Suitability of Capital Allocations for Performance Measurement

Capital allocation principles are used in various contexts in which a risk capital or a cost of an aggregate position has to be allocated among its constituent parts. We study capital allocation principles in a performance measurement framework. We introduce the notation of suitability of allocations for performance measurement and show under different assumptions on the involved reward and risk measures that there exist suitable allocation methods. The existence of certain suitable allocation principles generally is given under rather strict assumptions on the underlying risk measure. Therefore we show, with a reformulated definition of suitability and in a slightly modified setting, that there is a known suitable allocation principle that does not require any properties of the underlying risk measure. Additionally we extend a previous characterization result from the literature from a mean-risk to a reward-risk setting. Formulations of this theory are also possible in a game theoretic setting

Highly accurate numerical computation of implicitly defined volumes using the Laplace-Beltrami operator

This paper introduces a novel method for the efficient and accurate computation of the volume of a domain whose boundary is given by an orientable hypersurface which is implicitly given as the iso-contour of a sufficiently smooth level-set function. After spatial discretization, local approximation of the hypersurface and application of the Gaussian divergence theorem, the volume integrals are transformed to surface integrals. Application of the surface divergence theorem allows for a further reduction to line integrals which are advantageous for numerical quadrature. We discuss the theoretical foundations and provide details of the numerical algorithm. Finally, we present numerical results for convex and non-convex hypersurfaces embedded in cuboidal domains, showing both high accuracy and thrid- to fourth-order convergence in space.Comment: 25 pages, 17 figures, 3 table

Anal canal development in the embryonic and early foetal period

The aim of study is to investigate the development of the anal canal in human embryos and foetuses. In embryos at stage 19 the boundary between the ectodermal and endodermal linings of the anal canal is located just below the level of the internal anal sphincter muscle. Histological sections showed that the first signs of anal columns are observed in embryos at stage 21 (51 days)