Connected and autonomous vehicle injury loss events: Potential risk and actuarial considerations for primary insurers

The introduction of connected and autonomous vehicles (CAVs) to the road transport ecosystem will change the manner of collisions. CAVs are expected to optimize the safety of road users and the wider environment, while alleviating traffic congestion and maximizing occupant comfort. The net result is a reduction in the frequency of motor vehicle collisions, and a reduction in the number of injuries currently seen as “preventable.” A changing risk ecosystem will introduce new challenges and opportunities for primary insurers. Prior studies have highlighted the economic benefit provided by reductions in the frequency of hazardous events. This economic benefit, however, will be offset by the economic detriment incurred by emerging risks and the increased scrutiny placed on existing risks. We posit four plausible scenarios detailing how an introduction of these technologies could result in a larger relative rate of injury claims currently characterized as tail‐risk events. In such a scenario, the culmination of these losses will present as a second “hump” in actuarial loss models. We discuss how CAV risk factors and traffic dynamics may combine to make a second “hump” a plausible reality, and discuss a number of opportunities that may arise for primary insurers from a changing road environment.     

External currency market data: An application from BIS series

The Bank for International Settlements, in its Annual Report, has provided the most-used data source for statistical work by international financial researchers concerned with the Eurodollar market and with other external currency markets. Unfortunately, the often-confusing and complicated published series have been used indiscriminately. This paper develops an approach for identifying foreign private non-bank ownership of US dollars held in offshore markets. Explicit consideration of the types and strength of assumptions necessary makes evident the care that should be exercised in the use and interpretation of the various BIS data series.     

Analyst Following and Market Liquidity*

This paper investigates the relation between analyst characteristics (number of analysts following a firm and their forecast dispersion) and market liquidity characteristics (bid‐ask spreads and depths and the adverse‐selection component of the spread). Prior research has found contradictory results on the relation between analyst following and market liquidity and has offered differing theories on how analysts affect liquidity. While prior research has posited analysts as proxies for privately informed trade or as signals of information asymmetry, I hypothesize that analysts provide public information, implying that analyst following (forecast dispersion) should have a positive (negative) association with liquidity. Cross‐sectional simultaneous estimations provide support for this hypothesis. The results are both statistically significant and economically important. Granger causality tests indicate that analyst characteristics lead market liquidity characteristics. These results clarify the role of analysts in providing information to financial markets and highlight benefits of increased analyst following.     

Management Risk Incentives and the Readability of Corporate Disclosures

Managers with higher risk incentives (greater options vega) issue less readable disclosures. Firms in the top quartile of vega file annual reports that are about 15.4% more voluminous than those in the bottom quartile. The effect of vega on obfuscation remains after controlling for firm risk, operating complexities, accounting and auditor choices, chief executive officer changes, and an exogenous shock to option compensation. This effect is tempered by higher institutional ownership, lower management entrenchment, and greater analyst following. Obfuscation benefits managers by increasing return volatility (option value) and allowing greater earnings management. These findings document a new link between options and disclosure transparency.     

Adenocarcinoma of the prostate

Prostate cancer presents a growing challenge for the medical director. Knowledge of prostate cancer statistics, risk factors, stage and grade of the tumors, screening, and treatment options is necessary for underwriting and claims evaluation.     

Attitudes and Work Motivation of Subgroups of Seasonal Hotel Workers

Labour turnover is a strong feature of of hotels in the UK, especially in the seasonal seaside sector. However, the link between job mobility and job satisfaction is complex and cannot be adequately explained by ‘traditional’ theories of motivation. In an attempt to account for the impact of individual worker differences on job attitudes, Hackman and Oldham's [1974, 1980] job diagnostic survey was distributed to 163 hotel workers. The results suggest that hotel workers can be divided into subgroups, characterised by both residential status and work preference. Furthermore, these additional dimensions explain work attitudes and motivation more effectively than Hackman and Oldham's original ‘growth need strength’ dimension.     

数据集成战略地位日益凸显

IT为全球经济增长和丰富人们的生活体验作出了十分重要的贡献，而软件和信息服务业在IT行业发展中举足轻重。现在，软件和信息服务业正以前所未有的速度向经济与社会生活的各个方面渗透。那么，3年、5年或10年后，软件行业将会怎样？全球领先的企业数据集成软件独立供应商Informatica公司主席兼首席执行官Sohaib Abbasi认为：