Oversikt over utenlandske aktuartidsskrifter

Abstract

Arthur Hunter. Extra Premiums for Americans and Canadians Residing in Tropical and Semi-Tropical Countries. Forf. resumerer New York Lifes erfaringer angaaende dödeligheten i forskjellige tropiske lande, og angir selskapets satser for ekstrapræmier. For de aller fleste landes vedkommende er ekstrapræmien fastsat til 2.5, 5, 10 eller 20 ‰av forsikringssummen aarlig.     

Oversigt over udenlandske Aktuartidsskrifter

Abstract

Forf. sammenstiller fra den nyere britiske Befolkningsstatistik det Materiale, der skal bruges til Beregning af Præmier og Reserverfor kollektive Børnerenter og Enkepensioner. Selvom Materialet saaledes nærmest faar Interesse for en evt. social Pensionsforsikring, mener Forf. dog, at det kan anvendes ogsaa ved visse Pensionskasser.     

Oversigt over de udenlandske Aktuartidsskrifter

Abstract

In the classical compound Poisson risk model, Lundberg's inequality provides both an upper bound for, and an approximation to, the probability of ultimate ruin. The result can be applied only when the moment generating function of the individual claim amount distribution exists. In this paper we derive an upper bound for the probability of ultimate ruin when the moment generating function of the individual claim amount distribution does not exist.     

Turning over Turnover

This article applies the methodology of Bai and Ng (2002, 2004)for decomposing panel data into systematic and idiosyncraticcomponents to both stock returns and turnover panels. This approachworks well for both returns and turnover, despite the presenceof severe heteroscedasticity and nonstationarity of individualstocks' turnover. We test the mutual fund separation model ofLo and Wang (2000). Trading due to systematic risk in returnscan account for 66% of systematic turnover. Thus, portfoliorebalancing due to systematic risk is a very important motivefor stock trading. Finally, several common turnover measuresmay understate the impact of stock trading.     

Housing and debt over the life cycle and over the business cycle

Housing and mortgage debt are studied in a quantitative general equilibrium model. The model matches wealth distribution, age profiles of homeownership and debt, and frequency of housing adjustment. Over the cycle, the model matches the cyclicality and volatility of housing investment, and the procyclicality of debt. Higher individual income risk and lower downpayments can explain the reduced volatility of housing investment, the reduced procyclicality of debt, and part of the reduced volatility of GDP. In an experiment that mimics the Great Recession, countercyclical financial conditions can account for large drops in housing activity and debt following large negative shocks.     

“政府突击花钱”正解

政府一个月就要花掉2万亿?2009年12月,当11月份的全国财政收支数字公布之后,公众开始聚焦政府12月份的支出规模。要完成年度政府预算,12月份政府必须花出去的资金将超过2万亿元。如此巨大的数字,自然吸引了社会各界的眼球。     

论战GPA

5月26日财政部部长助理王保安在全国GPA谈判应对工作及政府采购工作会议上发表了题为《立足国内改革和对外开放推动政府采购工作再上新台阶》的讲话,其中主要对财政部门在GPA谈判过程中所做工作进行了总结,并给予了肯定。     

应局谋变,中国银行业再洗牌——对广发银行更名的思考

2011年4月8日,中国最早组建的股份制商业银行之一——广东发展银行股份有限公司正式更名为广发银行股份有限公司的更名仪式在广州召开,笔者有幸参与,并见证这家中国金融体制改革试点银行,成立已23年的金融机构的更名大典。在更名之前,人们便习惯于将广东发展银行简称为广发银行,而更名后为广发银行,但从字面看似乎无大差异,然笔者细读广发银行相关资料及横竖对比中国银行业的更名发展之路,发现之前实在是管     

支付系统安全控制研究

现代支付系统最主要特征之一就是充分利用现代化信息技术,实现支付信息的高效传输、处理和存储。随着科学技术的高速发展和信息技术的广泛运用,支付系统面临的运行风险也日益严重。近日美国信用卡个人数据信息泄露事件,为支付系统安全控制敲响了警钟。本文根据国际信息安全管理标准,分析和总结了我国支付系统存在的弱点与威胁,研究了对威胁进行评估的定量方法,并提出了我国支付系统安全控制方案。     

论我国衍生工具内部控制机制的构建

建立健全内部控制,是有效防范衍生工具风险的关键。国内外发生的众多衍生工具灾难无不表明内部控制对衍生工具风险管理的重要性。然而,从我国来看,许多金融机构和其他从事衍生品业务的企业尚未建立有效的、面向衍生工具业务的内部控制机制。在我国衍生工具业务即将进入一个新的发展阶段的时刻,监管部门应当借鉴国外的先进经验和做法,制定专门的衍生工具内部控制指引,以促进和指导企业建立与完善相关的内部控制。