理事会的选择 USSC画廊标识设计比赛得奖者

美国注册理事会(USSC)2008年标识设计比赛的11个类别吸引了约200个参赛公司。评审包括Levittown公司的设计副总裁基思丹尼,SA Intl公司营销总监朱迪哈福特,和SignAd公司的总经理克里斯。SA Intl公司生产Flexi EnRoute和其他与标志设计相关的软件,而SignAd公司则制作赌场标识,路标和外部图形。     

Firm Linkages to Scandals via Directors and Professional Service Firms: Insights from the Backdating Scandal

We examine market reactions to the stock options backdating scandal in a slightly unusual way, but focusing on firms who were not perceived to have had a backdating concern, but were instead linked to firms who did have a backdating concern. These linkages can be found via board interlocks and the roles those directors perform. In addition we examine the linkages which occur from shared professional services firms, such as auditors and outside legal counsel. That these potential conduits are available is not in question, but rather, do investors perceive the conduits are used to pass along information about backdating stock options? We then ask if affiliation with dominant audit and legal services firms ameliorates or exacerbates those investor market reactions. We find that firms linked to the scandalized firms also face negative reactions, which are worsened when they also are serviced by professional services firms who are themselves are also linked to the managerial practice.     

A case study of short-sale constraints and limits to arbitrage

This paper uses a unique data set of trades in a unique pair of securities that enables the precise identification of individual broker activity and the trade direction of that activity. We find direct evidence that the imposition (removal) of short-sale constraints limits (generates) trading activity consistent with brokers exploiting apparent mispricing.     

On the Moments of the Time of Ruin with Applications to Phase-Type Claims

Abstract

We describe an approach to the evaluation of the moments of the time of ruin in the classical Poisson risk model. The methodology employed involves the expression of these moments in terms of linear combinations of convolutions involving compound negative binomial distributions. We then adapt the results for use in the practically important case involving phase-type claim size distributions. We present numerical examples to illuminate the influence of claim size variability on the moments of the time of ruin.     

Project management and high‐value superyacht projects: An improvisational and temporal perspective

This article considers specific elements of the project management of high‐value deliverables in an under‐researched sector. Specifically, it looks at ways in which change is accommodated in complex projects where scope, delivery, and cost are relatively inflexible. An emerging literature considers improvisational working within project‐based work, which dilutes the “plan, then execute” paradigm that has shaped project work for some time. This research contributes to the temporal and rhythmic aspects of work in this area, linking with extant theory on, among other areas, punctuated equilibrium and organizational “rhythm,” and identifies parallels between improvised project work and established academic theory.     

Moments of Discounted Dividends for a Threshold Strategy in the Compound Poisson Risk Model

Abstract

We consider a compound Poisson risk model in which part of the premium is paid to the shareholders as dividends when the surplus exceeds a specified threshold level. In this model we are interested in computing the moments of the total discounted dividends paid until ruin occurs. However, instead of employing the traditional argument, which involves conditioning on the time and amount of the first claim, we provide an alternative probabilistic approach that makes use of the (defective) joint probability density function of the time of ruin and the deficit at ruin in a classical model without a threshold. We arrive at a general formula that allows us to evaluate the moments of the total discounted dividends recursively in terms of the lower-order moments. Assuming the claim size distribution is exponential or, more generally, a finite shape and scale mixture of Erlangs, we are able to solve for all necessary components in the general recursive formula. In addition to determining the optimal threshold level to maximize the expected value of discounted dividends, we also consider finding the optimal threshold level that minimizes the coefficient of variation of discounted dividends. We present several numerical examples that illustrate the effects of the choice of optimality criterion on quantities such as the ruin probability.     

Equilibrium compound distributions and stop-loss moments

A convolution representation is derived for the equilibrium or integrated tail distribution associated with a compound distribution. This result allows for the derivation of reliability properties of compound distributions, as well as an explicit analytic representation for the stop-loss premium, of interest in connection with insurance claims modelling. This result is extended to higher order equilibrium distributions, or equivalently to higher stop-loss moments. Special cases where the counting distribution is mixed Poisson or discrete phase-type are considered in some detail. An approach to handle more general counting distributions is also outlined.     

建设环境 建筑招牌在建筑主题中如何找到自己的位置?

22年以来,社会环境图形设计社会(SEGD)一直举行设计大奖的颁布活动,并且它为进入环境图形设计这个圈子铺了一条道路。     

The surplus prior to ruin and the deficit at ruin for a correlated risk process

This paper presents an explicit characterization for the joint probability density function of the surplus immediately prior to ruin and the deficit at ruin for a general risk process, which includes the Sparre-Andersen risk model with phase-type inter-claim times and claim sizes. The model can also accommodate a Markovian arrival process which enables claim sizes to be correlated with the inter-claim times. The marginal density function of the surplus immediately prior to ruin is specifically considered. Several numerical examples are presented to illustrate the application of this result.