Investment Guarantees the new science phần 9 doc

... you probably know their name or other information already. Pre-populate the form with any information you know, and filling out the rest of the form will seem easier for them. Also, it’s OK ... looked around for a while before I found them here, as their position in the right column separates them unexpectedly.) Unless readers are proactively looking for them, they may not...

Ngày tải lên: 07/08/2014, 00:22

... a screen editor you can scroll the page, move the cursor J joins the line the cursor is on with the line below. . With a screen editor you can scroll the page, move the cursor Repeat the last ... delete the portion of the line to the right of the cursor. Keystrokes Results D Screen editors are very popular, since they allow you to make changes Give the command t...

Ngày tải lên: 08/08/2014, 21:23

... termination-at-will when they are hired. The Civil Rights Act of 196 4, the Equal Employment Opportunity Actof 199 1, and the Age Discrimination in Employment Act of 196 7, and others prohibit terminating ... businesses and the leaders who run them are trying to do the right thing. Not only do they want to do the right thing to be on the right side of the ethics fence, but als...

Ngày tải lên: 09/08/2014, 16:21

... 23: Using the Crystal Launchpad and ePortfolio 6 89 CRYSTAL REPORTS 9 ON THE WEB 684 Crystal Reports 9: The Complete Reference The Crystal Management Console does not check for correct Crystal ... Version 9, you will need to purchase a run-time license from Crystal Decisions. 718 Crystal Reports 9: The Complete Reference Adding the RDC to Your Pr...

Ngày tải lên: 12/08/2014, 16:20

... elements (1.4) The path element overriding the SOURCEPATH environment variable. Ant: The Definitive Guide 256 event (1.4, String, Y) The event that triggers the action. Must be either enter ... Specifies the p4 -u option. Defaults to the value of the p4.user property, if set. Ant: The Definitive Guide 284 Content 0,1 nested <fail> elements (1.3,...

Ngày tải lên: 13/08/2014, 21:21

... for Segregated Fund Guarantees 13 4 Pricing by Deduction from the Separate Account 14 2 The Unhedged Liability 14 3 Examples 15 1 Introduction 15 7 The Quantile Risk Measure 15 9 The Conditional Tail ... Black-Scholes-Merton Assumptions 12 3 The Black-Scholes-Merton Results 12 4 The European Put Option 12 6 The European Call Option 12 8 Put-Call Parity 12 8 Dividend...

Ngày tải lên: 14/08/2014, 05:20

... ΃΃ ϪϪ ϪϪ ϪϪ Ϫ ␮␮␴␴ ␮␮ ␴␴ ␮ ␴ ␮␴ ␮␮␴␴ MODELING LONG-TERM STOCK RETURNS 0 2 22 12 12 22 22 2 12 2 12 2 22 22 2 21 2 21 2 0 Thenwemaysimulatefuturevaluesforstockreturnsforanyperiod[ r, – 1 r ) GENERALSTOCHASTICVOLATILITYMODELS 38 ʦʦ / סס ס ס ס = = = = + ... ProbabilityFunctionsfor 34 S = = ס םס םס םס ססס םם סססםסס = סם סם , . pp. pp. pp. pp . pppp prRrRr. R nS nS SRR,RRRnR. RRnR....

Ngày tải lên: 14/08/2014, 05:20

... 10 = ם K S $1000atmaturity,evenifthemarketvalueofherorhisportfoliois lessthan$1000atthattime.Itistheresponsibilityoftheinsurertopay ),theexcessoftheguaranteedamountoverthemarketvalue oftheassets,meaningthattheinsurerpaysthepayoffunderaputoption. Therefore,thetotalsegregatedfundpolicybenefitismadeupofthe policyholder’sfundplusthepayofffromaputoptiononthefund.From put-callparityweknowthatthesame...

Ngày tải lên: 14/08/2014, 05:20

... 933.8 9 24. 4 930.8 10 AR-ARCH 4 935.0 922.5 931.0 10 STABLE 4 945 .2 932.7 941 .2 0.0003 GARCH 4 939.1 926.6 935.1 10 AR-GARCH 5 939.1 923 .4 9 34. 1 10 RSLN-2 6 953 .4 947 .4 RSAR-2 8 953.8 928.7 945 .8 ... 885.7 879 .4 883.7 10 AR(1) 3 887 .4 878.0 8 84. 4 10 ARCH 3 889 .4 880.0 886 .4 10 AR-ARCH 4 889 .4 876.9 885 .4 10 STABLE 4 912.2 899.7 908.2 10 GARCH 4 896.2 883....

Ngày tải lên: 14/08/2014, 05:20

... 0.0 0.2 0.3 0.4 0 .5 949 950 950 951 951 951 951 951 951 951 951 952 952 952 952 952 952 952 952 Regime 2 SD Pr[1–>2] 0.06 0.07 0.08 0.09 0.2 0.3 0.4 0 .5 947 948 948 948 949 949 950 950 951 951 951 952 952 FIGURE ... 0.040 0.02 0.04 0.06 9309 35 9 35 940 940 9 45 9 45 9 45 9 45 9 45 950 950 950 950 950 950 950 Regime 2...

Ngày tải lên: 14/08/2014, 05:20

... 121.11 0.0505 1.2 06% 122. 26 158.99 36. 73 144–145 158.99 0. 066 2 1 .64 9% 155.98 158.99 3.01 145–1 46 155.98 0. 065 0 4. 362 % 162 .38 158.99 0 . . . 263 – 264 471.99 0.1 967 6. 755% 512 .61 158.99 0 GMAB Example tt ... 0 9–10 99.89 0.04 16 10.708% 110.31 80 0 10–11 110.31 0.0 460 6. 302% 103.40 80 0 . . . 23–24 148.47 0. 061 9 7.3 56% 158.99 80 0 24–25 158.99 0. 066 2 1.917% 161 .63...

Ngày tải lên: 14/08/2014, 05:20

... 37. 708 6.412 6.516 0.105 3 103.4 47 32. 577 39.209 6.632 6.842 0.210 4 101 .70 3 34.901 42.081 7. 180 7. 377 0.1 97 5 100.251 37. 081 44 .75 9 7. 679 7. 889 0.211 6 101 .78 4 36.104 43.203 7. 099 7. 336 0.2 37 7 ... 18 .71 4 1.903 2.106 0.202 13 119.696 17. 7 67 19 .71 8 1.951 2. 171 0.219 14 128.840 9.442 10.280 0.838 0.693 0.145 15 131.346 7. 209 7. 782 0. 573 0 .70 6 0.133 16...

Ngày tải lên: 14/08/2014, 05:20

... 0.93 0.11 0. 68 0.93 4 23.66 15 .81 6 .88 3.13 1.25 0.17 0.47 0.74 3 27.76 18. 34 7.99 3.64 1.53 0.29 0.33 0.60 2 31 .86 20 .88 9.11 4.15 1 .81 0.41 0.19 0.47 1 36.60 23.91 9.92 3. 58 0 .87 0.11 0.37 ... 11.33 7.15 2 .87 0.71 0.44 1.07 1.40 1. 58 8 13.16 8. 27 3.62 1. 18 0. 08 0 .83 1.21 1.41 7 15.25 9.95 4.45 1.75 0.26 0.61 1.05 1.26 6 17.35 11.63 5. 28 2.31 0.61 0.39 0 .89 1.11 5 20....

Ngày tải lên: 14/08/2014, 05:20

... 17.06 Dynamic hedging 195 6– 199 9 1.75 2.36 3.28 197 9–2001 2.87 3.45 4.33 199 0–2001 2.36 2.76 3.54 Model Uncertainty Risk Management Data Period CTE CTE CTE p 90 % 95 % 99 % The reason for the difference ... 11.4 MODEL UNCERTAINTY 2 19 Stress testing; risk measures for 20-year GMAB contract, per $100 single premium. Actuarial 195 6– 199 9 5 .93 8.85 14.11 197 9–2001 7.85 11.03 1...

Ngày tải lên: 14/08/2014, 05:20

... mortality ignored. Then, using 100 ,000 simulations, the estimated value of the option before allowing for the control variate is $86.630; the estimated value of the ratcheted premium using the same simulations ... at renewal dates. The annual charge is 100 percent compounded continuously. At the renewal and maturity dates, if the fund has fallen below the previous renew...

Ngày tải lên: 14/08/2014, 05:20