The Swiss Solvency Test and its Market Implications

In this paper, we first discuss the characteristics and major benefits of the Swiss risk-based capital standards for insurance companies (Swiss Solvency Test), introduced in 2006. As the insurance industry is one of the largest institutional investors in Switzerland, changes to its asset and liability management as a result of the new regulatory framework could have striking economic effects. Thus, we further examine significant market implications for the Swiss economy due to possible changes in the asset and liability management of Swiss insurance companies. We investigate resulting effects on the Swiss capital market, focusing on bond, real estate, stock, foreign exchange markets, and the situation in case of a capital market crisis. Furthermore, we analyze potential consequences to corporate financing and product design. Most of the considered consequences result from the transition of past (in principle, not risk-based) supervision to risk-based supervision and can thus be generalized to other supervision systems, in particular Solvency II. The Geneva Papers (2008) 33, 418–439. doi:10.1057/gpp.2008.20

Proteomic Analysis of Pea (Pisum sativum L.) Response During Compatible and Incompatible Interactions with the Pea Aphid (Acyrthosiphon pisum H.)

Acyrthosiphon pisum (pea aphid) is considered to be one of the most agronomically damaging pests on pea and alfalfa crops, and is responsible for significant yield losses in agriculture. For the efficient control of the parasite, a better understanding of its interaction and associated resistance mechanisms at the molecular level is required. We used two-dimensional gel electrophoresis (2DE) coupled to mass spectrometry (MSMS) analysis to compare the leaf proteome of two pea accessions displaying different phenotypes to A. pisum infestation. Multivariate statistical analysis identified 203 differential proteins under the experimental conditions, 81 of which were identified using a combination of peptide mass fingerprinting (PMF) and MSMS fragmentation. Most of the identified proteins corresponded to amino acid and carbohydrate metabolism, photosynthesis, folding/degradation, stress response, signal transduction and transcription/translation. Results suggested the involvement of different metabolic pathways that may be activated in order to overcome pea aphid attack in the resistant accession (P665): reduction of photosynthesis and amino acid biosynthesis that may be helpful in tackling pea aphid attack by limiting access to nutrients, up-accumulation of wound signal molecules such as LOXs and LAPs, and activation of the antioxidant ASC-GSH cycle. In contrast, the susceptible accession (cv. Messire) showed an increase in primary metabolism pathways (especially amino acid biosynthesis), from which a relationship to the successful performance of aphids on this accession could be inferred. Results are also discussed with regard to differences in management of photoassimilates against the strong sinks produced by aphid feeding. © 2013 Springer Science+Business Media New York.This research was supported by the Spanish AGL2011-22524 project. E. Carrillo was funded by a grant from Cabildo de La Palma- CSIC PhD and Mª Angeles Castillejo by a postdoctoral fellowship from the Spanish Ministry of Education, through the Mobility Program R-D + I 2008–2011.Peer Reviewe