States That Have Not Met Their Constitutional Requirements

The importance of sound financial risk management has become increasingly emphasised in recent years, especially with the financial crisis of 2007-08. The Basel Committee sets the international standards and regulations for banks and financial institutions, and in particular under market risk, they prescribe the internal application of the measure Value-at-Risk. However, the most established non-parametric Value-at-Risk model, historical simulation, has been criticised for some of its unrealistic assumptions. This thesis investigates alternative approaches for estimating non-parametric Value-at-Risk, by examining and comparing the capability of three counterbalancing weighting methodologies for historical simulation: an exponentially decreasing time weighting approach, a volatility updating method and, lastly, a more general weighting approach that enables the specification of central moments of a return distribution. With real financial data, the models are evaluated from a performance based perspective, in terms of accuracy and capital efficiency, but also in terms of their regulatory suitability, with a particular focus on the Swedish market. The empirical study shows that the capability of historical simulation is improved significantly, from both performance perspectives, by the implementation of a weighting methodology. Furthermore, the results predominantly indicate that the volatility updating model with a 500-day historical observation window is the most adequate weighting methodology, in all incorporated aspects. The findings of this paper offer significant input both to existing research on Value-at-Risk as well as to the quality of the internal market risk management of banks and financial institutions.Betydelsen av sund finansiell riskhantering har blivit alltmer betonad på senare år, i synnerhet i och med finanskrisen 2007-08. Baselkommittén fastställer internationella normer och regler för banker och finansiella institutioner, och särskilt under marknadsrisk föreskriver de intern tillämpning av måttet Value-at-Risk. Däremot har den mest etablerade icke-parametriska Value-at-Risk-modellen, historisk simulering, kritiserats för några av dess orealistiska antaganden. Denna avhandling undersöker alternativa metoder för att beräkna icke-parametrisk Value-at‑Risk, genom att granska och jämföra prestationsförmågan hos tre motverkande viktningsmetoder för historisk simulering: en exponentiellt avtagande tidsviktningsteknik, en volatilitetsuppdateringsmetod, och slutligen ett mer generellt tillvägagångssätt för viktning som möjliggör specifikation av en avkastningsfördelnings centralmoment. Modellerna utvärderas med verklig finansiell data ur ett prestationsbaserat perspektiv, utifrån precision och kapitaleffektivitet, men också med avseende på deras lämplighet i förhållande till existerande regelverk, med särskilt fokus på den svenska marknaden. Den empiriska studien visar att prestandan hos historisk simulering förbättras avsevärt, från båda prestationsperspektiven, genom införandet av en viktningsmetod. Dessutom pekar resultaten i huvudsak på att volatilitetsuppdateringsmodellen med ett 500 dagars observationsfönster är den mest användbara viktningsmetoden i alla berörda aspekter. Slutsatserna i denna uppsats bidrar i väsentlig grad både till befintlig forskning om Value-at-Risk, liksom till kvaliteten på bankers och finansiella institutioners interna hantering av marknadsrisk

Exploration for fossil and nuclear fuels from orbital altitudes

Results from the ERTS program pertinent to exploration for oil, gas, and uranium are discussed. A review of achievements in relevant geological studies from ERTS, and a survey of accomplishments oriented towards exploration for energy sources are presented along with an evaluation of the prospects and limitations of the space platform approach to fuel exploration, and an examination of continuing programs designed to prove out the use of ERTS and other space system in exploring for fuel resources

An index to assess and monitor the progression of wasting disease in eelgrass Zostera marina

An index based on rapid visual determination of the relative amount of necrotic tissue on eelgrass shoots infected with wasting disease is described. The utility of the index for assessing and monitoring disease levels in natural and experimental populations of eelgrass is illustrated with examples from the field and a mesocosm experiment. Using the Wasting Index, monitoring of the disease along with environmental variables provided correlational data that aided understanding of the disease progression and linked disease severity with salinity. Once salinity increased above a threshold, disease spread rapidly and was inversely correlated with leave are

An index to assess and monitor the progression of wasting disease in eelgrass Zostera marina

An index based on rapid visual determination of the relative amount of necrotic tissue on eelgrass shoots infected with wasting disease is described. The utility of the index for assessing and monitoring disease levels in natural and experimental populations of eelgrass is illustrated with examples from the field and a mesocosm experiment. Using the Wasting Index, monitoring of the disease along with environmental variables provided correlational data that aided understanding of the disease progression and linked disease severity with salinity. Once salinity increased above a threshold, disease spread rapidly and was inversely correlated with leave are

Automated reduction of instantaneous flow field images

An automated data reduction system for the analysis of interference fringe patterns obtained using the particle image velocimetry technique is described. This system is based on digital image processing techniques that have provided the flexibility and speed needed to obtain more complete automation of the data reduction process. As approached here, this process includes scanning/searching for data on the photographic record, recognition of fringe patterns of sufficient quality, and, finally, analysis of these fringes to determine a local measure of the velocity magnitude and direction. The fringe analysis as well as the fringe image recognition are based on full frame autocorrelation techniques using parallel processing capabilities

Analysis of multispectral images simulating ERTS observations

Simulation studies of selected aircraft and spacecraft acquired images were initiated in response to anticipated desires of the user community for simulated imagery prior to launch of ERTS-A. Principal modes of simulation included: (1) areas of coverage comparable to ERTS; (2) spatial resolutions within these images similar to ERTS; (3) spectral responses analogous to that expected from each channel on both the return beam vidicon and multispectral scanner, leading to production of photographic images that should appear similar to those representing each band in the two sensors; and (4) runthroughs of several analytical techniques, such as color density slicing, color additive viewing, and computer-generated reflectance and surface temperature maps, by which ERTS data can be analyzed, interpreted, and applied. The two areas involved in the simulation study were Wyoming and the Chesapeake Bay region

Earth observations from space: Outlook for the geological sciences

Remote sensing from space platforms is discussed as another tool available to geologists. The results of Nimbus observations, the ERTS program, and Skylab EREP are reviewed, and a multidisciplinary approach is recommended for meeting the challenges of remote sensing

Excerpts from selected LANDSAT 1 final reports in geology

The standard formats for the summaries of selected LANDSAT geological data are presented as checklists. These include: (1) value of LANDSAT data to geology, (2) geologic benefits, (3) follow up studies, (4) cost benefits, (5) optimistic working scales, (6) statistical analysis, and (7) enhancement effects