Capital requirements and claims recovery: A new perspective on solvency regulation

Protection of creditors is a key objective of financial regulation. Where the protection needs are high, that is, in banking and insurance, regulatory solvency requirements are an instrument to prevent that creditors incur losses on their claims. The current regulatory requirements based on value at risk (V@R) and average value at risk (AV@R) limit the probability of default of financial institutions, but they fail to control the size of recovery on creditors' claims in the case of default. We resolve this failure by developing a novel risk measure, recovery V@R. Our conceptual approach is flexible and allows the construction of general recovery risk measures for various risk management purposes. We provide detailed case studies and applications. We show that recovery risk measures can be used for performance-based management of business divisions of firms and discuss how to calibrate recovery risk measures to historical regulatory standards. Finally, we analyze how recovery risk measures react to the joint distributions of assets and liabilities on firms' balance sheets and compare the corresponding capital requirements with the current regulatory benchmarks based on V@R and AV@R

Dermatofibrosarcoma Protuberans: Altered Collagen Metabolism in Cell Culture

Dermatofibrosarcoma protuberans is a low-grade malignant tumor that grows invasively but rarely forms metastases. Its origin is still controversial. We characterized the synthesis of collagen in detail in cells which were obtained from dermatofibrosarcoma protuberans tumors by enzymatic tissue disintegration. Similar to fibroblasts, all tumor cell strains produced considerable amounts of collagen. However, the rate was reduced compared to normal skin fibroblasts. Cells grown from the tumors synthesized type I collagen, but no type III could be detected. After serial passaging the cultures started to produce type III collagen, which is probably due to a slow overgrowth by normal fibroblasts

Acquire Driving Scenarios Efficiently: A Framework for Prospective Assessment of Cost-Optimal Scenario Acquisition

Scenario-based testing is becoming increasingly important in safety assurance for automated driving. However, comprehensive and sufficiently complete coverage of the scenario space requires significant effort and resources if using only real-world data. To address this issue, driving scenario generation methods are developed and used more frequently, but the benefit of substituting generated data for real-world data has not yet been quantified. Additionally, the coverage of a set of concrete scenarios within a given logical scenario space has not been predicted yet. This paper proposes a methodology to quantify the cost-optimal usage of scenario generation approaches to reach a certainly complete scenario space coverage under given quality constraints and parametrization. Therefore, individual process steps for scenario generation and usage are investigated and evaluated using a meta model for the abstraction of knowledge-based and data-driven methods. Furthermore, a methodology is proposed to fit the meta model including the prediction of reachable complete coverage, quality criteria, and costs. Finally, the paper exemplary examines the suitability of a hybrid generation model under technical, economical, and quality constraints in comparison to different real-world scenario mining methods.Comment: Accepted to be published as part of the 26th IEEE International Conference on Intelligent Transportation Systems (ITSC) 2023, Bilbao, Spain, September 24-28, 202

Active motion assisted by correlated stochastic torques

The stochastic dynamics of an active particle undergoing a constant speed and additionally driven by an overall fluctuating torque is investigated. The random torque forces are expressed by a stochastic differential equation for the angular dynamics of the particle determining the orientation of motion. In addition to a constant torque, the particle is supplemented by random torques which are modeled as an Ornstein-Uhlenbeck process with given correlation time $\tau_c$. These nonvanishing correlations cause a persistence of the particles' trajectories and a change of the effective spatial diffusion coefficient. We discuss the mean square displacement as a function of the correlation time and the noise intensity and detect a nonmonotonic dependence of the effective diffusion coefficient with respect to both correlation time and noise strength. A maximal diffusion behavior is obtained if the correlated angular noise straightens the curved trajectories, interrupted by small pirouettes, whereby the correlated noise amplifies a straightening of the curved trajectories caused by the constant torque.Comment: 8 pages, 9 figure

«Національна згода» як об’єкт філософської рефлексії

У статті розглядається концепт «національної згоди» як певний різновид комунікації між владою та громадськістю. Виділяються основні типи соціальної згоди: «згода» як легітимізація влади з боку населення, «згода» як певний різновид ідентичності («національна згода»), «згода» як консенсус стосовно проведення тієї чи іншої політики.The author reviews a concept of «national consent» as a variety of communication between power and community. The basic types of social consent are determined: consent as legitimization of power on the part of society, consent as a definite variety of identity («national consent»), consent as a consensus in politics