Estimating the Risk-Adjusted Capital is an Affair in the Tails

Abstract (Re)insurance companies need to model their liabilities' portfolio to compute the risk-adjusted capital (RAC) needed to support their business. The RAC depends on both the distribution and the dependence functions that are applied among the risks in a portfolio. We investigate the impact of those assumptions on an important concept for (re)insurance industries: the diversification gain. Several copulas are considered in order to focus on the role of dependencies. To be consistent with the frameworks of both Solvency II and the Swiss Solvency Test, we deal with two risk measures: the Value-at-Risk and the expected shortfall. We highlight the behavior of different capital allocation principles according to the dependence assumptions and the choice of the risk measure

Imaginarios en disputa o sobre la territorialización de un conflicto urbano. El caso de “La Canchita de los Bomberos” (Mar del Plata, Argentina)

Apenas transcurridos tres meses de la creación del Programa Crédito Argentino del Bicentenario para la Vivienda Única Familiar, el Municipio de General Pueyrredón anuncia las tierras disponibles para comprometer en su implementación; entre ellas, el predio conocido como Canchita de los Bomberos de la ciudad de Mar del Plata. Frente a ello, se conforma un grupo de vecinos autoconvocados en defensa de su utilización como espacio público-verde, llevando a cabo diversas estrategias cuyo objetivo es evitar la construcción de viviendas en esa zona. Paralelamente, otras personas manifiestan su parecer en relación a la ejecución del programa y desarrollan prácticas que cuestionan la legitimidad de las demandas sostenidas por aquellos vecinos. El propósito del artículo es analizar las formas de apropiación simbólica que se refuerzan y/o modifican en función de la disputa; lo que Melé (2003) llama el proceso de territorialización del conflicto. Se argumenta que, aunque se produce un choque de imaginarios (Hiernaux; 2008a), emerge un imaginario dominante que logra imponerse y legitimar el uso y disfrute del espacio a su favor

Monitoring Charge Exchange in P3HT-Nanotube Composites Using Optical and Electrical Characterisation

Charge exchange at the bulk heterojunctions of composites made by mixing single wall nanotubes (SWNTs) and polymers show potential for use in optoelectronic devices such as solar cells and optical sensors. The density/total area of these heterojunctions is expected to increase with increasing SWNT concentration but the efficiency of solar cell peaks at low SWNT concentrations. Most researchers use current–voltage measurements to determine the evolution of the SWNT percolation network and optical absorption measurements to monitor the spectral response of the composites. However, these methods do not provide a detailed account of carrier transport at the concentrations of interest; i.e., near or below the percolation threshold. In this article, we show that capacitance–voltage (C–V) response of (metal)-(oxide)-(semiconducting composite) devices can be used to fill this gap in studying bulk heterojunctions. In an approach where we combine optical absorption methods withC–Vmeasurements we can acquire a unified optoelectronic response from P3HT-SWNT composites. This methodology can become an important tool for optoelectronic device optimization

Estimating the risk-adjusted capital is an affair in the tails

(Re)insurance companies need to model their liabilities’ portfolio to compute the risk-adjusted capital (RAC) needed to support their business. The RAC depends on both the distribution and the dependence functions that are applied among the risks in a portfolio. We investigate the impact of those assumptions on an important concept for (re)insurance industries: the diversification gain. Several copulas are considered in order to focus on the role of dependencies. To be consistent with the frameworks of both Solvency II and the Swiss Solvency Test, we deal with two risk measures: the Value-at-Risk and the expected shortfall. We highlight the behavior of different capital allocation principles according to the dependence assumptions and the choice of the risk measure