VALUE AT RISK - CORPORATE RISK MEASUREMENT

The notion of "risk" is used in a number of sciences. The Faculty of Law studies the risk depending on its legality. The Accident Theory applies this term to describe the damage and the disasters. One can find studies on the risks in the works of psychology, philosophy, medicine and within each of these areas the study of the risk is based on the given science subject and, of course, on their methods and approaches. Such a variety of risk study is explained by the diversity of this phenomenon. Under the market economy conditions, the risk is an essential component of any economic agent management policy, of the approach developed by this one, a strategy that depends almost entirely on individual ability and capacity to anticipate his evolution and to exploit his opportunities, assuming a so-called \"risk of business failure.\" There are several ways to measure the risks in projects, one of the most used methods to measure this being the Value at Risk(VaR). Value at Risk (VaR) was made famous by JP Morgan in the mid 1990s, by introducing the RiskMetrics approach, and hence, by far, has been sanctioned by several Governing Bodies throughout the world bank. In short, it measures the value of risk capital stocks in a given period at a certain probability of loss. This measurement can be modified for risk applications through, for example, the potential loss values affirmation in a certain amount of time during the economic life of the project- clearly, a project with a lower VaR is better. It should be noted that it is not always possible or advisable for a company to limit itself to the remote analysis of each risk because the risks and their effects are interdependent and constitute a system .In addition, there are risks which, in combination with other risks, tend to produce effects which they would not have caused by themselves and risks that tend to offset and even cancel each other out.risk, value at risk, confidence intervals, variance, Monte Carlo simulation

Altruism through experience - framework and experiment

The aim of this study is to investigate whether past experience affects ones altruism. Does having been poor makes a person more altruistic when rich, does her concept of fairness change as it gets richer? An adaption of the classic Public Goods Game with heterogeneous endowments was used for the purpose

Globalizing Hayden White

This conversation originated in a plenary session organized by Ewa Domańska and María Inés La Greca under the same title of ‘Globalizing Hayden White’ at the III International Network for Theory of History Conference ‘Place and Displacement: The Spacing of History’ held at Södertörn University, Stockholm, in August 2018. In order to pay homage to Hayden White’s life work 5 months after his passing we knew that what was needed–and what he himself would have wanted–was a vibrant intellectual exchange. Our ‘celebration by discussion’ contains elaborated and revised versions of the presentations by scholars from China (Xin Chen), Latin America (María Inés La Greca, Veronica Tozzi Thompson), United States (Paul Roth), Western (Kalle Pihlainen) and East-Central Europe (Ewa Domańska). We took this opportunity of gathering scholars who represent different parts of the world, different cultures and approaches to reflect on White’s ideas in a global context. Our interest was in discussing how his work has been read and used (or even misread and misused) and how it has influenced theoretical discussions in different parts of the globe. Rather than just offering an account as experts, we mainly wanted to reflect on the current state of our field and the ways that White’s inheritance might and should be carried forward in the future.Fil: Domanska, Ewa. Adam Mickiewicz University in Poznań; PoloniaFil: la Greca, María Inés. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Tres de Febrero. Departamento de Metodología, Estadística y Matemáticas; Argentina. Universidad de Buenos Aires. Facultad de Filosofía y Letras. Departamento de Filosofía; ArgentinaFil: Roth, Paul A.. University of California at Santa Cruz; Estados UnidosFil: Chen, Xin. Zhejiang University; ChinaFil: Tozzi, María Verónica. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Tres de Febrero. Departamento de Metodología, Estadística y Matemáticas; Argentina. Universidad de Buenos Aires. Facultad de Filosofía y Letras. Departamento de Filosofía; ArgentinaFil: Pihlainen, Kalle. Tallinn University; Estoni

The angular derivative problem for petals of one-parameter semigroups in the unit disk

We study the angular derivative problem for petals of one-parameter semigroups of holomorphic self-maps of the unit disk. For hyperbolic petals we prove a necessary and sufficient condition for the conformality of the petal in terms of the intrinsic hyperbolic geometry of the petal and the backward dynamics of the semigroup. For parabolic petals we characterize conformality of the petal in terms of the asymptotic behaviour of the Koenigs function at the Denjoy-Wolff point.Comment: Dedicated to the memory of Professor Larry Zalcman; final version to appear in Revista Mathem\'atica Iberoamerican

Transgenerational consequences of PTSD: risk factors for the mental health of children whose mothers have been exposed to the Rwandan genocide

Roth M, Neuner F, Elbert T. Transgenerational consequences of PTSD: risk factors for the mental health of children whose mothers have been exposed to the Rwandan genocide. International Journal of Mental Health Systems. 2014;8(1): 12.Background: Understanding how parental Posttraumatic Stress Disorder (PTSD) may or may not affect the development and mental health in the offspring is particularly important in conflict regions, where trauma-related illness is endemic. In Rwanda, organised atrocities and the genocide against the Tutsi of 1994 have left a significant fraction of the population with chronic PTSD. The aim of the present investigation was to establish whether PTSD in mothers is associated with symptoms of depression, anxiety, and aggressive and antisocial behaviour in their children. Methods: A community sample of 125 Rwandan mothers who experienced the genocide of 1994 and their 12-year-old children were interviewed. Using a structured interview, symptoms of maternal PTSD and children's depression, anxiety, and aggressive and antisocial behaviour were assessed by trained and on-site supervised local B. A. psychologists. The interview also included a detailed checklist of event types related to family violence. Results: In showing that a maternal PTSD was not associated with child's psychopathology, the results contradict the assumption of straight "trans-generational trauma transmission". Instead, a child's exposure to maternal family violence posed a significant risk factor for a negative mental health outcome. Furthermore, it was not maternal PTSD-symptoms but mother's exposure to family violence during her own childhood that was associated with the magnitude of adversities that a child experiences at home. Conclusions: Contrary to a simple model of a trans-generational transmission of trauma, neither maternal PTSD nor maternal traumatic experiences were directly associated with symptoms of anxiety, depression, or antisocial and aggressive behaviour in the children. Instead, the present results suggest a relationship between parental child rearing practices and children's mental health. Furthermore, the study details the "cycle of violence", showing a significant link between maternal violence against a child and its mother's experience of childhood maltreatment

Emerging Adulthood in Romania: Comparison between the Perceptions Twelfth Graduates and Students about Maturity

AbstractRecent studies on emerging adulthood (Arnett, 2000, 2001, 2003, 2004) conducted in different countries and cultures concluded that 18-25 years old adolescents do not consider markers such as getting married, finishing school or getting a job as criteria for adulthood. Instead they relate to psychological criteria that are usually achieved gradually and individually: taking responsibility, making decisions independent and achieving financial independence. After school completion youth can choose between several possible routes in the transition to adulthood: they can either continue their studies, enter the labor market or do both. For a large number of young people, college is an important step in the transition from adolescence to adulthood. We focused teenager's perception of what they think it would be necessary for someone to be considered an adult and whether attending a university (as institutional social experience) influence their perception of maturity. The database has a total of 1,240 respondents between 16-25 years (M=18,87, SD=1,05), the majority girls (60,6%) and consists of two samples: 897 XIIth graders (F=52,8%) and 343 first year students (F=81%). The most frequently marked maturity criteria by youth (94,03%) was “to take responsibility for the consequences of your actions”, in varying proportion for XIIth graders 96,99% and 86,30% for students. Our data supports previous studies results according to internal psychological attributes are more important markers of adulthood in the perception of teenagers and young adults of the new generations than external markers identified by the classic literature. It's necessary to research on the perception of young people who do not follow college because they might be constrained due to the economic situation to take certain roles that lead them to feel adult at an earlier age

Placental Vascular Obstructive Lesions: Risk Factor for Developing Necrotizing Enterocolitis

Necrotizing enterocolitis (NEC) is a severe neonatal disease affecting particularly preterm infants. Its exact pathogenesis still remains unknown. In this study, we have compared the prevalence of vascular obstructive lesions in placentae of premature newborns which developed NEC and of a control group. We further compared separately the findings of placentae of infants of less than 30 weeks of gestation, the age group in which NEC occurs most frequently. We found signs of fetal vascular obstructive lesions in 65% of the placentae of preterm patients developing NEC, compared to only 17% of the placentae of preterm patients in the control group. In the age groups below 30 weeks of gestation, 58.5% of placentae of later NEC patients presented such lesions compared to 24.5% in the control group. The significant difference between NEC and control group suggests a strong association between fetal vascular obstructive lesions and NEC. Therefore, we propose that fetal vascular obstructive lesions might be considered as a risk factor for the development of NEC in premature infants

Zusammenhang zwischen mütterlicher Borderlinepersönlichkeitsstörung, emotionaler Verfügbarkeit gegenüber dem eigenen Kind und Cortisolausschüttung bei Mutter und Kind

Hintergrund: Personen mit Borderline-Persönlichkeitsstörung (BPS) sind durch eine veränderte Emotionsregulation, instabile zwischenmenschliche Beziehungen und erhöhte Vulnerabilität gegenüber Stresssituationen charakterisiert. Insbesondere mit ihren Kindern zeigen sich Interaktionsprobleme, die sich in einer verringerten emotionalen Verfügbarkeit ausdrücken. Die Interaktion mit ihren Kindern kann dabei als potentiell stressreiche Situation für diese Mütter gewertet werden. In Studien wurde bei Personen mit BPS eine veränderte Cortisolausschüttung während einer Stresssituation gefunden. Zudem zeigte sich ein Zusammenhang zwischen der mütterlichen emotionalen Verfügbarkeit und der Cortisolausschüttung während einer Stresssituation bei gesunden Müttern und ihren Kindern. Ziel der vorliegenden Studie war, (1) die emotionale Verfügbarkeit (mit Fokus auf Sensitivität und Nicht-Hostilität) von Müttern mit BPS zu untersuchen, (2) die Cortisolreaktivität (Veränderungsrate von Baselinewerten zu Cortisolwerten in Reaktion) als auch die Gesamtcortisolausschüttung (gemessen als area under the curve) bei diesen Müttern und ihren Kindern als Maß für Cortisolausschüttung während einer Mutter-Kind-Interaktion zu untersuchen und (3) zu testen, ob ein Zusammenhang zwischen mütterlicher emotionaler Verfügbarkeit und der Cortisolausschüttung bei Müttern und Kindern besteht. Methoden: Es wurden insgesamt 16 Mütter mit BPS und 30 Kontrollmütter sowie 29 Kinder von Müttern mit BPS und 33 Kinder von Kontrollmüttern untersucht. Die Kinder waren zwischen fünf und zwölf Jahre alt. Mutter und Kind wurden während eines freien Spiels und nach Stressinduktion, in welcher das Kind ein schwieriges Puzzle lösen sollte, untersucht. Die Untersuchung von Mutter und Kind umfasste (1) die Beobachtung der Mutter-Kind- Interaktion mittels Emotional Availability Scale (Verhaltensebene) und (2) die Entnahme von Speichelcortisol von Mutter und Kind vor und nach der Interaktion (hormonale Ebene). Ergebnisse: Nicht-Hostilität war signifikant und Sensitivität trendweise erniedrigt bei Müttern mit einer BPS. Es zeigte sich eine geringere Gesamtcortisolausschüttung bei den Müttern mit BPS und ihren Kindern , allerdings kein Unterschied bezüglich der Cortisolreaktivität. Ein Zusammenhang zwischen mütterlicher Sensitivität bzw. Nicht-Hostilität und der mütterlichen bzw. kindlichen Cortisolausschüttung während der Stresssituation wurde nicht gefunden. Schlussfolgerungen: Die Ergebnisse zeigen, dass Mütter mit BPS geringere Werte für Sensitivität und Nicht-Hostilität aufweisen. Im Vergleich zu vorherigen Studien, welche Säuglinge untersucht haben, zeigte sich hingegen kein Zusammenhang zwischen der geringeren mütterlichen emotionalen Verfügbarkeit und der Cortisolausschüttung der Kinder. Dies könnte darauf hindeuten, dass die hormonelle Stressreaktivität der Kinder mit zunehmendem Alter von der mütterlichen emotionalen Verfügbarkeit unabhängig wird. Die Ergebnisse zeigen dennoch, dass sowohl Mütter mit BPS als auch ihre Kinder während einer stressreichen Interaktion eine reduzierte Gesamtcortisolausschüttung haben und somit die hormonelle Stressreaktivität von Mutter und Kind parallelisiert ist.Background: Borderline personality disorder (BPD) has been associated with altered emotion regulation, instable relationships and heightened stress vulnerability. Patients with BPD show difficulties especially in their interaction with their own children, which is characterized by reduced emotional availability. Interacting with one’s own child may be considered a stressful situation for the mothers at many occasions. According to previous studies, patients with BPD show altered cortisol secretion during stress. In addition, a correlation was found between emotional availability and cortisol secretion in both healthy mothers and their children during stress. The aims of the present study were (1) to examine emotional availability (focusing on maternal sensitivity and nonhostility) in mothers with BPD and (2) to examine the cortisol reactivity (rate of change from baseline) and total cortisol output (measured using area under the curve) as marker of cortisol secretion during motherchild-interaction in these mothers and their children, and (3) to test for correlation between maternal emotional availability and cortisol secretion in both mothers and their children. Methods: We investigated 16 mothers with BPD and 30 control mothers, 29 children of mothers with BPD and 33 children of the control mothers. Children were between five and twelve years old. Mother and child were tested during a standardized play situation and after a challenging, stress-provocing task. For the stress task, the child had to solve a difficult puzzle. We observed (1) emotional availability during the play task (behavioral level) and (2) collected salivary cortisol before and after the stress task (endocrine level). Results: Mothers with BPD showed lower nonhostility and, at trend-level, lower sensitivity compared to control mothers. In addition, mothers and children had lower total cortisol output compared to the control group, but showed no difference with regard to cortisol reactivity. There was no correlation between maternal sensitivity/nonhostility and cortisol reactivity/total cortisol output of mothers and their children. Conclusion: These results suggest that mothers with BPD show reduced sensitivity and nonhostility towards their own child. In contrast to previous studies investigating infants, the present investigation did not reveal a correlation between lower maternal emotional availability and child cortisol secretion. This could suggest that the hormonal stress reactivity of children is getting independent of maternal emotional availability with increasing age. Furthermore, the results show that mothers with BPD and their children have a reduced total cortisol output during stressful interaction and that hormonal stress reactivity is parallelized between mothers and their children