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.

Surprises in a Growing Market Niche - An Evaluation of the German Private Annuities Market

High replacement rates from public old age insurance might lead to the belief that little room is left for private sector annuities in Germany. Taking a closer look, we find a small market with a surprisingly large variety of products. Due to the recent pension reform and future ones to come the market is projected to grow substantially in the upcoming years. This paper describes the available annuity contracts and determines their money’s worth for different subgroups of the population.

Effectiveness and efficiency of a customized versus conventional orthodontic bracket system

The goal of this investigation was to compare the clinical effectiveness and efficiency of a customized versus a conventional orthodontic bracket system. Pre-treatment and post-treatment diagnostic records of 11 patients treated with conventional brackets and 35 patients treated with Ormco [registered trademark]'s Insignia TM appliance were analyzed. Initial PAR and age at start of treatment were used to ensure comparable groups. Data regarding total treatment time, number of scheduled appointments, emergency appointments, de-bonded brackets, repositioned brackets and/or detailing bends, final PAR, and ABO score was collected and compared. Insignia TM proved to be an effective tooth-moving appliance based on final PAR score. Further, cases treated with Insignia TM had superior ABO scores compared to the similarly treated cases with conventional brackets. Insignia TM was also more efficient in regards to total treatment time and number of scheduled appointments

Microfone de Areia: a experiência da rádio oficina

TCC (graduação) - Universidade Federal de Santa Catarina. Centro de Comunicação e Expressão. Jornalismo.Este Trabalho de Conclusão de Curso é um projeto de comunicação social com o objetivo de, através da linguagem do radiojornalismo, sensibilizar para o exercício da cidadania comunicativa a população da Vila do Arvoredo, comunidade localizada nas dunas da praia dos Ingleses, norte de Florianópolis, SC. O projeto propõe oferecer, através do ensino não-formal, oficinas de jornalismo divididas em um eixo técnico (pauta, valor notícia, locução e redação de rádio etc) e um teórico (letramento midiático e comunicação comunitária). Vislumbra-se a possibilidade de que os participantes da oficina possam dar continuidade ao projeto, disseminando os conteúdos compartilhados nesta atividade para novos interessados na experiência com rádio. Há ainda a expectativa de motivá-los a criar uma webradio na comunidade

Autonomous Combat Robot

This honors project will also serve as an engineering senior design project. The objective is to design and build the software and electrical systems for a 60 lb weight class combat robot that will function autonomously and outperform manually driven robots during competition. While running autonomously, the robot will use LiDAR sensors to detect and attack opponent robots. This robot will also be able to be remote controlled in manual mode. This will mitigate the risk in case the autonomy or sensors fail. LED lights on the robot will indicate whether it is in autonomous or manual mode. The system will also be able to be armed and disarmed remotely. Lastly, the robot will incorporate an emergency shut off and braking system. The autonomous combat robot will outperform its opponents by following a variety of combat algorithms. The autonomous system will follow an intercept or escape locomotion pattern to outperform human operators. The autonomous system will also attempt to keep the robot pointed in the correct orientation, facing the opponent at all times

The cryogenic system for the SLAC E158 experiment

E158 is a fixed target experiment at SLAC in which high energy (up to 48 GeV) polarized electrons are scattered off the unpolarized electrons in a 1.5 m long liquid hydrogen target. The total volume of liquid hydrogen in the system is 47.1. The beam can deposit as much as 700 W into the liquid hydrogen. Among the requirements for the system are: that density fluctuations in the liquid hydrogen be kept to a minimum, that the target can be moved out of the beam line while cold and replaced to within 2 mm and that the target survive lifetime radiation doses of up to 1×106 Gy. The cryogenic system for the experiment consists of the target itself, the cryostat containing the target, a refurbished CTI 4000 refrigerator providing more than 1 kW of cooling at 20 K and associated transfer lines and valve boxes. This paper discusses the requirements, design, construction, testing and operation of the cryogenic system. The unique features of the design associated with hydrogen safety and the high radiation field in which the target resides are also covered

Northern Bobwhite and Fire: A Review and Synthesis

Our understanding of the relationship between northern bobwhite (Colinus virginianus; hereafter, bobwhite) and fire began with Herbert Stoddard’s work in the early 20th century. Research on the topic has continued, but our application of fire is deeply rooted in Stoddard’s work, even as it has become evident that fire regimes must be adapted to variable environmental conditions that are evolving with a changing landscape and climate. A comprehensive review and synthesis of the literature on this topic would help formalize research advancements since Stoddard and identify knowledge gaps for future research. Results from experiments suggest fire creates favorable local habitat conditions for bobwhite such as plant composition, bare ground, and plant structure. Frequent prescribed fire is closely tied to where bobwhite populations are at their greatest (e.g., Red Hills region of Georgia and Florida, USA). However, an empirical gap exists between patch-level conditions and the bobwhite-landscape ecology interface. For example, it is well established that a 2-year fire return interval in pine savanna ecosystems with fertile soil is best for bobwhite. But causal evidence is limited for areas of different soil types, precipitation, and past land use across the bobwhite range. We review the extant literature describing prescribed fire use for bobwhite management, focusing on documented effects of fire on life-history characteristics of bobwhite under different environmental conditions. Habitat outcomes of fire management depend on fire frequency, seasonality, scale, and interaction with other management, and different strategies should be employed depending on the environment and desired effects. Adaptive management strategies will be necessary to address the challenges of rising temperatures associated with a changing climate, which are likely to alter the conditions under which burns occur and increase the difficulty of meeting basic burn criteria. Positive public attitudes toward prescribed fire will be key to developing a policy and management framework that supports efficient prescribed fire application. Our review elucidates range-wide processes and patterns to better inform the site-specific application of fire