented, which compare well with the experimental data and reveal further details about the observed coherent transient dynamics