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We present a multivariate benchmarking model for achieving consistency between large quarterly and annual accounting frameworks. The method is based on a quadratic optimization problem, for which many efficient numeric solvers exist. The method combines several features, such as linear constraints, ratio constraints, weights, and inequalities, in one model. Therefore, a wide range of modelling possibilities is supported. This method is especially interesting for national statistical offices, to simplify their processes to achieve consistency between publications. 相似文献
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In the valuation of the Solvency II capital requirement, the correct appraisal of risk dependencies acquires particular relevance. These dependencies refer to the recognition of risk diversification in the aggregation process and there are different levels of aggregation and hence different types of diversification. For instance, for a non-life company at the first level the risk components of each single line of business (e.g. premium, reserve, and CAT risks) need to be combined in the overall portfolio, the second level regards the aggregation of different kind of risks as, for example, market and underwriting risk, and finally various solo legal entities could be joined together in a group. Solvency II allows companies to capture these diversification effects in capital requirement assessment, but the identification of a proper methodology can represent a delicate issue. Indeed, while internal models by simulation approaches permit usually to obtain the portfolio multivariate distribution only in the independence case, generally the use of copula functions can consent to have the multivariate distribution under dependence assumptions too. However, the choice of the copula and the parameter estimation could be very problematic when only few data are available. So it could be useful to find a closed formula based on Internal Models independence results with the aim to obtain the capital requirement under dependence assumption. A simple technique, to measure the diversification effect in capital requirement assessment, is the formula, proposed by Solvency II quantitative impact studies, focused on the aggregation of capital charges, the latter equal to percentile minus average of total claims amount distribution of single line of business (LoB), using a linear correlation matrix. On the other hand, this formula produces the correct result only for a restricted class of distributions, while it may underestimate the diversification effect. In this paper we present an alternative method, based on the idea to adjust that formula with proper calibration factors (proposed by Sandström (2007)) and appropriately extended with the aim to consider very skewed distribution too. In the last part considering different non-life multi-line insurers, we compare the capital requirements obtained, for only premium risk, applying the aggregation formula to the results derived by elliptical copulas and hierarchical Archimedean copulas. 相似文献
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Veronica Marozzo Maria Antonietta Raimondo Gaetano “Nino” Miceli Irene Scopelliti 《心理学和销售学》2020,37(7):913-927
This study introduces and defines a novel color family—au naturel colors—and proposes that featuring these hues on product packaging enhances consumer willingness to pay (WTP) for healthy food products, but not for unhealthy food products. This effect occurs irrespective of the fit between the colors of the product and of the packaging, and of the color lightness or saturation. Perceptions of product authenticity mediate the relationship between au naturel colors packaging and consumer WTP for the product. The results of seven studies provide support for the proposed conceptual framework, contributing to the literature on consumer responses to colors and packaging features, and allowing to draw implications for the marketing of healthy food products. 相似文献
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María Gutirrez Nino Papiashvili Josep A. Trib Antonio B. Vazquez 《European Financial Management》2020,26(4):896-937
This paper studies the mechanisms which motivate managers to engage in cheap talk and attract the market's attention in a credible way. We consider stock split announcements, voluntary earnings forecasts, and press releases issued by firms to the media as proxies for managerial cheap talk. We show that: (a) managerial performance‐related pay contracts incentivize executives to attract attention; (b) analysts increase their coverage of firms following cheap talk; and (c) chief executive officers are punished for attracting attention when market prices do not increase following cheap talk. The results are stronger for firms which are most in need of attention. 相似文献
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Antulov-Fantulin Nino Guo Tian Lillo Fabrizio 《Decisions in Economics and Finance》2021,44(2):905-940
Decisions in Economics and Finance - We study the problem of the intraday short-term volume forecasting in cryptocurrency multi-markets. The predictions are built by using transaction and order... 相似文献
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This study develops and tests a comprehensive framework that explains what, when, and how CEO characteristics influence firms’ innovation outcomes in R&D-intensive industries. Empirical evidence from 109 CEOs from 87 U.S.-based pharmaceutical firms over the period 2001–2013 reveals that research-oriented CEOs – those with ability and motivation for science and technology – increase their firms’ innovation outcomes. The results indicate that the CEO–innovation relationship strongly depends on the extent of CEOs’ managerial discretion, which is shaped by the organizational context. We contribute to a more comprehensive understanding of the role of CEOs in firms´ innovation performance differentials. 相似文献
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Gaetano “Nino” Miceli Irene Scopelliti Maria Antonietta Raimondo Carmela Donato 《心理学和销售学》2014,31(10):886-899
This research investigates the effects of visual and conceptual complexity (VC and CC) on brand logo evaluations at single and multiple exposures. Building upon the theoretical distinction between visual and conceptual constructs and on a processing fluency account, it is proposed that the effects of VC and CC on attitude toward the logo change across exposures following opposite patterns, and are driven by the mechanisms of perceptual fluency and conceptual fluency, respectively. The results of a hybrid experimental study suggest that the initially positive effect of VC on attitude toward the logo becomes negative with multiple exposures, whereas the initially negative effect of CC on attitude toward the logo becomes positive as exposures increase. The findings contribute to research on consumer reactions to the visual elements of brands, and offer guidelines to brand managers and logo designers for leveraging on VC and CC, as well as on the number of exposures, in order to raise the attractiveness of logos. 相似文献
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Anthony Batte Godfrey E. Siu Brenda Tibingana Anne Chimoyi Lucy Chimoyi Nino Paichadze 《International journal of injury control and safety promotion》2018,25(2):207-211
There is limited epidemiological data on childhood injuries in developing countries. This study assessed the incidence, patterns and risk factors for injuries among children aged 0–5 years in Wakiso District, Uganda. To determine differences, chi-square and Wilcoxon rank sum tests were used. Risk factors were assessed using Poisson regression. Overall, information from 359 children of mean age 32 months (SD: 18.4) was collected. Annual incidence of injuries was 69.8 per 1000 children/year (95% CI 58.8–80.8). One fatal injury due to burns was reported. Incidence of injuries was less associated with being female (IRR: 0.56, 95% CI 0.34–0.90) and increasing age of the caretaker (IRR: 0.96, 95% CI 0.92–0.99). The high incidence of childhood injuries necessitates the need for interventions to reduce injuries among children. 相似文献