WorldWideScience

Sample records for equity premium puzzle

  1. Social Security and the Equity Premium Puzzle

    OpenAIRE

    Olovsson, Conny

    2004-01-01

    This paper shows that social security may be an important factor in explaining the equity premium puzzle. In the absence of shortselling constraints, the young shortsell bonds to the middle-aged and buy equity. Social security reduces the bond demand of the middle-aged, thereby restricting the possibilities of the young to finance their equity purchases. Their equity demand increases as does the average return to equity. Social security also increases the covariance between future consumption...

  2. Does Intrinsic Habit Formation Actually Resolve the Equity Premium Puzzle?

    OpenAIRE

    David A. Chapman

    2002-01-01

    Constantinides (1990) describes a simple model of intrinsic habit formation that appears to resolve the "equity premium puzzle" of Mehra and Prescott (1985). This finding is particularly important, since it has motivated a broader consideration of the implications of habit formation preferences in dynamic equilibrium models. However, consumption growth actually behaves very differently pre- and post-1948, and the explanatory power of the habit formation model is driven by the pre-1948 data. U...

  3. THE EQUITY PREMIUM PUZZLE AND EMOTIONAL ASSET PRICING

    OpenAIRE

    MARC GÜRTLER; NORA HARTMANN

    2007-01-01

    "Since the equity premium as well as the risk-free rate puzzle question the concepts central to financial and economic modeling, we apply behavioral decision theory to asset pricing in view of solving these puzzles. U.S. stock market data for the period 1960-2003 and German stock market data for the period 1977-2003 show that emotional investors who act in accordance to Bell's (1985) disappointment theory -a special case of prospect theory- and additionally administer mental accounts demand a...

  4. The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle

    OpenAIRE

    Nicholas Barberis; Ming Huang

    2006-01-01

    We review a recent approach to understanding the equity premium puzzle. The key elements of this approach are loss aversion and narrow framing, two well-known features of decision-making under risk in experimental settings. In equilibrium, models that incorporate these ideas can generate a large equity premium and a low and stable risk-free rate, even when consumption growth is smooth and only weakly correlated with the stock market. Moreover, they can do so for parameter values that correspo...

  5. The Equity Premium Puzzle: Analysis in Brazil after the Real Plan

    Directory of Open Access Journals (Sweden)

    Fábio Augusto Reis Gomes

    2013-04-01

    Full Text Available Our paper investigates whether there is evidence of an Equity Premium Puzzle (EPP in Brazil, applying two different methodologies. The EPP was identified by Mehra and Prescott (1985 since the Consumption Capital Asset Pricing Model (CCAPM, when calibrated with reasonable preference parameters, could not explain high historical average risk premiums in the United States. In our first approach, we consider Mehra’s (2003 model and calibrate the coefficient of risk aversion, using 1995:2-2012:1 quarterly data. The Ibovespa index was used as a measure of the market return, whereas the risk-free rate was proxied by the Selic interbank rate and by the savings account rate. In our second approach, we propose a new method to test the puzzle. We jointly estimate, via generalized method of moments, the parameters of interest using a moment condition that has not been previously explored, as far as we are aware of. The two approaches produced a high risk aversion coefficient, however the second approach indicated that we cannot reject the hypothesis of the risk aversion coefficient being statistically equal to zero. A possible explanation for this result might be that in Brazil the equity premium is not statistically different from zero. Therefore there is no evidence of EPP in Brazil for the studied period.

  6. The Risk Premium for Equity : Explanations and Implications

    NARCIS (Netherlands)

    Grant, S.; Quiggin, J.

    2001-01-01

    The equity premium puzzle shows that using standard parameters and setup, the Consumption-based Capital Asset Pricing Model's (CCAPM's) prediction of the premium associated with systematic risk is out by an order of magnitude.The object of this paper is to consider the implications of each of the

  7. The Eco-Efficiency Premium Puzzle

    International Nuclear Information System (INIS)

    Guenster, N.; Derwall, J.; Bauer, R.; Koedijk, K.

    2004-09-01

    Conventional investment theory suggests that socially responsible investing (SRI) leads to inferior, rather than superior, portfolio performance. Using Innovest's well-established corporate eco-efficiency scores, we provide evidence supporting the contrary. We compose two equity portfolios that differ in ecoefficiency characteristics and find that our high-ranked portfolio provided substantially higher average returns compared to its low-ranked counterpart over the period 1995-2003. Using a wide range of performance attribution techniques to address common methodological concerns, we show that this performance differential cannot be explained by differences in market sensitivity, investment style, or industry-specific components. We finally investigate whether this ecoefficiency premium puzzle withstands the inclusion of transaction costs scenarios, and evaluate how excess returns can be earned in a practical setting via a best-in-class stock selection strategy. The results remain significant under all levels of transactions costs, thus suggesting that the incremental benefits of SRI can be substantial

  8. A theoretical and practical perspective on the equity risk premium

    NARCIS (Netherlands)

    Salomons, Roelof

    In historical perspective, equity returns have been higher than interest rates but have also varied a good deal more. However, the average excess return has been larger than what could be expected based on classical equilibrium theory: the equity risk premium (ERP) puzzle. This paper has two

  9. History and the Equity Risk Premium

    OpenAIRE

    William Goetzmann; Roger Ibbotson

    2005-01-01

    We summarize some of our own past findings and place them in the context of the historical development of the idea of the equity risk premium and its empirical measurement by financial economists. In particular, we focus on how the theory of compensation for investment risk developed in the 20th century in tandem with the empirical analysis of historical investment performance. Finally, we update our study of the historical performance of the New York Stock Exchange over the period 1792 to th...

  10. Generalized financial ratios to predict the equity premium

    NARCIS (Netherlands)

    Algaba, Andres; Boudt, Kris

    2017-01-01

    Empirical evidence for the price-dividend ratio to be a predictor of the equity premium is weak. We argue that changes in the economic conditions and market composition lead to a time-varying relationship between prices, dividends and the equity premium. Exploiting the information in the rolling

  11. Macroeconomic Perspectives on the Equity Premium Puzzle

    NARCIS (Netherlands)

    J. Zenhorst (Jorn)

    2012-01-01

    textabstractSuppose you were born on January 1, 1983. A few months later, your parents, wanting to set aside some money for your 18th birthday, were at a crossroads. They could either invest money in risk-free Dutch government bonds or in the newly created AEX index, investing in companies’

  12. The equity risk premium: A review of models

    OpenAIRE

    Duarte, Fernando; Rosa, Carlo

    2015-01-01

    We estimate the equity risk premium (ERP) by combining information from twenty models. The ERP in 2012 and 2013 reached heightened levels - of around 12 percent - not seen since the 1970s. We conclude that the high ERP was caused by unusually low Treasury yields.

  13. Can Equity Volatility Explain the Global Loan Pricing Puzzle?

    OpenAIRE

    Lewis Gaul; Pinar Uysal

    2013-01-01

    This paper examines whether unobservable differences in firm volatility are responsible for the global loan pricing puzzle, which is the observation that corporate loan interest rates appear to be lower in Europe than in the United States. We analyze whether equity volatility, an error prone measure of firm volatility, can explain this difference in loan spreads. We show that using equity volatility in OLS regressions will result in biased and inconsistent estimates of the difference in U.S. ...

  14. The equity premium in finance and valuation textbooks

    OpenAIRE

    Fernandez, Pablo

    2008-01-01

    This paper is a review of the recommendations about the equity premium found in the main finance and valuation textbooks. We review several editions of books written by authors such as Brealey and Myers; Copeland, Koller and Murrin (McKinsey); Ross, Westerfield and Jaffe; Bodie, Kane and Marcus; Damodaran; Copeland and Weston; Van Horne; Bodie and Merton; Stowe et al.; Pratt; Penman; Bruner; Weston & Brigham; and Arzac. We highlight the confusing message the textbooks convey regarding the equ...

  15. Impact of terrorism and political instability on equity premium: Evidence from Pakistan

    Science.gov (United States)

    MengYun, Wu; Imran, Muhammad; Zakaria, Muhammad; Linrong, Zhang; Farooq, Muhammad Umer; Muhammad, Shah Khalid

    2018-02-01

    The study quantifies the impact of terrorism and political instability on firm equity premium in Pakistan using panel data for 306 non-financial firms for the period 2001 to 2014. Other variables included are law & order, government regime change and financial crisis of 2007/08. The estimated results reveal that terrorism has statistically significant negative impact on firm equity premium in Pakistan. This result is robust with alternative equation specifications. The result also remains same when terrorism variable is replaced with external and internal conflict variables. Law & order variable has significant positive effect on firm equity premium, which implies that equity premium increases with the improvement in law & order situation in the country. Equity premium also increases with government stability and when there is democratic system in the country. The result also reveals that global financial crisis of 2007/08 negatively influenced the firm equity premium. The study suggests some policy implications.

  16. The Pricing of Tail Risk and the Equity Premium: Evidence from International Option Markets

    DEFF Research Database (Denmark)

    Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

    We explore the pricing of tail risk as manifest in index options across international equity markets. The risk premium associated with negative tail events displays persistent shifts, unrelated to volatility. This tail risk premium is a potent predictor of future equity returns, while option......-implied volatility only forecasts the future return variation. Hence, compensation for negative jump risk is the primary driver of the equity premium across all indices, whereas the reward for pure diffusive variance risk is largely unrelated to future equity returns. We also document pronounced commonalities...

  17. Tax and the Use of Historic Returns in Estimating the Equity Risk Premium

    OpenAIRE

    Armitage, Seth

    1998-01-01

    The paper analyses the use of a historic risk premium as a proxy for the current premium allowing current tax rates to differ from historic rates. If tax rates are assumed constant, adjustments to the CAPM for an imputation system make the CAPM and cash flows to be discounted consistently with respect to tax, but do not model any effect of tax on the cost of equity. If tax rates are allowed to vary and a historic premium is used, the cost of equity is affected by the level of tax at which inv...

  18. Pricing of premiums for equity-linked life insurance based on joint mortality models

    Science.gov (United States)

    Riaman; Parmikanti, K.; Irianingsih, I.; Supian, S.

    2018-03-01

    Life insurance equity - linked is a financial product that not only offers protection, but also investment. The calculation of equity-linked life insurance premiums generally uses mortality tables. Because of advances in medical technology and reduced birth rates, it appears that the use of mortality tables is less relevant in the calculation of premiums. To overcome this problem, we use a combination mortality model which in this study is determined based on Indonesian Mortality table 2011 to determine the chances of death and survival. In this research, we use the Combined Mortality Model of the Weibull, Inverse-Weibull, and Gompertz Mortality Model. After determining the Combined Mortality Model, simulators calculate the value of the claim to be given and the premium price numerically. By calculating equity-linked life insurance premiums well, it is expected that no party will be disadvantaged due to the inaccuracy of the calculation result

  19. Global climate change and the equity-efficiency puzzle

    International Nuclear Information System (INIS)

    Manne, Alan S.; Stephan, Gunter

    2005-01-01

    There is a broad consensus that the costs of abatement of global climate change can be reduced efficiently through the assignment of quota rights and through international trade in these rights. There is, however, no consensus on whether the initial assignment of emissions permits can affect the Pareto-optimal global level of abatement. This paper provides some insight into the equity-efficiency puzzle. Qualitative results are obtained from a small-scale model; then quantitative evidence of separability is obtained from MERGE, a multiregion integrated assessment model. It is shown that if all the costs of climate change can be expressed in terms of GDP losses, Pareto-efficient abatement strategies are independent of the initial allocation of emissions rights. This is the case sometimes described as 'market damages'. If, however, different regions assign different values to nonmarket damages such as species losses, different sharing rules may affect the Pareto-optimal level of greenhouse gas abatement. Separability may then be demonstrated only in specific cases (e.g. identical welfare functions or quasi-linearity of preferences or small shares of wealth devoted to abatement)

  20. The Skew Risk Premium in the Equity Index Market

    OpenAIRE

    Roman Kozhan; Anthony Neuberger; Paul Schneider

    2013-01-01

    We develop a new method for measuring moment risk premiums. We find that the skew premium accounts for over 40% of the slope in the implied volatility curve in the S&P 500 market. Skew risk is tightly related to variance risk, in the sense that strategies designed to capture the one and hedge out exposure to the other earn an insignificant risk premium. This provides a new testable restriction for asset pricing models trying to capture, in particular, disaster risk premiums. We base our resul...

  1. Advertising non-premium products as if they were premium: The impact of advertising up on advertising elasticity and brand equity

    OpenAIRE

    Guitart, I.A. (Ivan A.); Gonzalez, J. (Jorge); Stremersch, Stefan

    2018-01-01

    textabstractNon-premium brands occasionally emulate their premium counterparts by using ads that emphasize premium characteristics such as superior performance and exclusivity. We define this practice as “advertising up” and develop hypotheses about its short- and long-term impact on advertising elasticity and brand equity respectively. We test the hypotheses in two large-scale empirical studies using a comprehensive dataset from the automotive industry that includes, among others, the conten...

  2. Stare down the barrel and center the crosshairs: Targeting the ex ante equity premium

    OpenAIRE

    Glen Donaldson; Mark Kamstra; Lisa Kramer

    2003-01-01

    The equity premium of interest in theoretical models is the extra return investors anticipate when purchasing risky stock instead of risk-free debt. Unfortunately, we do not observe this ex ante premium in the data; we only observe the returns that investors actually receive ex post, after they purchase the stock and hold it over some period of time during which random economic shocks affect prices. Over the past century U.S. stocks have returned roughly 6 percent more than risk-free debt, wh...

  3. Economic policy uncertainty, equity premium and dependence between their quantiles: Evidence from quantile-on-quantile approach

    Science.gov (United States)

    Raza, Syed Ali; Zaighum, Isma; Shah, Nida

    2018-02-01

    This paper examines the relationship between economic policy uncertainty and equity premium in G7 countries over a period of the monthly data from January 1989 to December 2015 using a novel technique namely QQ regression proposed by Sim and Zhou (2015). Based on QQ approach, we estimate how the quantiles of the economic policy uncertainty affect the quantiles of the equity premium. Thus, it provides a comprehensive insight into the overall dependence structure between the equity premium and economic policy uncertainty as compared to traditional techniques like OLS or quantile regression. Overall, our empirical evidence suggests the existence of a negative association between equity premium and EPU predominately in all G7 countries, especially in the extreme low and extreme high tails. However, differences exist among countries and across different quantiles of EPU and the equity premium within each country. The existence of this heterogeneity among countries is due to the differences in terms of dependency on economic policy, other stock markets, and the linkages with other country's equity market.

  4. Required Market Risk Premium among countries in 2012

    Directory of Open Access Journals (Sweden)

    Pablo Fernandez

    2015-12-01

    This survey also links with the Equity Premium Puzzle. It may be explained by the fact that many market participants use historical data and advice from textbooks and finance professors. Consequently, ex-ante equity premia have been high, most market prices have been consistently undervalued, and the ex-post risk premia has been also high. Many investors use historical data and textbook prescriptions to estimate the required and the expected equity premium, the undervaluation and the high ex-post risk premium are self fulfilling prophecies.

  5. Can the consumption-free nonexpected utility model solve the risk premium puzzle? An empirical study of the Japanese stock market

    OpenAIRE

    Kang, Myong-Il

    2010-01-01

    This paper investigates whether the consumption-free two-beta intertemporal capital asset-pricing model developed by Campbell and Vuolteenaho (2004) is able to solve the risk premium puzzle in the Japanese stock market over the period 1984-2002. Using the cash flow and discount rate betas as risk factors, the model is able to explain about half of the market returns by selection of suitable vector autoregression variables. On this basis, the model proposed solves the risk premium puzzle in Ja...

  6. Does debt ceiling and government shutdown help in forecasting the us equity risk premium?

    Directory of Open Access Journals (Sweden)

    Aye Goodness C.

    2016-01-01

    Full Text Available This article evaluates the predictability of the equity risk premium in the United States by comparing the individual and complementary predictive power of macroeconomic variables and technical indicators using a comprehensive set of 16 economic and 14 technical predictors over a monthly out-ofsample period of 1995:01 to 2012:12 and an in-sample period of 1986:01- 1994:12. In order to do so we consider, in addition to the set of variables used in Christopher J. Neely et al. (2013 and using a more recent dataset, the forecasting ability of two other important variables namely government shutdown and debt ceiling. Our results show that one of the newly added variables namely government shutdown provides statistically significant out-of-sample predictive power over the equity risk premium relative to the historical average. Most of the variables, including government shutdown, also show significant economic gains for a risk averse investor especially during recessions.

  7. Equity of the premium of the Ghanaian National Health Insurance Scheme and the implications for achieving universal coverage.

    Science.gov (United States)

    Amporfu, Eugenia

    2013-01-07

    The Ghanaian National Health Insurance Scheme (NHIS) was introduced to provide access to adequate health care regardless of ability to pay. By law the NHIS is mandatory but because the informal sector has to make premium payment before they are enrolled, the authorities are unable to enforce mandatory nature of the scheme. The ultimate goal of the Scheme then is to provide all residents with access to adequate health care at affordable cost. In other words, the Scheme intends to achieve universal coverage. An important factor for the achievement of universal coverage is that revenue collection be equitable. The purpose of this study is to examine the vertical and horizontal equity of the premium collection of the Scheme. The Kakwani index method as well as graphical analysis was used to study the vertical equity. Horizontal inequity was measured through the effect of the premium on redistribution of ability to pay of members. The extent to which the premium could cause catastrophic expenditure was also examined. The results showed that revenue collection was both vertically and horizontally inequitable. The horizontal inequity had a greater effect on redistribution of ability to pay than vertical inequity. The computation of catastrophic expenditure showed that a small minority of the poor were likely to incur catastrophic expenditure from paying the premium a situation that could impede the achievement of universal coverage. The study provides recommendations to improve the inequitable system of premium payment to help achieve universal coverage.

  8. Equity of the premium of the Ghanaian national health insurance scheme and the implications for achieving universal coverage

    Directory of Open Access Journals (Sweden)

    Amporfu Eugenia

    2013-01-01

    Full Text Available Abstract The Ghanaian National Health Insurance Scheme (NHIS was introduced to provide access to adequate health care regardless of ability to pay. By law the NHIS is mandatory but because the informal sector has to make premium payment before they are enrolled, the authorities are unable to enforce mandatory nature of the scheme. The ultimate goal of the Scheme then is to provide all residents with access to adequate health care at affordable cost. In other words, the Scheme intends to achieve universal coverage. An important factor for the achievement of universal coverage is that revenue collection be equitable. The purpose of this study is to examine the vertical and horizontal equity of the premium collection of the Scheme. The Kakwani index method as well as graphical analysis was used to study the vertical equity. Horizontal inequity was measured through the effect of the premium on redistribution of ability to pay of members. The extent to which the premium could cause catastrophic expenditure was also examined. The results showed that revenue collection was both vertically and horizontally inequitable. The horizontal inequity had a greater effect on redistribution of ability to pay than vertical inequity. The computation of catastrophic expenditure showed that a small minority of the poor were likely to incur catastrophic expenditure from paying the premium a situation that could impede the achievement of universal coverage. The study provides recommendations to improve the inequitable system of premium payment to help achieve universal coverage.

  9. THE INFLUENCE OF LINE EXTENSION STRATEGIES BY PREMIUM BRANDS ON BRAND EQUITY: CULTURAL DIFFERENCES BETWEEN GERMANY AND THAILAND

    Directory of Open Access Journals (Sweden)

    Florian Lukas SEIZER

    2017-05-01

    Full Text Available Premium markets are expected to outperform other markets throughout the near future. Thus these markets are of high importance for marketers, who already face challenges to manage premium brands due to the hazard of a possible dilution of user’s sense of exclusivity and pride. Premium brand managers must know when it is best to take a pass on short-term growth opportunities that could tarnish the brand's long-term health. Line extensions embody one of the most frequently used vehicles for growth to meet global consumer needs. Though they have advantages, also risks are associated with them. Consequently, the purpose of this study is to identify the influence of line extensions on brand equity in culturally different spheres. The study focuses on premium brands from the automotive industry and asks if and in how far different – vertical (different price & quality level and horizontal (same price & quality level – line extension strategies influence brand equity differently among cultures. A one group pre-test post-test research design is used to measure brand equity before and after an existing brand’s (hypothetical extension. A structured online survey with page logic collected primary data from four hundred students in Germany and Thailand recruited by a matched sampling technique. Culture has to be added to brand equity models as results show distinctive changes of brand equity for both Germany and Thailand. While after vertical downscale extensions, brand equity increases in Germany, it decreases in Thailand. Hence, the research results in managerial recommendations which assess if product policy strategies should be thought ‘regionally’ or ‘globally’.

  10. Asset pricing puzzles explained by incomplete Brownian equilibria

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Larsen, Kasper

    We examine a class of Brownian based models which produce tractable incomplete equilibria. The models are based on finitely many investors with heterogeneous exponential utilities over intermediate consumption who receive partially unspanned income. The investors can trade continuously on a finit...... markets. Consequently, our model can simultaneously help explaining the risk-free rate and equity premium puzzles....

  11. Advertising non-premium products as if they were premium: The impact of advertising up on advertising elasticity and brand equity

    NARCIS (Netherlands)

    Guitart, I.A. (Ivan A.); Gonzalez, J. (Jorge); S. Stremersch (Stefan)

    2018-01-01

    textabstractNon-premium brands occasionally emulate their premium counterparts by using ads that emphasize premium characteristics such as superior performance and exclusivity. We define this practice as “advertising up” and develop hypotheses about its short- and long-term impact on advertising

  12. The impact of liquidity and size premium on equity price formation in Serbia

    Directory of Open Access Journals (Sweden)

    Minović Jelena

    2012-01-01

    Full Text Available The goal of this paper is to examine the impact of an overall market factor, the factor related to the firm size, the factor related to the ratio of book to market value of companies, and the factor of liquidity risk on expected asset returns in the Serbian market. For this market we estimated different factor models: Capital Asset Pricing Model (CAPM by Sharpe, 1964, Fama-French (FF model (1992, 1993, Liquidity-augmented CAPM (LCAPM by Liu (2006, and combination LCAPM with FF factors. We used daily data for the period from 2005 to 2009. Using a demanding methodology and complex dataset, we found that liquidity and firm size had a significant impact on equity price formation in Serbia. On the other hand, our results suggest that the factor related to the ratio of book to market value of companies does not have an important role in asset pricing in Serbia. We found that Liu’s two factor LCAPM model performs better in explaining stock returns than the standard CAPM and the Fama-French three factor model. Additionally, Liu’s LCAPM may indeed be a good tool for realistic assessment of the expected asset returns. The combination of the Fama-French model and the LCAPM could improve the understanding of equilibrium in the Serbian equity market. Even though previous papers have mostly dealt with examining different factor models of developed or emerging markets worldwide, none of them has tested factor models on the countries of former Yugoslavia. This paper is the first to test the FF model and LCAPM with FF factors in the case of Serbia and the area of ex-Yugoslavia. [Projekat Ministarstva nauke Republike Srbije, br. 179015: Challenges and Prospects of Structural Changes in Serbia: Strategic Directions for Economic Development and Harmonization With EU Requirements

  13. A functional model for monitoring equity and effectiveness in purchasing health insurance premiums for the poor: evidence from Cambodia and the Lao PDR.

    Science.gov (United States)

    Annear, Peter Leslie; Bigdeli, Maryam; Jacobs, Bart

    2011-10-01

    To assess the impact on equity and effectiveness of introducing targeted subsidies for the poor into existing voluntary health insurance schemes in Low Income Countries with special reference to cross-subsidisation. A functional model was constructed using routine collected financial data to analyse changes in financial flows and resulting shifts in cross-subsidization between poor and non-poor. Data were collected from two sites, in Cambodia at Kampot operational health district and in the Lao People's Democratic Republic at Nambak district. Six key variables were identified as determining the financial flows between the subsidy and the insurance schemes and with health providers: population coverage, premium rate, facility contact rate, capitation rate, cost of treatment and changes in administration costs. Negative cross-subsidization was revealed where capitation was used as the payment mechanism and where utilisation rates of the poor were significantly below the non-poor. The same level of access for the poor could have been achieved with a lower Health Equity Fund subsidy if used as a direct reimbursement of user charges by the Health Equity Fund to the provider rather than through the Community Based Health Insurance scheme. Purchasing premiums for the poor under these conditions is more costly than direct reimbursement to the provider for the same level of service delivery. Negative cross-subsidization is a serious risk that must be managed appropriately and the benefits of a larger risk pool (cross-subsidization of the poor) are not evident. Benefits from combined coverage may accrue in the longer term with an expanded base of voluntary payers or when those with subsidized premiums are lifted out of poverty. Copyright © 2011 Elsevier Ireland Ltd. All rights reserved.

  14. A Cat Bond Premium Puzzle?

    OpenAIRE

    Vivek J. Bantwal; Howard C. Kunreuther

    1999-01-01

    Catastrophe Bonds whose payoffs are tied to the occurrence of natural disasters offer insurers the ability to hedge event risk through the capital markets that could otherwise leave them insolvent if concentrated solely on their own balance sheets. At the same time, they offer investors a unique opportunity to enhance their portfolios with an asset that provides an attractive return that is uncorrelated with typical financial securities Despite its attractiveness, spreads in this market remai...

  15. Chasing the deal with the money: Measuring the required risk premium and expected abnormal returns of private equity funds to maximize their internal rate of return

    Directory of Open Access Journals (Sweden)

    Fernando Scarpati

    2013-09-01

    Full Text Available A number of scholars of private equity (“PE” have attempted to assess the ex-post returns, or performance, of PEs by adopting an ex-post perspective of asset pricing. In doing so a set of phenomena has been recognized that is thought to be specific to the PE sector, such as “money-chasing deal phenomenon” (Gompers and Lerner, 2000 and “performance persistence” (Lerner and Schoar, 2005. However, based on their continuing use of an ex-post perspective, few scholars have paid attention to the possible extent to which these and other PE phenomena may affect expected returns from PE investments. To address this problem this article draws on an ex-ante perspective of investment decision-making in suggesting how a number of drivers and factors of PE phenomena may produce “abnormal returns”, and that each of those drivers and factors should therefore be considered in accurately assessing the required risk premium and expected abnormal returns of PE investments. In making these contributions we examined a private equity investment of a regional PE in Italy and administered a telephone questionnaire to 40 PEs in Italy and the UK and found principally that while size is the most important driver in producing abnormal returns illiquidity alone cannot explain the expected returns of PE investments (cf. Franzoni et al., 2012. Based on our findings we developed a predictive model of PE decision-making that draws on an ex-ante perspective of asset pricing and takes into account PE phenomena and abnormal returns. This model extends the work of Franzoni et al. (2012, Jegadeesh et al. (2009, and Korteweg and Sorensen (2010 who did not consider the possible influence of PE phenomena in decision-making and will also help PE managers in making better-informed decisions.

  16. Puzzling Mechanisms

    Science.gov (United States)

    van Deventer, M. Oskar

    2009-01-01

    The basis of a good mechanical puzzle is often a puzzling mechanism. This article will introduce some new puzzling mechanisms, like two knots that engage like gears, a chain whose links can be interchanged, and flat gears that do not come apart. It illustrates how puzzling mechanisms can be transformed into real mechanical puzzles, e.g., by…

  17. Properties of Foreign Exchange Risk Premiums

    DEFF Research Database (Denmark)

    Sarno, Lucio; Schneider, Paul; Wagner, Christian

    2012-01-01

    We study the properties of foreign exchange risk premiums that can explain the forward bias puzzle, defined as the tendency of high-interest rate currencies to appreciate rather than depreciate. These risk premiums arise endogenously from the no-arbitrage condition relating the term structure of ...... and are closely related to global risk aversion, the business cycle, and traditional exchange rate fundamentals.......We study the properties of foreign exchange risk premiums that can explain the forward bias puzzle, defined as the tendency of high-interest rate currencies to appreciate rather than depreciate. These risk premiums arise endogenously from the no-arbitrage condition relating the term structure...... of interest rates and exchange rates. Estimating affine (multi-currency) term structure models reveals a noticeable tradeoff between matching depreciation rates and accuracy in pricing bonds. Risk premiums implied by our global affine model generate unbiased predictions for currency excess returns...

  18. Bagging constrained equity premium predictors

    DEFF Research Database (Denmark)

    Hillebrand, Eric; Lee, Tae-Hwy; Medeiros, Marcelo

    2014-01-01

    The literature on excess return prediction has considered a wide array of estimation schemes, among them unrestricted and restricted regression coefficients. We consider bootstrap aggregation (bagging) to smooth parameter restrictions. Two types of restrictions are considered: positivity of the r...

  19. The Eco-Efficiency Premium Puzzle

    NARCIS (Netherlands)

    J. Derwall (Jeroen); N.K. Günster (Nadja); R. Bauer (Rob); C.G. Koedijk (Kees)

    2004-01-01

    textabstractThere exists a widespread consensus among mainstream academics and investors that socially responsible investing (SRI) leads to inferior, rather than superior, portfolio performance. Using Innovest’s well-established corporate ecoefficiency scores, we provide evidence to the contrary. We

  20. Phthalate Puzzle

    Indian Academy of Sciences (India)

    Abstract. The most common plasticizer, phthalates, are facing stricterregulations due to their omnipresence and possible effects onhuman health, and environment. But high cost, lack of applicationrange, and unknown long-term effects of non-phthalatealternatives make the scenario puzzling.

  1. Idea Puzzle

    OpenAIRE

    Parente, C.; Ferro, L.

    2016-01-01

    WOS:000387124100017 (Nº de Acesso Web of Science) The Idea Puzzle is a software application created in 2007. It is a support tool to assist PhD students and researchers in the process of designing research projects through a focus on three central dimensions of research that are collectively represented by a triangle. Each side of the Idea Puzzle triangle corresponds to one of the three dimensions that every empirical research project should ideally include: ontology (data), epistemology (...

  2. Deductive Puzzling

    Science.gov (United States)

    Wanko, Jeffrey J.

    2010-01-01

    To help fifth- through eighth-grade students develop their deductive reasoning skills, the author used a ten-week supplementary curriculum so that students could answer logic questions. The curriculum, a series of lessons built around language-independent logic puzzles, has been used in classrooms of fifth through eighth grades. In most cases,…

  3. Incomplete Puzzle

    Science.gov (United States)

    2006-01-01

    15 April 2006 This Mars Global Surveyor (MGS) Mars Orbiter Camera (MOC) image shows a mid-summer view of a portion of the south polar residual cap of Mars. The large, relatively flat-lying, puzzle-like pieces in this scene are mesas composed largely of solid carbon dioxide. Location near: 85.5oS, 76.8oW Image width: 3 km (1.9 mi) Illumination from: upper left Season: Southern Summer

  4. Downside Variance Risk Premium

    OpenAIRE

    Feunou, Bruno; Jahan-Parvar, Mohammad; Okou, Cedric

    2015-01-01

    We propose a new decomposition of the variance risk premium in terms of upside and downside variance risk premia. The difference between upside and downside variance risk premia is a measure of skewness risk premium. We establish that the downside variance risk premium is the main component of the variance risk premium, and that the skewness risk premium is a priced factor with significant prediction power for aggregate excess returns. Our empirical investigation highlights the positive and s...

  5. Foreign exchange risk premium determinants: case of Armenia

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, Tigran; Kočenda, Evžen

    -, č. 297 (2006), s. 1-37 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z70850503 Keywords : “forward premium” puzzle * exchange rate risk * time-varying risk premium Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp297.pdf

  6. Foreign exchange risk premium determinants: case of Armenia

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, Tigran; Kočenda, E.

    -, č. 811 (2006), s. 1-17 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : “forward premium” puzzle * exchange rate risk * time-varying risk premium Subject RIV: AH - Economics http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp811.pdf

  7. Real exchange rate persistence and the excess return puzzle

    DEFF Research Database (Denmark)

    Juselius, Katarina; Assenmacher, Katrin

    2017-01-01

    The PPP puzzle refers to the wide swings of nominal exchange rates around their long-run equilibrium values whereas the excess return puzzle represents the persistent deviation of the domestic-foreign interest rate differential from the expected change in the nominal exchange rate. Using the I(2......) cointegrated VAR model, much of the excess return puzzle disappears when an uncertainty premium in the foreign exchange market, proxied by the persistent PPP gap, is introduced. Self-reinforcing feedback mechanisms seem to cause the persistence in the Swiss-US parity conditions. These results support imperfect...

  8. Decreasing Relative Risk Premium

    DEFF Research Database (Denmark)

    Hansen, Frank

    relative risk premium in the small implies decreasing relative risk premium in the large, and decreasing relative risk premium everywhere implies risk aversion. We finally show that preferences with decreasing relative risk premium may be equivalently expressed in terms of certain preferences on risky......We consider the risk premium demanded by a decision maker with wealth x in order to be indifferent between obtaining a new level of wealth y1 with certainty, or to participate in a lottery which either results in unchanged present wealth or a level of wealth y2 > y1. We define the relative risk...... premium as the quotient between the risk premium and the increase in wealth y1–x which the decision maker puts on the line by choosing the lottery in place of receiving y1 with certainty. We study preferences such that the relative risk premium is a decreasing function of present wealth, and we determine...

  9. Variable-Rate Premiums

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — These interest rates are used to value vested benefits for variable rate premium purposes as described in PBGC's regulation on Premium Rates (29 CFR Part 4006) and...

  10. Economic analysis of price premiums in the presence of non-convexities. Evidence from German electricity markets

    International Nuclear Information System (INIS)

    Paschmann, Martin

    2017-01-01

    Analyzing price data from sequential German electricity markets, namely the day-ahead and intraday auction, a puzzling but apparently systematic pattern of price premiums can be identified. The price premiums are highly correlated with the underlying demand profile. As there is evidence that widespread models for electricity forward premiums are not applicable to the market dynamics under analysis, a theoretical model is developed within this article which reveals that non-convexities in only a subset of sequential markets with differing product granularity may cause systematic price premiums at equilibrium. These price premiums may be bidirectional and reflect a value for additional short-term power supply system flexibility.

  11. Economic analysis of price premiums in the presence of non-convexities. Evidence from German electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Paschmann, Martin

    2017-11-15

    Analyzing price data from sequential German electricity markets, namely the day-ahead and intraday auction, a puzzling but apparently systematic pattern of price premiums can be identified. The price premiums are highly correlated with the underlying demand profile. As there is evidence that widespread models for electricity forward premiums are not applicable to the market dynamics under analysis, a theoretical model is developed within this article which reveals that non-convexities in only a subset of sequential markets with differing product granularity may cause systematic price premiums at equilibrium. These price premiums may be bidirectional and reflect a value for additional short-term power supply system flexibility.

  12. Solving a binary puzzle

    NARCIS (Netherlands)

    Utomo, P.H.; Makarim, R.H.

    2017-01-01

    A Binary puzzle is a Sudoku-like puzzle with values in each cell taken from the set {0,1} {0,1}. Let n≥4 be an even integer, a solved binary puzzle is an n×n binary array that satisfies the following conditions: (1) no three consecutive ones and no three consecutive zeros in each row and each

  13. Cumulative Prospect Theory, Option Returns, and the Variance Premium

    NARCIS (Netherlands)

    Baele, Lieven; Driessen, Joost; Ebert, Sebastian; Londono Yarce, J.M.; Spalt, Oliver

    The variance premium and the pricing of out-of-the-money (OTM) equity index options are major challenges to standard asset pricing models. We develop a tractable equilibrium model with Cumulative Prospect Theory (CPT) preferences that can overcome both challenges. The key insight is that the

  14. The Dutch premium principle

    NARCIS (Netherlands)

    van Heerwaarden, A.E.; Kaas, R.

    1992-01-01

    A premium principle is derived, in which the loading for a risk is the reinsurance loading for an excess-of-loss cover. It is shown that the principle is well-behaved in the sense that it results in larger premiums for risks that are larger in stop-loss order or in stochastic dominance.

  15. Determinants of Beef and Pork Brand Equity

    OpenAIRE

    Parcell, Joseph L.; Schroeder, Ted C.

    2003-01-01

    A set of consumer-level characteristic demand models were estimated to determine the level of brand equity for pork and beef meat cuts. Results indicate that brand premiums and discounts vary by private, national, and store brands; and brand equity varies across meat cuts carrying the same brand name. Other results are that product size discounts are linear, meat items on sale are significantly discounted to non-sale items, specialty stores typically do not garner higher prices than supermark...

  16. An evolutionary explanation of the value premium puzzle

    OpenAIRE

    Hens, Thorsten; Lensberg, Terje; Schenk-Hoppé, Klaus Reiner; Wöhrmann, Peter

    2011-01-01

    As early as 1934 Graham and Dodd conjectured that excess returns from value investment originate from a tendency of stock prices to converge towards a fundamental value. This paper confirms their insights within the evolutionary finance model of Evstigneev et al. (Econ Theory 27:449–468, (Evstigneev et al. 2006)). Our empirical results show the predictive power of the evolutionary benchmark valuation for the relative market capitalization and its dynamics in the sample of firms listed in the ...

  17. Premium Auctions and Risk Preferences

    NARCIS (Netherlands)

    Hu, A.; Offerman, T.J.S.; Zou, L.

    2010-01-01

    In a premium auction, the seller offers some "pay back", called premium, to the highest bidders. This paper investigates how the performance of such premium tactic is related to the participant's risk preferences. By developing an English premium auction model with symmetric interdependent values,

  18. Tangrams: Puzzles of Art

    Science.gov (United States)

    Fee, Brenda

    2009-01-01

    Challenging one's brain is the beginning of making great art. Tangrams are a great way to keep students thinking about their latest art project long after leaving the classroom. A tangram is a Chinese puzzle. The earliest known reference to tangrams appears in a Chinese book dated 1813, but the puzzles existed long before that date. The puzzle…

  19. The Anatomy Puzzle Book.

    Science.gov (United States)

    Jacob, Willis H.; Carter, Robert, III

    This document features review questions, crossword puzzles, and word search puzzles on human anatomy. Topics include: (1) Anatomical Terminology; (2) The Skeletal System and Joints; (3) The Muscular System; (4) The Nervous System; (5) The Eye and Ear; (6) The Circulatory System and Blood; (7) The Respiratory System; (8) The Urinary System; (9) The…

  20. Marriage Premium in Turkey

    OpenAIRE

    Mercan, Murat A.

    2011-01-01

    This paper contributes to the literature in three ways. Our first contribution is calculating the marriage premium for Turkey. Our results suggest that married men earn 27 percent more than single men and married women earn 4 percent less than single women. Our second contribution is calculating the marriage premium for Turkey’s regions. For men, the wage difference is the smallest, 0.43, in Istanbul. The difference is highest in Akdeniz region. For women, the wage difference is smallest, -0....

  1. New Sliding Puzzle with Neighbors Swap Motion

    OpenAIRE

    Prihardono, Ariyanto; Kawagoe, Kenichi

    2015-01-01

    The sliding puzzles (15-puzzle, 8-puzzle, 5-puzzle) are known to have 2 kind of puz-zle: solvable puzzle and unsolvable puzzle. In this thesis, we make a new puzzle with only 1 kind of it, solvable puzzle. This new puzzle is made by adopting sliding puzzle with several additional rules from M13 puzzle; the puzzle that is formed form The Mathieu group M13. This puzzle has a movement that called a neighbors swap motion, a rule of movement that enables every neighboring points to swap. This extr...

  2. Blood Type Puzzle.

    Science.gov (United States)

    Kelly, Janet

    1997-01-01

    Presents a blood type puzzle that provides a visual, hands-on mechanism by which students can examine blood group reactions. Offers students an opportunity to construct their own knowledge about blood types. (JRH)

  3. The Entrepreneurial Earnings Puzzle

    DEFF Research Database (Denmark)

    Chen, Jing; Åstebro, Thomas

    2014-01-01

    A review of recent evidence on relative earnings from entrepreneurship versus wage work presents a puzzle: why do individuals become entrepreneurs when entrepreneurs on average apparently earn less than employees? After considering several potential explanations, we empirically analyze one: income...

  4. Curb Your Premium

    DEFF Research Database (Denmark)

    Amaral-Garcia, Sofia; Grembi, Veronica

    2014-01-01

    institutional setting. In particular, we implement a difference-in-differences strategy using Italian data at the provider level from 2001 to 2008 to evaluate the impact of monitoring claims on medical liability expenditures, measured as insurance premiums and legal expenditures, which was adopted by only some...... Regions. Our results show that this information-enhancing policy reduces paid premiums by around 15%. This reduced-form effect might arise by higher bargaining power on the demand side or increased competition on the supply side of the insurance market. Validity tests show that our findings are not driven...

  5. 24 CFR 241.805 - Insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premiums. 241.805 Section... Without a HUD-Insured or HUD-Held Mortgage Premiums § 241.805 Insurance premiums. (a) First premium. The... insurance premium equal to one percent of the original face amount of the note. (b) Second premium. The...

  6. 24 CFR 232.805 - Insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premiums. 232.805 Section... FACILITIES Contract Rights and Obligations Premiums § 232.805 Insurance premiums. (a) First premium. The... insurance premium equal to one percent of the original face amount of the note. (b) Second premium. The...

  7. Decreasing relative risk premium

    DEFF Research Database (Denmark)

    Hansen, Frank

    2007-01-01

    such that the corresponding relative risk premium is a decreasing function of present wealth, and we determine the set of associated utility functions. We find a new characterization of risk vulnerability and determine a large set of utility functions, closed under summation and composition, which are both risk vulnerable...

  8. 76 FR 45303 - ING Asia Pacific High Dividend Equity Income Fund, et al.; Notice of Application

    Science.gov (United States)

    2011-07-28

    ... Premium Opportunity Fund (``IGA''); ING Global Equity Dividend and Premium Opportunity Fund (``IGD''); ING... Exchange. PRT has also issued preferred shares. Each Current Fund reserves the right to issue preferred... market price and its net asset value per common share (``NAV'')) and the relationship between such Fund's...

  9. The PPP Puzzle

    DEFF Research Database (Denmark)

    Juselius, Katarina

    The persistent movements away from long-run benchmark values in real exchange rates, dubbed the PPP puzzle, observed in many real exchange rates during periods of currency float have been subject to much empirical research without resolving the puzzle. The paper demonstrates how the cointegrated...... VAR approach by grouping together components of similar persistence can be used to uncover structures in the data that ultimately may help to explain theoretically the forces underlying such puzzling movements. The charaterization of the data into components which are empirically I(0), I(1), and I(2......) is shown to be a powerful organizing principle allowing us to structure the data in long-run, medium-run, and short-run behavior. Its main advantage is the ability to associate persistent movements away from fundamental benchmark values in one variable/relation with similar persistent movements somewhere...

  10. Equity yields

    NARCIS (Netherlands)

    Vrugt, E.; van Binsbergen, J.H.; Koijen, R.S.J.; Hueskes, W.

    2013-01-01

    We study a new data set of dividend futures with maturities up to ten years across three world regions: the US, Europe, and Japan. We use these asset prices to construct equity yields, analogous to bond yields. We decompose the equity yields to obtain a term structure of expected dividend growth

  11. Risk premium and insalubrity

    International Nuclear Information System (INIS)

    Portela, Josmael; Figueira, Rosania Lucia

    2005-01-01

    The risk premium and insalubrity have been widely discussed in the legal universe/labor. The social and economic impacts interfere on the right of the professional exposed to ionizing radiation to have or not additional rights. Due to the large accidents, with world repercussion, which occurred in recent times, involving workers undergoing these radiation, these professionals are receiving special attention by the competent bodies on the right or not to risk premium and insalubrity. The professional who operates equipment that emit ionising radiation, or those working directly with radioisotopes are undoubtedly under imminent risk, even if they complied with all safety requirements, thus deserving a more careful analysis by our lawyers with respect to receive additional percentages. Recent decisions of higher Courts begin to consolidate a more just and logical reasoning on the subject

  12. Gender equity.

    Science.gov (United States)

    Shiva, M

    1999-01-01

    This paper focuses on gender equity. Gender equity is difficult to achieve when there is no economic, social, or political equity. The Gender Development Index evidenced this. There were a lot of instances where women are psychologically traumatized, whether it is through domestic rape, purchased sexual services in the red light area, and seduction or violation of neighbors, relatives, daughter or child. The economic changes linked with globalization and media's influence have worsened women's position. The policy for empowerment of women is an attempt toward ensuring equity. Furthermore, many women and women's organizations are trying to address these inequities; wherein they fight for strong acceptance of women's rights, social, economic, and political rights, as well as equities between gender and within gender.

  13. On IBM's Millennial Puzzle

    Indian Academy of Sciences (India)

    Home; Journals; Resonance – Journal of Science Education; Volume 5; Issue 10. On IBM's Millennial Puzzle. A Sarangarajan. Classroom Volume 5 Issue 10 October 2000 pp 81-89. Fulltext. Click here to view fulltext PDF. Permanent link: https://www.ias.ac.in/article/fulltext/reso/005/10/0081-0089. Author Affiliations.

  14. Idiosyncratic Volatility Puzzle

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte; Lambertides, Neophytos

    from a large pool of macroeconomic and Önancial variables. Cleaning for macro-Önance e§ects reverses the puzzling negative relation between returns and idiosyncratic volatility documented previously. Portfolio analysis shows that the e§ects from macro-Önance factors are economically strong...

  15. Puzzles in B physics

    Indian Academy of Sciences (India)

    Home; Journals; Pramana – Journal of Physics; Volume 67; Issue 5. Puzzles in physics. Hsiang-Nan Li ... Author Affiliations. Hsiang-Nan Li1 2. Institute of Physics, Academia Sinica, Taipei, Taiwan 115, Republic of China; Department of Physics, National Cheng-Kung University, Tainan, Taiwan 701, Republic of China ...

  16. La Francophonie. Puzzle Corner.

    Science.gov (United States)

    Andrews, Ian A.

    2000-01-01

    Discusses the organization La Francophonie, which is an international community of people who speak French and convene to address issues. Presents a crossword puzzle that introduces readers to some of the nations involved in La Francophonie. Provides the across and down clues, a word list, and answer key. (CMK)

  17. PREMIUMS CALCULATION FOR LIFE INSURANCE

    Directory of Open Access Journals (Sweden)

    ANA PREDA

    2012-10-01

    Full Text Available The paper presents the techniques and the formulas used on international practice for establishing the premiums for a life policy. The formulas are generally based on a series of indicators named mortality indicators which mainly point out the insured survival probability, the death probability and life expectancy at certain age. I determined, using a case study, the unique net premium, the annual net premium for a survival insurance, whole life insurance and mixed life insurance.

  18. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    , including standard measures of illiquidity of the underlying stock, determinants of spreads, and a measure of net demand pressure. The positive illiquidity premium we find is consistent with existing evidence that market makers in the equity options market hold net long positions.......Illiquidity is well-known to be a significant determinant of stock and bond returns. We are the first to estimate illiquidity premia in equity option markets using effective spreads for a large cross-section of firms. The risk-adjusted return spread for illiquid over liquid options is 23 bps per...

  19. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant margin premium in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  20. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant "margin premium" in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  1. Nature's Greatest Puzzles

    International Nuclear Information System (INIS)

    Quigg, Chris

    2005-01-01

    It is a pleasure to be part of the SLAC Summer Institute again, not simply because it is one of the great traditions in our field, but because this is a moment of great promise for particle physics. I look forward to exploring many opportunities with you over the course of our two weeks together. My first task in talking about Nature's Greatest Puzzles, the title of this year's Summer Institute, is to deconstruct the premise a little bit

  2. The infinity puzzle

    CERN Document Server

    Close, Frank

    2011-01-01

    We are living in a Golden Age of Physics. Forty or so years ago, three brilliant, yet little-known scientists - an American, a Dutchman, and an Englishman - made breakthroughs which later inspired the construction of the Large Hadron Collider at CERN in Geneva: a 27 kilometer-long machine which has already costs ten billion dollars, taken twenty years to build, and now promises to reveal how the universe itself came to be. The Infinity Puzzle is the inside story of those forty years of research, breakthrough, and endeavour. Peter Higgs, Gerard 't Hooft and James Bjorken, were the three scienti

  3. Isotope puzzle in sputtering

    International Nuclear Information System (INIS)

    Zheng Liping

    1998-01-01

    Mechanisms affecting multicomponent material sputtering are complex. Isotope sputtering is the simplest in the multicomponent materials sputtering. Although only mass effect plays a dominant role in the isotope sputtering, there is still an isotope puzzle in sputtering by ion bombardment. The major arguments are as follows: (1) At the zero fluence, is the isotope enrichment ejection-angle-independent or ejection-angle-dependent? (2) Is the isotope angular effect the primary or the secondary sputter effect? (3) How to understand the action of momentum asymmetry in collision cascade on the isotope sputtering?

  4. Signaling and the Education Premium

    OpenAIRE

    Gregory Kurtzon

    2004-01-01

    A large portion of the rise in the education premium can be explained by a signaling theory of education which predicts that in the future, increases in the education level of the workforce will actually cause the education premium to rise, simply because different workers are being labeled as “highly educated†. This prediction is supported by past behavior of the high school education premium. It runs counter to the view that increases in the relative supply of high education workers wil...

  5. 28 CFR 345.52 - Premium pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Premium pay. 345.52 Section 345.52... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.52 Premium pay. Payment of premium pay to... inmates at a location. (a) Eligibility. Inmates in first grade pay status may be considered for premium...

  6. 34 CFR 682.505 - Insurance premium.

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false Insurance premium. 682.505 Section 682.505 Education... § 682.505 Insurance premium. (a) General. The Secretary charges the lender an insurance premium for each Federal GSL Program loan that is guaranteed, except that no insurance premium is charged on a Federal...

  7. Let's Do It Again: Bagging Equity Premium Predictors

    DEFF Research Database (Denmark)

    Hillebrand, Eric Tobias; Lee, Tae-Hwy; Medeiros, Marcelo C.

    The literature on excess return prediction has considered a wide array of estimation schemes, among them unrestricted and restricted regression coefficients. We consider bootstrap aggregation (bagging) to smooth parameter restrictions. Two types of restrictions are considered: positivity...... by smoothing the restriction through bagging....

  8. 14 CFR 198.13 - Premium insurance-payment of premiums.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 3 2010-01-01 2010-01-01 false Premium insurance-payment of premiums. 198... (CONTINUED) WAR RISK INSURANCE AVIATION INSURANCE § 198.13 Premium insurance—payment of premiums. The insured must pay the premium for insurance issued under this part within the stated period after receipt of...

  9. Musings on the puzzle piece.

    Science.gov (United States)

    Goin-Kochel, Robin P

    2016-02-01

    Following is a brief musing on Roy Grinker's discussion of what the puzzle piece symbolizes for autism during his presentation at the 2015 International Meeting for Autism Research. In his words, "The puzzle piece is ubiquitous." It likely holds a different meaning for each of us, and this is how one autism researcher sees it. © The Author(s) 2015.

  10. RISK PREMIUM IN MOTOR VEHICLE INSURANCE

    Directory of Open Access Journals (Sweden)

    BANU ÖZGÜREL

    2013-06-01

    Full Text Available The pure premium or risk premium is the premium that would exactly meet the expected cost of the risk covered ignoring management expenses, commissions, contingency loading, etc. Claim frequency rate and mean claim size are required for estimation in calculating risk premiums. In this study, we discussed to estimate claim frequency rate and mean claim size with several methods and calculated risk premiums. Data, which supported our study, is provided by insurance company involving with motor vehicle insurance.

  11. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    , interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows......-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

  12. Brand equity

    OpenAIRE

    Hildebrandt, Lutz; Tischer, Sven

    2012-01-01

    To explore how occurring critical incidents affect customer-brand relations, this study measures the impact on the basis of an online experiment. For this purpose, 1,122 usable responses are gathered considering the smartphone brands of Apple and Nokia as well as different scenarios. The respective reactions to these negative incidents are evaluated using the concept of customer-based brand equity. More precisely, a structure equation model is specified and differences in latent factor means ...

  13. Rising equity

    International Nuclear Information System (INIS)

    Burr, M.T.

    1992-01-01

    This article reports on the results of a financial rankings survey of the independent energy industry indicating that lenders and investors provided more than five billion dollars in capital for new, private power projects during the first six months of 1992. The topics of the article include rising equity requirements, corporate finance, mergers and acquisitions, project finance investors, revenue bonds, project finance lenders for new projects, project finance lenders for restructurings, and project finance advisors

  14. Ambiguity aversion and household portfolio choice puzzles: Empirical evidence.

    Science.gov (United States)

    Dimmock, Stephen G; Kouwenberg, Roy; Mitchell, Olivia S; Peijnenburg, Kim

    2016-03-01

    We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks.

  15. Ambiguity aversion and household portfolio choice puzzles: Empirical evidence*

    Science.gov (United States)

    Dimmock, Stephen G.; Kouwenberg, Roy; Mitchell, Olivia S.; Peijnenburg, Kim

    2017-01-01

    We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks. PMID:28458446

  16. Basic Functional Analysis Puzzles of Spectral Flow

    DEFF Research Database (Denmark)

    Booss-Bavnbek, Bernhelm

    2011-01-01

    We explain an array of basic functional analysis puzzles on the way to general spectral flow formulae and indicate a direction of future topological research for dealing with these puzzles.......We explain an array of basic functional analysis puzzles on the way to general spectral flow formulae and indicate a direction of future topological research for dealing with these puzzles....

  17. Pricing Equity-Indexed Annuities under Stochastic Interest Rates Using Copulas

    Directory of Open Access Journals (Sweden)

    Patrice Gaillardetz

    2010-01-01

    Full Text Available We develop a consistent evaluation approach for equity-linked insurance products under stochastic interest rates. This pricing approach requires that the premium information of standard insurance products is given exogenously. In order to evaluate equity-linked products, we derive three martingale probability measures that reproduce the information from standard insurance products, interest rates, and equity index. These risk adjusted martingale probability measures are determined using copula theory and evolve with the stochastic interest rate process. A detailed numerical analysis is performed for existing equity-indexed annuities in the North American market.

  18. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    -coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

  19. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    -coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......, interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows...

  20. The proton radius puzzle

    Science.gov (United States)

    Bonesini, Maurizio

    2017-12-01

    The FAMU (Fisica degli Atomi Muonici) experiment has the goal to measure precisely the proton Zemach radius, thus contributing to the solution of the so-called proton radius "puzzle". To this aim, it makes use of a high-intensity pulsed muon beam at RIKEN-RAL impinging on a cryogenic hydrogen target with an high-Z gas admixture and a tunable mid-IR high power laser, to measure the hyperfine (HFS) splitting of the 1S state of the muonic hydrogen. From the value of the exciting laser frequency, the energy of the HFS transition may be derived with high precision ( 10-5) and thus, via QED calculations, the Zemach radius of the proton. The experimental apparatus includes a precise fiber-SiPMT beam hodoscope and a crown of eight LaBr3 crystals and a few HPGe detectors for detection of the emitted characteristic X-rays. Preliminary runs to optimize the gas target filling and its operating conditions have been taken in 2014 and 2015-2016. The final run, with the pump laser to drive the HFS transition, is expected in 2018.

  1. The birth order puzzle.

    Science.gov (United States)

    Zajonc, R B; Markus, H; Markus, G B

    1979-08-01

    Studies relating intellectual performance to birth order report conflicting results, some finding intellectual scores to increase, others to decrease with birth order. In contrast, the relationship between intellectual performance and family size is stable and consistently replicable. Why do these two highly related variables generate such divergent results? This birth order puzzle is resolved by means of the confluence model that quantifies the influences upon intellectual growth arising within the family context. At the time of a new birth, two opposing influences act upon intellectual growth of the elder sibling: (a) his or her intellectual environment is "diluted" and (b) he or she loses the "last-born's handicap" and begins serving as an intellectual resource to the younger sibling. Since these opposite effects are not equal in magnitude, the differences in intellectual performance among birth ranks are shown to be age dependent. While elder children may surpass their younger siblings in intellectual performance at some ages, they may be overtaken by them at others. Thus when age is taken into consideration, the birth order literature loses its chaotic character and an orderly pattern of results emerges.

  2. Premiums And Reserves, Adjusted By Distortions

    OpenAIRE

    Pichler, Alois

    2013-01-01

    The net-premium principle is considered to be the most genuine and fair premium principle in actuarial applications. However, an insurance company, applying the net-premium principle, goes bankrupt with probability one in the long run, even if the company covers its entire costs by collecting the respective fees from its customers. It is therefore an intrinsic necessity for the insurance industry to apply premium principles, which guarantee at least further existence of the company itself; ot...

  3. 42 CFR 403.254 - Calculation of premiums.

    Science.gov (United States)

    2010-10-01

    ... rate credits. (4) Unearned premium reserve means the portion of gross premiums due that provide for...) Written premiums for the period; plus— (ii) The total premium reserve at the beginning of the period; less— (iii) The total premium reserve at the end of the period. (2) Written premiums in a period means— (i...

  4. Premium indexing in lifelong health insurance

    NARCIS (Netherlands)

    Vercruysse, W.; Dhaene, J.; Denuit, M.; Pitacco, E.; Antonio, K.

    2013-01-01

    For lifelong health insurance covers, medical inflation not incorporated in the level premiums determined at policy issue requires an appropriate increase of these premiums and/or the corresponding reserves during the term of the contract. In this paper, we investigate appropriate premium indexing

  5. 42 CFR 423.780 - Premium subsidy.

    Science.gov (United States)

    2010-10-01

    ...) MEDICARE PROGRAM VOLUNTARY MEDICARE PRESCRIPTION DRUG BENEFIT Premiums and Cost-Sharing Subsidies for Low... 42 Public Health 3 2010-10-01 2010-10-01 false Premium subsidy. 423.780 Section 423.780 Public...-service plans or 1876 cost plans) in a PDP region in the reference month. (ii) Premium amounts. The...

  6. 5 CFR 890.1208 - Premiums.

    Science.gov (United States)

    2010-01-01

    ... 599C(e) of Public Law 101-513. (b) If the individual is not covered under this subpart for the full pay period, premiums are paid only for the days he or she is actually covered. The daily premium rate is an amount equal to the monthly premium rate multiplied by 12 and divided by 365. (c) The payments required...

  7. 24 CFR 220.804 - Insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premiums. 220.804 Section... and Obligations-Projects Insured Project Improvement Loans § 220.804 Insurance premiums. (a) First premium. The lender, upon the initial endorsement of the loan for insurance, shall pay to the Commissioner...

  8. 24 CFR 203.443 - Insurance premium.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premium. 203.443 Section... premium. All of the provisions of §§ 203.260 through 203.269 1 concerning mortgage insurance premiums... DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES SINGLE...

  9. Private Equity Waves

    NARCIS (Netherlands)

    J.T.J. Smit (Han); W.A. van den Berg (Ward)

    2006-01-01

    textabstractThis study presents a dynamic model for the private equity market in which information revelation and uncertainty rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public equity is i) uncertain and ii) agents have

  10. Current puzzles in nuclear physics

    International Nuclear Information System (INIS)

    1985-01-01

    A meeting on ''Current puzzles in nuclear physics'' was held at Research Center for Nuclear Physics, Osaka University, on June 27 - 28, 1984. The meeting put emphasis on several puzzles which have not been solved for a long time in nuclear physics, and also on the puzzles. This collective report is composed of following eleven papers presented at the meeting. Almost all the papers are witten in English : (1) M1, GT excitations and configuration mixing (in Japanese). (2) Hadronic excitation of pionic states. (3) Microscopic analyses of 28 Si(α,α') 28 Si scattering and single particle strength in A = 29 nuclei. (4) Few-body physics and its incentives to nuclear physics. (5) Is it necessary to introduce three body interactions ? (in Japanese). (6) Puzzles in the neutron-deuteron elastic scattering. (7) Puzzles in NN, NΔ, πN and Nanti N interactions. (8) Problems in Hadron-Nucleus interaction. (9) Unified approach to the meson- and quark- theory of nuclear forces and currents. (10) Pion photoproduction in two Chiral bag models. (11) The dynamic bag model : The electromagnetic properties of nucleon. (Aoki, K.)

  11. Astroparticle physics: puzzles and discoveries

    International Nuclear Information System (INIS)

    Berezinsky, V

    2008-01-01

    Puzzles often give birth to the great discoveries, the false discoveries sometimes stimulate the exiting ideas in theoretical physics. The historical examples of both are described in Introduction and in section 'Cosmological Puzzles'. From existing puzzles most attention is given to Ultra High Energy Cosmic Ray (UHECR) puzzle and to cosmological constant problem. The 40-years old UHECR problem consisted in absence of the sharp steepening in spectrum of extragalactic cosmic rays caused by interaction with CMB radiation. This steepening is known as Greisen-Zatsepin-Kuzmin (GZK) cutoff. It is demonstrated here that the features of interaction of cosmic ray protons with CMB are seen now in the spectrum in the form of the dip and beginning of the GZK cutoff. The most serious cosmological problem is caused by large vacuum energy of the known elementary-particle fields which exceeds at least by 45 orders of magnitude the cosmological vacuum energy. The various ideas put forward to solve this problem during last 40 years, have weaknesses and cannot be accepted as the final solution of this puzzle. The anthropic approach is discussed

  12. Imaginary Cubes and Their Puzzles

    Directory of Open Access Journals (Sweden)

    Hideki Tsuiki

    2012-05-01

    Full Text Available Imaginary cubes are three dimensional objects which have square silhouette projections in three orthogonal ways just as a cube has. In this paper, we study imaginary cubes and present assembly puzzles based on them. We show that there are 16 equivalence classes of minimal convex imaginary cubes, among whose representatives are a hexagonal bipyramid imaginary cube and a triangular antiprism imaginary cube. Our main puzzle is to put three of the former and six of the latter pieces into a cube-box with an edge length of twice the size of the original cube. Solutions of this puzzle are based on remarkable properties of these two imaginary cubes, in particular, the possibility of tiling 3D Euclidean space.

  13. Famous puzzles of great mathematicians

    CERN Document Server

    Petković, Miodrag S

    2009-01-01

    This entertaining book presents a collection of 180 famous mathematical puzzles and intriguing elementary problems that great mathematicians have posed, discussed, and/or solved. The selected problems do not require advanced mathematics, making this book accessible to a variety of readers. Mathematical recreations offer a rich playground for both amateur and professional mathematicians. Believing that creative stimuli and aesthetic considerations are closely related, great mathematicians from ancient times to the present have always taken an interest in puzzles and diversions. The goal of this

  14. Sleep for Kids: Games and Puzzles

    Science.gov (United States)

    ... and puzzles can help you learn more about sleep! Learn about sleep with this fun crossword puzzle! Test your memory and learn how to get better sleep! Find the hidden sleep words! Avoid things that ...

  15. Do Puzzle Pieces and Autism Puzzle Piece Logos Evoke Negative Associations?

    Science.gov (United States)

    Gernsbacher, Morton Ann; Raimond, Adam R.; Stevenson, Jennifer L.; Boston, Jilana S.; Harp, Bev

    2018-01-01

    Puzzle pieces have become ubiquitous symbols for autism. However, puzzle-piece imagery stirs debate between those who support and those who object to its use because they believe puzzle-piece imagery evokes negative associations. Our study empirically investigated whether puzzle pieces evoke negative associations in the general public.…

  16. À chacun son puzzle

    Directory of Open Access Journals (Sweden)

    Jean-Noël Ferrié

    2012-05-01

    Full Text Available Le texte soutient que le « tournant naturaliste » que l’on nous invite à négocier ne donne aucun moyen supplémentaire pour parvenir à une description perspicace de ce que les gens font dans des circonstances précises, l’existence humaine pouvant être considérée comme une collection de circonstances précises. Sans doute le naturalisme nous permet-il de comprendre comment certaines actions humaines sont possibles, mais cela ne nous dit pas pourquoi et comment elles font sens pour tout un chacun. La méthodologie nécessaire pour éclaircir le premier point obscurcit généralement le second. Le mieux est donc de considérer que les deux approches ne vont pas de pair. Ce point de vue est soutenu à partir d’exemple tirés de l’anthropologie de la religion.To each one his puzzle. For a serene methodological pluralismThe text argues that the « naturalistic turn » that we are invited to negotiate does not give any additional means to achieve an insightful description of what people do in specific circumstances, and human existence can be considered as a collection of specific circumstances. Probably naturalism allows us to understand how some human actions are possible, but that does not tell us why and how they make sense for everyone. The methodology needed to clarify the first point usually obscures the second one. The best way is to consider that the two approaches do not go together. The text supports this view from an example drawn from the anthropology of religion.A cada uno su rompecabezas. En favor de un pluralismo metodológico serenoEl texto argumenta que la inflexión naturalista a la que se nos invita a participar no proporciona ningún medio suplementario que desemboque en una descripción perspicaz de lo que la gente hace en circunstancias concretas ya que la existencia humana puede ser considerada como una concatenación de circunstancias concretas. Sin duda el naturalismo nos permite comprender como son

  17. Tort law and medical malpractice insurance premiums.

    Science.gov (United States)

    Kilgore, Meredith L; Morrisey, Michael A; Nelson, Leonard J

    2006-01-01

    This paper estimated the effects of tort law and insurer investment returns on physician malpractice insurance premiums. Data were collected on tort law from 1991 through 2004, and multivariate regression models, including fixed effects for state and year, were used to estimate the effect of changes in tort law on medical malpractice premiums. The premium consequences of national policy changes were simulated. The analysis found that the introduction of a new damage cap lowered malpractice premiums for internal medicine, general surgery, and obstetrics/gynecology by 17.3%, 20.7%, and 25.5%, respectively. Lowering damage caps by dollar 100,000 reduced premiums by 4%. Statutes of repose also resulted in lower premiums. No other tort law changes had the effect of lowering premiums. Simulation results indicate that a national cap of dollar 250,000 on awards for noneconomic damages in all states would imply premium savings of dollar 16.9 billion. Extending a dollar 250,000 cap to all states that do not currently have them would save dollar 1.4 billion annually, or about 8% of the total. A negative effect on malpractice premiums was found for the Dow Jones industrial average, but not for bond prices; effects of the Nasdaq index were not significant for internal medicine, but were marginally significant for surgery and obstetrics premiums.

  18. Height premium for job performance.

    Science.gov (United States)

    Kim, Tae Hyun; Han, Euna

    2017-08-01

    This study assessed the relationship of height with wages, using the 1998 and 2012 Korean Labor and Income Panel Study data. The key independent variable was height measured in centimeters, which was included as a series of dummy indicators of height per 5cm span (wages to assess the heterogeneity in the height-wage relationship, across the conditional distribution of monthly wages. We found a non-linear relationship of height with monthly wages. For men, the magnitude of the height wage premium was overall larger at the upper quantile of the conditional distribution of log monthly wages than at the median to low quantile, particularly in professional and semi-professional occupations. The height-wage premium was also larger at the 90th quantile for self-employed women and salaried men. Our findings add a global dimension to the existing evidence on height-wage premium, demonstrating non-linearity in the association between height and wages and heterogeneous changes in the dispersion and direction of the association between height and wages, by wage level. Copyright © 2017 Elsevier B.V. All rights reserved.

  19. Teaching Inductive Reasoning with Puzzles

    Science.gov (United States)

    Wanko, Jeffrey J.

    2017-01-01

    Working with language-independent logic structures can help students develop both inductive and deductive reasoning skills. The Japanese publisher Nikoli (with resources available both in print and online) produces a treasure trove of language-independent logic puzzles. The Nikoli print resources are mostly in Japanese, creating the extra…

  20. The urban density premium across establishments

    OpenAIRE

    R. Jason Faberman; Matthew Freedman

    2013-01-01

    We use longitudinal microdata to estimate the urban density premium for U.S. establishments, controlling for observed establishment characteristics and dynamic establishment behavior. Consistent with previous studies, we estimate a density premium between 6 and 10 percent, even after controlling for establishment composition, local skill mix, and the endogeneity of location choice. More importantly, we find that the estimated density premium is realized almost entirely at birth and is constan...

  1. Investing in systematic factor premiums

    NARCIS (Netherlands)

    Koedijk, Kees G.; Slager, Alfred M. H.; Stork, P.A.

    In this paper we investigate and evaluate factor investing in the US and Europe for equities and bonds. We show that factor-based portfolios generally produce comparable or better portfolios than market indices. We expand the analysis to other asset classes and factors, work with other optimisation

  2. The Cross-Section of Credit Risk Premia and Equity Returns

    DEFF Research Database (Denmark)

    Friewald, Nils; Wagner, Christian; Zechner, Josef

    Structural models a la Merton (1974) imply that rms' risk premia in equity and credit markets are related. We explore this relation, using the joint crosssection of stock returns and risk premia estimated from forward credit default swap (CDS) spreads. Consistent with structural models, we nd...... that rms' equity returns and Sharpe ratios increase with estimated credit risk premia and that the returns of buying high and selling low credit risk premium rms cannot be explained by traditional risk factors. Credit risk premia contain equity-relevant information neither captured by risk-neutral nor...

  3. Customer Equity von KMUs

    NARCIS (Netherlands)

    Biemel, Friedhelm W.; Henseler, Jörg; Meyer, Jorn-Axel

    2003-01-01

    Customer relationships are most important assets of many SMEs. Customer Equity is the sum of the values of all customer relationships. Customer Equity will not be found in any balance sheet, nevertheless it has strategic importance. Even if companies do not want to publish their Customer Equity for

  4. Current puzzles and future possibilities

    International Nuclear Information System (INIS)

    Nagamiya, S.

    1982-02-01

    Four current puzzles and several future experimental possibilities in high-energy nuclear collision research are discussed. These puzzles are (1) entropy, (2) hydrodynamic flow, (3) anomalon, and (4) particle emission at backward angles in proton-nucleus collisions. The last one seems not to be directly related to the subject of the present school. But it is, because particle emission into the region far beyond the nucleon-nucleon kinematical limit is an interesting subject common for both proton-nucleus and nucleus-nucleus collisions, and the basic mechanism involved is strongly related in these two cases. Future experimental possibilities are described which include: (1) possibilities of studying multibaryonic excited states, (2) applications of neutron-rich isotopes, and (3) other needed experimental tasks. 72 references

  5. Neutron star news and puzzles

    International Nuclear Information System (INIS)

    Prakash, Madappa

    2014-01-01

    Gerry Brown has had the most influence on my career in Physics, and my life after graduate studies. This article gives a brief account of some of the many ways in which Gerry shaped my research. Focus is placed on the significant strides on neutron star research made by the group at Stony Brook, which Gerry built from scratch. Selected puzzles about neutron stars that remain to be solved are noted

  6. Construction-Paper Puzzle Masterpieces

    Science.gov (United States)

    Vance, Shelly

    2010-01-01

    Creating an appreciation of art history in her junior-high students has always been one of the author's greatest challenges as an art teacher. In this article, the author describes how her eighth-grade students re-created a famous work of art--piece by piece, like a puzzle or a stained-glass window--out of construction paper. (Contains 1 resource.)

  7. The conditional size premium and intertemporal risk

    DEFF Research Database (Denmark)

    de Oliveira Souza, Thiago

    2018-01-01

    The size premium only appears in states with good expected stock returns as given by several state variables, such as the aggregate book-to-market. The annual premium is 15% when this variable is within the top 33% in historical terms and an insignificant 0.4% otherwise. This renders...

  8. Premium adjustment: actuarial analysis on epidemiological models ...

    African Journals Online (AJOL)

    In this paper, we analyse insurance premium adjustment in the context of an epidemiological model where the insurer's future financial liability is greater than the premium from patients. In this situation, it becomes extremely difficult for the insurer since a negative reserve would severely increase its risk of insolvency, ...

  9. A note on weighted premium calculation principles

    NARCIS (Netherlands)

    Kaluszka, M.; Laeven, R.J.A.; Okolewski, A.

    2012-01-01

    A prominent problem in actuarial science is to determine premium calculation principles that satisfy certain criteria. Goovaerts et al. [Goovaerts, M. J., De Vylder, F., Haezendonck, J., 1984. Insurance Premiums: Theory and Applications. North-Holland, Amsterdam, p. 84] establish an optimality-type

  10. Reexamining financial and economic predictability with new estimators of realized variance and variance risk premium

    DEFF Research Database (Denmark)

    Casas, Isabel; Mao, Xiuping; Veiga, Helena

    This study explores the predictive power of new estimators of the equity variance risk premium and conditional variance for future excess stock market returns, economic activity, and financial instability, both during and after the last global financial crisis. These estimators are obtained from...... time-varying coefficient models are the ones showing considerably higher predictive power for stock market returns and financial instability during the financial crisis, suggesting that an extreme volatility period requires models that can adapt quickly to turmoil........ Moreover, a comparison of the overall results reveals that the conditional variance gains predictive power during the global financial crisis period. Furthermore, both the variance risk premium and conditional variance are determined to be predictors of future financial instability, whereas conditional...

  11. Puzzles of large scale structure and gravitation

    International Nuclear Information System (INIS)

    Sidharth, B.G.

    2006-01-01

    We consider the puzzle of cosmic voids bounded by two-dimensional structures of galactic clusters as also a puzzle pointed out by Weinberg: How can the mass of a typical elementary particle depend on a cosmic parameter like the Hubble constant? An answer to the first puzzle is proposed in terms of 'Scaled' Quantum Mechanical like behaviour which appears at large scales. The second puzzle can be answered by showing that the gravitational mass of an elementary particle has a Machian character (see Ahmed N. Cantorian small worked, Mach's principle and the universal mass network. Chaos, Solitons and Fractals 2004;21(4))

  12. The puzzle of neutron lifetime

    International Nuclear Information System (INIS)

    Paul, Stephan

    2009-01-01

    In this paper we review the role of the neutron lifetime and discuss the present status of measurements. In view of the large discrepancy observed by the two most precise individual measurements so far we describe the different techniques and point out the principle strengths and weaknesses. In particular we discuss the estimation of systematic uncertainties and its correlation to the statistical ones. In order to solve the present puzzle, many new experiments are either ongoing or being proposed. An overview on their possible contribution to this field will be given.

  13. Marketing assets: relating brand equity and customer equity

    OpenAIRE

    Romero, Jaime; Yagüe, María J.

    2016-01-01

    Purpose: Brand equity and customer equity are inextricably linked. Some authors propose that marketing activities build these intangible assets simultaneously. In contrast, others suggest that brand equity is an antecedent of customer equity. In this research, we aim to shed light about the relationship between brand equity and customer equity, by empirically testing these two alternative explanations. Design/methodology/approach: We propose four research models that reflect these two alte...

  14. Dynamic jump intensities and risk premiums

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Ornthanalai, Chayawat; Jacobs, Kris

    2012-01-01

    We build a new class of discrete-time models that are relatively easy to estimate using returns and/or options. The distribution of returns is driven by two factors: dynamic volatility and dynamic jump intensity. Each factor has its own risk premium. The models significantly outperform standard...... models without jumps when estimated on S&P500 returns. We find very strong support for time-varying jump intensities. Compared to the risk premium on dynamic volatility, the risk premium on the dynamic jump intensity has a much larger impact on option prices. We confirm these findings using joint...

  15. Storage and the electricity forward premium

    International Nuclear Information System (INIS)

    Douglas, Stratford; Popova, Julia

    2008-01-01

    We develop and test a model describing the influence of natural gas storage inventories on the electricity forward premium. The model is constructed by linking the effect of gas storage constraints on the higher moments of the distribution of electricity prices to an established model of the effect of those moments on the forward premium. The model predicts a sharply negative effect of gas storage inventories on the electricity forward premium when demand for electricity is high and space-heating demand for gas is low. Empirical results, based on PJM data, strongly support the model. (author)

  16. 24 CFR 266.604 - Mortgage insurance premium: Other requirements.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Other... Contract Rights and Obligations Mortgage Insurance Premiums § 266.604 Mortgage insurance premium: Other..., based upon the respective share of risk, that is to be used in calculating mortgage insurance premiums...

  17. 24 CFR 266.602 - Mortgage insurance premium: Insured advances.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Insured... Contract Rights and Obligations Mortgage Insurance Premiums § 266.602 Mortgage insurance premium: Insured.... On each anniversary of the initial closing, the HFA shall pay an interim mortgage insurance premium...

  18. 42 CFR 60.14 - The insurance premium.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 1 2010-10-01 2010-10-01 false The insurance premium. 60.14 Section 60.14 Public... LOAN PROGRAM The Loan § 60.14 The insurance premium. (a) General. (1) The Secretary insures each lender... lender an insurance premium. The insurance premium is due to the Secretary on the date of disbursement of...

  19. The Magnets Puzzle is NP-Complete

    DEFF Research Database (Denmark)

    Kölker, Jonas

    2012-01-01

    In a Magnets puzzle, one must pack magnets in a box subjet to polarity and numeric constraints. We show that solvability of Magnets instances is NP-complete.......In a Magnets puzzle, one must pack magnets in a box subjet to polarity and numeric constraints. We show that solvability of Magnets instances is NP-complete....

  20. Hadronic decay puzzle in charmonium physics

    International Nuclear Information System (INIS)

    Gu Yifan

    1996-01-01

    Recent experimental results obtained at Beijing Electron-proton Collider sensitivity level the crisply defined nature of the hadronic decay puzzle in charmonium physics. Discovery of new anomalous decay modes breaks with the previously established pattern of the puzzle, and poses new challenges for its theoretical understanding

  1. Costs, equity, efficiency and feasibility of identifying the poor in Ghana's National Health Insurance Scheme: empirical analysis of various strategies.

    NARCIS (Netherlands)

    Aryeetey, G.C.N.O.; Jehu-Appiah, C.; Spaan, E.; Agyepong, I.; Baltussen, R.M.

    2012-01-01

    Objectives To analyse the costs and evaluate the equity, efficiency and feasibility of four strategies to identify poor households for premium exemptions in Ghana's National Health Insurance Scheme (NHIS): means testing (MT), proxy means testing (PMT), participatory wealth ranking (PWR) and

  2. Premium Forecasting of AN Insurance Company:

    Science.gov (United States)

    Fouladvand, M. Ebrahim; Darooneh, Amir H.

    We present an analytical study of an insurance company. We model the company's performance on a statistical basis and evaluate the predicted annual income of the company in terms of insurance parameters namely the premium, the total number of insured, average loss claims etc. We restrict ourselves to a single insurance class the so-called automobile insurance. We show the existence of a crossover premium pc below which the company is operating at a loss. Above pc, we also give a detailed statistical analysis of the company's financial status and obtain the predicted profit along with the corresponding risk as well as ruin probability in terms of premium. Furthermore we obtain the optimal premium popt which maximizes the company's profit.

  3. Comparison of Seafood and Agricultural Ecological Premiums1

    OpenAIRE

    Ankamah-Yeboah, Isaac; Nielsen, Max; Nielsen, Rasmus

    2017-01-01

    The report compares ecolabeled seafood premiums observed in the market with consumers’ stated willingness to pay premiums. Also ecolabeled premiums in the agricultural sector were examined. The next issue addressed was the sensitivity of changes in the price and premiums of ecolabeled seafood. Empirical findings showed that all things being equal, consumers stated willingness to pay reflects in their actual market behavior though they may pay less than stated. Premiums observed in the aquacul...

  4. Employer Contribution and Premium Growth in Health Insurance

    OpenAIRE

    Yiyan Liu; Ginger Zhe Jin

    2013-01-01

    We study whether employer premium contribution schemes could impact the pricing behavior of health plans and contribute to rising premiums. Using 1991-2011 data before and after a 1999 premium subsidy policy change in the Federal Employees Health Benefits Program (FEHBP), we find that the employer premium contribution scheme has a differential impact on health plan pricing based on two market incentives: 1) consumers are less price sensitive when they only need to pay part of the premium incr...

  5. Quantitative concept tests of organic premium meat products

    OpenAIRE

    Chrysochou , Polymeros; Krystallis Krontalis, Athanasios

    2015-01-01

    This report is part of WP6 of the SUMMER project. The aim is to investigate how consumers perceive organic premium products and if they are willing to pay a price premium for these products. We conducted an experiment with 426 Danish consumers, in which we manipulate production method (organic vs. conventional), premium production (premium vs. non-premium) and extrinsic quality (high vs. low) across three meat products (pork, beef and chicken). Our findings show that consumers perceive organi...

  6. Employee responses to health insurance premium increases.

    Science.gov (United States)

    Goldman, Dana P; Leibowitz, Arleen A; Robalino, David A

    2004-01-01

    To determine the sensitivity of employees' health insurance decisions--including the decision to not choose health maintenance organization or fee-for-service coverage--during periods of rapidly escalating healthcare costs. A retrospective cohort study of employee plan choices at a single large firm with a "cafeteria-style" benefits plan wherein employees paid all the additional cost of purchasing more generous insurance. We modeled the probability that an employee would drop coverage or switch plans in response to employee premium increases using data from a single large US company with employees across 47 states during the 3-year period of 1989 through 1991, a time of large premium increases within and across plans. Premium increases induced substantial plan switching. Single employees were more likely to respond to premium increases by dropping coverage, whereas families tended to switch to another plan. Premium increases of 10% induced 7% of single employees to drop or severely cut back on coverage; 13% to switch to another plan; and 80% to remain in their existing plan. Similar figures for those with family coverage were 11%, 12%, and 77%, respectively. Simulation results that control for known covariates show similar increases. When faced with a dramatic increase in premiums--on the order of 20%--nearly one fifth of the single employees dropped coverage compared with 10% of those with family coverage. Employee coverage decisions are sensitive to rapidly increasing premiums, and single employees may be likely to drop coverage. This finding suggests that sustained premium increases could induce substantial increases in the number of uninsured individuals.

  7. Health insurance premium tax credit. Final regulations.

    Science.gov (United States)

    2013-02-01

    This document contains final regulations relating to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.These final regulations provide guidance to individuals related to employees who may enroll in eligible employer-sponsored coverage and who wish to enroll in qualified health plans through Affordable Insurance Exchanges (Exchanges) and claim the premium tax credit.

  8. Solving the BM Camelopardalis puzzle

    Science.gov (United States)

    Teke, Mathias; Busby, Michael R.; Hall, Douglas S.

    1989-01-01

    BM Camelopardalis (=12 Cam) is a chromospherically active binary star with a relatively large orbital eccentricity. Systems with large eccentricities usually rotate pseudosynchronously. However, BM Cam has been a puzzle since its observed rotation rate is virtually equal to its orbital period indicating synchronization. All available photometry data for BM Cam have been collected and analyzed. Two models of modulated ellipticity effect are proposed, one based on equilibrium tidal deformation of the primary star and the other on a dynamical tidal effect. When the starspot variability is removed from the data, the dynamical tidal model was the better approximation to the real physical situation. The analysis indicates that BM Cam is not rotating pseudosynchronously but rotating in virtual synchronism after all.

  9. The RPA Atomization Energy Puzzle.

    Science.gov (United States)

    Ruzsinszky, Adrienn; Perdew, John P; Csonka, Gábor I

    2010-01-12

    There is current interest in the random phase approximation (RPA), a "fifth-rung" density functional for the exchange-correlation energy. RPA has full exact exchange and constructs the correlation with the help of the unoccupied Kohn-Sham orbitals. In many cases (uniform electron gas, jellium surface, and free atom), the correction to RPA is a short-ranged effect that is captured by a local spin density approximation (LSDA) or a generalized gradient approximation (GGA). Nonempirical density functionals for the correction to RPA were constructed earlier at the LSDA and GGA levels (RPA+), but they are constructed here at the fully nonlocal level (RPA++), using the van der Waals density functional (vdW-DF) of Langreth, Lundqvist, and collaborators. While they make important and helpful corrections to RPA total and ionization energies of free atoms, they correct the RPA atomization energies of molecules by only about 1 kcal/mol. Thus, it is puzzling that RPA atomization energies are, on average, about 10 kcal/mol lower than those of accurate values from experiment. We find here that a hybrid of 50% Perdew-Burke-Ernzerhof GGA with 50% RPA+ yields atomization energies much more accurate than either one does alone. This suggests a solution to the puzzle: While the proper correction to RPA is short-ranged in some systems, its contribution to the correlation hole can spread out in a molecule with multiple atomic centers, canceling part of the spread of the exact exchange hole (more so than in RPA or RPA+), making the true exchange-correlation hole more localized than in RPA or RPA+. This effect is not captured even by the vdW-DF nonlocality, but it requires the different kind of full nonlocality present in a hybrid functional.

  10. 78 FR 666 - Treasury Inflation-Protected Securities Issued at a Premium; Bond Premium Carryforward

    Science.gov (United States)

    2013-01-04

    ...-BL29 Treasury Inflation-Protected Securities Issued at a Premium; Bond Premium Carryforward AGENCY... contains final regulations that provide guidance on the tax treatment of Treasury Inflation-Protected... regulations in this document provide guidance to holders of Treasury Inflation-Protected Securities and other...

  11. PSQP: Puzzle Solving by Quadratic Programming.

    Science.gov (United States)

    Andalo, Fernanda A; Taubin, Gabriel; Goldenstein, Siome

    2017-02-01

    In this article we present the first effective method based on global optimization for the reconstruction of image puzzles comprising rectangle pieces-Puzzle Solving by Quadratic Programming (PSQP). The proposed novel mathematical formulation reduces the problem to the maximization of a constrained quadratic function, which is solved via a gradient ascent approach. The proposed method is deterministic and can deal with arbitrary identical rectangular pieces. We provide experimental results showing its effectiveness when compared to state-of-the-art approaches. Although the method was developed to solve image puzzles, we also show how to apply it to the reconstruction of simulated strip-shredded documents, broadening its applicability.

  12. The Profits–Leverage Puzzle Revisited

    OpenAIRE

    Murray Z. Frank; Vidhan K. Goyal

    2015-01-01

    The inverse relation between leverage and profitability is widely regarded as a serious defect of the trade-off theory. We show that the defect is not with the theory but with the use of a leverage ratio in which profitability affects both the numerator and the denominator. Profitability directly increases the value of equity. Firms do take the predicted offsetting actions. They issue debt and repurchase equity when profitability rises, and retire debt and issue equity when profitability fall...

  13. Rock Equity Holdings, LLC

    Science.gov (United States)

    The EPA is providing notice of an Administrative Penalty Assessment in the form of an Expedited Storm Water Settlement Agreement against Rock Equity Holdings, LLC, for alleged violations at The Cove at Kettlestone/98th Street Reconstruction located at 3015

  14. Predictability of Equity REIT Returns: Implications for Property Tactical Asset Allocation

    OpenAIRE

    John Okunev; Patrick J. Wilson

    2008-01-01

    This study presents further evidence of the predictability of excess equity REIT (real estate investment trust) returns. Recent evidence on forecasting excess returns using fundamental variables has resulted in diminishing returns from the 1990’s onward. Trading strategies based on these forecasts have not significantly outperformed the buy/hold strategy of the 1990’s. We have developed an alternative strategy that is based on the time variation of the risk premium of investors. Our results i...

  15. Brands and Brand Equity

    OpenAIRE

    Brunello Adrian

    2011-01-01

    Nowadays brands have become significant drivers for product purchasing and usage decisions. Thus, they constitute a substantial intangible asset for most companies. In order to gain customers and make them become loyal, firms have to establish the equity of the brand and present it in a clear and visible way to their target market. Therefore the topic of brand equity plays a major role in the creation and development of product and company brand strategy. The paper focuses on some general inf...

  16. The Puzzle of Male Chronophilias.

    Science.gov (United States)

    Seto, Michael C

    2017-01-01

    In this article, I return to the idea that pedophilia, a sexual interest in prepubescent children, can be considered a sexual orientation for age, in conjunction with the much more widely acknowledged and discussed sexual orientation for gender. Here, I broaden the scope to consider other chronophilias, referring to paraphilias for age/maturity categories other than young sexually mature adults. The puzzle of chronophilias includes questions about etiology and course, how chronophilias are related to each other, and what they can tell us about how human (male) sexuality is organized. In this article, I briefly review research on nepiophilia (infant/toddlers), pedophilia (prepubescent children), hebephilia (pubescent children), ephebophilia (postpubescent, sexually maturing adolescents), teleiophilia (young sexually mature adults, typically 20s and 30s), mesophilia (middle-aged adults, typically 40s and 50s), and gerontophilia (elderly adults, typically 60s and older) in the context of a multidimensional sexual orientations framework. Relevant research, limitations, and testable hypotheses for future work are identified.

  17. The marriage premium and compensating wage differentials.

    Science.gov (United States)

    Reed, W R; Harford, K

    1989-12-01

    This paper proposes and tests an alternative explanation of the marriage premium that relies upon differences in workers' tastes and compensating wage differentials. A key assumption is that marital status proxies for the consumption of family goods, such as children, and that these are costly. Workers whose greater demands for family goods are taste- generated and shown to choose jobs that offer greater wage, and less non-pecuniary compensation. This creates an observed wage premium that has nothing to do with differences in workers' productivities. Supporting empirical evidence for this hypothesis is presented, including a reevaluation of previous studies.

  18. Risk Premium and Central Bank Intervention

    OpenAIRE

    Pinar Ozlu

    2006-01-01

    This study examines the relation between the risk premium and central bank intervention. Forward rates are calculated for the Turkish Lira-USD exchange market and then the effect of central bank intervention on the risk premium is estimated. Using high quality daily intervention data from the Central Bank of Turkey as well as implied forward rates, an MA (21)-GARCH (1,1) model is estimated. Both purchases and sales of US dollars by the Central Bank of Turkey appear to have no effect on the si...

  19. 77 FR 30377 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2012-05-23

    ... Health Insurance Premium Tax Credit AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. SUMMARY: This document contains final regulations relating to the health insurance premium tax... categories of immigrants described in the Children's Health Insurance Program Reauthorization Act. One...

  20. Specifics of the Unearned Premium Reserve in the Accounting of Commercial Insurance Companies

    Directory of Open Access Journals (Sweden)

    Jana Gláserová

    2014-01-01

    Full Text Available Commercial insurance companies are liable to create, on the basis of risks arising from the fulfillment of the object of their activity, technical reserves, which are used to cover liabilities arising to insurance companies from insurance and reinsurance activity. The paper focuses on the technical reserve which is, in accordance with the accounting-legal regulation, created obligatorily in commercial insurance companies – it is the unearned premium reserve.The paper explores the role and place of this technical reserve in the accounting of the commercial insurance companies based on the analysis of its substance, i.e. the objective definition. The paper is based on the methodology of the accounting, evaluation and methods of determining the amount of the technical reserve which will affect the income from operations as well as income tax base of commercial insurance companies. The paper also studied the method of reporting of unearned premium reserve in accounting according to Czech accounting legislation in comparison with International Accounting Standards (IAS/IFRS. The aim of this paper is to determine the impacts of the creation and application of the unearned premium reserve on some important items of the financial statements, which are mainly the income of operations, equity capital and balance sheet as well as to identify the impacts of different reporting of this reserve according to Czech accounting legislation and in accordance with IAS/IFRS. Performing the analysis of the accounting-legal regulation of the unearned premium reserve in the insurance companies, the analysis of the method of accounting of this reserve and also the comparison of reporting of this reserve according to both mentioned regulations is a prerequisite for the fulfillment of the aim.

  1. Health Equity Talk: Understandings of Health Equity among Health Leaders

    Directory of Open Access Journals (Sweden)

    Bernadette M. Pauly

    2017-11-01

    Full Text Available Introduction: Reducing health inequities is a stated goal of health systems worldwide. There is widespread commitment to health equity among public health leaders and calls for reorientation of health systems towards health equity. As part of the Equity Lens in Public Health (ELPH program of research, public health decision makers and researchers in British Columbia collaborated to study the application of a health equity lens in a time of health system renewal. We drew on intersectionality, complexity and critical social justice theories to understand how participants construct health equity and apply a health equity lens as part of public health renewal. Methods: 15 focus groups and 16 individual semi-structured qualitative interviews were conducted with 55 health system leaders. Data were analyzed using constant comparative analysis to explore how health equity was constructed in relation to understandings and actions. Results: Four main themes were identified in terms of how health care leaders construct health equity and actions to reduce health inequities: (1 population health, (2 determinants of health, and (3 accessibility and (4 challenges of health equity talk. The first three aspects of health equity talk reflect different understandings of health equity rooted in vulnerability (individual versus structural, determinants of health (material versus social determinants, and appropriate health system responses (targeted versus universal responses. Participants identified that talking about health equity in the health care system, either inside or outside of public health, is a ‘challenging conversation’ because health equity is understood in diverse ways and there is little guidance available to apply a health equity lens. Conclusions: These findings reflect the importance of creating a shared understanding of health equity within public health systems, and providing guidance and clarity as to the meaning and application of a health

  2. Clearwood quality and softwood lumber prices: what's the real premium?

    Science.gov (United States)

    Thomas R. Waggener; Roger D. Fight

    1999-01-01

    Diminishing quantities of appearance grade lumber and rising price premiums for it have accompanied the transition from old-growth to young-growth timber. The price premiums for better grades are an incentive for producers to undertake investments to increase the yield of those higher valued products. Price premiums, however, are also an incentive for users to...

  3. 49 CFR 260.17 - Credit risk premium analysis.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 4 2010-10-01 2010-10-01 false Credit risk premium analysis. 260.17 Section 260... Financial Assistance § 260.17 Credit risk premium analysis. (a) When Federal appropriations are not available to cover the total subsidy cost, the Administrator will determine the Credit Risk Premium...

  4. 49 CFR 260.15 - Credit risk premium.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 4 2010-10-01 2010-10-01 false Credit risk premium. 260.15 Section 260.15... REHABILITATION AND IMPROVEMENT FINANCING PROGRAM Overview § 260.15 Credit risk premium. (a) Where available... pay to the Administrator a Credit Risk Premium adequate to cover that portion of the subsidy cost not...

  5. 7 CFR 400.710 - Preemption and premium taxation.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Preemption and premium taxation. 400.710 Section 400... of Policies and Rates of Premium § 400.710 Preemption and premium taxation. A policy or plan of insurance that is approved by the Board for FCIC reinsurance is preempted from state and local taxation. ...

  6. 77 FR 26698 - Allocation of Mortgage Insurance Premiums

    Science.gov (United States)

    2012-05-07

    ... Allocation of Mortgage Insurance Premiums AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final... explain how to allocate prepaid qualified mortgage insurance premiums to determine the amount of the... Act of 2010. The regulations affect taxpayers who pay prepaid qualified mortgage insurance premiums...

  7. 24 CFR 241.1030 - Mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premiums. 241... Loans-Eligibility Requirements § 241.1030 Mortgage insurance premiums. The lender, upon endorsement of the note, shall pay the Commissioner a first mortgage insurance premium equal to 0.5 percent of the...

  8. 24 CFR 221.254 - Mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premiums. 221... Cost Homes § 221.254 Mortgage insurance premiums. (a) All of the provisions of §§ 203.260 through 203.295 of this chapter relating to mortgage insurance premiums shall apply to mortgages insured under...

  9. 78 FR 70856 - Information Reporting of Mortgage Insurance Premiums

    Science.gov (United States)

    2013-11-27

    ... Information Reporting of Mortgage Insurance Premiums AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... regulations that require information reporting by persons who receive mortgage insurance premiums, including... reporting requirements that result from the extension of the treatment of mortgage insurance premiums made...

  10. 31 CFR 337.8 - Payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-07-01

    ... insurance premiums. When certificated debentures are tendered for purchase prior to maturity in order that the proceeds thereof be applied to pay for mortgage insurance premiums, any difference between the amount of the debentures purchased and the amount of the mortgage insurance premium will generally be...

  11. Modeling foreign exchange risk premium in Armenia

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, T.; Kočenda, E.; Zemčík, Petr

    2008-01-01

    Roč. 44, č. 1 (2008), s. 41-61 ISSN 1540-496X R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : foreign exchange risk premium * Armenia * affine term structure models Subject RIV: AH - Economics Impact factor: 0.611, year: 2008

  12. Modeling foreign exchange risk premium in Armenia

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, Tigran; Kočenda, Evžen; Zemčík, P.

    2008-01-01

    Roč. 44, č. 1 (2008), s. 41-61 ISSN 1540-496X R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange risk premium * Armenia * affine term structure models Subject RIV: AH - Economics Impact factor: 0.611, year: 2008

  13. Gender, Productivity, and the Marital Wage Premium

    Science.gov (United States)

    Lincoln, Anne E.

    2008-01-01

    Explanations for married men's wage premium often emphasize greater market productivity due to a gendered division of household labor, though this "specialization thesis" has been insufficiently interrogated. Using data from Wave 2 of the National Survey of Families and Households (N = 972), this paper examines the relationship between wages and…

  14. AN EMPIRICAL ANALYSIS OF VARIETY PRICE PREMIUM ...

    African Journals Online (AJOL)

    Location price difference was inversely related to distance from the central commodity market, and the seasonal price difference was attributed to storage technique. These show imperfect competitive market behaviour. Peu/drum with characteristics of brown colour, rough skin and large grain size had a price premium than ...

  15. 12 CFR 329.103 - Premiums.

    Science.gov (United States)

    2010-01-01

    ... interest as defined in § 329.1(c). (a) Premiums, whether in the form of merchandise, credit, or cash, given... the balance in a demand deposit account and the duration of the account balance shall not be considered the payment of interest on a demand deposit account and shall not be subject to the limitations in...

  16. Approximations for stop-loss reinsurance premiums

    NARCIS (Netherlands)

    Reijnen, Rajko; Albers, Willem/Wim; Kallenberg, W.C.M.

    2005-01-01

    Various approximations of stop-loss reinsurance premiums are described in literature. For a wide variety of claim size distributions and retention levels, such approximations are compared in this paper to each other, as well as to a quantitative criterion. For the aggregate claims two models are

  17. Stop-loss premiums under dependence

    NARCIS (Netherlands)

    Albers, Willem/Wim

    1999-01-01

    Stop-loss premiums are typically calculated under the assumption that the insured lives in the underlying portfolio are independent. Here we study the effects of small departures from this assumption. Using Edgeworth expansions, it is made transparent which configurations of dependence parameters

  18. 5 CFR 892.303 - Can I pay my premiums directly by check under the premium conversion plan?

    Science.gov (United States)

    2010-01-01

    ... under the premium conversion plan? 892.303 Section 892.303 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Contributions and Withholdings § 892.303 Can I pay my premiums directly...

  19. Health Insurance Marketplaces: Premium Trends in Rural Areas.

    Science.gov (United States)

    Barker, Abigail R; Kemper, Leah M; McBride, Timothy D; Meuller, Keith J

    2016-05-01

    Since 2014, when the Health Insurance Marketplaces (HIMs) authorized by the Patient Protection and Affordable Care Act (ACA) were implemented, considerable premium changes have been observed in the marketplaces across the 50 states and the District of Columbia. This policy brief assesses the changes in average HIM plan premiums from 2014 to 2016, before accounting for subsidies, with an emphasis on the widening variation across rural and urban places. Since this brief focuses on premiums without accounting for subsidies, this is not intended to be an analysis of the "affordability" of ACA premiums, as that would require assessment of premiums, cost-sharing adjustments, and other factors.

  20. Gender, equity, and job satisfaction.

    Science.gov (United States)

    1992-02-01

    Although equity theory has served as a theoretical framework applying to most individuals in most situations, empirical research suggests that gender may affect the utility of equity theory in explaining organizational behaviors. Studies have indicat...

  1. Marketing assets: Relating brand equity and customer equity

    Directory of Open Access Journals (Sweden)

    Jaime Romero

    2016-03-01

    Full Text Available Purpose: Brand equity and customer equity are inextricably linked. Some authors propose that marketing activities build these intangible assets simultaneously. In contrast, others suggest that brand equity is an antecedent of customer equity. In this research, we aim to shed light about the relationship between brand equity and customer equity, by empirically testing these two alternative explanations. Design/methodology/approach: We propose four research models that reflect these two alternatives explanations regarding the link between brand equity and customer equity. In order to estimate these models we employ Structural Equations Modelling. We measure model variables using data collected through a survey to marketing managers of services companies that operate in Spain. We compare these four research models in terms of explanatory power and goodness of fit. Findings: Our results indicate that the models that correspond to the simultaneity approach have a higher explanatory power and goodness of fit than the models that suggest that brand equity is an antecedent of customer equity, thus supporting that these intangible assets are built by marketing activities at the same time. Research limitations/implications: Our results recommend caution when interpreting previous research about the effects of brand (customer equity, as they might indeed correspond to customer (brand management. Similarly, future research focusing on customer and brand management need to take into account both managerial areas in their studies. Practical implications: From a practitioners’ point of view, our findings suggest adopting a brand-customer portfolio approach to enhance company profitability. Similarly, we derive implications for firm valuation processes, which incorporate brand equity and customer equity in their calculations. Originality/value: We empirically study the relationship between brand equity and customer equity, while previous research has analyzed

  2. Habit, Production, and the Cross-Section of Stock Returns

    OpenAIRE

    Chen, Andrew Y.

    2014-01-01

    Solutions to the equity premium puzzle should inform us about the cross-section of stock returns. An external habit model with heterogeneous firms reproduces numerous stylized facts about both the equity premium and the value premium. The equity premium is large, time-varying, and linked with consumption volatility. The cross-section of expected returns is log-linear in B/M, and the slope matches the data. The explanation for the value premium lies in the interaction between the cross-section...

  3. Lepton mixing and the ''solar neutrino puzzle''

    International Nuclear Information System (INIS)

    Bilenky, S.M.; Pontecorvo, B.

    1977-01-01

    The results of the well known solar neutrino experiment of Davis et al. are discussed, in which the Cl-Ar method is used. The result of the experiment, a too small neutrino signal (the so-called ''solar neutrino puzzle'), has been tentatively accounted for in a number of quite exotic explanations. It appears that the explanation in terms of lepton mixing and neutrino sterility is quite attractive from the point of view of present day elementary particle physics and is much more natural than the other explanations of the ''puzzle''

  4. Value Effect in Indonesian Stock Returns: The Implications for the Equity Mutual Fund Industry

    Directory of Open Access Journals (Sweden)

    Samuel Kristianto Utomo

    2015-04-01

    Full Text Available We extend the persistence and pervasiveness of the presence of value effect to Indonesian stock returns in the last two decades by utilizing data set that is relatively free of survivor bias and selection bias. Our finding shows that value portfolios have been able to outperform growth portfolios. Furthermore, the presence of the effect as an asset pricing factor, along with the size effect, can significantly explain the returns of the aggregate equity mutual funds in Indonesia and unveil that the equity mutual fund industry does not provide sufficient risk-adjusted return to cover trading costs and fund expenses. Our proposition is that the equity mutual fund valuation will be better off to apply simpler model shown in this paper to capture the value premium as opposed to the general application of traditional valuation method.

  5. Difficult Sudoku Puzzles Created by Replica Exchange Monte Carlo Method

    OpenAIRE

    Watanabe, Hiroshi

    2013-01-01

    An algorithm to create difficult Sudoku puzzles is proposed. An Ising spin-glass like Hamiltonian describing difficulty of puzzles is defined, and difficult puzzles are created by minimizing the energy of the Hamiltonian. We adopt the replica exchange Monte Carlo method with simultaneous temperature adjustments to search lower energy states efficiently, and we succeed in creating a puzzle which is the world hardest ever created in our definition, to our best knowledge. (Added on Mar. 11, the ...

  6. Puzzle Pedagogy: A Use of Riddles in Mathematics Education

    Science.gov (United States)

    Farnell, Elin

    2017-01-01

    In this article, I present a collection of puzzles appropriate for use in a variety of undergraduate courses, along with suggestions for relevant discussion. Logic puzzles and riddles have long been sources of amusement for mathematicians and the general public alike. I describe the use of puzzles in a classroom setting, and argue for their use as…

  7. Algorithmic Puzzles: History, Taxonomies, and Applications in Human Problem Solving

    Science.gov (United States)

    Levitin, Anany

    2017-01-01

    The paper concerns an important but underappreciated genre of algorithmic puzzles, explaining what these puzzles are, reviewing milestones in their long history, and giving two different ways to classify them. Also covered are major applications of algorithmic puzzles in cognitive science research, with an emphasis on insight problem solving, and…

  8. Organizing Equity Exchanges

    Science.gov (United States)

    Schaper, Torsten

    In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, post-trading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs.

  9. Gender Equity Report.

    Science.gov (United States)

    Washington State Higher Education Coordinating Board, Olympia.

    Under a legislative mandate from the state of Washington, this report provides updated information on gender equity at each of the public institutions of higher education in Washington and at the community and technical colleges, as applicable. A look at student support and services shows that pay scales in student employment are not…

  10. Equity Literacy for All

    Science.gov (United States)

    Gorski, Paul C.; Swalwell, Katy

    2015-01-01

    If the authors have learned anything working with schools across the United States, they've learned this: When it comes to educational equity, the trouble is not a lack of multicultural programs or diversity initiatives in schools. Nor is it a lack of educators who appreciate and even champion diversity. The trouble lies in how so many diversity…

  11. GRADE Equity Guidelines 3

    DEFF Research Database (Denmark)

    Welch, Vivian A; Akl, Elie A; Pottie, Kevin

    2017-01-01

    OBJECTIVE: The aim of this paper is to describe a conceptual framework for how to consider health equity in the GRADE (Grading Recommendations Assessment and Development Evidence) guideline development process. STUDY DESIGN AND SETTING: Consensus-based guidance developed by the GRADE working grou...

  12. Country Value Premiums and Financial Crises

    Directory of Open Access Journals (Sweden)

    Adam Zaremba

    2014-01-01

    Full Text Available The paper concentrates on the value premium across countries and contributes to the investment and asset pricing literature in three ways. First, I provide fresh evidence that the high-value countries perform significantly better than the low-value countries. Additionally, this phenomenon is indifferent to the choice of the computational currency, representative index or value indicator. Second, I demonstrate that the value effect can be successfully amplified by combining with country-level size and momentum effects. Third, I show that returns to the high-value countries deteriorate in financial crisis conditions, because the country-level value premium is negatively correlated with the credit spreads, TED spread and expected volatility. I examine data from 66 markets between years 2000 and 2013.

  13. Premium quality for a mechanical design department

    OpenAIRE

    Rofín Serrà, Guillem

    2009-01-01

    This Thesis has been carried out in a market which is expected to grow rapidly in the next decade. Because of this, actors in the market like Alpha want to strengthen their business position through refining the quality of their products and processes. One of the internal targets of MD, a mechanical design department within Alpha, referred to “premium product quality parameters” although these were not defined. Hence, this Thesis intends to contribute in the definition and understanding that ...

  14. ACA Marketplace premiums and competition among hospitals and physician practices.

    Science.gov (United States)

    Polyakova, Maria; Bundorf, M Kate; Kessler, Daniel P; Baker, Laurence C

    2018-02-01

    To examine the association between annual premiums for health plans available in Federally Facilitated Marketplaces (FFMs) and the extent of competition and integration among physicians and hospitals, as well as the number of insurers. We used observational data from the Center for Consumer Information and Insurance Oversight on the annual premiums and other characteristics of plans, matched to measures of physician, hospital, and insurer market competitiveness and other characteristics of 411 rating areas in the 37 FFMs. We estimated multivariate models of the relationship between annual premiums and Herfindahl-Hirschman indices of hospitals and physician practices, controlling for the number of insurers, the extent of physician-hospital integration, and other plan and rating area characteristics. Premiums for Marketplace plans were higher in rating areas in which physician, hospital, and insurance markets were less competitive. An increase from the 10th to the 90th percentile of physician concentration and hospital concentration was associated with increases of $393 and $189, respectively, in annual premiums for the Silver plan with the second lowest cost. A similar increase in the number of insurers was associated with a $421 decrease in premiums. Physician-hospital integration was not significantly associated with premiums. Premiums for FFM plans were higher in markets with greater concentrations of hospitals and physicians but fewer insurers. Higher premiums make health insurance less affordable for people purchasing unsubsidized coverage and raise the cost of Marketplace premium tax credits to the government.

  15. A Puzzle Guide to Gödel

    Indian Academy of Sciences (India)

    Home; Journals; Resonance – Journal of Science Education; Volume 6; Issue 7. Forever Undecided: A Puzzle Guide to Gödel. R Ramanujam. Book Review Volume 6 Issue 7 July 2001 pp 97-98. Fulltext. Click here to view fulltext PDF. Permanent link: https://www.ias.ac.in/article/fulltext/reso/006/07/0097-0098 ...

  16. Solving jigsaw puzzles using image features

    DEFF Research Database (Denmark)

    Nielsen, Ture R.; Drewsen, Peter; Hansen, Klaus

    2008-01-01

    In this article, we describe a method for automatic solving of the jigsaw puzzle problem based on using image features instead of the shape of the pieces. The image features are used for obtaining an accurate measure for edge similarity to be used in a new edge matching algorithm. The algorithm i...

  17. New data and an old puzzle

    DEFF Research Database (Denmark)

    Lee, S Hong; Byrne, Enda M; Hultman, Christina M

    2015-01-01

    BACKGROUND: A long-standing epidemiological puzzle is the reduced rate of rheumatoid arthritis (RA) in those with schizophrenia (SZ) and vice versa. Traditional epidemiological approaches to determine if this negative association is underpinned by genetic factors would test for reduced rates of one...

  18. A generalization of the Pasadena puzzle

    NARCIS (Netherlands)

    Peterson, M.B.

    2013-01-01

    By generalizing the Pasadena puzzle introduced by Nover and Hájek (2004) we show that the sum total of value produced by an act can be made to converge to any real number by applying the Riemann rearrangement theorem, even if the scenario faced by the decision maker is non-probabilistic and fully

  19. Puzzles in studies of quantum chaos

    International Nuclear Information System (INIS)

    Xu Gongou

    1994-01-01

    Puzzles in studies of quantum chaos are discussed. From the view of global properties of quantum states, it is clarified that quantum chaos originates from the break-down of invariant properties of quantum canonical transformations. There exist precise correspondences between quantum and classical chaos

  20. The Crossword Puzzle as a Teaching Tool.

    Science.gov (United States)

    Crossman, Edward K.

    1983-01-01

    In courses such as the history of psychology, it is necessary to learn a variety of relationships, events, and sequences, in addition to the task of having to pair certain key concepts with related names, e.g., phrenology--Hall. One tool useful in this type of learning is the crossword puzzle. (RM)

  1. Mathematical History: Activities, Puzzles, Stories, and Games.

    Science.gov (United States)

    Mitchell, Merle

    Based on the history of mathematics, these materials have been planned to enrich the teaching of mathematics in grades four, five, and six. Puzzles and games are based on stories about topics such as famous mathematicians, numerals of ancient peoples, and numerology. The sheets are arranged by grade level and are designed for easy duplication.…

  2. Peelle's pertinent puzzle: Way of solution

    International Nuclear Information System (INIS)

    Pronyaev, V.G.

    2003-01-01

    The effect of evident bias of evaluated data below the majority of experimental data observed in general least-squares model fitting of these data is called as Peelle's Pertinent Puzzle (PPP). Since the transformation of the central values is trivial, the solution by transformation of covariance matrices is deducted

  3. Bullet-Block Science Video Puzzle

    Science.gov (United States)

    Shakur, Asif

    2015-01-01

    A science video blog, which has gone viral, shows a wooden block shot by a vertically aimed rifle. The video shows that the block hit dead center goes exactly as high as the one shot off-center. (Fig. 1). The puzzle is that the block shot off-center carries rotational kinetic energy in addition to the gravitational potential energy. This leads a…

  4. Employer choices of family premium sharing.

    Science.gov (United States)

    Vistnes, Jessica Primoff; Morrisey, Michael A; Jensen, Gail A

    2006-03-01

    In 1997, nearly two-thirds of married couples with children under age 18 were dual-earner couples. Such families may have a variety of insurance options available to them. If so, declining a high employee premium contribution may be a mechanism for one spouse to take money wages in lieu of coverage while the other spouse takes coverage rather than high wages. Employers may use these preferences and the size of premium contributions to encourage workers to obtain family coverage through their spouse. The purpose of this paper is to explore the effects of labor force composition, particularly the proportion of dual-earner couples in the labor market, on the marginal employee premium contribution (marginal EPC) for family coverage. We analyze data from the 1997-2001 Medical Expenditure Panel Survey--Insurance Component (MEPS-IC) List Sample of private establishments. We find strong evidence that the marginal EPC for family coverage is higher when there is a larger concentration of women in the workforce, but only in markets with a higher proportion of dual-earner households.

  5. Physical Premium Principle: A New Way for Insurance Pricing

    Directory of Open Access Journals (Sweden)

    Amir H. Darooneh

    2005-02-01

    Full Text Available Abstract: In our previous work we suggested a way for computing the non-life insurance premium. The probable surplus of the insurer company assumed to be distributed according to the canonical ensemble theory. The Esscher premium principle appeared as its special case. The difference between our method and traditional principles for premium calculation was shown by simulation. Here we construct a theoretical foundation for the main assumption in our method, in this respect we present a new (physical definition for the economic equilibrium. This approach let us to apply the maximum entropy principle in the economic systems. We also extend our method to deal with the problem of premium calculation for correlated risk categories. Like the Buhlman economic premium principle our method considers the effect of the market on the premium but in a different way.

  6. Physical Premium Principle: A New Way for Insurance Pricing

    Science.gov (United States)

    Darooneh, Amir H.

    2005-03-01

    In our previous work we suggested a way for computing the non-life insurance premium. The probable surplus of the insurer company assumed to be distributed according to the canonical ensemble theory. The Esscher premium principle appeared as its special case. The difference between our method and traditional principles for premium calculation was shown by simulation. Here we construct a theoretical foundation for the main assumption in our method, in this respect we present a new (physical) definition for the economic equilibrium. This approach let us to apply the maximum entropy principle in the economic systems. We also extend our method to deal with the problem of premium calculation for correlated risk categories. Like the Buhlman economic premium principle our method considers the effect of the market on the premium but in a different way.

  7. Premium Pricing of Liability Insurance Using Random Sum Model

    OpenAIRE

    Kartikasari, Mujiati Dwi

    2017-01-01

    Premium pricing is one of important activities in insurance. Nonlife insurance premium is calculated from expected value of historical data claims. The historical data claims are collected so that it forms a sum of independent random number which is called random sum. In premium pricing using random sum, claim frequency distribution and claim severity distribution are combined. The combination of these distributions is called compound distribution. By using liability claim insurance data, we ...

  8. Optimal Premium Pricing for a Heterogeneous Portfolio of Insurance Risks

    OpenAIRE

    Pantelous, Athanasios A.; Frangos, Nicholas E.; Zimbidis, Alexandros A.

    2009-01-01

    The paper revisits the classical problem of premium rating within a heterogeneous portfolio of insurance risks using a continuous stochastic control framework. The portfolio is divided into several classes where each class interacts with the others. The risks are modelled dynamically by the means of a Brownian motion. This dynamic approach is also transferred to the design of the premium process. The premium is not constant but equals the drift of the Brownian motion plus a controlled percent...

  9. Employer contribution and premium growth in health insurance.

    Science.gov (United States)

    Liu, Yiyan; Jin, Ginger Zhe

    2015-01-01

    We study whether employer premium contribution schemes could impact the pricing behavior of health plans and contribute to rising premiums. Using 1991-2011 data before and after a 1999 premium subsidy policy change in the Federal Employees Health Benefits Program (FEHBP), we find that the employer premium contribution scheme has a differential impact on health plan pricing based on two market incentives: 1) consumers are less price sensitive when they only need to pay part of the premium increase, and 2) each health plan has an incentive to increase the employer's premium contribution to that plan. Both incentives are found to contribute to premium growth. Counterfactual simulation shows that average premium would have been 10% less than observed and the federal government would have saved 15% per year on its premium contribution had the subsidy policy change not occurred in the FEHBP. We discuss the potential of similar incentives in other government-subsidized insurance systems such as the Medicare Part D and the Health Insurance Marketplace under the Affordable Care Act. Copyright © 2014 Elsevier B.V. All rights reserved.

  10. Premium Pricing of Liability Insurance Using Random Sum Model

    Directory of Open Access Journals (Sweden)

    Mujiati Dwi Kartikasari

    2017-03-01

    Full Text Available Premium pricing is one of important activities in insurance. Nonlife insurance premium is calculated from expected value of historical data claims. The historical data claims are collected so that it forms a sum of independent random number which is called random sum. In premium pricing using random sum, claim frequency distribution and claim severity distribution are combined. The combination of these distributions is called compound distribution. By using liability claim insurance data, we analyze premium pricing using random sum model based on compound distribution

  11. Explaining the so-called 'price premium' in oil markets

    International Nuclear Information System (INIS)

    Merino, A.; Ortiz, A.

    2005-01-01

    This paper explores the information content of several variables on the so-called ''oil price premium over fundamentals''. We define this premium as the difference between the market oil price and the estimated price consistent with the OECD's relative industry stock level. By using Granger causality tests and extended regressions we test the systematic ability of a broad set of variables to explain the premium. We find that speculation in the oil market - measured by non-commercial long positions - can improve the traditional model, reducing the premium significantly during some parts of the sample. (author)

  12. CHIP premiums, health status, and the insurance coverage of children.

    Science.gov (United States)

    Marton, James; Talbert, Jeffery C

    2010-01-01

    This study uses the introduction of premiums into Kentucky's Children's Health Insurance Program (KCHIP) to examine whether the enrollment impact of new premiums varies by child health type. We also examine the extent to which children find alternative coverage after premium nonpayment. Public insurance claims data suggest that those with chronic health conditions are less likely to leave public coverage. We find little evidence of a differential impact of premiums on enrollment among the chronically ill. Our survey of nonpayers shows that 56% of responding families found alternative private or public health coverage for their children after losing CHIP.

  13. Securing energy equity

    Energy Technology Data Exchange (ETDEWEB)

    Grimsby, Lars Kare, E-mail: lars.grimsby@umb.no [Department of International Environment and Development Studies, Noragric, Norwegian University of Life Sciences, P.O. Box 5003, 1432 Aas (Norway)

    2011-11-15

    Addressing energy poverty rather than energy equity conveniently evades the problem of the gap in energy consumption per capita in the developed and developing world. For energy security policies to adequately address energy poverty it requires a widening of scope from national to global. This is a comment to the forthcoming presentation of IEA's proposition for a new architecture for financing universal modern energy access to be presented at the conference 'Energy for all-Financing access for the poor' held in Oslo in October 2011. - Highlights: > Addressing energy poverty may elude the disparity in energy consumption between rich and poor. > A minimum threshold of energy for the poor does not itself address inequity in energy consumption. > Energy equity may be secured by widening scope from national to global, from the poorest to us all.

  14. Securing energy equity

    International Nuclear Information System (INIS)

    Grimsby, Lars Kare

    2011-01-01

    Addressing energy poverty rather than energy equity conveniently evades the problem of the gap in energy consumption per capita in the developed and developing world. For energy security policies to adequately address energy poverty it requires a widening of scope from national to global. This is a comment to the forthcoming presentation of IEA's proposition for a new architecture for financing universal modern energy access to be presented at the conference 'Energy for all-Financing access for the poor' held in Oslo in October 2011. - Highlights: → Addressing energy poverty may elude the disparity in energy consumption between rich and poor. → A minimum threshold of energy for the poor does not itself address inequity in energy consumption. → Energy equity may be secured by widening scope from national to global, from the poorest to us all.

  15. Valuing Private Equity

    DEFF Research Database (Denmark)

    Sørensen, Morten; Wang, Neng; Yang, Jinqiang

    2014-01-01

    We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP).We analyze the LPs’ portfolio-choice problem and find that management fees, car....... On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity.......We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP).We analyze the LPs’ portfolio-choice problem and find that management fees......, carried interest, and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic...

  16. Toward Ensuring Health Equity

    DEFF Research Database (Denmark)

    Petkovic, Jennifer; Epstein, Jonathan; Buchbinder, Rachelle

    2015-01-01

    , the Evaluative Linguistic Framework for Questionnaires, developed to assess text quality of questionnaires. We also considered a study assessing cross-cultural adaptation with/without back-translation and/or expert committee. The results of this preconference work were presented to the equity working group......OBJECTIVE: The goal of the Outcome Measures in Rheumatology (OMERACT) 12 (2014) equity working group was to determine whether and how comprehensibility of patient-reported outcome measures (PROM) should be assessed, to ensure suitability for people with low literacy and differing cultures. METHODS......: The English, Dutch, French, and Turkish Health Assessment Questionnaires and English and French Osteoarthritis Knee and Hip Quality of Life questionnaires were evaluated by applying 3 readability formulas: Flesch Reading Ease, Flesch-Kincaid grade level, and Simple Measure of Gobbledygook; and a new tool...

  17. Designing Modern Equity Portfolios

    OpenAIRE

    Ronald Jean Degen

    2011-01-01

    This aim of this paper is to describe possible ways of investing in equity; choosing the right stocks(among small-cap, large-cap, value, growth, and foreign) using fundamental analysis, defining their appropriate mix in the portfolios according to the desired return-risk profiles based on Markowitz?s modern portfolio theory, and using technical analysis to buy and sell them.

  18. Customer equity of Pakistani fast food restaurant: A study of attitudinal customer equity

    Directory of Open Access Journals (Sweden)

    Zubair

    2017-02-01

    Full Text Available Customer Equity is true representative of relationship marketing. There are two major approach-es to measure Customer Equity: Transaction/sales based approach and Attitudinal Approach. This research is an effort to check customer equity of fast food restaurants of Pakistan by using attitudinal approach. Transactional customer equity is treated as criterion for attitudinal customer equity. Three drivers of Customer Equity are Value Equity, Brand equity and Relationship equity are taken as independent variables in this research. Convenient sampling technique was used and sample size was 393 respondents. The results show that attitudinal customer equity had strong association with transactional equity. Brand equity, value equity and relationship equity show positive associations with attitudinal customer equity.

  19. Private Equity and Industry Performance

    DEFF Research Database (Denmark)

    Bernstein, Shai; Lerner, Josh; Sørensen, Morten

    2017-01-01

    The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find that industries where private equity funds invest grow more quickly in terms...... of total production and employment and appear less exposed to aggregate shocks. Our robustness tests provide some evidence that is consistent with our effects being driven by our preferred channel....

  20. 5 CFR 890.502 - Withholdings, contributions, LWOP, premiums, and direct premium payment.

    Science.gov (United States)

    2010-01-01

    ... amount equal to the premiums for a pay period during which the employee was in a leave without pay (LWOP... for every pay period during which the enrollment continues, except for the 31-day temporary extension... 365 days. (1) An employee who is granted leave without pay (LWOP) under subpart L of part 630 of this...

  1. Lepton mixing and the 'solar neutrino puzzle'

    International Nuclear Information System (INIS)

    Bilenky, S.M.; Pontecorvo, B.

    1977-01-01

    The results of the well-known solar neutrino experiments in which the Cl-Ar method was employed are discussed; the results of this experiment gave a too-small neutrino signal and were referred to as the 'solar neutrino puzzle'. A number of explanations have been offered to account for the results, but it is stated that the explanation in terms of lepton mixing and neutrino sterility is attractive in terms of present day elementary particle physics and much more natural than the other explanations offered. Headings are as follows: neutrino oscillations and lepton charge, oscillations and solar neutrino experiments, lepton mixing according to old and present ideas, neutrino oscillations and the 'solar neutrino puzzle'. (U.K.)

  2. Mankiw's Puzzle on Consumer Durables: A Misspecification

    OpenAIRE

    Tam Bang Vu

    2005-01-01

    Mankiw (1982) shows that consumer durables expenditures should follow a linear ARMA(1,1) process, but the data analyzed supports an AR(1) process instead; thus, a puzzle. In this paper, we employ a more general utility function than Mankiw's quadratic one. Further, the disturbance and depreciation rate are respecified, respectively, as multiplicative and stochastic. The analytical consequence is a nonlinear ARMA(infinity,1) process, which implies that the linear ARMA(1,1) is a misspecificatio...

  3. IMPACT OF LIQUIDITY AND SIZE PREMIUM ON EQUITY PRICE FORMATION IN SERBIA

    OpenAIRE

    Jelena Minović; Boško Živković

    2012-01-01

    The goal of this paper is to examine the impact of an overall market factor, the factor related to the firm size, the factor related to the ratio of book to market value of companies, and the factor of liquidity risk on expected asset returns in the Serbian market. For this market we estimated different factor models: Capital Asset Pricing Model (CAPM by Sharpe, 1964), Fama-French (FF) model (1992, 1993), Liquidity-augmented CAPM (LCAPM) by Liu (2006), and combination LCAPM with FF factors. W...

  4. The dynamics of risk premiums in Nord Pool's futures market

    International Nuclear Information System (INIS)

    Mork, E.

    2006-01-01

    Premiums in futures prices are usually considered through the use of 2 models: a no-arbitrage model; and the equilibrium approach or theory of normal backwardation. The no-arbitrage approach equates futures prices with spot prices, storage costs and convenience yields, and is difficult to apply to electricity markets. This paper investigated future electricity prices in Nord Pool's futures market using an equilibrium approach, which split futures prices into an expected spot price component and a risk premium component. Three main hypotheses were used: (1) that risk premiums were present in the Nord Pool futures market during the period 1997-2004; that risk premiums in the Nord Pool futures market were smaller or absent during the period of 2000 to 2002; and, that there was a significant change in risk premiums in Nord Pool's futures market after the winter of 2002-2003 due to a change in consumer hedging behaviour. Futures prices were compared to realized spot prices in their delivery periods in order to test the hypotheses. In order to estimate the futures premiums, a 1-sample test was performed on the entire period for 1, 30, 60, and 90 days before delivery of the block or month contract. The test employed the null hypothesis that the futures premiums were 0. Premiums were positive and varied between 3.7 per cent and 9.3 per cent. The purpose of the study was to determine whether risk premiums were present. Results showed that risk premiums varied over time. Two additional hypotheses were then investigated to examine whether the presence of outside speculators reduced risk premiums, and to see if a period of high prices and volatility caused more buyers to hedge in the futures market. Results showed that in the face of volatility and higher prices, consumers do not purchase fixed-price contracts which would ultimately increase futures premiums in the market. It was concluded that premiums are an important element in the pricing of Nord Pool futures and forwards

  5. The Ay puzzle and the nuclear force

    International Nuclear Information System (INIS)

    Hueber, D.

    1999-01-01

    The nucleon-deuteron analyzing power A y in elastic nucleon-deuteron scattering poses a longstanding puzzle. At energies E lab below approximately 30 MeV, A y cannot be described by any realistic NN force. The inclusion of existing three-nucleon forces does not improve the situation. Because of recent questions about the 3 P J NN phases, we examine whether reasonable changes in the NN force can resolve the puzzle. In order to do this, we investigate the effect on the 3 P J waves produced by changes in different parts of the potential (viz., the central force, tensor force, etc.), as well as on the 2-body observables and on A y . We find that it is not possible with reasonable changes in the NN potential to increase the 3-body A y , and at the same time to keep the 2-body observables unchanged. We therefore conclude that the A y puzzle is likely to be solved by new three-nucleon forces, such as those of spin-orbit type, which have not yet been taken into account. Refs. 7, tab. 1 (author)

  6. Dissolving the Puzzle of Resultant Moral Luck.

    Science.gov (United States)

    Levy, Neil

    The puzzle of resultant moral luck arises when we are disposed to think that an agent who caused a harm deserves to be blamed more than an otherwise identical agent who did not. One popular (but controversial) perspective on resultant moral luck explains our dispositions to produce different judgments with regard to the agents who feature in these cases as a product not of what they genuinely deserve but of our epistemic situation. On this account, there is no genuine resultant moral luck; there is only luck in what evidence becomes available to observers. In this paper, I develop an evolutionary account of our inclination to take the results of actions as evidence for the mental states of agents, thereby explaining why the resulting intuitions are recalcitrant to correction. The account explains why the puzzle of resultant moral luck arises: because our disposition to take the harms agents cause as evidence of their mental states can produce intuitions which conflict with those that arise when we examine agents' mental states without reference to the results of their actions. The account also helps to solve the puzzle of resultant moral luck, by providing a strong reason to ignore the intuitions caused by our disposition to regard actual harms as evidence of mental states. Since these intuitions arise using an unreliable proxy for agents' mental states, they ought to be trumped by more reliable evidence.

  7. The Ay puzzle and the nuclear force

    International Nuclear Information System (INIS)

    Hueber, D.; Friar, J.L.

    1998-01-01

    The nucleon-deuteron analyzing power A y in elastic nucleon-deuteron scattering poses a longstanding puzzle. At energies E lab below approximately 30 MeV A y cannot be described by any realistic nucleon-nucleon (NN) force. The inclusion of existing three-nucleon forces does not improve the situation. Because of recent questions about the 3 P J NN phases, we examine whether reasonable changes in the NN force can resolve the puzzle. In order to do this we investigate the effect on the 3 P J waves produced by changes in different parts of the potential (viz., the central force, tensor force, etc.), as well as on the two-body observables and on A y . We find that it is not possible with reasonable changes in the NN potential to increase the three-body A y and at the same time to keep the two-body observables unchanged. We therefore conclude that the A y puzzle is likely to be solved by new three-nucleon forces, such as those of the spin-orbit type, which have not yet been taken into account. copyright 1998 The American Physical Society

  8. Equity venture capital platform model based on complex network

    Science.gov (United States)

    Guo, Dongwei; Zhang, Lanshu; Liu, Miao

    2018-05-01

    This paper uses the small-world network and the random-network to simulate the relationship among the investors, construct the network model of the equity venture capital platform to explore the impact of the fraud rate and the bankruptcy rate on the robustness of the network model while observing the impact of the average path length and the average agglomeration coefficient of the investor relationship network on the income of the network model. The study found that the fraud rate and bankruptcy rate exceeded a certain threshold will lead to network collapse; The bankruptcy rate has a great influence on the income of the platform; The risk premium exists, and the average return is better under a certain range of bankruptcy risk; The structure of the investor relationship network has no effect on the income of the investment model.

  9. The Phantom Gender Difference in the College Wage Premium

    Science.gov (United States)

    Hubbard, William H. J.

    2011-01-01

    A growing literature seeks to explain why so many more women than men now attend college. A commonly cited stylized fact is that the college wage premium is, and has been, higher for women than for men. After identifying and correcting a bias in estimates of college wage premiums, I find that there has been essentially no gender difference in the…

  10. Risk premiums in the German day-ahead Electricity Market

    International Nuclear Information System (INIS)

    Viehmann, Johannes

    2011-01-01

    This paper conducts an empirical analysis of risk premiums in the German day-ahead Electricity Wholesale Market. We compare hourly price data of the European Energy Exchange (EEX) auction and of the continuous over-the-counter (OTC) market which takes place prior to the EEX auction. Data provided by the Energy Exchange Austria (EXAA) has been used as a snapshot of the OTC market two hours prior to the EEX auction. Ex post analysis found market participants are willing to pay both significant positive and negative premiums for hourly contracts. The largest positive premiums were paid for high demand evening peak hours on weekdays during winter months. By contrast, night hours on weekends featuring lowest demand levels display negative premiums. Additionally, ex ante analysis found a strong positive correlation between the expected tightness of the system and positive premiums. For this purpose, a tightness factor has been introduced that includes expectations of fundamental factors such as power plant availability, wind power production and demand. Hence, findings by can be supported that power traders in liberalised markets behave like risk-averse rational economic agents. - Research highlights: →Analysis of hourly risk premiums in the German day-ahead Electricity Wholesale Market. →Market participants are willing to pay both significant positive and negative premiums for hourly contracts. →A strong correlation exists between the expected tightness of the power system and premiums.

  11. 5 CFR 410.402 - Paying premium pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Paying premium pay. 410.402 Section 410... for Training Expenses § 410.402 Paying premium pay. (a) Prohibitions. Except as provided by paragraph (b) of this section, an agency may not use its funds, appropriated or otherwise available, to pay...

  12. 26 CFR 1.848-2 - Determination of net premiums.

    Science.gov (United States)

    2010-04-01

    ... reinsurance agreements with parties not subject to United States taxation) are treated separately and are... consideration includes— (i) Advance premiums; (ii) Amounts in a premium deposit fund or similar account, to the... parties not subject to United States taxation. (2) Net consideration determined by a ceding company—(i) In...

  13. Premium Motorsi priimad päevad / Raigo Neudorf

    Index Scriptorium Estoniae

    Neudorf, Raigo

    2007-01-01

    Automüüja Premium Motors on edu saavutanud luksusmaasturi Hummer ning teiste USA eksklusiivsete automarkide müügiõigusega. Tabel: Rentaabel äri. Vt. samas: Palun kaks roosat Hummerit; Premium Motors hakkab sügisel Hiina maastureid müüma.

  14. Can large long-term investors capture illiquidity premiums

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Driessen, J.J.A.G.

    2015-01-01

    In this paper we perform a literature study to assess whether large long-term investors can benefit from liquidity premiums in different asset classes. We both describe the theoretical predictions on liquidity premiums and portfolio choice with illiquidity, as well as empirical evidence on liquidity

  15. 12 CFR 217.101 - Premiums on deposits.

    Science.gov (United States)

    2010-01-01

    ... from paying interest on a demand deposit. Premiums, whether in the form of merchandise, credit, or cash... AGAINST THE PAYMENT OF INTEREST ON DEMAND DEPOSITS (REGULATION Q) Interpretations § 217.101 Premiums on... that is not, directly or indirectly, related to or dependent on the balance in a demand deposit account...

  16. Price premium of organic salmon in Danish retail sale

    DEFF Research Database (Denmark)

    Ankamah Yeboah, Isaac; Nielsen, Max; Nielsen, Rasmus

    2016-01-01

    for organic salmon in Danish retail sale using consumer panel scanner data from households by applying a random effect hedonic price model that permits unobserved household heterogeneity. A price premium of 20% was identified for organic salmon. The magnitude of this premium is comparable to organic labeled...

  17. 75 FR 9247 - Single Family Mortgage Insurance Premium, Single Family

    Science.gov (United States)

    2010-03-01

    ... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5376-N-13] Single Family Mortgage Insurance Premium, Single Family AGENCY: Office of the Chief Information Officer, HUD. ACTION: Notice... is soliciting public comments on the subject proposal. Lenders use the Single Family Premium...

  18. 78 FR 7264 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2013-02-01

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9611] RIN 1545-BL49 Health Insurance Premium Tax Credit AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. SUMMARY: This document contains final regulations relating to the health insurance premium tax credit...

  19. 76 FR 50931 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2011-08-17

    ... Health Insurance Premium Tax Credit AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of... relating to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care... be able to purchase private health insurance through State-based competitive marketplaces called...

  20. 77 FR 41048 - Health Insurance Premium Tax Credit; Correction

    Science.gov (United States)

    2012-07-12

    ... the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9590] RIN 1545-BJ82 Health Insurance Premium Tax Credit; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION...

  1. TESTING FOR RISK PREMIUMS IN THE WHEAT-FLOUR SUBSECTOR

    OpenAIRE

    Cotterill, Ronald W.; Salih, Hachim M.

    1992-01-01

    This paper specifies a model of wholesale flour price determination that incorporates risk measures for input prices (wheat) and a joint output price (millfeed). Tests using daily price data for a Buffalo flour miller indicate that risk premiums do exist. Moreover, these premiums persist in a model that incorporates hedging.

  2. 31 CFR 337.13 - Payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-07-01

    ... insurance premiums. When book-entry debentures are being purchased prior to maturity to pay for mortgage insurance premiums, the difference between the amount of the debentures purchased and the mortgage insurance... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Payment of mortgage insurance...

  3. 24 CFR 213.256 - Premiums; insurance upon completion.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Premiums; insurance upon completion... HOUSING AND URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES COOPERATIVE HOUSING MORTGAGE INSURANCE Contract Rights and Obligations-Projects § 213.256 Premiums...

  4. 24 CFR 236.253 - Premiums-operating loss loans.

    Science.gov (United States)

    2010-04-01

    ... Obligations for Mortgage Insurance § 236.253 Premiums—operating loss loans. All of the provisions of § 207.252a of this chapter relating to mortgage insurance premiums on operating loss loans shall apply to... Act the mortgage insurance premiums due in accordance with § 207.252a shall be calculated on the basis...

  5. Rare disasters, credit, and option market puzzles

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Du, Du; Elkamhi, Redouane

    2017-01-01

    calibrated to the real economy can simultaneously explain several key empirical regularities in equity, credit, and options markets. Our model captures the empirical level and volatility of credit spreads, generates a flexible credit risk term structure, and provides a good fit to a century of observed...

  6. A comment on 'Storage and the electricity forward premium'

    International Nuclear Information System (INIS)

    Bloys van Treslong, Adriaan; Huisman, Ronald

    2010-01-01

    This paper examines the robustness of the results found by Douglas and Popova (2008). They examine the electricity forward premium in relation to gas storage inventories and find that, although electricity is not directly storable, electricity forward premiums are lower when gas storage inventories are higher, especially on days with high temperatures. Douglas and Popova (2008) derive their results from a forward premium model that is an extension of the Bessembinder and Lemmon (2002) model. We examine whether the gas storage inventory results hold under a different specification of the forward risk premium. Our results support the results found by Douglas and Popova (2008) and show that their results are not influenced by the specification of the forward premium model. (author)

  7. Optimal Premium Pricing for a Heterogeneous Portfolio of Insurance Risks

    Directory of Open Access Journals (Sweden)

    Athanasios A. Pantelous

    2009-01-01

    Full Text Available The paper revisits the classical problem of premium rating within a heterogeneous portfolio of insurance risks using a continuous stochastic control framework. The portfolio is divided into several classes where each class interacts with the others. The risks are modelled dynamically by the means of a Brownian motion. This dynamic approach is also transferred to the design of the premium process. The premium is not constant but equals the drift of the Brownian motion plus a controlled percentage of the respective volatility. The optimal controller for the premium is obtained using advanced optimization techniques, and it is finally shown that the respective pricing strategy follows a more balanced development compared with the traditional premium approaches.

  8. Unilever Group : equity valuation

    OpenAIRE

    Pires, Susana Sofia Castelo

    2014-01-01

    The following dissertation has the purpose to value the Unilever Group, but more specifically Unilever N.V. being publicly traded in the Amsterdam Exchange Index. Unilever is seen as a global player and one of most successful and competitive fast-moving consumer goods companies. In order to valuate Unilever’s equity, a Discounted Cash Flow (DCF) approach is first carried out, since it is believed to be the most reliable methodology. The value estimated was €36.39, advising one to buy its s...

  9. History of Pay Equity Studies.

    Science.gov (United States)

    Barbezat, Debra A.

    2002-01-01

    Traces the evolution of salary-equity studies over time, and how the findings have changed with regard to pay differences by gender and race/ethnicity. Reviews the literature on salary equity for both faculty and nonfaculty academic employees. (EV)

  10. Product Placement and Brand Equity

    OpenAIRE

    Corniani, Margherita

    2003-01-01

    Product placement is the planned insertion of a brand within a movie, a fiction, etc. It can be used with other communication tools (i.e. advertising, sales promotions, etc.) in order to disseminate brand awareness and characterize brand image, developing brand equity. In global markets, product placement is particularly useful for improving brand equity of brands with a well established brand awareness.

  11. Corporate Governance and Equity Returns

    OpenAIRE

    Uchida, Shigeru

    2012-01-01

    This paper analyses the relationship between corporate governance and equity returns from the small investors view point. A primary survey has been conducted to gather the data required to examine the link. Preliminary result of the study shows that the four elements of governance: board structure, transparency, fairness and responsibility are positively related with equity returns.

  12. Is Nordic Private Equity Different?

    DEFF Research Database (Denmark)

    Spliid, Robert

    2013-01-01

    Most research on private equity is based on American theory, tested on American empirical data. Nevertheless, the private equity concept has gained a solid foothold in the Nordic region, especially in Sweden. This article analyzes whether American-biased assumptions prevail in the Nordic countries...

  13. Early puzzle play: a predictor of preschoolers' spatial transformation skill.

    Science.gov (United States)

    Levine, Susan C; Ratliff, Kristin R; Huttenlocher, Janellen; Cannon, Joanna

    2012-03-01

    Individual differences in spatial skill emerge prior to kindergarten entry. However, little is known about the early experiences that may contribute to these differences. The current study examined the relation between children's early puzzle play and their spatial skill. Children and parents (n = 53) were observed at home for 90 min every 4 months (6 times) between 2 and 4 years of age (26 to 46 months). When children were 4 years 6 months old, they completed a spatial task involving mental transformations of 2-dimensional shapes. Children who were observed playing with puzzles performed better on this task than those who did not, controlling for parent education, income, and overall parent word types. Moreover, among those children who played with puzzles, frequency of puzzle play predicted performance on the spatial transformation task. Although the frequency of puzzle play did not differ for boys and girls, the quality of puzzle play (a composite of puzzle difficulty, parent engagement, and parent spatial language) was higher for boys than for girls. In addition, variation in puzzle play quality predicted performance on the spatial transformation task for girls but not for boys. Implications of these findings as well as future directions for research on the role of puzzle play in the development of spatial skill are discussed. PsycINFO Database Record (c) 2012 APA, all rights reserved.

  14. Early Puzzle Play: A predictor of preschoolers’ spatial transformation skill

    Science.gov (United States)

    Levine, S.C.; Ratliff, K.R.; Huttenlocher, J.; Cannon, J.

    2011-01-01

    Individual differences in spatial skill emerge prior to kindergarten entry. However, little is known about the early experiences that may contribute to these differences. The current study examines the relation between children’s early puzzle play and their spatial skill. Children and parents (n = 53) were observed at home for 90 minutes every four months (six times) between 2 and 4 years of age (26 to 46 months). When children were 4 years 6 months old, they completed a spatial task involving mental transformations of 2D shapes. Children who were observed playing with puzzles performed better on this task than those who did not, controlling for parent education, income, and overall parent word types. Moreover, among those children who played with puzzles, frequency of puzzle play predicted performance on the spatial transformation task. Although the frequency of puzzle play did not differ for boys and girls, the quality of puzzle play (a composite of puzzle difficulty, parent engagement, and parent spatial language) was higher for boys than girls. In addition, variation in puzzle play quality predicted performance on the spatial transformation task for girls but not boys. Implications of these findings as well as future directions for research on the role of the role of puzzle play in the development of spatial skill are discussed. PMID:22040312

  15. Intergenerational equity and conservation

    Science.gov (United States)

    Otoole, R. P.; Walton, A. L.

    1980-01-01

    The issue of integenerational equity in the use of natural resources is discussed in the context of coal mining conversion. An attempt to determine if there is a clear-cut benefit to future generations in setting minimum coal extraction efficiency standards in mining is made. It is demonstrated that preserving fossil fuels beyond the economically efficient level is not necessarily beneficial to future generations even in terms of their own preferences. Setting fossil fuel conservation targets for intermediate products (i.e. energy) may increase the quantities of fossil fuels available to future generations and hence lower the costs, but there may be serious disadvantages to future generations as well. The use of relatively inexpensive fossil fuels in this generation may result in more infrastructure development and more knowledge production available to future generations. The value of fossil fuels versus these other endowments in the future depends on many factors which cannot possibly be evaluated at present. Since there is no idea of whether future generations are being helped or harmed, it is recommended that integenerational equity not be used as a factor in setting coal mine extraction efficiency standards, or in establishing requirements.

  16. Nuclear clustering and the electron screening puzzle

    Science.gov (United States)

    Bertulani, C. A.; Spitaleri, C.

    2018-01-01

    Electron screening changes appreciably the magnitude of astrophysical nuclear reactions within stars. This effect is also observed in laboratory experiments on Earth, where atomic electrons are present in the nuclear targets. Theoretical models were developed over the past 30 years and experimental measurements have been carried out to study electron screening in thermonuclear reactions. None of the theoretical models were able to explain the high values of the experimentally determined screening potentials. We explore the possibility that the "electron screening puzzle" is due to nuclear clusterization and polarization e_ects in the fusion reactions. We will discuss the supporting arguments for this scenario.

  17. Nature's Greatest Puzzles

    Energy Technology Data Exchange (ETDEWEB)

    Quigg, Chris; /Fermilab

    2005-02-01

    It is a pleasure to be part of the SLAC Summer Institute again, not simply because it is one of the great traditions in our field, but because this is a moment of great promise for particle physics. I look forward to exploring many opportunities with you over the course of our two weeks together. My first task in talking about Nature's Greatest Puzzles, the title of this year's Summer Institute, is to deconstruct the premise a little bit.

  18. Last piece of the puzzle for ATLAS

    CERN Multimedia

    Clare Ryan

    At around 15.40 on Friday 29th February the ATLAS collaboration cracked open the champagne as the second of the small wheels was lowered into the cavern. Each of ATLAS' small wheels are 9.3 metres in diameter and weigh 100 tonnes including the massive shielding elements. They are the final parts of ATLAS' muon spectrometer. The first piece of ATLAS was installed in 2003 and since then many detector elements have journeyed down the 100 metre shaft into the ATLAS underground cavern. This last piece completes this gigantic puzzle.

  19. HIV, wages, and the skill premium.

    Science.gov (United States)

    Marinescu, Ioana

    2014-09-01

    The HIV epidemic has dramatically decreased labor supply among prime-age adults in Sub-Saharan Africa. Using within-country variation in regional HIV prevalence and a synthetic panel, I find that HIV significantly increases the capital-labor ratio in urban manufacturing firms. The impact of HIV on average wages is positive but imprecisely estimated. In contrast, HIV has a large positive impact on the skill premium. The impact of HIV on the wages of low skilled workers is insignificantly different from 0, and is strongly dampened by competition from rural migrants. The HIV epidemic disproportionately increases the incomes of high-skilled survivors, thus increasing inequality. Copyright © 2014 Elsevier B.V. All rights reserved.

  20. Cross-sectional returns with volatility regimes from a diverse portfolio of emerging and developed equity indices

    Directory of Open Access Journals (Sweden)

    Paweł Sakowski

    2016-10-01

    Full Text Available This article aims to extend evaluation of the classic multifactor model of Carhart (1997 for the case of global equity indices and to expand analysis performed in Sakowski et. al. (2015. Our intention is to test several modifications of these models to take into account different dynamics of equity excess returns between emerging and developed equity indices. Proposed extensions include a volatility regime switching mechanism (using dummy variables and the Markov approach and the fifth risk factor based on realized volatility of index returns. Moreover, instead of using data for stocks of a particular market (which is a common approach in the literature, we check performance of these models for weekly data of 81 world investable equity indices in the period of 2000-2015. Such an approach is proposed to estimate an equity risk premium for a single country. Empirical evidence reveals important differences between results for classical models estimated on single stocks (either in international or US-only frameworks and models evaluated for equity indices. Additionally, we observe substantial discrepancies between results for developed countries and emerging markets. Finally, using weekly data for the last 15 years we illustrate the importance of model risk and data overfitting effects when drawing conclusions upon results of multifactor models.

  1. An exploratory analysis of cigarette price premium, market share and consumer loyalty in relation to continued consumption versus cessation in a national US panel.

    Science.gov (United States)

    Lewis, Michael; Wang, Yanwen; Cahn, Zachary; Berg, Carla J

    2015-11-03

    Brand equity and consumer loyalty play a role in continued purchasing behaviour; however, this research has largely focused on non-addictive products without counter-marketing tactics. We examined the impact of brand equity (price premium, market share) and consumer loyalty (switching rates) on smoking cessation (discontinued cigarette purchases for 1 year) among smokers in a consumer panel. In Spring 2015, we analysed 1077 cigarette-purchasing households in the Nielsen Homescan Panel. We analysed cessation in relation to brand equity, consumer loyalty, other purchasing behaviours (nicotine intake, frequency), sociodemographics and tobacco control activities (per state-specific data) over a 6-year period (2004-2009) using Cox proportional hazard modelling. The sample was 13.28% African-American; the average income was $52,334 (SD=31,445). The average price premium and market share of smokers' dominant brands were $1.31 (SD=0.49) and 15.41% (SD=19.15), respectively. The mean brand loyalty level was 0.90 (SD=0.17), indicating high loyalty. In our final model, a higher price premium and market share were associated with lower quit rates (p=0.039); however, an interaction effect suggested that greater market share was not associated with lower cessation rates for African-American smokers (p=0.006). Consumer loyalty was not associated with cessation. Other predictors of lower quit rates included a higher nicotine intake (p=0.006) and baseline purchase frequency (pconsumer relationships. Thus, continued efforts should aim to regulate tobacco marketing efforts in order to disrupt these relationships to promote cessation. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

  2. An exploratory analysis of cigarette price premium, market share and consumer loyalty in relation to continued consumption versus cessation in a national US panel

    Science.gov (United States)

    Lewis, Michael; Wang, Yanwen; Cahn, Zachary; Berg, Carla J

    2015-01-01

    Introduction Brand equity and consumer loyalty play a role in continued purchasing behaviour; however, this research has largely focused on non-addictive products without counter-marketing tactics. We examined the impact of brand equity (price premium, market share) and consumer loyalty (switching rates) on smoking cessation (discontinued cigarette purchases for 1 year) among smokers in a consumer panel. Methods In Spring 2015, we analysed 1077 cigarette-purchasing households in the Nielsen Homescan Panel. We analysed cessation in relation to brand equity, consumer loyalty, other purchasing behaviours (nicotine intake, frequency), sociodemographics and tobacco control activities (per state-specific data) over a 6-year period (2004–2009) using Cox proportional hazard modelling. Results The sample was 13.28% African-American; the average income was $52 334 (SD=31 445). The average price premium and market share of smokers’ dominant brands were $1.31 (SD=0.49) and 15.41% (SD=19.15), respectively. The mean brand loyalty level was 0.90 (SD=0.17), indicating high loyalty. In our final model, a higher price premium and market share were associated with lower quit rates (p=0.039); however, an interaction effect suggested that greater market share was not associated with lower cessation rates for African-American smokers (p=0.006). Consumer loyalty was not associated with cessation. Other predictors of lower quit rates included a higher nicotine intake (p=0.006) and baseline purchase frequency (pconsumer relationships. Thus, continued efforts should aim to regulate tobacco marketing efforts in order to disrupt these relationships to promote cessation. PMID:26534732

  3. Insurance premiums and insurance coverage of near-poor children.

    Science.gov (United States)

    Hadley, Jack; Reschovsky, James D; Cunningham, Peter; Kenney, Genevieve; Dubay, Lisa

    States increasingly are using premiums for near-poor children in their public insurance programs (Medicaid/SCHIP) to limit private insurance crowd-out and constrain program costs. Using national data from four rounds of the Community Tracking Study Household Surveys spanning the seven years from 1996 to 2003, this study estimates a multinomial logistic regression model examining how public and private insurance premiums affect insurance coverage outcomes (Medicaid/SCHIP coverage, private coverage, and no coverage). Higher public premiums are significantly associated with a lower probability of public coverage and higher probabilities of private coverage and uninsurance; higher private premiums are significantly related to a lower probability of private coverage and higher probabilities of public coverage and uninsurance. The results imply that uninsurance rates will rise if both public and private premiums increase, and suggest that states that impose or increase public insurance premiums for near-poor children will succeed in discouraging crowd-out of private insurance, but at the expense of higher rates of uninsurance. Sustained increases in private insurance premiums will continue to create enrollment pressures on state insurance programs for children.

  4. 24 CFR 266.600 - Mortgage insurance premium: Insurance upon completion.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium... MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.600 Mortgage insurance premium: Insurance upon completion. (a) Initial premium. For projects insured upon completion, on...

  5. 24 CFR 207.252e - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 207.252e Section 207.252e Housing and Urban Development Regulations Relating to Housing... Premiums § 207.252e Method of payment of mortgage insurance premiums. In the cases that the Commissioner... mortgagees, that mortgage insurance premiums be remitted electronically. [63 FR 1303, Jan. 8, 1998] ...

  6. 26 CFR 1.163-11T - Allocation of certain prepaid qualified mortgage insurance premiums (temporary).

    Science.gov (United States)

    2010-04-01

    ... insurance premiums (temporary). 1.163-11T Section 1.163-11T Internal Revenue INTERNAL REVENUE SERVICE... insurance premiums (temporary). (a) Allocation—(1) In general. As provided in section 163(h)(3)(E), premiums... section applies whether the qualified mortgage insurance premiums are paid in cash or are financed...

  7. The Cross-Section of Credit Risk Premia and Equity Returns

    DEFF Research Database (Denmark)

    Friewald, Niels; Wagner, Christian; Zechner, Josef

    We explore the link between a firm's stock returns and its credit risk using a simple insight from structural models following Merton (1974): risk premia on equity and credit instruments are related because all claims on assets must earn the same compensation per unit of risk. Consistent...... with theory, we find that firms' stock returns increase with credit risk premia estimated from CDS spreads. Credit risk premia contain information not captured by physical or by risk-neutral default probabilities alone. This sheds new light on the "distress puzzle", i.e. the lack of a positive relation...

  8. Challenges of Ensuring Equity

    DEFF Research Database (Denmark)

    Pasgaard, Maya

    and on a conceptual framework to examine equity in REDD+. Qualitative research with a case study in Cambodia provides the empirical foundation for the thesis, supplemented with a quantitative analysis of climate change research to address the fourth research question. Together, these articles and approaches...... these challenges, specific recomm ndations are summarized in the thesis, namely: better integration of qualitative methods in social assessments, greater emphasis on local inclusion and representativeness in relation to resource access and decision-making, more field research and cross...... social assessments in REDD+ are inadequate due to a dominant positivistic approach to methods and indicators for social assessment, which contrasts the complexities and context of REDD+ projects; 2) The distribution of costs and benefits within communities in Oddar Meanchey is uneven, as the costs...

  9. Sampling Random Bioinformatics Puzzles using Adaptive Probability Distributions

    DEFF Research Database (Denmark)

    Have, Christian Theil; Appel, Emil Vincent; Bork-Jensen, Jette

    2016-01-01

    We present a probabilistic logic program to generate an educational puzzle that introduces the basic principles of next generation sequencing, gene finding and the translation of genes to proteins following the central dogma in biology. In the puzzle, a secret "protein word" must be found by asse...

  10. Decoding Codewords: Statistical Analysis of a Newspaper Puzzle

    Science.gov (United States)

    Meacock, Susan; Meacock, Geoff

    2012-01-01

    In recent years English newspapers have started featuring a number of puzzles other than the ubiquitous crossword. Many of the puzzles are of Japanese origin such as Sudoku, Kakuro or Hidato. However, one recent one is very English and is called variously Cross-code, Alphapuzzle or some other name. In this article, it will be known as Codeword.…

  11. A Puzzle Used to Teach the Cardiac Cycle

    Science.gov (United States)

    Marcondes, Fernanda K.; Moura, Maria J. C. S.; Sanches, Andrea; Costa, Rafaela; Oliveira de Lima, Patricia; Groppo, Francisco Carlos; Amaral, Maria E. C.; Zeni, Paula; Gaviao, Kelly Cristina; Montrezor, Luís H.

    2015-01-01

    The aim of the present article is to describe a puzzle developed for use in teaching cardiac physiology classes. The puzzle presents figures of phases of the cardiac cycle and a table with five columns: phases of cardiac cycle, atrial state, ventricular state, state of atrioventricular valves, and pulmonary and aortic valves. Chips are provided…

  12. The Clock Is Ticking: Library Orientation as Puzzle Room

    Science.gov (United States)

    Reade, Tripp

    2017-01-01

    Tripp Reade is the school librarian at Cardinal Gibbons High School in Raleigh, North Carolina. This article describes how he redesigned his school's library orientation program after learning about escape rooms and a variant known as puzzle rooms. Puzzle rooms present players with a set of challenges to solve; they require "teamwork,…

  13. Crossword Puzzles as Learning Tools in Introductory Soil Science

    Science.gov (United States)

    Barbarick, K. A.

    2010-01-01

    Students in introductory courses generally respond favorably to novel approaches to learning. To this end, I developed and used three crossword puzzles in spring and fall 2009 semesters in Introductory Soil Science Laboratory at Colorado State University. The first hypothesis was that crossword puzzles would improve introductory soil science…

  14. Equity Versus Non-Equity International Strategic Alliances

    DEFF Research Database (Denmark)

    Globerman, Steven; Nielsen, Bo Bernhard

    A substantial literature has evolved focusing on the ownership structure of international strategic alliances (ISAs). Most of the relevant studies are theoretical in nature and concentrate on the conceptual factors that influence the choice between equity and non-equity structures. A smaller numb...... involving Danish firms. Our study documents how the determinants of governance mode choice vary in importance depending upon the "quality" of the governance infrastructure of the host country....

  15. Essays on executive equity-based compensation and equity ownership

    OpenAIRE

    Elsilä, A. (Anna)

    2015-01-01

    Abstract A major proposition of the agency theory is that the conflict of interests between an agent and a principal is reduced when the agent’s wealth and compensation are tied to the performance of the firm. Apart from the direct predicted relation to corporate performance, compensating managers with equity instruments has implications for corporate risk-taking and payout policy choices. Additionally, equity-based compensation practices are to a large extent shaped by institutional facto...

  16. PENENTUAN CADANGAN PREMI DENGAN METODE PREMIUM SUFFICIENCY PADA ASURANSI JIWA SEUMUR HIDUP JOINT LIFE

    Directory of Open Access Journals (Sweden)

    NI PUTU MIRAH PERMATASARI

    2016-08-01

    Full Text Available The aim of this research was to get the formula of premium reserves through the premium sufficiency method. Premium reserve is the amount of fund that is collected by the insurance company in preparation for the claim’s payment. Premium sufficiency method is gross premium calculation. To construct that formula, this research used Tabel Mortalitas Indonesia (TMI 2011, interest rate 2.5% and cost of alpha %. Based on simulation result in men premium reserve value of age 1 of 56 years propotional with insured periods, but after56 years enhancement of premium reserve value.

  17. Equity in health care financing: The case of Malaysia.

    Science.gov (United States)

    Yu, Chai Ping; Whynes, David K; Sach, Tracey H

    2008-06-09

    Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments) independently, and subsequently by combined the financing sources to evaluate the whole financing system. Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO) and a regressive finance source (indirect taxes). Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers can gain an in depth understanding of the equity impact, in order to help

  18. NEGATIVE CURRENCY-RISK-EXPOSURE FOR TURKISH EQUITIES

    Directory of Open Access Journals (Sweden)

    Salvatore J. Terregrossa

    2016-04-01

    Full Text Available Currency-risk-exposure is an issue for Turkish equities, from two different angles: internationaltrade and foreign-portfolio-investment. The likely effect is positive for the former, and negative for the latter aspect. Consequently, the overall or net effect on equity value depends on which of these aspects of currency-risk-exposure has the greater impact. The present empirical analysis estimates currency risk of Turkish equities within a multi-factor regression setting, utilizing the framework of the Security Market Plane (SMP model. The SMP model embodies a conditional relation among three variables: beta, realized excess market-return, and expected excess portfolio-return. The SMP empirical framework is extended to include a currency-risk-factor in the present analysis. The currency-risk-factor is specified as the excess return to holding foreign currency (€; $, relative to holding domestic currency (Turkish Lira. The SMP-related factor is the cross-product term of beta and realized excess market-return (β it rMt . A regression of realized excess portfolio-returns against the corresponding currency-risk-factor and cross product-term (β it rMt finds that the Turkish stocks represented in the analysis generally have overall negative currency-risk-exposure; suggesting that unexpected currency depreciation generally leads to lower values for Turkish stocks (and portfolios of Turkish stocks. Thus, after accounting for the SMP-related interaction-effect between beta and realized excess marketreturn, currency risk is found to command a premium for the Turkish stocks represented in the analysis.

  19. Equity in health care financing: The case of Malaysia

    Directory of Open Access Journals (Sweden)

    Sach Tracey H

    2008-06-01

    Full Text Available Abstract Background Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. Objective The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments independently, and subsequently by combined the financing sources to evaluate the whole financing system. Methods Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO and a regressive finance source (indirect taxes. Conclusion Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers

  20. Social equity, mobility, and access.

    Science.gov (United States)

    2014-03-01

    This report discusses how transportation policies can aggravate or alleviate social equity problems. Current transit systems : (Detroit, Atlanta, Cleveland, Denver, and St. Louis) were studied with respect to their strategies and relative success in ...

  1. Sustainability : Intergeneration Equity and Environment

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Y.D. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-06-01

    Regarding intergenerational equity as prerequisite for sustainability, we derive an optimal investment rule for intergenerational equity from an optimization model allowing for capital accumulation and pollution. This rule provides a condition for intergenerational equity such that an economy maintains constant net value of investment the difference between the physical capital investment value and the environmental resource depletion(pollution) value. This rule is more generalized condition for intergenerational equity than the 'keep capital intact' rule suggested by Hartwick(1977) and Solow(1999), in a sense that this rule includes their condition as a special. Also, we expect this rule to offer an empirical measure of sustainability. In addition, we discuss a variety of recent environmental issues in practice, especially associated with the implications from the rule. (author). 13 refs.

  2. The Effects of Premium Changes on ALL Kids

    Data.gov (United States)

    U.S. Department of Health & Human Services — The Effects of Premium Changes on ALL Kids, Alabamas CHIP Program Unlike many other CHIP programs, ALL Kids is a standalone program that provides year long...

  3. Demystifying first-cost green building premiums in healthcare.

    Science.gov (United States)

    Houghton, Adele; Vittori, Gail; Guenther, Robin

    2009-01-01

    This study assesses the extent of "first-cost green building construction premiums" in the healthcare sector based on data submitted by and interviews with 13 current LEED-certified and LEED-registered healthcare project teams, coupled with a literature survey of articles on the topics of actual and perceived first-cost premiums associated with green building strategies. This analysis covers both perceived and realized costs across a range of projects in this sector, leading to the following conclusions: Construction first-cost premiums may be lower than is generally perceived, and they appear to be independent of both building size and level of "green" achievement; projects are using financial incentives and philanthropy to drive higher levels of achievement; premiums are decreasing over time; and projects are benefiting from improvements in health and productivity which, although difficult to monetize, are universally valued.

  4. 26 CFR 1.822-11 - Net premiums.

    Science.gov (United States)

    2010-04-01

    ... TAXES Mutual Insurance Companies (other Than Life and Certain Marine Insurance Companies and Other Than Fire Or Flood Insurance Companies Which Operate on Basis of Perpetual Policies Or Premium Deposits) § 1...

  5. 26 CFR 1.823-1 - Net premiums.

    Science.gov (United States)

    2010-04-01

    ... TAXES Mutual Insurance Companies (other Than Life and Certain Marine Insurance Companies and Other Than Fire Or Flood Insurance Companies Which Operate on Basis of Perpetual Policies Or Premium Deposits) § 1...

  6. 26 CFR 1.823-4 - Net premiums.

    Science.gov (United States)

    2010-04-01

    ... TAXES Mutual Insurance Companies (other Than Life and Certain Marine Insurance Companies and Other Than Fire Or Flood Insurance Companies Which Operate on Basis of Perpetual Policies Or Premium Deposits) § 1...

  7. Premium growth and its effect on employer-sponsored insurance.

    Science.gov (United States)

    Vistnes, Jessica; Selden, Thomas

    2011-03-01

    We use variation in premium inflation and general inflation across geographic areas to identify the effects of downward nominal wage rigidity on employers' health insurance decisions. Using employer level data from the 2000 to 2005 Medical Expenditure Panel Survey-Insurance Component, we examine the effect of premium growth on the likelihood that an employer offers insurance, eligibility rates among employees, continuous measures of employee premium contributions for both single and family coverage, and deductibles. We find that small, low-wage employers are less likely to offer health insurance in response to increased premium inflation, and if they do offer coverage they increase employee contributions and deductible levels. In contrast, larger, low-wage employers maintain their offers of coverage, but reduce eligibility for such coverage. They also increase employee contributions for single and family coverage, but not deductibles. Among high-wage employers, all but the largest increase deductibles in response to cost pressures.

  8. A case for 'prevailing ecology' as premium determinant in home ...

    African Journals Online (AJOL)

    A case for 'prevailing ecology' as premium determinant in home-based child care ... Ewe mothers located in Dzemeni a migrant, lakeside community in Ghana. ... It builds a case from the analysis of definitions and concepts in care literature.

  9. Log-supermodularity of weight functions and the loading monotonicity of weighted insurance premiums

    OpenAIRE

    Hristo S. Sendov; Ying Wang; Ricardas Zitikis

    2010-01-01

    The paper is motivated by a problem concerning the monotonicity of insurance premiums with respect to their loading parameter: the larger the parameter, the larger the insurance premium is expected to be. This property, usually called loading monotonicity, is satisfied by premiums that appear in the literature. The increased interest in constructing new insurance premiums has raised a question as to what weight functions would produce loading-monotonic premiums. In this paper we demonstrate a...

  10. Universal financial protection through National Health Insurance: a stakeholder analysis of the proposed one-time premium payment policy in Ghana.

    Science.gov (United States)

    Abiiro, Gilbert Abotisem; McIntyre, Di

    2013-05-01

    Extending coverage to the informal sector is a key challenge to achieving universal coverage through contributory health insurance schemes. Ghana introduced a mandatory National Health Insurance system in 2004 to provide financial protection for both the formal and informal sectors through a combination of taxes and annual premium payments. As part of its election promise in 2008, the current government (then in opposition) promised to make the payment of premiums 'one-time'. This has been a very controversial policy issue in Ghana. This study sought to contribute to assessing the feasibility of the proposed policy by exploring the understandings of various stakeholders on the policy, their interests or concerns, potential positions, power and influences on it, as well as the general prospects and challenges for its implementation. Data were gathered from a review of relevant documents in the public domain, 28 key informant interviews and six focus group discussions with key stakeholders in Accra and two other districts. The results show that there is a lot of confusion in stakeholders' understanding of the policy issue, and, because of the uncertainties surrounding it, most powerful stakeholders are yet to take clear positions on it. However, stakeholders raised concerns that revolved around issues such as: the meaning of a one-time premium within an insurance scheme context, the affordability of the one-time premium, financing sources and sustainability of the policy, as well as the likely impact of the policy on equity in access to health care. Policy-makers need to clearly explain the meaning of the one-time premium policy and how it will be funded, and critically consider the concerns raised by stakeholders before proceeding with further attempts to implement it. For other countries planning universal coverage reforms, it is important that the terminology of their reforms clearly reflects policy objectives.

  11. Equity Impacts of Environmental Policy

    OpenAIRE

    Antonio M. Bento

    2013-01-01

    This article surveys recent literature on the equity impacts of environmental policy. We focus on studies that look at the distribution of costs and benefits of alternative environmental policies. We also examine potentially important trade-offs between efficiency and equity that arise in the context of environmental policy, as well as transition effects. In many of the applications surveyed here, environmental policies can be regressive. Strategies are discussed to reduce this regressivity t...

  12. Consumer-Based Brand Equity of Products and Services: Assessing a Measurement Model with Competing Brands

    Directory of Open Access Journals (Sweden)

    Rafael Barreiros Porto

    2018-04-01

    Full Text Available  Objective: Identifying which brand in a category conveys more or less value to the consumer raises questions about the composition of brand equity measures and the brands that make up the category. Measures to identify Consumer-Based Brand Equity (CBBE may include functional assessments of consumer’s brand choice and firms’ brand performance, as long as they embrace competing brands. In view of this, this study comes up with a validation of a measurement model of Consumer-Based Brand Equity for competing brands of products and services, testing for possible moderation (product / service and experienced / non-experienced consumers. Method: Appraising 39 brands, the model was composed of 6 metrics: awareness, perceived quality, loyalty, association, exclusiveness and willingness to pay a price premium. Confirmatory factorial analysis revealed the CBBE structure and multigroup moderation tests showed the comparisons between products and services and between experienced and non-experienced consumers. Main Result: The metrics have convergent validity with very good model fit. The metrics are similar for products / services, but different for consumers with / without experience (evidence of moderation. Contributions: Based on this measure, researchers and marketers can identify whether their brand's performance has been perceived better or worse than that of their competitors. Relevance/Originality: This article is the first to offer a more complete scale to assess the consumer-based brand equity of products and services, allowing the researcher to compare the competitiveness between brands. 

  13. Estimating the market premium in short term interest rates

    OpenAIRE

    Hansen, Hans Fredrik

    2006-01-01

    Looking at the term structure in the interest rate market one can’t help notice the evident market premium above the central banks target rate. What factors might decide this premium? By using different variations of simple regression models we see that the model is constantly lagging the real time series. Acknowledging the fact that market clearings often are subject to several equations; we’re better able to develop a sensible model using a simultaneous equilibrium model. The multiple equat...

  14. Fixed-premium deposit insurance and international credit crunches

    OpenAIRE

    Mark M. Spiegel

    1996-01-01

    This article introduces a monopolistically competitive model of foreign lending in which both explicit and implicit fixed-premium deposit insurance increase the degree to which bank participation in relending to problem debtors falls below its globally optimal level. This provides a channel for fixed-premium deposit insurance to inhibit credit extension in bad states, resulting in an increase in the expected default percentage and an increase in the expected burden on the deposit insurance in...

  15. An empirical study of the information premium on electricity markets

    International Nuclear Information System (INIS)

    Benth, Fred Espen; Biegler-König, Richard; Kiesel, Rüdiger

    2013-01-01

    Due to the non-storability of electricity and the resulting lack of arbitrage-based arguments to price electricity forward contracts, a significant time-varying risk premium is exhibited. Using EEX data during the introduction of emission certificates and the German “Atom Moratorium” we show that a significant part of the risk premium in electricity forwards is due to different information sets in spot and forward markets. In order to show the existence of the resulting information premium and to analyse its size we design an empirical method based on techniques relating to enlargement of filtrations and the structure of Hilbert spaces. - Highlights: ► Electricity is non-storable and the classical spot–forward-relationship is invalid. ► Future information will cause an information premium for forward contracts. ► We model this premium mathematically using enlargement of filtrations. ► We develop a statistical method testing for the information premium empirically. ► We apply the test to the 2nd phase of the EUETS and the German “Atom Moratorium”

  16. Matter-antimatter puzzle: LHCb improves resolution

    CERN Multimedia

    Antonella Del Rosso

    2012-01-01

    In 2010, Fermilab’s DØ experiment reported a one percent difference in the properties of matter and antimatter in decays of B mesons (that is, particles containing beauty quarks) to muons. Saturday, at the ICHEP Conference in Melbourne, the LHCb experiment at CERN presents new results, which do not confirm this anomaly and are consistent with the Standard Model predictions. The same experiment has also presented the first evidence of asymmetry arising in other decays of the same family of mesons. The image becomes clearer but the puzzle has not yet been solved.   Inside the LHCb detector. The matter-antimatter imbalance in the Universe is a very hot topic in physics. The conundrum arises from the fact that, although objects made of antimatter are not observed in the Universe, theory predicts that matter and antimatter be created equally in particle interactions and in the Big Bang. Only small deviations from this very symmetric behaviour are incorporated in the theory. E...

  17. A new piece of the puzzle

    CERN Multimedia

    2005-01-01

    The team responsible for the installation of the hadronic calorimeter's central barrel after completion of the assembly work. Assembly of the great ATLAS puzzle continues underground. On 10 December, the final module of the central barrel of the tile hadronic calorimeter was assembled. This piece of the tile calorimeter had already been assembled above ground during a "dress rehearsal" in 2003 (see Bulletin no 46/2003, 10 November 2003). The hadronic calorimeter's two other barrels, the so-called "extended barrels", remain to be assembled with this first central barrel, which now surrounds the electromagnetic calorimeter barrel that was lowered into the cavern at the end of October. At the end of November, the second of the eight barrel toroid coils was also installed.

  18. Heavy quarkonium: progress, puzzles, and opportunities

    CERN Document Server

    Brambilla, N; Heltsley, B K; Vogt, R; Bodwin, G T; Eichten, E; Frawley, A D; Meyer, A B; Mitchell, R E; Papadimitriou, V; Petreczky, P; Petrov, A A; Robbe, P; Vairo, A; Andronic, A; Arnaldi, R; Artoisenet, P; Bali, G; Bertolin, A; Bettoni, D; Brodzicka, J; Bruno, G E; Caldwell, A; Catmore, J; Chang, C H; Chao, K T; Chudakov, E; Cortese, P; Crochet, P; Drutskoy, A; Ellwanger, U; Faccioli, P; Gabareen Mokhtar, A; Garcia i Tormo, X; Hanhart, C; Harris, F A; Kaplan, D M; Klein, S R; Kowalski, H; Lansberg, J P; Levichev, E; Lombardo, V; Lourenco, C; Maltoni, F; Mocsy, A; Mussa, R; Navarra, F S; Negrini, M; Nielsen, M; Olsen, S L; Pakhlov, P; Pakhlova, G; Peters, K; Polosa, A D; Qian, W; Qiu, J W; Rong, G; Sanchis-Lozano, M A; Scomparin, E; Senger, P; Simon, F; Stracka, S; Sumino, Y; Voloshin, M; Weiss, C; Wohri, H K; Yuan, C Z

    2011-01-01

    A golden age for heavy quarkonium physics dawned a decade ago, initiated by the confluence of exciting advances in quantum chromodynamics (QCD) and an explosion of related experimental activity. The early years of this period were chronicled in the Quarkonium Working Group (QWG) CERN Yellow Report (YR) in 2004, which presented a comprehensive review of the status of the field at that time and provided specific recommendations for further progress. However, the broad spectrum of subsequent breakthroughs, surprises, and continuing puzzles could only be partially anticipated. Since the release of the YR, the BESII program concluded only to give birth to BESIII; the $B$-factories and CLEO-c flourished; quarkonium production and polarization measurements at HERA, JLab, and the Tevatron matured; and heavy-ion collisions at RHIC have opened a window on the deconfinement regime. All these experiments leave legacies of quality, precision, and unsolved mysteries for quarkonium physics, and therefore beg for continuing ...

  19. SOLVING THE PUZZLE OF SUBHALO SPINS

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Yang; Lin, Weipeng [Key Laboratory for Research in Galaxies and Cosmology, Shanghai Astronomical Observatory, Shanghai 200030 (China); Pearce, Frazer R.; Lux, Hanni; Onions, Julian [School of Physics and Astronomy, University of Nottingham, Nottingham, NG7 2RD (United Kingdom); Muldrew, Stuart I., E-mail: wangyang@shao.ac.cn, E-mail: linwp@shao.ac.cn [Department of Physics and Astronomy, University of Leicester, University Road, Leicester, LE1 7RH (United Kingdom)

    2015-03-10

    Investigating the spin parameter distribution of subhalos in two high-resolution isolated halo simulations, recent work by Onions et al. suggested that typical subhalo spins are consistently lower than the spin distribution found for field halos. To further examine this puzzle, we have analyzed simulations of a cosmological volume with sufficient resolution to resolve a significant subhalo population. We confirm the result of Onions et al. and show that the typical spin of a subhalo decreases with decreasing mass and increasing proximity to the host halo center. We interpret this as the growing influence of tidal stripping in removing the outer layers, and hence the higher angular momentum particles, of the subhalos as they move within the host potential. Investigating the redshift dependence of this effect, we find that the typical subhalo spin is smaller with decreasing redshift. This indicates a temporal evolution, as expected in the tidal stripping scenario.

  20. Solar Twins and the Barium Puzzle

    International Nuclear Information System (INIS)

    Reddy, Arumalla B. S.; Lambert, David L.

    2017-01-01

    Several abundance analyses of Galactic open clusters (OCs) have shown a tendency for Ba but not for other heavy elements (La−Sm) to increase sharply with decreasing age such that Ba was claimed to reach [Ba/Fe] ≃ +0.6 in the youngest clusters (ages < 100 Myr) rising from [Ba/Fe] = 0.00 dex in solar-age clusters. Within the formulation of the s -process, the difficulty to replicate higher Ba abundance and normal La−Sm abundances in young clusters is known as the barium puzzle. Here, we investigate the barium puzzle using extremely high-resolution and high signal-to-noise spectra of 24 solar twins and measured the heavy elements Ba, La, Ce, Nd, and Sm with a precision of 0.03 dex. We demonstrate that the enhanced Ba ii relative to La−Sm seen among solar twins, stellar associations, and OCs at young ages (<100 Myr) is unrelated to aspects of stellar nucleosynthesis but has resulted from overestimation of Ba by standard methods of LTE abundance analysis in which the microturbulence derived from the Fe lines formed deep in the photosphere is insufficient to represent the true line broadening imposed on Ba ii lines by the upper photospheric layers from where the Ba ii lines emerge. Because the young stars have relatively active photospheres, Ba overabundances most likely result from the adoption of a too low value of microturbulence in the spectrum synthesis of the strong Ba ii lines but the change of microturbulence in the upper photosphere has only a minor affect on La−Sm abundances measured from the weak lines.

  1. Exfoliation syndrome: assembling the puzzle pieces.

    Science.gov (United States)

    Pasquale, Louis R; Borrás, Terete; Fingert, John H; Wiggs, Janey L; Ritch, Robert

    2016-09-01

    To summarize various topics and the cutting edge approaches to refine XFS pathogenesis that were discussed at the 21st annual Glaucoma Foundation Think Tank meeting in New York City, Sept. 19-20, 2014. The highlights of three categories of talks on cutting edge research in the field were summarized. Exfoliation syndrome (XFS) is a systemic disorder with a substantial ocular burden, including high rates of cataract, cataract surgery complications, glaucoma and retinal vein occlusion. New information about XFS is akin to puzzle pieces that do not quite join together to reveal a clear picture regarding how exfoliation material (XFM) forms. Meeting participants concluded that it is unclear how the mild homocysteinemia seen in XFS might contribute to the disarrayed extracellular aggregates characteristic of this syndrome. Lysyl oxidase-like 1 (LOXL1) variants are unequivocally genetic risk factors for XFS but exactly how these variants contribute to the assembly of exfoliation material (XFM) remains unclear. Variants in a new genomic region, CACNA1A associated with XFS, may alter calcium concentrations at the cell surface and facilitate XFM formation but much more work is needed before we can place this new finding in proper context. It is hoped that various animal model and ex vivo systems will emerge that will allow for proper assembly of the puzzle pieces into a coherent picture of XFS pathogenesis. A clear understanding of XFS pathogenesis may lead to 'upstream solutions' to reduce the ocular morbidity produced by XFS. © 2015 Acta Ophthalmologica Scandinavica Foundation. Published by John Wiley & Sons Ltd.

  2. Solar Twins and the Barium Puzzle

    Energy Technology Data Exchange (ETDEWEB)

    Reddy, Arumalla B. S.; Lambert, David L., E-mail: bala@astro.as.utexas.edu [W.J. McDonald Observatory and Department of Astronomy, The University of Texas at Austin, Austin, TX 78712-1205 (United States)

    2017-08-20

    Several abundance analyses of Galactic open clusters (OCs) have shown a tendency for Ba but not for other heavy elements (La−Sm) to increase sharply with decreasing age such that Ba was claimed to reach [Ba/Fe] ≃ +0.6 in the youngest clusters (ages < 100 Myr) rising from [Ba/Fe] = 0.00 dex in solar-age clusters. Within the formulation of the s -process, the difficulty to replicate higher Ba abundance and normal La−Sm abundances in young clusters is known as the barium puzzle. Here, we investigate the barium puzzle using extremely high-resolution and high signal-to-noise spectra of 24 solar twins and measured the heavy elements Ba, La, Ce, Nd, and Sm with a precision of 0.03 dex. We demonstrate that the enhanced Ba ii relative to La−Sm seen among solar twins, stellar associations, and OCs at young ages (<100 Myr) is unrelated to aspects of stellar nucleosynthesis but has resulted from overestimation of Ba by standard methods of LTE abundance analysis in which the microturbulence derived from the Fe lines formed deep in the photosphere is insufficient to represent the true line broadening imposed on Ba ii lines by the upper photospheric layers from where the Ba ii lines emerge. Because the young stars have relatively active photospheres, Ba overabundances most likely result from the adoption of a too low value of microturbulence in the spectrum synthesis of the strong Ba ii lines but the change of microturbulence in the upper photosphere has only a minor affect on La−Sm abundances measured from the weak lines.

  3. A Resolution of the Purchasing Power Parity Puzzle

    DEFF Research Database (Denmark)

    Frydman, Roman; Goldberg, Michael D.; Johansen, Søren

    Asset prices undergo long swings that revolve around benchmark levels. In currency markets, fluctuations involve real exchange rates that are highly persistent and that move in near-parallel fashion with nominal rates. The inability to explain these two regularities with one model has been called...... the "Purchasing Power Parity puzzle". In this paper, we trace the puzzle to exchange rate modelers' use of the "Rational Expectations Hypothesis". We show that once imperfect knowledge is recognized, a monetary model is able to account for the puzzle, as well as other salient features of the data, including...

  4. Teaching the Blue-Eyed Islanders Puzzle in a Liberal Arts Mathematics Course

    Science.gov (United States)

    Shea, Stephen

    2012-01-01

    The blue-eyed islanders puzzle is an old and challenging logic puzzle. This is a narrative of an experience introducing a variation of this puzzle on the first day of classes in a liberal arts mathematics course for non-majors. I describe an exercise that was used to facilitate the class's understanding of the puzzle.

  5. Puzzling through General Chemistry: A Light-Hearted Approach to Engaging Students with Chemistry Content

    Science.gov (United States)

    Boyd, Susan L.

    2007-01-01

    Several puzzles are designed to be used by chemistry students as learning tools and teach them basic chemical concepts. The topics of the puzzles are based on the chapters from Chemistry, The Central Science used in general chemistry course and the puzzles are in various forms like crosswords, word searches, number searches, puzzles based on…

  6. Interstellar Sweat Equity

    Science.gov (United States)

    Cohen, M. H.; Becker, R. E.; O'Donnell, D. J.; Brody, A. R.

    So, you have just launched aboard the Starship, headed to an exoplanet light years from Earth. You will spend the rest of your natural life on this journey in the expectation and hope that your grandchildren will arrive safely, land, and build a new settlement. You will need to govern the community onboard the Starship. This system of governance must meet unique requirements for participation, representation, and decision-making. On a spaceship that can fly and operate by itself, what will the crewmembers do for their generations in transit? Certainly, they will train and train again to practice the skills they will need upon arrival at a new world. However, this vicarious practice neither suffices to prepare the future pioneers for their destiny at a new star nor will it provide them with the satisfaction in their own work. To hone the crewmembers' inventive and technical skills, to challenge and prepare them for pioneering, the crew would build and expand the interstellar ship in transit. This transstellar ``sweat equity'' gives a stake in the enterprise to all the people, providing meaningful and useful activity to the new generations of crewmembers. They build all the new segments of the vessel from raw materials - including atmosphere - stored on board. Construction of new pressure shell modules would be one option, but they also reconstruct or fill-in existing pressurized volumes. The crew makes new life support system components and develops new agricultural modules in anticipation of their future needs. Upon arrival at the new star or planet, the crew shall apply these robustly developed skills and self-sufficient spirit to their new home.

  7. PENENTUAN CADANGAN PREMI DENGAN METODE PREMIUM SUFFICIENCY PADA ASURANSI JIWA SEUMUR HIDUP JOINT LIFE

    OpenAIRE

    NI PUTU MIRAH PERMATASARI; I NYOMAN WIDANA; KARTIKA SARI

    2016-01-01

    The aim of this research was to get the formula of premium reserves through the premium sufficiency method. Premium reserve is the amount of fund that is collected by the insurance company in preparation for the claim’s payment. Premium sufficiency method is gross premium calculation. To construct that formula, this research used Tabel Mortalitas Indonesia (TMI) 2011, interest rate 2.5% and cost of alpha %. Based on simulation result in men premium reserve value of age 1 of 56 years propotio...

  8. Formative Assessment Probes: Mountaintop Fossil: A Puzzling Phenomenon

    Science.gov (United States)

    Keeley, Page

    2015-01-01

    This column focuses on promoting learning through assessment. This month's issue describes using formative assessment probes to uncover several ways of thinking about the puzzling discovery of a marine fossil on top of a mountain.

  9. Medical malpractice reform and employer-sponsored health insurance premiums.

    Science.gov (United States)

    Morrisey, Michael A; Kilgore, Meredith L; Nelson, Leonard Jack

    2008-12-01

    Tort reform may affect health insurance premiums both by reducing medical malpractice premiums and by reducing the extent of defensive medicine. The objective of this study is to estimate the effects of noneconomic damage caps on the premiums for employer-sponsored health insurance. Employer premium data and plan/establishment characteristics were obtained from the 1999 through 2004 Kaiser/HRET Employer Health Insurance Surveys. Damage caps were obtained and dated based on state annotated codes, statutes, and judicial decisions. Fixed effects regression models were run to estimate the effects of the size of inflation-adjusted damage caps on the weighted average single premiums. State tort reform laws were identified using Westlaw, LEXIS, and statutory compilations. Legislative repeal and amendment of statutes and court decisions resulting in the overturning or repealing state statutes were also identified using LEXIS. Using a variety of empirical specifications, there was no statistically significant evidence that noneconomic damage caps exerted any meaningful influence on the cost of employer-sponsored health insurance. The findings suggest that tort reforms have not translated into insurance savings.

  10. Stateless Puzzles for Real Time Online Fraud Preemption

    OpenAIRE

    Rahman, Mizanur; Recabarren, Ruben; Carbunar, Bogdan; Lee, Dongwon

    2017-01-01

    The profitability of fraud in online systems such as app markets and social networks marks the failure of existing defense mechanisms. In this paper, we propose FraudSys, a real-time fraud preemption approach that imposes Bitcoin-inspired computational puzzles on the devices that post online system activities, such as reviews and likes. We introduce and leverage several novel concepts that include (i) stateless, verifiable computational puzzles, that impose minimal performance overhead, but e...

  11. The Puzzle of the Scandinavian Welfare State and Social Trust

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard

    2015-01-01

    The Scandinavian welfare model is a puzzle to economists: It works economically, even though free-riding should prevail with its explosive cocktail of high taxation and high social benefits. One overlooked solution to the puzzle could be the unique stock of social trust present in Scandinavia. Here......, the four Scandinavian countries (Norway, Denmark, Sweden, and Finland) form the top three with scores above 60 percent social trust on a ranking that covers 94 countries from all over the world....

  12. CROSSWORD PUZZLE INCREASE ATTENTION OF CHILDREN WITH ADHD

    Directory of Open Access Journals (Sweden)

    Ah. Yusuf

    2017-07-01

    Full Text Available Introduction: Attention deficit is one of three main problems of children with Attention Deficit Hyperactivity Disorder (ADHD. Children experience difficulty of paying attention and concentrating to one or more things or objects. As a results these children cannot perform the task well. Crossword puzzle is one of games that may increase attention and concentration. The aim of this study was to analyze the effect of crossword puzzle to increase attention of children with ADHD. Method: Pre-experimental design was employed in this study. The population was ADHD students in Cakra Autisme Therapy. Seven students were recruited by means of purposive sampling. The independent variable was crossword puzzle and the dependent variable was the increase of attention. Data were collected using observation sheet and analyzed using Wilcoxon Signed Rank Test with level of significance of α≤ 0.05. Result: Result showed that crossword puzzle could increase attention. Respondent’s attention improved from less to good attention, particularly in playing activities (p=0.014. Analysis: This finding suggests that there was differences of attention between pre and post-test. It can be concluded that crossword puzzle can increase attention of the students with ADHD. Discussion: It is recommended for teachers and parents of ADHD children to give them crossword puzzle game everyday at school or at home. Further studies should involve larger sample size and employs another game not only to increase attention, but also reduce hyperactivity and impulsivity of ADHD child.

  13. Framework for Evaluation of Equity Initiatives

    Science.gov (United States)

    Bexley, Emmaline; Harris, Kerri-Lee; James, Richard

    2010-01-01

    The Framework for Evaluation of Equity Initiatives has been prepared to support the Go8 Equity Strategy. Its purpose is to assist Group of Eight (Go8) universities to evaluate the effectiveness of their equity initiatives and interventions in the context of federal policies and the distinctive missions and responsibilities of the individual Go8…

  14. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

  15. Equity Gauge Zambia : Enhancing Governance, Equity and Health ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... identifying strategies for and indicators of equitable community participation; refining a ... Human resources for health in Zambia : equity and health system strengthening; some local perspectives (IDRC lunch hour discussion, Ottawa, 22 Mar. ... and adaptive water management: Innovative solutions from the Global South”.

  16. Shareowners' Equity at Campbell Soup: How Can Equity Be Negative?

    Science.gov (United States)

    Mohrman, Mary Beth; Stuerke, Pamela S.

    2014-01-01

    This paper presents an instructional case based on the 2001 annual report of the Campbell Soup Company (CPB). During that year, CPB's shareowners' equity went from a surplus of USD137 million to a deficit of USD247 million. The analysis will allow students to determine that the change resulted from borrowing to purchase treasury stock. Students…

  17. LEARNING VOCABULARY THROUGH COLOURFUL PUZZLE GAME

    Directory of Open Access Journals (Sweden)

    Risca Dwiaryanti

    2014-05-01

    Full Text Available Vocabulary plays an important role because it links to the four skills of listening, speaking, reading, and writing. Those aspects should be integrated in teaching and learning process of English. However, the students must be able to know the meaning of each word or vocabulary of English in order to master the four skills. It is as a mean to create a sentence in daily communication to show someone’s feeling, opinion, idea, desire, etc. So that, both speakers understand what the other speaker mean. However, English as a second language in Indonesia seems very hard for the students to master vocabulary of English. It makes them not easy to be understood directly and speak fluently. The students, sometimes, get difficulties in understanding, memorizing the meaning of the vocabulary, and getting confused in using the new words. There must be an effective strategy to attract students’ interest, break the boredom, and make the class more lively. Based on the writer experience, Colourful Puzzle Game is able to make the students learn vocabulary quickly. It needs teacher’s creativity to create the materials of this game based on the class condition. The teacher just need a game board made from colourful papers, write any command and prohibition words on it. A dice is a tool to decide where the player should stop based on the number. Some pins as counter as sign of each player.

  18. Business Cycle and Risk Premium in the Colombian Stock Market

    Directory of Open Access Journals (Sweden)

    Andrés Mauricio Gómez Sánchez

    2013-11-01

    Full Text Available Through the Hodrick-Prescott methodology this paper presents a review about the relationship between the ex post risk premium of the stock market and business cycles observed in Colombia. Through quarterly information from the fourth quarter of 2001 to the third quarter of 2012, statistical evidence shows that the increase and decrease of ex post risk premium follow a countercyclical behavior in tune with existing research conducted about the United States and emerging economies, although with non-contemporary relationships with private consumption. In addition, it is found that in the last decade the Colombian risk premium follows a process of Auto Regressive Moving Average Models (ARMA, showing that there is no variation in at least two consecutive quarters and whose behavior is generated in part by external events at the domestic economic activity level experienced in near past periods.

  19. Experience Studies on Determining Life Premium Insurance Ratings: Practical Approaches

    Directory of Open Access Journals (Sweden)

    Mirela CRISTEA

    2008-01-01

    Full Text Available The focus of this article is to present the modelling tehcniques used on international practice in the evaluation of right life premiums based. The knowledge and models obtained have a common element of mortality risk indicators but these are varied in different parts of the world. The common elements of these studies and models are generally based on a series of indicators which mainly point out their probability of survival and they are named the mortality indicators. These indicators represent the basis for the calculation of the premiums quotes and for the elaboration by the insurers of premium tables. The benefit for the policyholder is to obtain insurance at a fair and competitive price and for the insurer, to maintain the experience of its portfolio in line with mortality assumptions.

  20. Did the Affordable Care Act's Dependent Coverage Mandate Increase Premiums?

    OpenAIRE

    Briggs Depew; James Bailey

    2014-01-01

    We investigate the impact of the Affordable Care Act's dependent coverage mandate on insurance premiums. The expansion of dependent coverage under the ACA allows young adults to remain on their parent's private health insurance plans until the age of 26. We find that the mandate has led to a 2.5-2.8 percent increase in premiums for health insurance plans that cover children, relative to single-coverage plans. We find no evidence that the mandate caused an increase in the amount of the employe...

  1. Premium Forecasting of an Insurance Company: Automobile Insurance

    OpenAIRE

    Fouladvand, M. Ebrahim; Darooneh, Amir H.

    2002-01-01

    We present an analytical study of an insurance company. We model the company's performance on a statistical basis and evaluate the predicted annual income of the company in terms of insurance parameters namely the premium, total number of the insured, average loss claims etc. We restrict ourselves to a single insurance class the so-called automobile insurance. We show the existence a crossover premium p_c below which the company is loss-making. Above p_c, we also give detailed statistical ana...

  2. Geographic variation in premiums in health insurance marketplaces.

    Science.gov (United States)

    Barker, Abigail R; McBride, Timothy D; Kemper, Leah M; Mueller, Keith

    2014-08-01

    This policy brief analyzes the 2014 premiums associated with qualified health plans (QHPs) made available through new health insurance marketplaces (HIMs), an implementation of the Patient Protection and Affordable Care Act (ACA) of 2010. We report differences in premiums by insurance rating areas while controlling for other important factors such as the actuarial value of the plan (metal level), cost-of-living differences, and state-level decisions over type of rating area. While market equilibrium, based on experience and understanding of the characteristics of the new market, should not be expected this soon, preliminary results give policymakers key issues to monitor.

  3. 5 CFR 892.102 - What is premium conversion and how does it work?

    Science.gov (United States)

    2010-01-01

    ...) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS... FEHB insurance premium. If you are a participant in the premium conversion plan, Section 125 of the...

  4. 5 CFR 892.206 - Can I cancel my waiver and participate in premium conversion?

    Science.gov (United States)

    2010-01-01

    ... (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Eligibility and Participation § 892.206 Can I cancel my waiver and participate in premium...

  5. 75 FR 16645 - Increase in the Primary Nuclear Liability Insurance Premium

    Science.gov (United States)

    2010-04-02

    ... Primary Nuclear Liability Insurance Premium AGENCY: Nuclear Regulatory Commission. ACTION: Final rule... impractical. The NRC is amending its regulations to increase the primary premium for liability insurance... protection requirements and indemnity agreements to increase the primary nuclear liability insurance layer...

  6. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    Principal component analysis of equity options on Dow-Jones firms reveals a strong factor structure. The first principal component explains 77% of the variation in the equity volatility level, 77% of the variation in the equity option skew, and 60% of the implied volatility term structure across...... equities. Furthermore, the first principal component has a 92% correlation with S&P500 index option volatility, a 64% correlation with the index option skew, and a 80% correlation with the index option term structure. We develop an equity option valuation model that captures this factor structure...

  7. Consumer Learning and Brand Equity

    NARCIS (Netherlands)

    S.M.J. van Osselaer (Stijn); J.W. Alba (Joseph)

    2000-01-01

    textabstractA series of experiments illustrates a learning process that enhances brand equity at the expense of quality-determining attributes. When the relationship between brand name and product quality is learned prior to the relationship between product attributes and quality, inhibition of the

  8. Private Equity and Regulatory Capital

    NARCIS (Netherlands)

    Bongaerts, D.; Charlier, E.

    2008-01-01

    Regulatory Capital requirements for European banks have been put forward in the Basel II Capital Framework and subsequently in the Capital Requirements Directive (CRD) of the EU. We provide a detailed discussion of the capital requirements for private equity investments under the simple risk weight

  9. Style drift in private equity

    NARCIS (Netherlands)

    Cumming, D.; Fleming, G.; Schwienbacher, A.

    2009-01-01

    We introduce the concept of style drift to private equity investment. We present theory and evidence pertaining to style drifts in terms of a fund manager's stated focus on particular stages of entrepreneurial development. We develop a model that derives conditions under which style drifts are less

  10. Estimating dual deposit insurance premium rates and forecasting non-performing loans: Two new models

    OpenAIRE

    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad; Nili, Farhad

    2015-01-01

    Risky banks that endanger the stability of the financial system should pay higher deposit insurance premiums than healthy banks and other financial institutions that have shown good financial performance. It is necessary, therefore, to have at least a dual fair premium rate system. In this paper, we develop a model for calculating dual fair premium rates. Our definition of a fair premium rate in this paper is a rate that could cover the operational expenditures of the deposit insuring organiz...

  11. Heavy quarkonium: progress, puzzles, and opportunities

    Energy Technology Data Exchange (ETDEWEB)

    Brambilla, N; Heltsley, B K; Vogt, R; Bodwin, G T; Eichten, E; Frawley, A D; Meyer, A B; Mitchell, R E; Papdimitriou, V; Petreczky, P; Petrov, A A; Robbe, P; Vairo, A; Andronic, A; Arnaldi, R; Artoisenet, P; Bali, G; Bertolin, A; Bettoni, D; Brodzicka, J; Bruno, G E; Caldwell, A; Catmore, J; Chang, C -H; Chao, K -T; Chudakov, E; Cortese, P; Crochet, P; Drutskoy, A; Ellwanger, U; Faccioli, P; Gabareen Mokhtar, A; Garcia i Tormo, X; Hanhart, C; Harris, F A; Kaplan, D M; Klein, S R; Kowalski, H; Lansberg, J -P; Levichev, E; Lombardo, V; Loureno, C; Maltoni, F; Mocsy, A; Mussa, R; Navarra, F S; Negrini, M; Nielsen, M; Olsen, S L; Pakhlov, P; Pakhlova, G; Peters, K; Polosa, A D; Qian, W; Qiu, J -W; Rong, G; Sanchis-Lozano, M A; Scomparin, E; Senger, P; Simon, F; Stracka, S; Sumino, Y; Voloshin, M; Weiss, C; Wohri, H K; Yuan, C -Z

    2011-02-01

    A golden age for heavy quarkonium physics dawned a decade ago, initiated by the confluence of exciting advances in quantum chromodynamics (QCD) and an explosion of related experimental activity. The early years of this period were chronicled in the Quarkonium Working Group (QWG) CERN Yellow Report (YR) in 2004, which presented a comprehensive review of the status of the field at that time and provided specific recommendations for further progress. However, the broad spectrum of subsequent breakthroughs, surprises, and continuing puzzles could only be partially anticipated. Since the release of the YR, the BESII program concluded only to give birth to BESIII; the $B$-factories and CLEO-c flourished; quarkonium production and polarization measurements at HERA, JLab, and the Tevatron matured; and heavy-ion collisions at RHIC have opened a window on the deconfinement regime. All these experiments leave legacies of quality, precision, and unsolved mysteries for quarkonium physics, and therefore beg for continuing investigations. The plethora of newly-found quarkonium-like states unleashed a flood of theoretical investigations into new forms of matter such as quark-gluon hybrids, mesonic molecules, and tetraquarks. Measurements of the spectroscopy, decays, production, and in-medium behavior of c\\bar{c}, b\\bar{b}, and b\\bar{c} bound states have been shown to validate some theoretical approaches to QCD and highlight lack of quantitative success for others. The intriguing details of quarkonium suppression in heavy-ion collisions that have emerged from RHIC have elevated the importance of separating hot- and cold-nuclear-matter effects in quark-gluon plasma studies. This review systematically addresses all these matters and concludes by prioritizing directions for ongoing and future efforts.

  12. Modular Extracellular Matrices: Solutions for the Puzzle

    Science.gov (United States)

    Serban, Monica A.; Prestwich, Glenn D.

    2008-01-01

    The common technique of growing cells in two-dimensions (2-D) is gradually being replaced by culturing cells on matrices with more appropriate composition and stiffness, or by encapsulation of cells in three-dimensions (3-D). The universal acceptance of the new 3-D paradigm has been constrained by the absence of a commercially available, biocompatible material that offers ease of use, experimental flexibility, and a seamless transition from in vitro to in vivo applications. The challenge – the puzzle that needs a solution – is to replicate the complexity of the native extracellular matrix (ECM) environment with the minimum number of components necessary to allow cells to rebuild and replicate a given tissue. For use in drug discovery, toxicology, cell banking, and ultimately in reparative medicine, the ideal matrix would therefore need to be highly reproducible, manufacturable, approvable, and affordable. Herein we describe the development of a set of modular components that can be assembled into biomimetic materials that meet these requirements. These semi-synthetic ECMs, or sECMs, are based on hyaluronan derivatives that form covalently crosslinked, biodegradable hydrogels suitable for 3-D culture of primary and stem cells in vitro, and for tissue formation in vivo. The sECMs can be engineered to provide appropriate biological cues needed to recapitulate the complexity of a given ECM environment. Specific applications for different sECM compositions include stem cell expansion with control of differentiation, scar-free wound healing, growth factor delivery, cell delivery for osteochondral defect and liver repair, and development of vascularized tumor xenografts for personalized chemotherapy. PMID:18442709

  13. The impact of instant reward programs and bonus premiums on consumer purchase behavior

    NARCIS (Netherlands)

    Minnema, Alec; Bijmolt, Tammo H. A.; Non, Marielle C.

    This study examines the impact of an instant reward program (IRP) with bonus premiums on consumer purchase behavior. An IRP is a rapidly growing form of short-term program that rewards consumers instantly with small premiums per fixed spending, where these premiums are part of a larger set of

  14. Taking private labels upmarket : Empirical generalizations on category drivers of premium private label introductions

    NARCIS (Netherlands)

    Ter Braak, A.M.; Geyskens, I.; Dekimpe, M.G.

    Premium private labels (PLs) are considered one of the hottest trends in grocery retailing. Still, retailers do not feel the need to introduce premium PLs in every category. Generalizing across approximately 150 categories for six retailers from two countries that already carry premium PLs for

  15. Mating motives are neither necessary nor sufficient to create the beauty premium.

    Science.gov (United States)

    Hafenbrädl, Sebastian; Dana, Jason

    2017-01-01

    Mating motives lead decision makers to favor attractive people, but this favoritism is not sufficient to create a beauty premium in competitive settings. Further, economic approaches to discrimination, when correctly characterized, could neatly accommodate the experimental and field evidence of a beauty premium. Connecting labor economics and evolutionary psychology is laudable, but mating motives do not explain the beauty premium.

  16. 24 CFR 266.606 - Mortgage insurance premium: Duration and method of paying.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium... AFFORDABLE MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.606 Mortgage insurance premium: Duration and method of paying. (a) Duration of payments. Mortgage insurance...

  17. 24 CFR 232.825 - Pro rata refund of insurance premium.

    Science.gov (United States)

    2010-04-01

    ... ASSISTED LIVING FACILITIES Contract Rights and Obligations Premiums § 232.825 Pro rata refund of insurance premium. Upon termination of a loan insurance contract by a payment in full or by a voluntary termination... rata portion of the current annual loan insurance premium theretofore paid which is applicable to the...

  18. 24 CFR 251.6 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 251.6 Section 251.6 Housing and Urban Development Regulations Relating to Housing and... HOUSING PROJECTS § 251.6 Method of payment of mortgage insurance premiums. In the cases that the... affected lenders, that mortgage insurance premiums be remitted electronically. [63 FR 1303, Jan. 8, 1998] ...

  19. 24 CFR 241.825 - Pro rata refund of insurance premium.

    Science.gov (United States)

    2010-04-01

    ... Projects Without a HUD-Insured or HUD-Held Mortgage Premiums § 241.825 Pro rata refund of insurance premium... of the current annual loan insurance premium theretofore paid which is applicable to the portion of... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Pro rata refund of insurance...

  20. 76 FR 40741 - Federal Housing Administration (FHA) Mortgage Insurance Premiums for Multifamily Housing Programs...

    Science.gov (United States)

    2011-07-11

    ... Administration (FHA) Mortgage Insurance Premiums for Multifamily Housing Programs, Health Care Facilities and... mortgage insurance premiums (MIPs) for FHA Multifamily Housing, Health Care Facilities, and Hospital... mortgage insurance regulation at 24 CFR 207.254 provides as follows: Notice of future premium changes will...

  1. 26 CFR 1.6050H-3T - Information reporting of mortgage insurance premiums (temporary).

    Science.gov (United States)

    2010-04-01

    ... Information reporting of mortgage insurance premiums (temporary). (a) Information reporting requirements. Any... section applies to the receipt of all payments of mortgage insurance premiums, by cash or financing... premiums is determined on a mortgage-by-mortgage basis. A recipient need not aggregate mortgage insurance...

  2. 12 CFR 741.4 - Insurance premium and one percent deposit.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Insurance premium and one percent deposit. 741... Insurance premium and one percent deposit. (a) Scope. This section implements the requirements of Section... payment of an insurance premium. (b) Definitions. For purposes of this section: (1) Available assets ratio...

  3. 24 CFR 236.252 - First, second, and third mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 236.252 Section 236.252 Housing and Urban Development Regulations Relating to Housing... insurance premiums. All of the provisions of § 207.252 of this chapter governing the first, second, and third mortgage insurance premiums shall apply to mortgages insured under this subpart, except: (a) Where...

  4. 77 FR 21580 - Changes in Certain Multifamily Housing and Health Care Facility Mortgage Insurance Premiums for...

    Science.gov (United States)

    2012-04-10

    ... Multifamily Housing and Health Care Facility Mortgage Insurance Premiums for Fiscal Year (FY) 2013 AGENCY...: In accordance with HUD regulations, this notice announces changes of the mortgage insurance premiums... mortgage. The mortgage insurance premiums to be in effect for FHA firm commitments issued or reissued in FY...

  5. 24 CFR 203.260 - Amount of mortgage insurance premium (periodic MIP).

    Science.gov (United States)

    2010-04-01

    ... Mortgage Insurance Premiums-Periodic Payment § 203.260 Amount of mortgage insurance premium (periodic MIP... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Amount of mortgage insurance premium (periodic MIP). 203.260 Section 203.260 Housing and Urban Development Regulations Relating to...

  6. 38 CFR 8.4 - Deduction of insurance premiums from compensation, retirement pay, or pension.

    Science.gov (United States)

    2010-07-01

    ...' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Premiums § 8.4 Deduction of insurance premiums from compensation, retirement pay, or pension. The insured under a National Service life insurance policy which is not lapsed may authorize the monthly deduction of premiums from disability...

  7. 7 CFR 1962.29 - Payment of fees and insurance premiums.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Payment of fees and insurance premiums. 1962.29... Security § 1962.29 Payment of fees and insurance premiums. (a) Fees. (1) Security instruments. Borrowers... the service cannot be obtained without cost. (b) Insurance premiums. County Supervisors are authorized...

  8. 24 CFR 203.22 - Payment of insurance premiums or charges; prepayment privilege.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Payment of insurance premiums or... Underwriting Procedures Eligible Mortgages § 203.22 Payment of insurance premiums or charges; prepayment privilege. (a) Payment of periodic insurance premiums or charges. Except with respect to mortgages for which...

  9. 24 CFR 266.608 - Mortgage insurance premium: Pro rata refund.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Pro... PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.608 Mortgage insurance premium: Pro rata refund. If the Contract of Insurance is terminated by payment in full or is terminated...

  10. 24 CFR 266.610 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 266.610 Section 266.610 Housing and Urban Development Regulations Relating to Housing... MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.610 Method of payment of mortgage insurance premiums. In the cases that the Commissioner deems appropriate, the...

  11. 48 CFR 2132.770 - Insurance premium payments and special contingency reserve.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Insurance premium payments... GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Contract Funding 2132.770 Insurance premium payments and special contingency reserve. Insurance premium payments and a special contingency reserve are made...

  12. Evaluation of the three-nucleon analyzing power puzzle

    International Nuclear Information System (INIS)

    Tornow, W.; Witala, H.

    1998-01-01

    The current status of the three-nucleon analyzing power puzzle is reviewed. Applying tight constraints on the allowed deviations between calculated predictions and accepted values for relevant nucleon-nucleon observables reveals that energy independent correction factors applied to the 3 P j nucleon-nucleon interactions can not solve the puzzle. Furthermore, using the same constraints, charge-independence breaking in the 3 P j nucleon-nucleon interactions can be ruled out as a possible tool to improve the agreement between three-nucleon calculations and data. The study of the energy dependence of the three-nucleon analyzing power puzzle gives clear evidence that the 3 P j nucleon-nucleon interaction obtained from phase-shift analyses and used in potential models are correct above about 25 MeV, i.e., the 3 P j nucleon-nucleon interactions have to be modified only at lower energies in order to solve the three-nucleon analyzing power puzzle, unless new three-nucleon forces can be found that account for the three-nucleon analyzing power puzzle without destroying the beautiful agreement between rigorous three-nucleon calculations and a large body of accurate three-nucleon data. (orig.)

  13. Three Modes of Hydrogeophysical Investigation: Puzzles, Mysteries, and Conundrums

    Science.gov (United States)

    Ferre, P. A.

    2011-12-01

    In an article in the New Yorker in 2007, Malcolm Gladwell discussed the distinction that national security expert Gregory Treverton has made between puzzles and mysteries. Specifically, puzzles are problems that we understand and that will eventually be solved when we amass enough information. (Think crossword puzzles.) Mysteries are problems for which we have the necessary information, but it is often overwhelmed by irrelevant or misleading input. To solve a mystery, we require improved analysis. (Think find-a-word.) Gladwell goes on to explain that, in the national security realm, the Cold War was a puzzle while the current national security condition is a mystery. I will discuss the past, current, and future trajectories of hydrogeophysics in terms of puzzles and mysteries. I will also add a third class of problem: conundrums - those for which we lack sufficient information about their structure to know how to solve them. A conundrum is a mystery with an unexpected twist. I hope to make the case that the future growth of hydrogeophysics lies in our ability to address this more challenging and more interesting class of problem.

  14. Evaluation of the three-nucleon analyzing power puzzle

    Energy Technology Data Exchange (ETDEWEB)

    Tornow, W. [Duke Univ., Durham, NC (United States). Dept. of Physics]|[Triangle Univ. Nuclear Lab., Durham, NC (United States); Witala, H. [Uniwersytet Jagiellonski, Cracow (Poland). Inst. Fizyki

    1998-07-20

    The current status of the three-nucleon analyzing power puzzle is reviewed. Applying tight constraints on the allowed deviations between calculated predictions and accepted values for relevant nucleon-nucleon observables reveals that energy independent correction factors applied to the {sup 3}P{sub j} nucleon-nucleon interactions can not solve the puzzle. Furthermore, using the same constraints, charge-independence breaking in the {sup 3}P{sub j} nucleon-nucleon interactions can be ruled out as a possible tool to improve the agreement between three-nucleon calculations and data. The study of the energy dependence of the three-nucleon analyzing power puzzle gives clear evidence that the {sup 3}P{sub j} nucleon-nucleon interaction obtained from phase-shift analyses and used in potential models are correct above about 25 MeV, i.e., the {sup 3}P{sub j} nucleon-nucleon interactions have to be modified only at lower energies in order to solve the three-nucleon analyzing power puzzle, unless new three-nucleon forces can be found that account for the three-nucleon analyzing power puzzle without destroying the beautiful agreement between rigorous three-nucleon calculations and a large body of accurate three-nucleon data. (orig.) 18 refs.

  15. Cost Effectiveness of Premium Versus Regular Gasoline in MCPS Buses.

    Science.gov (United States)

    Baacke, Clifford M.; Frankel, Steven M.

    The primary question posed in this study is whether premium or regular gasoline is more cost effective for the Montgomery County Public School (MCPS) bus fleet, as a whole, when miles-per-gallon, cost-per-gallon, and repair costs associated with mileage are considered. On average, both miles-per-gallon, and repair costs-per-mile favor premium…

  16. 75 FR 38748 - Medicaid Program; Premiums and Cost Sharing; Correction

    Science.gov (United States)

    2010-07-06

    ... DEPARTMENT OF HEALTH AND HUMAN SERVICES Centers for Medicare & Medicaid Services 42 CFR Parts 447 and 457 [CMS-2244-CN] RIN 0938-AP73 Medicaid Program; Premiums and Cost Sharing; Correction AGENCY: Centers for Medicare & Medicaid Services (CMS), HHS ACTION: Correction of final rule with comment period...

  17. 'Benefits cycle' replacing premium cycle as consumerism takes hold.

    Science.gov (United States)

    2002-05-01

    The traditional premium cycle of ups and downs in rates is giving way to a new phenomenon--driven by the advent of consumerism in health care--termed the "benefits cycle" by one consultant. Rather than shifts in rates, he argues, the future will see shifts in benefits packages.

  18. The VIX, the Variance Premium, and Expected Returns

    DEFF Research Database (Denmark)

    Osterrieder, Daniela Maria; Ventosa-Santaulària, Daniel; Vera-Valdés, Eduardo

    2018-01-01

    . These problems are eliminated if risk is captured by the variance premium (VP) instead; it is unobservable, however. We propose a 2SLS estimator that produces consistent estimates without observing the VP. Using this method, we find a positive risk–return trade-off and long-run return predictability. Our...

  19. Consumer Protection and Premium Rate Services In Denmark

    DEFF Research Database (Denmark)

    Trzaskowski, Jan

    2006-01-01

    The regulation of the telecommunication industry in Denmark is quite liberal. There are no requirements to register with national authorities when providing telecommunication services or Premium Rate Services. Only Network Operators, who want to make use of the scarce frequency resources, must re...... active in securing compliance with the law....

  20. 46 CFR 308.507 - Security for payment of premiums.

    Science.gov (United States)

    2010-10-01

    ....507 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Cargo Insurance Ii-Open Policy War Risk Cargo Insurance § 308.507 Security for payment of... collateral deposit fund or a surety bond, to secure the payment of the premiums, in an amount which shall at...

  1. 77 FR 41270 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2012-07-13

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 602 [TD 9590] RIN 1545-BJ82 Health Insurance Premium Tax Credit Correction In rule document 2012-12421 appearing on pages 30377-30400 in the issue of Wednesday, May 23, 2012, make the following corrections: 0 1. On page 30385, in the...

  2. Interdependence of life insurance service quality and premium

    Directory of Open Access Journals (Sweden)

    Dragan Benazić

    2006-12-01

    Full Text Available Insurance companies in Croatia feel the need to find new sources of competitive advantage on the Croatian life insurance market amid increasing competition and a poorly profiled offer of life insurance services. Lately, both marketing literature and practice seem to point to the shaping of a relationship between service quality and price as a possible solution to improving the position of insurance companies on the Croatian market. In providing life insurance services, the insurance companies should focus on the quality elements that offer certain benefits a client is willing to pay for. Changes in individual quality features have been evaluated differently by clients. Such differences in their evaluation of changes in the individual elements of service quality also reflect the willingness of clients to pay a suitable increase on their insurance premium. Improvements in the service quality features that are subjectively evaluated as important should lead to the client’s acceptance of a higher life insurance premium. The paper considers the interdependence between the quality of life insurance services and the premium from the aspect of the client’s willingness to pay a higher life insurance premium for a higher service quality.

  3. Incentive-compatible guaranteed renewable health insurance premiums.

    Science.gov (United States)

    Herring, Bradley; Pauly, Mark V

    2006-05-01

    Theoretical models of guaranteed renewable insurance display front-loaded premium schedules. Such schedules both cover lifetime total claims of low-risk and high-risk individuals and provide an incentive for those who remain low-risk to continue to purchase the policy. Questions have been raised of whether actual individual insurance markets in the US approximate the behavior predicted by these models, both because young consumers may not be able to "afford" front-loading and because insurers may behave strategically in ways that erode the value of protection against risk reclassification. In this paper, the optimal competitive age-based premium schedule for a benchmark guaranteed renewable health insurance policy is estimated using medical expenditure data. Several factors are shown to reduce the amount of front-loading necessary. Indeed, the resulting optimal premium path increases with age. Actual premium paths exhibited by purchasers of individual insurance are close to the optimal renewable schedule we estimate. Finally, consumer utility associated with the feature is examined.

  4. Quantifying the Impact of Autism Coverage on Private Insurance Premiums

    Science.gov (United States)

    Bouder, James N.; Spielman, Stuart; Mandell, David S.

    2009-01-01

    Many states are considering legislation requiring private insurance companies to pay for autism-related services. Arguments against mandates include that they will result in higher premiums. Using Pennsylvania legislation as an example, which proposed covering services up to $36,000 per year for individuals less than 21 years of age, this paper…

  5. The Association of State Rate Review Authority with Health Insurance Premiums.

    Science.gov (United States)

    Ticse, Caroline

    2015-10-01

    Key findings. (1) Adjusted premiums in the individual market in states with prior approval authority combined with loss ratio requirements were lower in 2010-2013 than premiums in states with no rate review authority or file-and-use regulations only. (2) Adjusted premiums declined modestly in prior approval states while premiums increased in states with no rate review authority or with file-and-use regulations only. (3) The findings suggest that states with prior approval authority and loss ratio requirements constrained increases in health insurance premiums.

  6. Is there evidence that recent consolidation in the health insurance industry has adversely affected premiums?

    Science.gov (United States)

    Kopit, William G

    2004-01-01

    James Robinson suggests that recent consolidation in the insurance market has been a cause of higher health insurance prices (premiums). Although the recent consolidation among health insurers and rising premiums are indisputable, it is unlikely that consolidation has had any adverse effect on premiums nationwide, and Robinson provides no data that suggest otherwise. Specifically, he does not present data showing an increase in concentration in any relevant market during the past few years, let alone any resulting increase in premiums. Health insurance consolidation in certain local markets could adversely affect premiums, but it seems clear that it is not a major national antitrust issue.

  7. On puzzles and non-puzzles in B→ππ,πK decays

    International Nuclear Information System (INIS)

    Fleischer, R.; Recksiegel, S.; Schwab, F.

    2007-01-01

    Recently, we have seen interesting progress in the exploration of CP violation in B d 0 →π + π - : the measurements of mixing-induced CP violation by the BaBar and Belle collaborations are now in good agreement with each other, whereas the picture of direct CP violation is still unclear. Using the branching ratio and direct CP asymmetry of B d 0 →π - K + , this situation can be clarified. We predict A CP dir (B d →π + π - )=-0.24±0.04, which favours the BaBar result, and we extract γ=(70.0 -4.3 +3.8 ) , which agrees with the unitarity triangle fits. Extending our analysis to other B→πK modes and B s 0 →K + K - with the help of the SU(3) flavour symmetry and plausible dynamical assumptions, we find that all observables with colour-suppressed electroweak penguin contributions are measured to be in excellent agreement with the standard model. As far as the ratios R c,n of the charged and neutral B→πK branching ratios are concerned, which are sizeably affected by electroweak penguin contributions, our standard-model predictions have almost unchanged central values but significantly reduced errors. Since the new data have moved quite a bit towards these results, the ''B→πK puzzle'' for the CP conserving quantities has been significantly reduced. However, the mixing-induced CP violation of B d 0 →π 0 K S does look puzzling; if confirmed by future measurements, this effect could be accommodated through a modified electroweak penguin sector with a large CP violating new-physics phase. Finally, we point out that the established difference between the direct CP asymmetries of B ± →π 0 K ± and B d →π -+ K ± appears to be generated by hadronic and not by new physics. (orig.)

  8. Distress risk and leverage puzzles: Evidence from Taiwan

    Directory of Open Access Journals (Sweden)

    Kung-Cheng Ho

    2016-05-01

    Full Text Available Financial distress has been invoked in the asset pricing literature to explain the anomalous patterns in the cross-section of stock returns. The risk of financial distress can be measured using indexes. George and Hwang (2010 suggest that leverage can explain the distress risk puzzle and that firms with high costs choose low leverage to reduce distress intensities and earn high returns. This study investigates whether this relationship exists in the Taiwan market. When examined separately, distress intensity is found to be negatively related to stock returns, but leverage is found to not be significantly related to stock returns. The results are the same when distress intensity and leverage are examined simultaneously. After assessing the robustness by using O-scores, distress risk puzzle is found to exist in the Taiwan market, but the leverage puzzle is not

  9. International trade network: fractal properties and globalization puzzle.

    Science.gov (United States)

    Karpiarz, Mariusz; Fronczak, Piotr; Fronczak, Agata

    2014-12-12

    Globalization is one of the central concepts of our age. The common perception of the process is that, due to declining communication and transport costs, distance becomes less and less important. However, the distance coefficient in the gravity model of trade, which grows in time, indicates that the role of distance increases rather than decreases. This, in essence, captures the notion of the globalization puzzle. Here, we show that the fractality of the international trade system (ITS) provides a simple solution for the puzzle. We argue that the distance coefficient corresponds to the fractal dimension of ITS. We provide two independent methods, the box counting method and spatial choice model, which confirm this statement. Our results allow us to conclude that the previous approaches to solving the puzzle misinterpreted the meaning of the distance coefficient in the gravity model of trade.

  10. The B→πK puzzle and supersymmetry

    International Nuclear Information System (INIS)

    Imbeault, Maxime; Baek, Seungwon; London, David

    2008-01-01

    At present, there are discrepancies between the measurements of several observables in B→πK decays and the predictions of the Standard Model (the 'B→πK puzzle'). Although the effect is not yet statistically significant-it is at the level of ≥3σ-it does hint at the presence of new physics. In this Letter, we explore whether supersymmetry (SUSY) can explain the B→πK puzzle. In particular, we consider the SUSY model of Grossman, Neubert and Kagan (GNK). We find that it is extremely unlikely that GNK explains the B→πK data. We also find a similar conclusion in many other models of SUSY. And there are serious criticisms of the two SUSY models that do reproduce the B→πK data. If the B→πK puzzle remains, it could pose a problem for SUSY models

  11. Equity and nuclear waste disposal

    International Nuclear Information System (INIS)

    Shrader-Frechette, K.

    1994-01-01

    Following the recommendations of the US National Academy of Sciences and the mandates of the 1987 Nuclear Waste Policy Amendments Act, the US Department of Energy has proposed Yucca Mountain, Nevada as the site of the world's first permanent repository for high-level nuclear waste. The main justification for permanent disposal (as opposed to above-ground storage) is that it guarantees safety by means of waste isolation. This essay argues, however, that considerations of equity (safer for whom?) undercut the safety rationale. The article surveys some prima facie arguments for equity in the distribution of radwaste risks and then evaluates four objections that are based, respectively, on practicality, compensation for risks, scepticism about duties to future generations, and the uranium criterion. The conclusion is that, at least under existing regulations and policies, permanent waste disposal is highly questionable, in part, because it fails to distribute risk equitably or to compensate, in full, for this inequity

  12. Equity, Economic Growth and Lifestyle

    DEFF Research Database (Denmark)

    Meyer, Niels I; Nørgaard, Jørgen; Hvelplund, Frede

    2011-01-01

    Consequences of global warming are appearing much faster than assumed just a few years ago and irreversible ”tipping points” are few years ahead [IPCC, James Hansen]. So far, strategies for mitigation of global warming have mostly been focusing on technological solutions e.g. renewable energy...... such questions as national and international equity, “limits to growth”, alternative employment policies, military and security policy and alternatives to traditional GDP as the dominant indicator of welfare and of sound development....

  13. Equity valuation of Tesco Plc.

    OpenAIRE

    Schmitz, Clemens

    2015-01-01

    This dissertation aimed to value the British retailer Tesco Plc. The objective was to determine a target price for the company and as a consequence determine a buy or sell recommendation when comparing it to the current market price. After the state of the art of literature regarding equity valuation has been assessed, the retail industry as well as Tesco have been analysed in more detail. Based on this, the retail business of Tesco has been valued using the Adjusted Present Va...

  14. Strategic pricing of equity issues

    OpenAIRE

    Klaus Ritzberger; Frank Milne

    2002-01-01

    Consider a general equilibrium model where agents may behave strategically. Specifically, suppose some firm issues new shares. If the primary market price is controlled by the issuing institution and investors' expectations on future equity prices are constant in their share purchases, the share price on the primary market cannot exceed the secondary market share price. In certain cases this may imply strict underpricing of newly issued shares. If investors perceive an influence on future sha...

  15. Equity, Economic Growth and Lifestyle

    DEFF Research Database (Denmark)

    Meyer, Niels I; Nørgaard, Jørgen; Hvelplund, Frede

    2011-01-01

    sources (RES) in the supply sector and energy efficiency in the demand sector. Much less attention has been given to potential changes in life style and to alternative economic and social systems. This chapter will focus on non-technological strategies for mitigation of global warming including...... such questions as national and international equity, “limits to growth”, alternative employment policies, military and security policy and alternatives to traditional GDP as the dominant indicator of welfare and of sound development....

  16. An overview of heavy quark energy loss puzzle at RHIC

    International Nuclear Information System (INIS)

    Djordjevic, Magdalena

    2006-01-01

    We give a theoretical overview of the heavy quark tomography puzzle posed by recent non-photonic single electron data from central Au+Au collisions at √s = 200A GeV. We show that radiative energy loss mechanisms alone are not able to explain large single electron suppression data, as long as realistic parameter values are assumed. We argue that a combined collisional and radiative pQCD approach can solve a substantial part of the non-photonic single electron puzzle

  17. The Meissner effect puzzle and the quantum force in superconductor

    International Nuclear Information System (INIS)

    Nikulov, A.V.

    2012-01-01

    The puzzle of the acceleration of the mobile charge carriers and the ions in the superconductor in direction opposite to the electromagnetic force revealed formerly in the Meissner effect is considered in the case of the transition of a narrow ring from normal to superconducting state. It is elucidated that the azimuthal quantum force was deduced eleven years ago from the experimental evidence of this acceleration but it cannot solve this puzzle. This quantum force explains other paradoxical phenomena connected with reiterated switching of the ring between normal and superconducting states.

  18. The Closed-End Funds Puzzle: A Survey Review

    Directory of Open Access Journals (Sweden)

    Marta Charrón

    2009-09-01

    Full Text Available The main objective of this paper is to explore the most salient research aimed at explaining the closed-end fund puzzle from both the traditional and behavioral finance perspectives. It provides a better understanding of closed-end fund behavior and motivates further research of closed-end funds, market efficiency, asset pricing and the traditional and behavioral finance paradigms. So far, none of the possible explanations from either traditional finance or behavioral finance have been able to fully account for the occurrence of the puzzle. It continues to be an important issue in the long standing debate between traditional finance and behavioral finance.

  19. NICHD Research Networks Help Piece Together the Puzzle of Polycystic Ovary Syndrome

    Science.gov (United States)

    ... Print NICHD research networks help piece together the puzzle of polycystic ovary syndrome Many people think that ... more like putting together a thousand-piece jigsaw puzzle. Except that you can’t check the cover ...

  20. Examining equity: a multidimensional framework for assessing equity in payments for ecosystem services

    OpenAIRE

    McDermott, Melanie; Mahanty, Sango; Schreckenberg, Kathrin

    2012-01-01

    Concern over social equity dominates current debates about payments for ecosystem services and reduced deforestation and forest degradation (REDD+). Yet, despite the apprehension that these initiatives may undermine equity, the term is generally left undefined. This paper presents a systematic framework for the analysis of equity that can be used to examine how local equity is affected as the global value of ecosystem services changes. Our framework identifies three dimensions that form the c...

  1. Fator de desconto estocástico no mercado acionário brasileiro

    Directory of Open Access Journals (Sweden)

    André Borges Catalão

    2006-09-01

    Full Text Available Este trabalho implementa as fronteiras de variância mínima para o fator de desconto estocástico, conforme Hansen e Jagannathan (1991 e Cochrane e Hansen (1992, no mercado acionário brasileiro. São consideradas duas abordagens em termos dos retornos das ações e dos prêmios das ações: o Equity Premium Puzzle e o Low Interest Rate Puzzle em face destas metodologias. Adicionalmente, aplicamos o teste econométrico de Burnside (1994 nestes casos. Verificamos que a primeira abordagem produz um fator de desconto estocástico inválido no caso brasileiro. Por outro lado, a formulação com base no prêmio, conforme Cochrane e Hansen (1992, não invalida o fator de desconto estocástico. Assim, não identificamos estes dois puzzles no mercado acionário brasileiro. De fato, o chamado "equity premium puzzle" tem que satisfazer estes dois critérios. Neste sentido, este puzzle não se verifica no mercado acionário brasileiro.This article implements the minimum variance frontier for the stochastic discount factor, according to both Hansen and Jagannathan (1991 and Cochrane and Hansen (1992, for the Brazilian stock market. Two approaches are considered in terms of equity returns and equity premium, respectively, the Equity Premium Puzzle and the Low Interest Rate Puzzle. Furthermore, we apply also the econometric test of Burnside (1994 in these approaches. The criteria based on equity return results in an invalid discount factor. On the other hand, the approach using the equity premium, according to Cochrane and Hansen (1992, does not reject the discount factor. Thus, we do not corroborate these two puzzles for the Brazilian equity market. In fact, the equity premium puzzle has to satisfy both criterias above. Thus, in these sense this puzzle does not happen in the Brazilian stock market.

  2. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

  3. Private label brand equity: a conceptual framework

    OpenAIRE

    Xara-Brasil, Duarte; Marreiros, Cristina; Dionísio, Andreia

    2012-01-01

    Trabalho apresentado na AMA/ACRA First Triennial Conference, 18-21 de abril de 2012, Seattle, USA This paper presents a conceptual framework to analyze private label brand equity in a retail context. Several authors proposed brand equity models as Aaker (1996), Keller (1993) and Yoo and Donthu (2001), and specific research has been done in retail industry (Jara & Cliquet, 2009), (Pappu & Quester, 2006). To study private label brand equity, we suggest a framework based on the Yo...

  4. Reviewing the Concept of Brand Equity and Evaluating Consumer-Based Brand Equity (CBBE) Models

    OpenAIRE

    Sanaz Farjam; Xu Hongyi

    2015-01-01

    The purpose of this paper is to explore the concept of brand equity and discuss its different perspectives, we try to review existing literature of brand equity and evaluate various Customer-based brand equity models to provide a collection from well-known databases for further research in this area.Classification-JEL: M00

  5. Puzzles in modern biology. I. Male sterility, failure reveals design [version 1; referees: 2 approved

    Directory of Open Access Journals (Sweden)

    Steven A. Frank

    2016-09-01

    Full Text Available Many human males produce dysfunctional sperm. Various plants frequently abort pollen. Hybrid matings often produce sterile males. Widespread male sterility is puzzling. Natural selection prunes reproductive failure. Puzzling failure implies something that we do not understand about how organisms are designed. Solving the puzzle reveals the hidden processes of design.

  6. The Effect of Monetary Policy on Exchange Rates : How to Solve the Puzzles

    NARCIS (Netherlands)

    Kumah, F.Y.

    1996-01-01

    Recent empirical research on the effects of monetary policy shocks on exchange rate fluctuations have encountered the exchange rate puzzle and th e forward discount bias puzzle.The exchange rate puzzle is the tendency of the domestic currency (of non-US G-7 countries) to depreciate against the US

  7. Teaching Proofs and Algorithms in Discrete Mathematics with Online Visual Logic Puzzles

    Science.gov (United States)

    Cigas, John; Hsin, Wen-Jung

    2005-01-01

    Visual logic puzzles provide a fertile environment for teaching multiple topics in discrete mathematics. Many puzzles can be solved by the repeated application of a small, finite set of strategies. Explicitly reasoning from a strategy to a new puzzle state illustrates theorems, proofs, and logic principles. These provide valuable, concrete…

  8. Games and puzzles for English as a second language

    CERN Document Server

    Fremont, Victoria

    2011-01-01

    Students can hone their verbal and grammatical skills with this entertaining workbook. Search-a-words, crossword puzzles, anagrams, and other challenges build vocabulary and spelling skills. They also help students understand and identify idioms, irregular past tenses and participles, and other linguistic stumbling blocks. Perfect for individual study or as a course supplement.

  9. Towards a security model for computational puzzle schemes

    NARCIS (Netherlands)

    Tang, Qiang; Jeckmans, Arjan

    2011-01-01

    In the literature, computational puzzle schemes have been considered as a useful tool for a number of applications, such as constructing timed cryptography, fighting junk emails, and protecting critical infrastructure from denial-of-service attacks. However, there is a lack of a general security

  10. General intelligence is an emerging property, not an evolutionary puzzle.

    Science.gov (United States)

    Ramus, Franck

    2017-01-01

    Burkart et al. contend that general intelligence poses a major evolutionary puzzle. This assertion presupposes a reification of general intelligence - that is, assuming that it is one "thing" that must have been selected as such. However, viewing general intelligence as an emerging property of multiple cognitive abilities (each with their own selective advantage) requires no additional evolutionary explanation.

  11. Pedagogy Corner: The Architect's Puzzle

    Science.gov (United States)

    Lovitt, Charles

    2017-01-01

    Some years back, the author found the following problem in a spatial puzzle book: how many ways can you put four blocks together, face to face (with no vertical rotation symmetry)? He gave each student just four blocks and they collectively tried combinations to eventually agree on the answer of 15. He used to think it was a halfway decent task,…

  12. Children's Task Engagement during Challenging Puzzle Tasks

    Science.gov (United States)

    Wang, Feihong; Algina, James; Snyder, Patricia; Cox, Martha

    2017-01-01

    We examined children's task engagement during a challenging puzzle task in the presence of their primary caregivers by using a representative sample of rural children from six high-poverty counties across two states. Weighted longitudinal confirmatory factor analysis and structural equation modeling were used to identify a task engagement factor…

  13. What do we learn from the ρ-π puzzle

    International Nuclear Information System (INIS)

    Li Xueqian

    2010-01-01

    The experimental observation indicates that the branching ratio of ψ' →ρπ is very small while the ρ-π channel is a main one in J/ψ decays. To understand the puzzle, various interpretations have been proposed. Meanwhile according to the hadronic helicity selection rule, this decay mode should be suppressed. Numerical calculations are needed to determine how it is suppressed.We calculate the branching ratios of J/ψ→ρπ and ππ in the framework of QCD. The results show that the branching ratios are proportional to [(m u +m d )/(M J/ψ )] 2 for the ρπ mode and [(m u -m d )/(m J/ψ )] 2 for the ππ mode which is isospin violated. The theoretical prediction of the ratio of J/ψ → ρπ is smaller than data, but not too small to invoke a completely new mechanism. Thus the puzzle is still standing even though we learn much knowledge towards the puzzle and this will help to finally interpret the puzzle and then gain a deeper insight to the heavy quarkonia. (author)

  14. Crossword Puzzles as a Learning Tool for Vocabulary Development

    Science.gov (United States)

    Orawiwatnakul, Wiwat

    2013-01-01

    Introduction: Since vocabulary is a key basis on which reading achievement depends, various vocabulary acquisition techniques have become pivotal. Among the many teaching approaches, traditional or otherwise, the use of crossword puzzles seems to offer potential and a solution for the problem of learning vocabulary. Method: This study was…

  15. Adding a Piece to the Leaf Epidermal Cell Shape Puzzle.

    Science.gov (United States)

    von Wangenheim, Daniel; Wells, Darren M; Bennett, Malcolm J

    2017-11-06

    The jigsaw puzzle-shaped pavement cells in the leaf epidermis collectively function as a load-bearing tissue that controls organ growth. In this issue of Developmental Cell, Majda et al. (2017) shed light on how the jigsaw shape can arise from localized variations in wall stiffness between adjacent epidermal cells. Copyright © 2017 Elsevier Inc. All rights reserved.

  16. Unraveling "Braid": Puzzle Games and Storytelling in the Imperative Mood

    Science.gov (United States)

    Arnott, Luke

    2012-01-01

    "Unraveling Braid" analyzes how unconventional, non-linear narrative fiction can help explain the ways in which video games signify. Specifically, this essay looks at the links between the semiotic features of Jonathan Blow's 2008 puzzle-platform video game Braid and similar elements in Georges Perec's 1978 novel "Life A User's Manual," as well as…

  17. The Potential of Crossword Puzzles in Aiding English Language Learners

    Science.gov (United States)

    Merkel, Warren

    2016-01-01

    In an academic environment, teachers utilize crossword puzzles to help students learn or remember terminology. Outside the classroom, typically in daily newspapers, crosswords aid in vocabulary development, used as a learning tool, a leisure activity, or both. However, both the content and the grid structure of the crosswords in these two…

  18. Experimental status of the E/ι puzzle

    International Nuclear Information System (INIS)

    Lanaro, A.

    1996-11-01

    Despite the prolonged experimental effort devoted to the spectroscopy of the E/ι mesons, and the intense theoretical debate around this subject, many puzzling issues still prevent from a full understanding of the true scenario. The advent of new and more precise experimental measurements motivates a review on this topic

  19. Puzzling with potential : dynamic testing of analogical reasoning in children

    NARCIS (Netherlands)

    Stevenson, Claire Elisabeth

    2012-01-01

    Assessment procedures are frequent in children's school careers; however, measuring potential for learning has remained a puzzle. Dynamic testing is a method to assess cognitive potential that includes training in the assessment process. The goal of this thesis project was to develop a new dynamic

  20. Risk premium in the UK natural gas forward market

    International Nuclear Information System (INIS)

    Hobaek Haff, Ingrid; Lindqvist, Ola; Loeland, Anders

    2008-01-01

    This report investigates the UK natural gas market, and tests whether it is a fair-game efficient forward market, using forward contracts ranging from one to five months time to delivery. The forward and spot price series are separately non-stationary, but cointegrated. Furthermore, the forward prices are biased predictors of both the future spot and the 1-month-ahead forward price. The risk premium on the forward prices is positive, as opposed to the US gas market, where the risk premium was found to be negative in similar work. Moreover, the analysis reveals that the storage model is an incomplete model for the relationship between the spot and forward prices. However, storage has a clear effect on this relationship, an effect that appears to be non-linear. (author)

  1. Financial crisis and market risk premium: Identifying multiple structural changes

    Directory of Open Access Journals (Sweden)

    Juan J. García-Machado

    2011-03-01

    Full Text Available The relationship between macroeconomic variables and stock market returns is, by now, well-documented in the literature. However, in this article we examine the long-run relationship between stock and bond markets returns over the period from 1991:11 to 2009:11, using Bai and Perron’s multiple structural change approach. Findings indicate that while the market risk premium is usually positive, periods with negative values appear only in three periods (1991:1-1993:2, 1998:3-2002:2 and from 2007:1-2009:11 leading to changes in the GDP evolution. Thereby, the study shows the presence of structural breaks in the Spanish market risk premium and its relationship with business cycle. These findings contribute to a better understanding of close linkages between the financial markets and the macroeconomic variables such as GDP. Implications of the study and suggestions for future research are provided.

  2. Stock Market Integration: Are Risk Premiums of International Assets Equal?

    Directory of Open Access Journals (Sweden)

    Kusdhianto Setiawan

    2014-02-01

    Full Text Available This paper studies previous research on capital market integration and applies a simple international capital asset pricing model by considering the incompleteness in market integration and heteroscedasticity of the market returns. When we disregarded those two factors, we found that stock markets were integrated and the law of one price on risk premiums prevails. However, when the factors were considered, the markets were just partially integrated.

  3. QUALITY PREMIUMS FOR AUSTRALIAN WHEAT IN THE GROWING ASIAN MARKETS

    OpenAIRE

    Ahmadi-Esfahani, Fredoun Z.; Stanmore, Roland G.

    1994-01-01

    An hedonic price function is applied to Australia's wheat exports to the growing Asian markets. The values for the quality characteristics in the wheat markets of Indonesia, Malaysia, Singapore, South Korea, and Thailand are estimated. The data base for the study is from the Australian Wheat Board shipments over the period 1984 to 1991. The sample is divided into two separate time periods to test the consistency in demand for export wheat and to trace recent trends in quality premiums. The im...

  4. Curb your premium! evaluating state intervention in medical malpractice insurance

    OpenAIRE

    Sofia, AmaralGarcia; Veronica, Grembi

    2011-01-01

    Using data of Italian public healthcare providers over years 2001 through 2008, we evaluate the impact of two policies adopted by Italian Regions (i.e., States) to cope with increasing medical malpractice costs using a Difference-in-Difference specification. We assess the impact of the policies on premiums paid and legal expenditures. The first policy consisted in collecting information and monitoring both compensation requests and any legal action related to a medical malpractice claim again...

  5. Coal sulfur-premium models for SO2 allowance valuation

    International Nuclear Information System (INIS)

    Henry, J.B. II; Radulski, D.R.; Ellingson, E.G.; Engels, J.P.

    1995-01-01

    Clean Air Capital Markets, an investment bank structuring SO 2 Allowance transactions, has designed two allowance value models. The first forecasts an equilibrium allowance value based on coal supply and demand. The second estimates the sulfur premium of all reported coal deliveries to utilities. Both models demonstrate that the fundamental allowance value is approximately double current spot market prices for small volumes of off-system allowances

  6. Global Variance Risk Premium and Forex Return Predictability

    OpenAIRE

    Aloosh, Arash

    2014-01-01

    In a long-run risk model with stochastic volatility and frictionless markets, I express expected forex returns as a function of consumption growth variances and stock variance risk premiums (VRPs)—the difference between the risk-neutral and statistical expectations of market return variation. This provides a motivation for using the forward-looking information available in stock market volatility indices to predict forex returns. Empirically, I find that stock VRPs predict forex returns at a ...

  7. The impact of CHIP premium increases on insurance outcomes among CHIP eligible children.

    Science.gov (United States)

    Nikolova, Silviya; Stearns, Sally

    2014-03-03

    Within the United States, public insurance premiums are used both to discourage private health policy holders from dropping coverage and to reduce state budget costs. Prior research suggests that the odds of having private coverage and being uninsured increase with increases in public insurance premiums. The aim of this paper is to test effects of Children's Health Insurance Program (CHIP) premium increases on public insurance, private insurance, and uninsurance rates. The fact that families just below and above a state-specific income cut-off are likely very similar in terms of observable and unobservable characteristics except the premium contribution provides a natural experiment for estimating the effect of premium increases. Using 2003 Medical Expenditure Panel Survey (MEPS) merged with CHIP premiums, we compare health insurance outcomes for CHIP eligible children as of January 2003 in states with a two-tier premium structure using a cross-sectional regression discontinuity methodology. We use difference-in-differences analysis to compare longitudinal insurance outcomes by December 2003. Higher CHIP premiums are associated with higher likelihood of private insurance. Disenrollment from CHIP in response to premium increases over time does not increase the uninsurance rate. When faced with higher CHIP premiums, private health insurance may be a preferable alternative for CHIP eligible families with higher incomes. Therefore, competition in the insurance exchanges being formed under the Affordable Care Act could enhance choice.

  8. The Value Premium on the Danish Stock Market

    DEFF Research Database (Denmark)

    Risager, Ole

    2005-01-01

    research on this issue. The purpose of this paper is to report evidence for the Danish stock market and to test whether the value premium is a genuine long-term feature of the market or just a phenomenon that pops up now and then. To research this issue we have collected accounting and stock market data......A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean...... return than the high multiple growth firms. Work by Basu (1997) and others have shown that the value dominance is also a feature of the earlier market history of the United States. The value premium is reported also to exist in a number of other countries over the period 1975 to 1995 (Fama and French...

  9. Consumer Based-Brand Equity

    OpenAIRE

    Ekinci, Yuksel

    2014-01-01

    Research Objectives The objectives of this study are to: - Assess external validity of Nam et al.’s (2011) CBBE model in different culture (Turkey) and new service context (fashion retailing). - Compare validity of Nam et al.’s (2011) CBBE model with the brand equity model introduced by Yoo and Donthu (2001). - Expand the Nam et al.’s (2011) model by introducing “brand awareness”. Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech.

  10. Equity in the social sciences

    International Nuclear Information System (INIS)

    Enbar, M.

    1984-01-01

    This review suggests that many social scientists and philosophers are increasingly sensitive to the ethical and moral dimensions of analytic endeavors and of normative policymaking, in particular to the fact that no purely technical fix exists for problems whose solutions impinge upon the political process. The presence of equity issues widens the scope of the decision making process, requiring the consideration of a broader field of options and consequences and an awareness of the institutional and social fabrics from which solutions to previous analogous problems were fashioned. Current policy must reflect greater sensitivity to the distributional outcomes of major collective decisions and to the moral and ethical foundations which underlie them. 85 references

  11. PNG Education System: Equity Trends and Comparisons.

    Science.gov (United States)

    Sheret, Michael

    This paper identifies and discusses inequities in the educational system of Papua New Guinea (PNG). It begins by explaining the use of the Gini coefficient as an equity index, and then discusses inequities and equity trends in four concern areas: geographic distribution of formal education between provinces; educational achievement; distribution…

  12. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    2018-01-01

    constructed from intraday effective spreads for a large panel of U.S. equities, and they are robust to different empirical implementations. Our findings are consistent with evidence that market makers in the equity options market hold large and risky net long positions, and positive illiquidity premia...

  13. Accessibility, equity and efficiency. Part 1: Introduction

    NARCIS (Netherlands)

    Geurs, Karst Teunis; Dentinho, T.; Patuelli, R.; Geurs, K.T.; Patuelli, R.; Dentinho, T.

    2016-01-01

    The tension between efficiency and equity has been the focus of major debate since equity aspects started to be considered as part of project evaluation procedures (Thomopoulos et al. 2009). In this book, we contribute to the debate by focusing on the links and trade-offs between accessibility,

  14. Equity Mispricing and Leverage Adjustment Costs

    NARCIS (Netherlands)

    Warr, R.S.; Elliott, W.B.; Koeter-Kant, J.; Oztekin, O.

    2012-01-01

    We find that equity mispricing impacts the speed at which firms adjust to their target leverage (TL) and does so in predictable ways depending on whether the firm is over- or underlevered. For example, firms that are above their TL and should therefore issue equity (or retire debt) adjust more

  15. On the Real Effects of Private Equity

    NARCIS (Netherlands)

    P.G.J. Roosenboom (Peter)

    2009-01-01

    textabstractPrivate equity has become an increasingly important part of our economy. Around the world the companies owned by private equity investors account for a substantial percentage of Gross Domestic Product (GDP) and private sector employment. These investors have recently been under fire in

  16. Explaining the performance of Chinese equity funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Shi, Qiqiang

    2013-01-01

    This paper examines the determinants of Chinese equity fund performance measured by market benchmark adjusted returns and risk adjusted return (Jensen’s Alpha). The sample covers 193 equity funds from January 2006 to December 2011, including both bear (2008 and 2011) and bull (2006, 2007, 2009, and

  17. Leisure Today: Equity Issues in Leisure Services.

    Science.gov (United States)

    Dustin, Daniel L., Ed.; And Others

    1990-01-01

    Seven articles on equity issues in leisure services focus on conservation for the future, resource allocation inequities in wildland recreation, leisure services for people of color and people with disabilities, serving all children in community recreation, women and leisure services, and equity in public sector resource allocations. (JD)

  18. Designing Psychological Treatments for Scalability: The PREMIUM Approach.

    Directory of Open Access Journals (Sweden)

    Sukumar Vellakkal

    Full Text Available Lack of access to empirically-supported psychological treatments (EPT that are contextually appropriate and feasible to deliver by non-specialist health workers (referred to as 'counsellors' are major barrier for the treatment of mental health problems in resource poor countries. To address this barrier, the 'Program for Effective Mental Health Interventions in Under-resourced Health Systems' (PREMIUM designed a method for the development of EPT for severe depression and harmful drinking. This was implemented over three years in India. This study assessed the relative usefulness and costs of the five 'steps' (Systematic reviews, In-depth interviews, Key informant surveys, Workshops with international experts, and Workshops with local experts in the first phase of identifying the strategies and theoretical model of the treatment and two 'steps' (Case series with specialists, and Case series and pilot trial with counsellors in the second phase of enhancing the acceptability and feasibility of its delivery by counsellors in PREMIUM with the aim of arriving at a parsimonious set of steps for future investigators to use for developing scalable EPT.The study used two sources of data: the usefulness ratings by the investigators and the resource utilization. The usefulness of each of the seven steps was assessed through the ratings by the investigators involved in the development of each of the two EPT, viz. Healthy Activity Program for severe depression and Counselling for Alcohol Problems for harmful drinking. Quantitative responses were elicited to rate the utility (usefulness/influence, followed by open-ended questions for explaining the rankings. The resources used by PREMIUM were computed in terms of time (months and monetary costs.The theoretical core of the new treatments were consistent with those of EPT derived from global evidence, viz. Behavioural Activation and Motivational Enhancement for severe depression and harmful drinking respectively

  19. Investigating different factors influencing on brand equity

    Directory of Open Access Journals (Sweden)

    Afsane Zamanimoghadam

    2014-07-01

    Full Text Available The purpose of this paper is to determine and prioritize factors influencing on brand equity in consumer’s point of view for a case study of Samsung appliance consumers in city of Tehran, Iran. The study investigates the effects of four factors in terms of the customer's perspective, price, advertisement, family and brand image, by dimensions of brand equity, perceived quality, brand awareness, brand association, brand loyalty, on brand equity. The research method is based on a descriptive-survey research. The questionnaire includes Samsung consumers in city of Tehran, Iran. To test the hypotheses, SPSS and LISREL software packages are used. For data analysis, descriptive statistics and inferential statistical tests including structural equation modeling and path analysis are used. The results of the survey have indicated that family and brand image influence positively on brand equity but the effects of advertisement and price on brand equity were not confirmed.

  20. MODEL PERAMALAN KONSUMSI BAHAN BAKAR JENIS PREMIUM DI INDONESIA DENGAN REGRESI LINIER BERGANDA

    Directory of Open Access Journals (Sweden)

    Farizal

    2014-12-01

    Full Text Available Energy consumption forecasting, especially premium, is an integral part of energy management. Premium is a type of energy that receives government subsidy. Unfortunately, premium forecastings being performed have considerable high error resulting difficulties on reaching planned subsidy target and exploding the amount. In this study forecasting was conducted using multilinear regression (MLR method with ten candidate predictor variables. The result shows that only four variables which are inflation, selling price disparity between pertamanx and premium, economic growth rate, and the number of car, dictate premium consumption. Analsys on the MLR model indicates that the model has a considerable low error with the mean absolute percentage error (MAPE of 5.18%. The model has been used to predict 2013 primium consumption with 1.05% of error. The model predicted that 2013 premium consumption was 29.56 million kiloliter, while the reality was 29.26 million kiloliter.

  1. THE BORROWER CHARACTERISTICS IN HOT EQUITY MARKETS

    Directory of Open Access Journals (Sweden)

    HALIL DINCER KAYA

    2017-06-01

    Full Text Available In this study, I examine the characteristics of U.S. corporate borrowers (public debt, private placement, and syndicated loan firms in HOT versus COLD equity markets. My main objective is to see the characteristics of firms that choose debt financing even when the equity market is HOT. HOT equity markets are defined as the top twenty percent of the months in terms of the de-trended number of equity offerings. I find that the HOT equity market borrowers generally have higher market-to-book ratios compared to the COLD market borrowers. Also, in HOT equity markets, the public debt firms (i.e. the corporate bond issuers tend to have fewer tangible assets, the private placement firms tend to be smaller and highly levered, and the syndicated loan firms tend to be smaller, more profitable, and less levered compared to the COLD market firms. When I look at the number of transactions in each market, I find that when the equity market is active (i.e. HOT, the syndicated loan market is even more active. During these periods, the public debt market is also active (although not as much as the equity or the syndicated loan markets. When I look at the sizes of the transactions in each market, I find that the private placements tend to be significantly larger in HOT markets compared to COLD markets. I conclude that while the equity, the public debt, and the syndicated loan markets move together in terms of market activity, the equity market and the private placement markets move together in terms of the size of the transaction.

  2. Fair premium rate of the deposit insurance system based on banks' creditworthiness

    OpenAIRE

    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad; Nili, Farhad

    2017-01-01

    Purpose: Deposit insurance is a key element in modern banking, as it guarantees the financial safety of deposits at depository financial institutions. It is necessary to have at least a dual fair premium rate system based on the creditworthiness of financial institutions, as considering a singular premium system for all banks will have a moral hazard. In this paper, we develop a theoretical as well as an empirical model for calculating dual fair premium rates. Design/methodology/approach: Our...

  3. Using the Black Scholes method for estimating high cost illness insurance premiums in Colombia

    Directory of Open Access Journals (Sweden)

    Liliana Chicaíza

    2009-04-01

    Full Text Available This article applied the Black-Scholes option valuation formula to calculating high-cost illness reinsurance premiums in the Colombian health system. The coverage pattern used in reinsuring high-cost illnesses was replicated by means of a European call option contract. The option’s relevant variables and parameters were adapted to an insurance market context. The premium estimated by the BlackScholes method fell within the range of premiums estimated by the actuarial method.

  4. 75 FR 30243 - Medicaid Program; Premiums and Cost Sharing

    Science.gov (United States)

    2010-05-28

    ... each week from 8:30 a.m. to 4 p.m. To schedule an appointment to view public comments, phone 1-800-743... Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 (Pub. L. 110- 343), relate to the...

  5. Do "premium" joint implants add value?: analysis of high cost joint implants in a community registry.

    Science.gov (United States)

    Gioe, Terence J; Sharma, Amit; Tatman, Penny; Mehle, Susan

    2011-01-01

    Numerous joint implant options of varying cost are available to the surgeon, but it is unclear whether more costly implants add value in terms of function or longevity. We evaluated registry survival of higher-cost "premium" knee and hip components compared to lower-priced standard components. Premium TKA components were defined as mobile-bearing designs, high-flexion designs, oxidized-zirconium designs, those including moderately crosslinked polyethylene inserts, or some combination. Premium THAs included ceramic-on-ceramic, metal-on-metal, and ceramic-on-highly crosslinked polyethylene designs. We compared 3462 standard TKAs to 2806 premium TKAs and 868 standard THAs to 1311 premium THAs using standard statistical methods. The cost of the premium implants was on average approximately $1000 higher than the standard implants. There was no difference in the cumulative revision rate at 7-8 years between premium and standard TKAs or THAs. In this time frame, premium implants did not demonstrate better survival than standard implants. Revision indications for TKA did not differ, and infection and instability remained contributors. Longer followup is necessary to demonstrate whether premium implants add value in younger patient groups. Level III, therapeutic study. See Guidelines for Authors for a complete description of levels of evidence.

  6. Effects of public premiums on children's health insurance coverage: evidence from 1999 to 2003.

    Science.gov (United States)

    Kenney, Genevieve; Hadley, Jack; Blavin, Fredric

    This study uses 2000 to 2004 Current Population Survey data to examine the effects of public premiums on the insurance coverage of children whose family incomes are between 100% and 300% of the federal poverty level. The analysis employs multinomial logistic models that control for factors other than premium costs. While the magnitude of the estimated effects varies across models, the results consistently indicate that raising public premiums reduces enrollment in public programs, with some children who forgo public coverage having private coverage instead and others being uninsured. The results indicate that public premiums have larger effects when applied to lower-income families.

  7. Confronting the Equity "Learning Problem" through Practitioner Inquiry

    Science.gov (United States)

    Ching, Cheryl D.

    2018-01-01

    This study examined how participation in an inquiry-based workshop on assessing course syllabi for equity-mindedness and cultural inclusivity fostered community college math faculty learning about racial/ethnic equity and equity-mindedness. Findings show that the workshop prompted reflection on what equity means and how participants' teaching…

  8. Meson spectroscopy experiment at KEK - E/iota puzzle

    International Nuclear Information System (INIS)

    Tsuru, Tsuneaki

    1985-01-01

    Physics interests at the KEK (National Laboratory for High Energy Physics) are (1) search for exotic mesons such as glueballs (gg), meiktons (q anti q g) and multiquark states (q sup(2 - )q 2 ), (2) search for missing ordinary mesons (q anti q) and confirmation of unestablished mesons, and (3) new informations of quark contents of mesons, mixing angles of SU(3) singlet-octet and tests of conservations law. Special interest is in search for exotics such as glueballs and meiktons. (2) is a so-called meson spectroscopy experiment. This is important not only in itself but also in identifying newly discovered states as exotics because exotics have often same quantum numbers as ordinary mesons. Contents are the following: glueballs and E/iota puzzles, spectrometer system, experiments, performance of the spectrometer, physics outputs, E/iota puzzles and πI experiment, future plans. (Mori, K.)

  9. Spectroscopy of muonic atoms and the proton radius puzzle

    Science.gov (United States)

    Antognini, Aldo

    2017-09-01

    We have measured several 2 S -2 P transitions in muonic hydrogen (μp), muonic deuterium (μd) and muonic helium ions (μ3He, μ4He). From muonic hydrogen we extracted a proton charge radius 20 times more precise than obtained from electron-proton scattering and hydrogen high-precision laser spectroscopy but at a variance of 7 σ from these values. This discrepancy is nowadays referred to as the proton radius puzzle. New insight has been recently provided by the first determination of the deuteron charge radius from laser spectroscopy of μd. The status of the proton charge radius puzzle including the new insights obtained by μd spectroscopy will be discussed. Work supported by the Swiss National Science Foundation SNF-200021-165854 and the ERC CoG. #725039.

  10. The puzzle of the ultra-high energy cosmic rays

    CERN Document Server

    Tkachev, I I

    2003-01-01

    In early years the cosmic ray studies were ahead of accelerator research, starting from the discovery of positrons, through muons, to that of pions and strange particles. Today we are facing the situation that the puzzling saga of cosmic rays of the highest energies may again unfold in the discovery of new physics, now beyond the Standard Model; or it may bring to life an "extreme" astrophysics. After a short review of the Greisen-Zatsepin-Kuzmin puzzle, I discuss different models which were suggested for its resolution. Are there any hints pointing to the correct model? I argue that the small-scale clustering of arrival directions of cosmic rays gives a clue, and BL Lacs are the probable sources of the observed events. (58 refs).

  11. The Monotonicity Puzzle: An Experimental Investigation of Incentive Structures

    Directory of Open Access Journals (Sweden)

    Jeannette Brosig

    2010-05-01

    Full Text Available Non-monotone incentive structures, which - according to theory - are able to induce optimal behavior, are often regarded as empirically less relevant for labor relationships. We compare the performance of a theoretically optimal non-monotone contract with a monotone one under controlled laboratory conditions. Implementing some features relevant to real-world employment relationships, our paper demonstrates that, in fact, the frequency of income-maximizing decisions made by agents is higher under the monotone contract. Although this observed behavior does not change the superiority of the non-monotone contract for principals, they do not choose this contract type in a significant way. This is what we call the monotonicity puzzle. Detailed investigations of decisions provide a clue for solving the puzzle and a possible explanation for the popularity of monotone contracts.

  12. Can the magnetic moment contribution explain the Ay puzzle?

    International Nuclear Information System (INIS)

    Stoks, V.G.

    1998-01-01

    We evaluate the full one-photon-exchange Born amplitude for Nd scattering. We include the contributions due to the magnetic moment of the proton or neutron, and the magnetic moment and quadrupole moment of the deuteron. It is found that the inclusion of the magnetic-moment interaction in the theoretical description of the Nd scattering observables cannot resolve the long-standing A y puzzle. copyright 1998 The American Physical Society

  13. The Incomplete Glutathione Puzzle: Just Guessing at Numbers and Figures?

    Science.gov (United States)

    Deponte, Marcel

    2017-11-20

    Glutathione metabolism is comparable to a jigsaw puzzle with too many pieces. It is supposed to comprise (i) the reduction of disulfides, hydroperoxides, sulfenic acids, and nitrosothiols, (ii) the detoxification of aldehydes, xenobiotics, and heavy metals, and (iii) the synthesis of eicosanoids, steroids, and iron-sulfur clusters. In addition, glutathione affects oxidative protein folding and redox signaling. Here, I try to provide an overview on the relevance of glutathione-dependent pathways with an emphasis on quantitative data. Recent Advances: Intracellular redox measurements reveal that the cytosol, the nucleus, and mitochondria contain very little glutathione disulfide and that oxidative challenges are rapidly counterbalanced. Genetic approaches suggest that iron metabolism is the centerpiece of the glutathione puzzle in yeast. Furthermore, recent biochemical studies provide novel insights on glutathione transport processes and uncoupling mechanisms. Which parts of the glutathione puzzle are most relevant? Does this explain the high intracellular concentrations of reduced glutathione? How can iron-sulfur cluster biogenesis, oxidative protein folding, or redox signaling occur at high glutathione concentrations? Answers to these questions not only seem to depend on the organism, cell type, and subcellular compartment but also on different ideologies among researchers. A rational approach to compare the relevance of glutathione-dependent pathways is to combine genetic and quantitative kinetic data. However, there are still many missing pieces and too little is known about the compartment-specific repertoire and concentration of numerous metabolites, substrates, enzymes, and transporters as well as rate constants and enzyme kinetic patterns. Gathering this information might require the development of novel tools but is crucial to address potential kinetic competitions and to decipher uncoupling mechanisms to solve the glutathione puzzle. Antioxid. Redox Signal

  14. Puzzling with potential: dynamic testing of analogical reasoning in children

    OpenAIRE

    Stevenson, Claire Elisabeth

    2012-01-01

    Assessment procedures are frequent in children's school careers; however, measuring potential for learning has remained a puzzle. Dynamic testing is a method to assess cognitive potential that includes training in the assessment process. The goal of this thesis project was to develop a new dynamic test of analogical reasoning for school children. The main aims were to (1) investigate factors that influence children’s differences in performance and change during dynamic testing and (2) examine...

  15. PUZZLES – A CREATIVE WAY OF DEVELOPMENT OF LOGICAL THINKING

    Directory of Open Access Journals (Sweden)

    Milková, Eva

    2011-12-01

    Full Text Available Logical thinking of students should be enhanced at all levels of their studies. There are many possibilities how to achieve it. In the paper one possible way within the subjects “Discrete Mathematics” and “Discrete Methods and Optimization” dealing with graph theory and combinatorial optimization will be presented. These mathematical disciplines are powerful tools for teachers allowing them to develop logical thinking of students, increase their imagination and make them familiar with solutions to various problems. Thanks the knowledge gained within the subjects students should be able to describe various practical situations with the aid of graphs, solve the given problem expressed by the graph, and translate the solution back into the initial situation. Student engagement is crucial for successful education. Practical tasks and puzzles attract students to know more about the explained subject matter and to apply gained knowledge. There are an endless number of enjoyable tasks, puzzles and logic problems in books like “Mathematics is Fun”, in riddles magazines and on the Internet. In the paper, as an inspiration, four puzzles developing logical thinking appropriate to be solved using graph theory and combinatorial optimization will be introduced. On these puzzles of different level of difficulty the students’ ability to find out the appropriate graph-representation of the given task and solve it will be discussed as well. The author of the paper has been prepared with her students various multimedia applications dealing with objects appropriate to subject matter for more than 15 years. In the paper we also discuss a benefit of multimedia applications used as a support of subjects “Discrete Mathematics” and “Discrete Methods and Optimization”.

  16. Understanding the Puzzling Risk-Return Relationship for Housing

    OpenAIRE

    Lu Han

    2013-01-01

    Standard theory predicts a positive relationship between risk and return, yet recent data show that housing returns vary positively with risk in some markets but negatively in others. This paper rationalizes these cross-market differences in the risk-return relationship for housing, and in so doing, explains the puzzling negative relationship. The paper shows that when the current house provides a hedge against the risk associated with the future housing consumption, households are willing to...

  17. Puzzles, paradoxes, and problem solving an introduction to mathematical thinking

    CERN Document Server

    Reba, Marilyn A

    2014-01-01

    Graphs: Puzzles and Optimization Graphical Representation and Search Greedy Algorithms and Dynamic Programming Shortest Paths, DNA Sequences, and GPS Systems Routing Problems and Optimal Circuits Traveling Salesmen and Optimal Orderings Vertex Colorings and Edge Matchings Logic: Rational Inference and Computer Circuits Inductive and Deductive Arguments Deductive Arguments and Truth-Tables Deductive Arguments and Derivations Deductive Logic and Equivalence Modeling Using Deductive Logic Probability: Predictions and Expectations Probability and Counting Counting and Unordered Outcomes Independen

  18. Supersymmetry, the flavour puzzle and rare B decays

    Energy Technology Data Exchange (ETDEWEB)

    Straub, David Michael

    2010-07-14

    The gauge hierarchy problem and the flavour puzzle belong to the most pressing open questions in the Standard Model of particle physics. Supersymmetry is arguably the most popular framework of physics beyond the Standard Model and provides an elegant solution to the gauge hierarchy problem; however, it aggravates the flavour puzzle. In the first part of this thesis, I discuss several approaches to address the flavour puzzle in the minimal supersymmetric extension of the Standard Model and experimental tests thereof: supersymmetric grand unified theories with a unification of Yukawa couplings at high energies, theories with minimal flavour violation and additional sources of CP violation and theories with gauge mediation of supersymmetry breaking and a large ratio of Higgs vacuum expectation values. In the second part of the thesis, I discuss the phenomenology of two rare B meson decay modes which are promising probes of physics beyond the Standard Model: The exclusive B {yields} K{sup *}l{sup +}l{sup -} decay, whose angular decay distribution will be studied at LHC and gives access to a large number of observables and the b{yields}s{nu}anti {nu} decays, which are in the focus of planned high-luminosity Super B factories. I discuss the predictions for these observables in the Standard Model and their sensitivity to New Physics. (orig.)

  19. Food puzzles for cats: Feeding for physical and emotional wellbeing.

    Science.gov (United States)

    Dantas, Leticia Ms; Delgado, Mikel M; Johnson, Ingrid; Buffington, Ca Tony

    2016-09-01

    Many pet cats are kept indoors for a variety of reasons (eg, safety, health, avoidance of wildlife predation) in conditions that are perhaps the least natural to them. Indoor housing has been associated with health issues, such as chronic lower urinary tract signs, and development of problem behaviors, which can cause weakening of the human-animal bond and lead to euthanasia of the cat. Environmental enrichment may mitigate the effects of these problems and one approach is to take advantage of cats' natural instinct to work for their food. In this article we aim to equip veterinary professionals with the tools to assist clients in the use of food puzzles for their cats as a way to support feline physical health and emotional wellbeing. We outline different types of food puzzles, and explain how to introduce them to cats and how to troubleshoot challenges with their use. The effect of food puzzles on cats is a relatively new area of study, so as well as reviewing the existing empirical evidence, we provide case studies from our veterinary and behavioral practices showing health and behavioral benefits resulting from their use. © The Author(s) 2016.

  20. Decodoku: Quantum error rorrection as a simple puzzle game

    Science.gov (United States)

    Wootton, James

    To build quantum computers, we need to detect and manage any noise that occurs. This will be done using quantum error correction. At the hardware level, QEC is a multipartite system that stores information non-locally. Certain measurements are made which do not disturb the stored information, but which do allow signatures of errors to be detected. Then there is a software problem. How to take these measurement outcomes and determine: a) The errors that caused them, and (b) how to remove their effects. For qubit error correction, the algorithms required to do this are well known. For qudits, however, current methods are far from optimal. We consider the error correction problem of qubit surface codes. At the most basic level, this is a problem that can be expressed in terms of a grid of numbers. Using this fact, we take the inherent problem at the heart of quantum error correction, remove it from its quantum context, and presented in terms of simple grid based puzzle games. We have developed three versions of these puzzle games, focussing on different aspects of the required algorithms. These have been presented and iOS and Android apps, allowing the public to try their hand at developing good algorithms to solve the puzzles. For more information, see www.decodoku.com. Funding from the NCCR QSIT.

  1. Learning structural bioinformatics and evolution with a snake puzzle

    Directory of Open Access Journals (Sweden)

    Gonzalo S. Nido

    2016-12-01

    Full Text Available We propose here a working unit for teaching basic concepts of structural bioinformatics and evolution through the example of a wooden snake puzzle, strikingly similar to toy models widely used in the literature of protein folding. In our experience, developed at a Master’s course at the Universidad Autónoma de Madrid (Spain, the concreteness of this example helps to overcome difficulties caused by the interdisciplinary nature of this field and its high level of abstraction, in particular for students coming from traditional disciplines. The puzzle will allow us discussing a simple algorithm for finding folded solutions, through which we will introduce the concept of the configuration space and the contact matrix representation. This is a central tool for comparing protein structures, for studying simple models of protein energetics, and even for a qualitative discussion of folding kinetics, through the concept of the Contact Order. It also allows a simple representation of misfolded conformations and their free energy. These concepts will motivate evolutionary questions, which we will address by simulating a structurally constrained model of protein evolution, again modelled on the snake puzzle. In this way, we can discuss the analogy between evolutionary concepts and statistical mechanics that facilitates the understanding of both concepts. The proposed examples and literature are accessible, and we provide supplementary material (see ‘Data Availability’ to reproduce the numerical experiments. We also suggest possible directions to expand the unit. We hope that this work will further stimulate the adoption of games in teaching practice.

  2. Supersymmetry, the flavour puzzle and rare B decays

    International Nuclear Information System (INIS)

    Straub, David Michael

    2010-01-01

    The gauge hierarchy problem and the flavour puzzle belong to the most pressing open questions in the Standard Model of particle physics. Supersymmetry is arguably the most popular framework of physics beyond the Standard Model and provides an elegant solution to the gauge hierarchy problem; however, it aggravates the flavour puzzle. In the first part of this thesis, I discuss several approaches to address the flavour puzzle in the minimal supersymmetric extension of the Standard Model and experimental tests thereof: supersymmetric grand unified theories with a unification of Yukawa couplings at high energies, theories with minimal flavour violation and additional sources of CP violation and theories with gauge mediation of supersymmetry breaking and a large ratio of Higgs vacuum expectation values. In the second part of the thesis, I discuss the phenomenology of two rare B meson decay modes which are promising probes of physics beyond the Standard Model: The exclusive B → K * l + l - decay, whose angular decay distribution will be studied at LHC and gives access to a large number of observables and the b→sνanti ν decays, which are in the focus of planned high-luminosity Super B factories. I discuss the predictions for these observables in the Standard Model and their sensitivity to New Physics. (orig.)

  3. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    2018-01-01

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the crosssectional variation. Furthermore, these principal components are highly correlated with the S&P 500 index option...... volatility, skew, and term structure, respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that covaries more with the market...

  4. Banking Firm, Equity and Value at Risk

    Directory of Open Access Journals (Sweden)

    Udo Broll

    2012-12-01

    Full Text Available The paper focuses on the interaction between the solvency probability of a banking firm and the diversification potential of its asset portfolio when determining optimal equity capital. The purpose of this paper is to incorporate value at risk (VaR into the firm-theoretical model of a banking firm facing the risk of asset return. Given the necessity to achieve a confidence level for solvency, we demonstrate that diversification reduces the amount of equity. Notably, the VaR concept excludes a separation of equity policy and asset-liability management.

  5. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the cross-sectional variation. Furthermore, these principal components are highly correlated with the S&P500 index option...... volatility, skew, and term structure respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that co-varies more with the market...

  6. Equity trees and graphs via information theory

    Science.gov (United States)

    Harré, M.; Bossomaier, T.

    2010-01-01

    We investigate the similarities and differences between two measures of the relationship between equities traded in financial markets. Our measures are the correlation coefficients and the mutual information. In the context of financial markets correlation coefficients are well established whereas mutual information has not previously been as well studied despite its theoretically appealing properties. We show that asset trees which are derived from either the correlation coefficients or the mutual information have a mixture of both similarities and differences at the individual equity level and at the macroscopic level. We then extend our consideration from trees to graphs using the "genus 0" condition recently introduced in order to study the networks of equities.

  7. Consumption-based Equity Valuation

    DEFF Research Database (Denmark)

    Bach, Christian; Christensen, Peter O.

    2016-01-01

    implementations of standard valuation models, both in terms of median absolute valuation errors (MAVE) and in terms of excess returns on simple investment strategies based on the differences between model and market prices. The CCAPM-based valuation model yields a significantly lower MAVE than the best performing...... standard valuation model. Both types of models can identify investment strategies with subsequent excess returns. The CCAPM-based valuation model yields time-series of realized hedge returns with more and higher positive returns and fewer and less negative returns compared with the time-series of realized...... through a risk-adjusted cost of equity in the denominator. The risk adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare the performance of the model with several...

  8. Consumption-based Equity Valuation

    DEFF Research Database (Denmark)

    Bach, Christian; Christensen, Peter Ove

    2013-01-01

    the performance of the model with several implementations of standard valuation models, both in terms of absolute valuation errors, and in terms of the returns on simple investment strategies based on the differences between model and market prices in the respective valuation models. The CCAPM-based valuation...... model performs substantially better than the best performing standard valuation model when comparing absolute valuation errors. Both types of models are able to identify investment strategies with subsequent excess returns but also in this setting, the CCAPM-based valuation model outperforms...... residual income for risk in the numerator rather than through a risk-adjusted cost of equity in the denominator. The risk-adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare...

  9. The Equity-Equality Conflict

    DEFF Research Database (Denmark)

    Scheuer, Steen

    2013-01-01

    -for-performance systems) perceived as fair and when are they not? When can differences in contribution (equity) overrule the social norm of equality? Which contingent reward structure should be applied for teamwork members, if any? Which structure to motivate employees to a continuous search for smarter working......This article investigatesthe factors that determine workplace actors’ appeal to social norms of fairness in some situations and what ‘fairness’ is perceived as consisting of. When is a pay level considered as relativity fair, and when is it not? When are contingent pay systems (i.e. pay...... procedures and solutions? These are central concerns of motivation theory, where rational choice decisions are counterbalanced by endowment effectsor other fairness concerns. Management is placed in a dilemma between what is, e.g., an economically rational structure of incentives, on the one hand, and what...

  10. Liquidity Risk and Distressed Equity

    DEFF Research Database (Denmark)

    Medhat, Mamdouh

    I show theoretically and empirically that cash holdings can help rationalize the low returns to distressed equity. In my model, levered firms with financing constraints optimally choose their cash holdings to eliminate liquidity risk and optimally default when insolvent. Using data on solvency......, liquidity, and returns for US firms, I find evidence consistent with the model’s predictions: (1) In all solvency levels, the average firm holds enough liquid assets to cover its short-term liabilities; less solvent firms have (2) a higher fraction of their total assets in liquid assets and therefore (3......) lower conditional betas and (4) lower returns; (5) the profits of long-short solvency strategies are highest among firms with low liquidity; and (6) the profits of long-short liquidity strategies are highest among firms with low solvency....

  11. Premium Pricing In Health Insurance By Nelson- Aalen Estimator

    OpenAIRE

    Istikaanah, Najmah

    2011-01-01

    In this paper the using of Nelson Aalen estimators are presented to estimate transition probabilities of multistate model. Based on discrete time Markov, we will get transition matrices?é?á which the elements are transition probabilities from Nelson Aalen estimator. Because of the data that used in the construction of transition matrices are person?óÔé¼Ôäós health histories, then it can be seen as a morbidity value, which can be used to premium pricing.?é?á

  12. Alkaloid-derived molecules in low rank Argonne premium coals.

    Energy Technology Data Exchange (ETDEWEB)

    Winans, R. E.; Tomczyk, N. A.; Hunt, J. E.

    2000-11-30

    Molecules that are probably derived from alkaloids have been found in the extracts of the subbituminous and lignite Argonne Premium Coals. High resolution mass spectrometry (HRMS) and liquid chromatography mass spectrometry (LCMS) have been used to characterize pyridine and supercritical extracts. The supercritical extraction used an approach that has been successful for extracting alkaloids from natural products. The first indication that there might be these natural products in coals was the large number of molecules found containing multiple nitrogen and oxygen heteroatoms. These molecules are much less abundant in bituminous coals and absent in the higher rank coals.

  13. Assessment of plutonium security effect using import premium method

    International Nuclear Information System (INIS)

    Ohkubo, Hiroo; Aoyagi, Tadashi; Kikuchi, Masahiro; Suzuki, Atsuyuki.

    1994-01-01

    A mathematical formulation was developed to describe the concept of import premium method, which can quantify a security effect of demand reduction of imports by introducing the alternative before its supply disruption (or variation) may happen. Next, by using this formula, a security value of plutonium use (especially, fast breeder reactor), defined as a contributor to reduction of possibilities of disruption (or variation) of natural uranium supply was estimated. From these studies, it is concluded that although the formula proposed here is simplified, it may be available for assessing an energy security if only we prepare the data concerning future motions of supply and demand curves. (author)

  14. The dynamics of risk premiums in Nord Pool's futures market

    Energy Technology Data Exchange (ETDEWEB)

    Mork, E. [Consultant, Oslo (Norway)

    2006-04-15

    Premiums in futures prices are usually considered through the use of 2 models: a no-arbitrage model; and the equilibrium approach or theory of normal backwardation. The no-arbitrage approach equates futures prices with spot prices, storage costs and convenience yields, and is difficult to apply to electricity markets. This paper investigated future electricity prices in Nord Pool's futures market using an equilibrium approach, which split futures prices into an expected spot price component and a risk premium component. Three main hypotheses were used: (1) that risk premiums were present in the Nord Pool futures market during the period 1997-2004; that risk premiums in the Nord Pool futures market were smaller or absent during the period of 2000 to 2002; and, that there was a significant change in risk premiums in Nord Pool's futures market after the winter of 2002-2003 due to a change in consumer hedging behaviour. Futures prices were compared to realized spot prices in their delivery periods in order to test the hypotheses. In order to estimate the futures premiums, a 1-sample test was performed on the entire period for 1, 30, 60, and 90 days before delivery of the block or month contract. The test employed the null hypothesis that the futures premiums were 0. Premiums were positive and varied between 3.7 per cent and 9.3 per cent. The purpose of the study was to determine whether risk premiums were present. Results showed that risk premiums varied over time. Two additional hypotheses were then investigated to examine whether the presence of outside speculators reduced risk premiums, and to see if a period of high prices and volatility caused more buyers to hedge in the futures market. Results showed that in the face of volatility and higher prices, consumers do not purchase fixed-price contracts which would ultimately increase futures premiums in the market. It was concluded that premiums are an important element in the pricing of Nord Pool futures and

  15. Venture Capital and Other Private Equity: A Survey

    OpenAIRE

    Andrew Metrick; Ayako Yasuda

    2010-01-01

    We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings highlig...

  16. Private Equity for Retail Investors : How to efficiently involve Finnish retail investors in private equity

    OpenAIRE

    Moita, Angelo

    2017-01-01

    Private equity has been the best performing asset class for institutional investors. Meanwhile, retail investors have been left out from the asset class for several reasons, such as legislation and wealth profiling. This study aims at assessing the types of private equity vehicles that could be the most appropriate for Finnish retail investors. The study solely focuses on the investment opportunities, hence it does not cover investment behaviour. Private equity should not be a primary as...

  17. A possible explanation of the 'exchange rate disconnect puzzle': A common solution to three major macroeconomic puzzles?

    OpenAIRE

    Horioka, Charles Yuji; Ford, Nicholas

    2016-01-01

    Meese and Rogoff (1983) and subsequent studies find that economic fundamentals are apparently not able to explain exchange rate movements, but we argue that this so-called "Exchange Rate Disconnect Puzzle" arose because researchers such as Meese and Rogoff (1983) did not use the right fundamentals and because they did not allow for the forward-looking nature of exchange rate determination. Further, because they apparently were not aware that financial markets by themselves could not equalise ...

  18. 3D satellite puzzles for young and old kids

    Science.gov (United States)

    Biondi, Riccardo; Galoforo, Germana

    2017-04-01

    The Italian Space Agency (ASI) is active in outreach willing to increase the interest of young generations and general public toward the space activities. ASI proposes educational programmes for supporting and encouraging the development of European society based on knowledge, inspiring and motivating the young generations. One of the initiatives promoted by ASI on this regards is the 3D satellite puzzles. The idea was born in 2007 from the will to conceive an educational product for promoting and explaining to students the small all-Italian mission AGILE (Astrorivelatore Gamma ad Immagini ultra Leggero) thought as a tool for students aged 8-13. Working with this slot of students is very productive in terms of the imprints left on the kids, in fact it is useful to produce things they can use, touch and play with, with an active approach instead of a passive one. Therefore it was decided to produce something that kids could build and use at home with their parents or friends, or all together at school with teachers and mates. Other puzzles followed AGILE, one about the COSMO-SkyMED satellites about Earth Observation and also a broader one of the International Space Station. During these 10 years the puzzles were mostly used as outreach tools for school children, but they surprisingly received a great success also within older generations. So far the 3D puzzles have been printed in more than 10 thousand copies and distributed for free to students of hundreds of schools in Italy, and to the general public through science associations, planetaria and museums. Recently they have been used also during special events such as the international Geoscience Communication School (as best practice outreach tool), the EXPO 2015 and the European Researcheŕs Night at the Parlamentarium in Brussels 2016. While the students are building the puzzles, the tutor explains them the different components that they are assembling, what the importance of the satellite is and how it works

  19. Equity and Value in 'Precision Medicine'.

    Science.gov (United States)

    Gray, Muir; Lagerberg, Tyra; Dombrádi, Viktor

    2017-04-01

    Precision medicine carries huge potential in the treatment of many diseases, particularly those with high-penetrance monogenic underpinnings. However, precision medicine through genomic technologies also has ethical implications. We will define allocative, personal, and technical value ('triple value') in healthcare and how this relates to equity. Equity is here taken to be implicit in the concept of triple value in countries that have publicly funded healthcare systems. It will be argued that precision medicine risks concentrating resources to those that already experience greater access to healthcare and power in society, nationally as well as globally. Healthcare payers, clinicians, and patients must all be involved in optimising the potential of precision medicine, without reducing equity. Throughout, the discussion will refer to the NHS RightCare Programme, which is a national initiative aiming to improve value and equity in the context of NHS England.

  20. Equity Theory Ratios as Causal Schemas

    Directory of Open Access Journals (Sweden)

    Alexios Arvanitis

    2016-08-01

    Full Text Available Equity theory approaches justice evaluations based on ratios of exchange inputs to exchange outcomes. Situations are evaluated as just if ratios are equal and unjust if unequal. We suggest that equity ratios serve a more fundamental cognitive function than the evaluation of justice. More particularly, we propose that they serve as causal schemas for exchange outcomes, that is, they assist in determining whether certain outcomes are caused by inputs of other people in the context of an exchange process. Equality or inequality of ratios in this sense points to an exchange process. Indeed, Study 1 shows that different exchange situations, such as disproportional or balanced proportional situations, create perceptions of give-and-take on the basis of equity ratios. Study 2 shows that perceptions of justice are based more on communicatively accepted rules of interaction than equity-based evaluations, thereby offering a distinction between an attribution and an evaluation cognitive process for exchange outcomes.

  1. RELIGIOUS AND CULTURAL ISSUES IN GENDER EQUITY ...

    African Journals Online (AJOL)

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    RELIGIOUS AND CULTURAL ISSUES IN GENDER EQUITY: IMPLICATION FOR ... Education and Culture of any country determine its developmental rate. Culture affects the way ... expectations that people of one gender are expected to fulfill ...

  2. Iranian nursing students' perspectives of educational equity.

    Directory of Open Access Journals (Sweden)

    Shahrzad Ghiyasvandian

    2014-12-01

    Full Text Available Around the world there is a growing consensus that students' rights must be protected, regardless of race, creed, color, sex, religion, and socioeconomic status. One of these rights is the educational equity. However, little is known about these phenomena in nursing education. The aim of this study was to explore the educational equity from the perspective of nursing students. A qualitative study was conducted. Thus, we purposefully recruited for in-depth interviews 13 nursing students (8 female and 5 male. All interviews were transcribed verbatim and analyzed by thematic analysis approach to identify categories and themes. Four main themes emerged from the data: Fair Educational Opportunity, fair evaluation, attempts to combat discrimination, and employing qualified teachers.  It is argued that educational equity should be developed in higher education. Principles of equity and students' rights may form the most basic rationale for all formal and informal efforts to extend the right of equal access to education.

  3. Improvement of Educational Equity & Teacher Training

    Directory of Open Access Journals (Sweden)

    María J. Rodríguez

    2013-10-01

    Full Text Available Educational improvement for equity and professional teacher development are crucial issues concerning the essential right all students have of a good education. Firstly the article proposes a contextual reflection on improvement, some considerations related to well known traditions in the field and particularly the social justice and its relationships and implication for educational politics, curriculum, teaching, teacher and community. Secondly, it claims for the coherence of teacher professional development to educational equity. Different analysis and proposals are outlined related to policies and tasks the public administration should undertake and some dimensions of teacher education are considered attending educational equity criteria. Professional learning communities are described and valued as a hypothetical framework in order to improve equity and teacher education relationships.

  4. 76 FR 6774 - Equity and Excellence Commission

    Science.gov (United States)

    2011-02-08

    ... rise to the achievement gap, with a focus on systems of finance, and recommend appropriate ways in... recommendations for restructuring school finance systems to achieve equity in the distribution of educational...

  5. 76 FR 55059 - Equity and Excellence Commission

    Science.gov (United States)

    2011-09-06

    ... gap, with a focus on systems of finance, and recommend appropriate ways in which Federal policies... restructuring school finance systems to achieve equity in the distribution of educational resources and further...

  6. Equity Theory Ratios as Causal Schemas.

    Science.gov (United States)

    Arvanitis, Alexios; Hantzi, Alexandra

    2016-01-01

    Equity theory approaches justice evaluations based on ratios of exchange inputs to exchange outcomes. Situations are evaluated as just if ratios are equal and unjust if unequal. We suggest that equity ratios serve a more fundamental cognitive function than the evaluation of justice. More particularly, we propose that they serve as causal schemas for exchange outcomes, that is, they assist in determining whether certain outcomes are caused by inputs of other people in the context of an exchange process. Equality or inequality of ratios in this sense points to an exchange process. Indeed, Study 1 shows that different exchange situations, such as disproportional or balanced proportional situations, create perceptions of give-and-take on the basis of equity ratios. Study 2 shows that perceptions of justice are based more on communicatively accepted rules of interaction than equity-based evaluations, thereby offering a distinction between an attribution and an evaluation cognitive process for exchange outcomes.

  7. 28 CFR 548.15 - Equity.

    Science.gov (United States)

    2010-07-01

    ... Beliefs and Practices of Committed Offenders § 548.15 Equity. No one may disparage the religious beliefs of an inmate, nor coerce or harass an inmate to change religious affiliation. Attendance at all...

  8. An Auto Telematics System For Insurance Premium Rating amp Pricing.

    Directory of Open Access Journals (Sweden)

    Irode Philip Luvuga

    2017-12-01

    Full Text Available Insurance telematics is a new technology that has been poised to transform and change the way we buy and underwrite insurance by 2030. Insurance Premium Rate is a major variable that determines if a client will buy or take up a policy cover or not. With the current stiff competition being felt in the Industry the local insurance industry continues to suffer big losses due to unhealthy business practice of competitor undercutting among the insurers to attract more clients but exposing the underwriting companies to potential high risks. This in most cases means that the product is totally underpriced to the extent that it would be uneconomical and unsustainable in the long run for the insurance firms. This research outlines a technology defined model that should be used to determine the ideal premium rate payable in the Motor Insurance industry taking into account all the variables and the risk exposure of the policy holder. The system model is able to determine the insurable risk based on the drivers attributes and profile location of the vehicle in relation to risk geo-locations map monitoring the driving parameters of the vehicle by the driver and the driving style. This enable the insurance company determines costs associated with the risk cover based on factual facts which are scientifically determined by the real risks.

  9. Surgeons' Perspectives on Premium Implants in Total Joint Arthroplasty.

    Science.gov (United States)

    Wasterlain, Amy S; Bello, Ricardo J; Vigdorchik, Jonathan; Schwarzkopf, Ran; Long, William J

    2017-09-01

    Declining total joint arthroplasty reimbursement and rising implant prices have led many hospitals to restrict access to newer, more expensive total joint arthroplasty implants. The authors sought to understand arthroplasty surgeons' perspectives on implants regarding innovation, product launch, costs, and cost-containment strategies including surgeon gain-sharing and patient cost-sharing. Members of the International Congress for Joint Reconstruction were surveyed regarding attitudes about implant technology and costs. Descriptive and univariate analyses were performed. A total of 126 surgeons responded from all 5 regions of the United States. Although 76.9% believed new products advance technology in orthopedics, most (66.7%) supported informing patients that new implants lack long-term clinical data and restricting new implants to a small number of investigators prior to widespread market launch. The survey revealed that 66.7% would forgo gain-sharing incentives in exchange for more freedom to choose implants. Further, 76.9% believed that patients should be allowed to pay incremental costs for "premium" implants. Surgeons who believed that premium products advance orthopedic technology were more willing to forgo gain-sharing (P=.040). Surgeons with higher surgical volume (P=.007), those who believed implant companies should be allowed to charge more for new technology (Pnew implants with patients. Many surgeons support alternative payment models permitting surgeons and patients to retain implant selection autonomy. Most respondents prioritized patient beneficence and surgeon autonomy above personal financial gain. [Orthopedics. 2017; 40(5):e825-e830.]. Copyright 2017, SLACK Incorporated.

  10. The estimation of risk-premium implicit in oil prices

    International Nuclear Information System (INIS)

    Luis, J.B.

    2001-01-01

    The futures price can be seen as the sum of the expected value of the underlying asset price and a risk-premium. In order to disentangle these two components of the futures price, one can try to model the relationship between spot and futures prices, in order to obtain a closed expression for the risk-premium, or to use information from spot and option prices to estimate risk-aversion functions. Given the high volatility of the ratios between futures and spot prices, we opted for the latter, estimating risk-neutral and subjective probability density functions, respectively, from observed option and spot prices. looking at the prices of Brent and West Texas Intermediate light/sweet crude oil options, the obtained evidence suggests that risk-aversion is typically very low for levels near the futures prices. However, due to price volatility and, consequently, to the tails of distribution, the risk-aversion functions are badly behaved in extreme prices and futures prices do not anticipate sharp movements in oil spot prices. Therefore, futures oil prices seem to be useful in forecasting spot prices only when moderate price changes occur. (author)

  11. 29 CFR 778.205 - Premiums for weekend and holiday work-example.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 3 2010-07-01 2010-07-01 false Premiums for weekend and holiday work-example. 778.205....205 Premiums for weekend and holiday work—example. The application of section 7(e)(6) may be illustrated by the following example: Suppose an agreement of employment calls for the payment of $7.50 an...

  12. Estimated value of insurance premium due to Citarum River flood by using Bayesian method

    Science.gov (United States)

    Sukono; Aisah, I.; Tampubolon, Y. R. H.; Napitupulu, H.; Supian, S.; Subiyanto; Sidi, P.

    2018-03-01

    Citarum river flood in South Bandung, West Java Indonesia, often happens every year. It causes property damage, producing economic loss. The risk of loss can be mitigated by following the flood insurance program. In this paper, we discussed about the estimated value of insurance premiums due to Citarum river flood by Bayesian method. It is assumed that the risk data for flood losses follows the Pareto distribution with the right fat-tail. The estimation of distribution model parameters is done by using Bayesian method. First, parameter estimation is done with assumption that prior comes from Gamma distribution family, while observation data follow Pareto distribution. Second, flood loss data is simulated based on the probability of damage in each flood affected area. The result of the analysis shows that the estimated premium value of insurance based on pure premium principle is as follows: for the loss value of IDR 629.65 million of premium IDR 338.63 million; for a loss of IDR 584.30 million of its premium IDR 314.24 million; and the loss value of IDR 574.53 million of its premium IDR 308.95 million. The premium value estimator can be used as neither a reference in the decision of reasonable premium determination, so as not to incriminate the insured, nor it result in loss of the insurer.

  13. 76 FR 67572 - Medicare Program; Medicare Part B Monthly Actuarial Rates, Premium Rate, and Annual Deductible...

    Science.gov (United States)

    2011-11-01

    ... section 1839 of the Act, requires that, starting on January 1,2007, the Part B premium a beneficiary pays... private sector costs of this notice fall below this threshold as well. Executive Order 13132 establishes... B premium rate for 2012 is $99.90, which is equal to 50 percent of the monthly actuarial rate for...

  14. 75 FR 68790 - Medicare Program; Medicare Part B Monthly Actuarial Rates, Premium Rate, and Annual Deductible...

    Science.gov (United States)

    2010-11-09

    ... the Act, requires that, starting on January 1, 2007, the Part B premium a beneficiary pays each month... private sector costs of this notice fall below this threshold as well. Executive Order 13132 establishes... B premium rate for 2011 is $115.40, which is equal to 50 percent of the monthly actuarial rate for...

  15. 78 FR 64943 - Medicare Program; Medicare Part B Monthly Actuarial Rates, Premium Rate, and Annual Deductible...

    Science.gov (United States)

    2013-10-30

    ... section 1839 of the Act, requires that, starting on January 1, 2007, the Part B premium a beneficiary pays... governments or on the private sector. Executive Order 13132 establishes certain requirements that an agency... B premium rate for all enrollees for 2014 is $104.90, which is equal to 50 percent of the monthly...

  16. Residential consumers in the Cape Peninsula's willingness to pay for premium priced green electricity

    International Nuclear Information System (INIS)

    Oliver, Henry; Volschenk, Jako; Smit, Eon

    2011-01-01

    A number of studies have explored the willingness (i.e. stated willingness as opposed to actual willingness) of consumers to pay a premium for green electricity in developed countries. However, little is known about how this translates into an emerging economy context. This study investigates the level of willingness of residential households in South Africa's Cape Peninsula to pay a premium for electricity from renewable energy. It methodologically drew on recent contributions in the literature on norm-motivated behaviour used to identify testable factors that could influence residential consumers' willingness to pay (WTP). Interestingly, the study found a significant positive link between household income and WTP for green electricity, contrary to the findings of some previous studies. Not only are higher income households more likely to pay a premium, but typically they are also willing to pay a bigger premium. It was also further established that the view that green electricity is reliable, involvement in the recycling of waste and the belief that everyone should contribute to green electricity generation drive the WTP. - Research Highlights: →The study explored the drivers of willingness to pay (WTP) a premium for green electricity. →All the hypothesised drivers of WTP a premium were found to be significant. →Contrary to some former studies, income was found to be a good predictor of WTP and the pledged premium. →The quantum of the premium positively correlates with income levels.

  17. 5 CFR 550.1409 - Inapplicability of premium pay and aggregate pay caps.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Inapplicability of premium pay and aggregate pay caps. 550.1409 Section 550.1409 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL... Inapplicability of premium pay and aggregate pay caps. Accrued compensatory time off under this subpart is not...

  18. 29 CFR 825.212 - Employee failure to pay health plan premium payments.

    Science.gov (United States)

    2010-07-01

    ... Family and Medical Leave Act § 825.212 Employee failure to pay health plan premium payments. (a)(1) In... obligations to maintain health insurance coverage cease under FMLA if an employee's premium payment is more... an employee's insurance in accordance with this section and fails to restore the employee's health...

  19. 38 CFR 8.5 - Authorization for deduction of premiums from compensation, retirement pay, or pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Authorization for deduction of premiums from compensation, retirement pay, or pension. 8.5 Section 8.5 Pensions, Bonuses, and... Authorization for deduction of premiums from compensation, retirement pay, or pension. Deductions from benefits...

  20. 5 CFR 892.202 - Are retirees eligible for the premium conversion plan?

    Science.gov (United States)

    2010-01-01

    ... conversion plan? 892.202 Section 892.202 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Eligibility and Participation § 892.202 Are retirees eligible for the premium conversion plan? No...

  1. 5 CFR 892.301 - How do I pay my premium?

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false How do I pay my premium? 892.301 Section 892.301 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Contributions and...

  2. 5 CFR 892.201 - Who is covered by the premium conversion plan?

    Science.gov (United States)

    2010-01-01

    ... plan? 892.201 Section 892.201 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Eligibility and Participation § 892.201 Who is covered by the premium conversion plan? (a) All...

  3. 5 CFR 610.407 - Premium pay for holiday work for employees on compressed work schedules.

    Science.gov (United States)

    2010-01-01

    ... schedule who performs work on a holiday is entitled to basic pay, plus premium pay at a rate equal to basic pay, for the work that is not in excess of the employee's compressed work schedule for that day. For... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Premium pay for holiday work for...

  4. 26 CFR 1.249-1 - Limitation on deduction of bond premium on repurchase.

    Science.gov (United States)

    2010-04-01

    ... A issues a callable 20-year convertible bond at face for $1,000 bearing interest at 10 percent per... 26 Internal Revenue 3 2010-04-01 2010-04-01 false Limitation on deduction of bond premium on... deduction of bond premium on repurchase. (a) Limitation—(1) General rule. No deduction is allowed to the...

  5. 24 CFR 255.6 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 255.6 Section 255.6 Housing and Urban Development Regulations Relating to Housing and... PROJECTS § 255.6 Method of payment of mortgage insurance premiums. The provisions of 24 CFR 251.6 shall..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT...

  6. 24 CFR 4001.203 - Calculation of upfront and annual mortgage insurance premiums for Program mortgages.

    Science.gov (United States)

    2010-04-01

    ... mortgage insurance premiums for Program mortgages. 4001.203 Section 4001.203 Housing and Urban Development... HOMEOWNERS PROGRAM HOPE FOR HOMEOWNERS PROGRAM Rights and Obligations Under the Contract of Insurance § 4001.203 Calculation of upfront and annual mortgage insurance premiums for Program mortgages. (a...

  7. 24 CFR 252.6 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 252.6 Section 252.6 Housing and Urban Development Regulations Relating to Housing and..., AND BOARD AND CARE HOMES § 252.6 Method of payment of mortgage insurance premiums. The provisions of..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT...

  8. 78 FR 59366 - Multifamily, Healthcare Facilities, and Hospital Mortgage Insurance Premiums for Fiscal Year (FY...

    Science.gov (United States)

    2013-09-26

    ... Facilities, and Hospital Mortgage Insurance Premiums for Fiscal Year (FY) 2014 AGENCY: Office of the... with HUD regulations, this Notice announces the mortgage insurance premiums (MIPs) for Federal Housing Administration (FHA) Multifamily, Healthcare Facilities, and Hospital mortgage insurance programs that have...

  9. Insurer Competition In Federally Run Marketplaces Is Associated With Lower Premiums.

    Science.gov (United States)

    Jacobs, Paul D; Banthin, Jessica S; Trachtman, Samuel

    2015-12-01

    Federal subsidies for health insurance premiums sold through the Marketplaces are tied to the cost of the benchmark plan, the second-lowest-cost silver plan. According to economic theory, the presence of more competitors should lead to lower premiums, implying smaller federal outlays for premium subsidies. The long-term impact of the Affordable Care Act on government spending will depend on the cost of these premium subsidies over time, with insurer participation and the level of competition likely to influence those costs. We studied insurer participation and premiums during the first two years of the Marketplaces. We found that the addition of a single insurer in a county was associated with a 1.2 percent lower premium for the average silver plan and a 3.5 percent lower premium for the benchmark plan in the federally run Marketplaces. We found that the effect of insurer entry was muted after two or three additional entrants. These findings suggest that increased insurer participation in the federally run Marketplaces reduces federal payments for premium subsidies. Project HOPE—The People-to-People Health Foundation, Inc.

  10. 24 CFR 220.806 - Pro rata refund of insurance premium.

    Science.gov (United States)

    2010-04-01

    ... refund of insurance premium. Upon termination of loan insurance contract by a payment in full or by a... equal to the pro rata portion of the current annual loan insurance premium theretofore paid which is... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Pro rata refund of insurance...

  11. Equity Volatility and Corporate Bond Yields

    OpenAIRE

    John Y. Campbell; Glen B. Taksler

    2002-01-01

    This paper explores the effect of equity volatility on corporate bond yields. Panel data for the late 1990s show that idiosyncratic firm-level volatility can explain as much cross-sectional variation in yields as can credit ratings. This finding, together with the upward trend in idiosyncratic equity volatility documented by Campbell, Lettau, Malkiel, and Xu (2001), helps to explain recent increases in corporate bond yields. The definitive version is available at www.blackwell-synergy.com.

  12. Brand equity in the Pakistani hotel industry

    OpenAIRE

    Ishaq, Muhammad Ishtiaq; Hussain, Nazia; Asim, Ali Ijaz; Cheema, Luqman J.

    2014-01-01

    Brand equity is considered as the most important aspect of branding, which is a set of brands' assets and liabilities, its symbol or name that subtracts from or adds the value provided by a product or service to a firm and customers. The current research endeavor was to identify the interrelationship of customer-based brand equity dimensions (brand awareness, brand loyalty, brand image, and service quality) in Pakistani hotel industry. Data was collected from 821 consumers who experienced the...

  13. Europe vs. the U.S. A New Look at the Syndicated Loan Pricing Puzzle

    OpenAIRE

    Burietz, Aurore; Oosterlinck, Kim; Szafarz, Ariane

    2017-01-01

    According to the syndicated loan pricing puzzle (Carey and Nini, Journal of Finance, 2007) interest rates charged to corporate borrowers are lower in Europe than in the U.S. Our investigation suggests that controlling for region-specific credit ratings makes the Europe-U.S. gap insignificant, and solves the puzzle. We speculate that the puzzle originates from the lack of uniformity of accounting standards.

  14. Setting priorities for knowledge translation of Cochrane reviews for health equity: Evidence for Equity.

    Science.gov (United States)

    Tugwell, Peter; Petkovic, Jennifer; Welch, Vivian; Vincent, Jennifer; Bhutta, Zulfiqar A; Churchill, Rachel; deSavigny, Don; Mbuagbaw, Lawrence; Pantoja, Tomas

    2017-12-02

    A focus on equity in health can be seen in many global development goals and reports, research and international declarations. With the development of a relevant framework and methods, the Campbell and Cochrane Equity Methods Group has encouraged the application of an 'equity lens' to systematic reviews, and many organizations publish reviews intended to address health equity. The purpose of the Evidence for Equity (E4E) project was to conduct a priority-setting exercise and apply an equity lens by developing a knowledge translation product comprising summaries of systematic reviews from the Cochrane Library. E4E translates evidence from systematic reviews into 'friendly front end' summaries for policy makers. The following topic areas with high burdens of disease globally, were selected for the pilot: diabetes/obesity, HIV/AIDS, malaria, nutrition, and mental health/depression. For each topic area, a "stakeholder panel" was assembled that included policymakers and researchers. A systematic search of Cochrane reviews was conducted for each area to identify equity-relevant interventions with a meaningful impact. Panel chairs developed a rating sheet which was used by all panels to rank the importance of these interventions by: 1) Ease of Implementation; 2) Health System Requirements; 3)Universality/Generalizability/Share of Burden; and 4) Impact on Inequities/Effect on equity. The ratings of panel members were averaged for each intervention and criterion, and interventions were ordered according to the average overall ratings. Stakeholder panels identified the top 10 interventions from their respective topic areas. The evidence on these interventions is being summarized with an equity focus and the results posted online, at http://methods.cochrane.org/equity/e4e-series . This method provides an explicit approach to setting priorities by systematic review groups and funders for providing decision makers with evidence for the most important equity

  15. The impact of HMO competition on private health insurance premiums, 1985-1992.

    Science.gov (United States)

    Wickizer, T M; Feldstein, P J

    1995-01-01

    A critical unresolved health policy question is whether competition stimulated by managed care organizations can slow the rate of growth in health care expenditures. We analyzed the competitive effects of health maintenance organizations (HMOs) on the growth in fee-for-service indemnity insurance premiums over the period 1985-1992 using premium data on 95 groups that had policies with a single, large, private insurance carrier. We used multiple regressions to estimate the effect of HMO market penetration on insurance premium growth rates. HMO penetration had a statistically significant (p market whose HMO penetration rate increased by 25% (e.g., from 10% to 12.5%), the real rate of growth in premiums would be approximately 5.9% instead of 7.0%. Our findings indicate that competitive strategies, relying on managed care, have significant potential to reduce health insurance premium growth rates, thereby resulting in substantial cost savings over time.

  16. Obstetricians' rising liability insurance premiums and inductions at late preterm gestations.

    Science.gov (United States)

    Murthy, Karna; Grobman, William A; Lee, Todd A; Holl, Jane L

    2009-04-01

    To estimate the association between professional liability insurance premiums for obstetricians and late preterm induction (LPI) rates. Data from the National Center for Health Statistics were used to identify all Illinois women pregnant with singletons at 34 weeks' gestation from 1991 to 2003. The independent association between LPI (induction between 34 and 37 weeks' gestation) rates and the previous year's obstetric malpractice insurance premiums was evaluated using linear regression. The mean annual LPI rate (5.4/1000 in 1991 to 15.2/1000 in 2003, P insurance premiums ($55,480 to $110,613, P insurance premium. Rising premiums are associated with increased frequency of LPI among women with singleton gestations.

  17. The Effect of Massachusetts' Health Reform on Employer-Sponsored Insurance Premiums.

    Science.gov (United States)

    Cogan, John F; Hubbard, R Glenn; Kessler, Daniel

    2010-01-01

    In this paper, we use publicly available data from the Medical Expenditure Panel Survey - Insurance Component (MEPS-IC) to investigate the effect of Massachusetts' health reform plan on employer-sponsored insurance premiums. We tabulate premium growth for private-sector employers in Massachusetts and the United States as a whole for 2004 - 2008. We estimate the effect of the plan as the difference in premium growth between Massachusetts and the United States between 2006 and 2008-that is, before versus after the plan-over and above the difference in premium growth for 2004 to 2006. We find that health reform in Massachusetts increased single-coverage employer-sponsored insurance premiums by about 6 percent, or $262. Although our research design has important limitations, it does suggest that policy makers should be concerned about the consequences of health reform for the cost of private insurance.

  18. Keynes, population, and equity prices.

    Science.gov (United States)

    Tarascio, V J

    1985-01-01

    Keynes in 1937 examined the phenomenon of the Great Depression from a longrun perspective in contradiction to the "General Theory," where the focus was on the shortrun. "Some Economic Consequences of a Declining Population," Keynes' article, reveals the context in which the "General Theory" was written. In the "General Theory," the focus is on short-term fluctuations, i.e., business cycles, but Keynes fails to provide any theoretical explanation as to why the depression of the 1930s was so severe and intractable. In the 1937 article, the depression is seen as the result of the combined effects of a decline in longrun growth due to population growth decline and a shortrun cyclical decline, together producing severe economic consequences. What is important for the purposes of this discussion is the implication, within the context of the 1937 article, that not only was the stock market crash of 1929 related to population change (with its accompanying collapse in expectations) but that, in general, changes in the rate of growth of population are accompanied by stock price movements in the same direction. The remainder of the discussion is devoted to a simple empirical test of this relationship. The data used are population size (POP), defined as the total residential population in the US from 1870-1979, and the Standard and Poor 500 Stock index (SP) for the corresponding 109-year period. In addition, a 3rd series was constructed, a price deflated Standard and Poor index (RSP) with a base period of 1870, to account for possible inflationary distortion of the index. The empirical results do not invalidate the hypothesis that population growth rates affect equity markets. In fact, there seems to be strong evidence that they are related in a manner suggestive of Keynes' intutition, namely, that the stock market crash of 1929 was due to factors more fundamental than those often perceived from a shortrun perspective. According to Keynes (1937), population is the most

  19. Robust Sex Differences in Jigsaw Puzzle Solving-Are Boys Really Better in Most Visuospatial Tasks?

    Science.gov (United States)

    Kocijan, Vid; Horvat, Marina; Majdic, Gregor

    2017-01-01

    Sex differences are consistently reported in different visuospatial tasks with men usually performing better in mental rotation tests while women are better on tests for memory of object locations. In the present study, we investigated sex differences in solving jigsaw puzzles in children. In total 22 boys and 24 girls were tested using custom build tablet application representing a jigsaw puzzle consisting of 25 pieces and featuring three different pictures. Girls outperformed boys in solving jigsaw puzzles regardless of the picture. Girls were faster than boys in solving the puzzle, made less incorrect moves with the pieces of the puzzle, and spent less time moving the pieces around the tablet. It appears that the strategy of solving the jigsaw puzzle was the main factor affecting differences in success, as girls tend to solve the puzzle more systematically while boys performed more trial and error attempts, thus having more incorrect moves with the puzzle pieces. Results of this study suggest a very robust sex difference in solving the jigsaw puzzle with girls outperforming boys by a large margin.

  20. Robust Sex Differences in Jigsaw Puzzle Solving—Are Boys Really Better in Most Visuospatial Tasks?

    Science.gov (United States)

    Kocijan, Vid; Horvat, Marina; Majdic, Gregor

    2017-01-01

    Sex differences are consistently reported in different visuospatial tasks with men usually performing better in mental rotation tests while women are better on tests for memory of object locations. In the present study, we investigated sex differences in solving jigsaw puzzles in children. In total 22 boys and 24 girls were tested using custom build tablet application representing a jigsaw puzzle consisting of 25 pieces and featuring three different pictures. Girls outperformed boys in solving jigsaw puzzles regardless of the picture. Girls were faster than boys in solving the puzzle, made less incorrect moves with the pieces of the puzzle, and spent less time moving the pieces around the tablet. It appears that the strategy of solving the jigsaw puzzle was the main factor affecting differences in success, as girls tend to solve the puzzle more systematically while boys performed more trial and error attempts, thus having more incorrect moves with the puzzle pieces. Results of this study suggest a very robust sex difference in solving the jigsaw puzzle with girls outperforming boys by a large margin. PMID:29109682