Investment Guarantees the new science phần 10 doc

... to avoid using filters, and instead simply modify the color of the original image. We can do this in Inkscape by selecting the three arrows in the spinner.svg image, and then selecting Object ... from the top and 10 pixels from the left of the canvas’s top left corner: canvas/demo1.html (excerpt) function draw() { ⋮ context.fillRect (10, 10 ,100 ,100 ); context.strokeRe...

Ngày tải lên: 24/07/2014, 23:21

... professionals, social networking application for, 101 profile pages, 100 105 for Amazon, 102 103 for business professionals, 101 , 102 defined, 100 imposing restrictions on, 104 105 managing, 104 for ... gaming the system, 98 GigaOm blog, 152 Gladwell, Malcolm, 143 ptg 170 DESIGNING FOR THE SOCIAL WEB Of those people who read an article, for example, how m...

Ngày tải lên: 07/08/2014, 00:22

... software, 105 109 barriers, 108 benefits, 106 decision making, 107 108 easing transition, 110 111 time table, 118 and training, 108 , 109 true costs, 105 106 upload speeds, for DSL, 163 upper management communicating ... come to believe that the CAD manager is the secret weapon in implementing technology change because the CAD manager is the person who makes the r...

Ngày tải lên: 08/08/2014, 23:21

... [during the nineteenth century] at the time of the drive for bimetallism. 186 — The Causes of the Economic Crisis 3 An extreme example: the discount policy of the German Reichsbank in the time of ... the economic crisis, the breakdown of interventionist economic policy the policy being followed today by all govern- ments, irrespective of whether th...

Ngày tải lên: 09/08/2014, 20:20

... (to the nearest gram) 66. d. Since the formula for the area of a circle is ␲r 2 , any change in r will affect the area by the square of the amount of the change. Since the radius is doubled, the ... d b o % llars ᎏ or x Ϭ ᎏ 10 b 0 ᎏ or x( ᎏ 10 b 0 ᎏ ) or (x)( ᎏ 10 b 0 ᎏ ) or ᎏ 10 b 0x ᎏ Since the amount invested in bonds = ᎏ 10 b 0x ᎏ , the amount invested in...

Ngày tải lên: 11/08/2014, 14:22

... 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