Business Commons^™

Who Cares, Wins: The Students 10k Walk For The Chernobyl Children's Project, Joe Mcgrath

Case studies

Julian de Spainn, President of the Union of Students in Ireland looked around The Hub, a student bar in the Dublin City University campus. He was exhausted. So were the twenty or so people around him. Most of those present were fellow officers in USI. Earlier that day, Julian had witnessed a unique event in Irish student history. It was an event of which he was justifiably proud.

Discovering Diversity In Marketing Practice, John Murray, Aidan O'Driscoll, Ann Torres

Articles

Marketing practice varies among firms. However, the prescriptive literature emphasises a universal view of practice, a “one-size-fits-all” view. This paper addresses the issue of explaining diversity in competitive space and over time. Diversity in competitive space reflects the existence of different routes to high performance. Diversity over time reflects some combination of change in the individual firm and change in a population of firms. In the former case, diversity is shaped by organisational change; in the latter by the disbandment and founding of firms in the population. Miles and Snow’s typology is taken as a main point of departure in …

Multiple And Symbol Operators: The Battle For Market Leadership In The Irish Grocery Market, Edmund O'Callaghan, Mary Wilcox

Case Studies

The Irish grocery retailing market, one of the most competitive in Europe, has undergone a metamorphosis in recent years. The demise of many small grocers, an increased concentration of multiples and the galvanization of the independent sector through symbol group participation has intensified competitive rivalry. The two largest multiples ie. Tesco Ireland and Dunnes Stores continually vie for number one position nationally. In recent years, Musgrave have galvanised the independent sector and are now in a position to challenge the top multiples for the prized pole position in the market. Recent results show that sales were up 15% vear-on-year, on …

Ham-Tmc Facts And Figures 2001-2002, Houston Academy Of Medicine-Texas Medical Center Library

Library Statistics

No abstract provided.

Are Sri Funds Different From Non-Sri Funds, From A Financial Asset Perspective?: Evidence From Some Australian Sri Funds, Ingebjørg Kristoffersen

Theses : Honours

Socially Responsible Investment (SRI) has seen a remarkable growth in recent years – primarily in the US and UK, but also in other markets including Australia. This growth, along with the development of corporate social responsibility, is suggested to be a result of increased awareness in social, environment and human rights issues. The literature offers several suggestions as to how SRIs and SRI funds may differ from other investments, as financial assets. It has been suggested that SRIs are more likely to represent smaller stocks, and also more likely represent growth rather than value stocks compared to non-SRIs. Furthermore, different …

Journal Of Actuarial Practice, Volume 10, 2002, Colin Ramsay , Editor

Journal of Actuarial Practice (1993–2006)

ARTICLES

Communicating Effectively with Words, Numbers, and Pictures: Drawing on Experience • Karolina Duklan and Michael A. Martin

Unearned Premiums and Deferred Policy Acquisition Expenses in Automobile Extended Warranty Insurance • Joseph Cheng

Can Utility Maximization Models Assist With Retirement Planning? • Zaki Khorasanee

Dynamic Funding and Investment Strategy for Defined Benefit Pension Schemes: A Model Incorporating Asset-Liability Matching Criteria • Shih-Chieh Chang, Cheng-Hsien Tsai, Chia-Jung Tien, and Chang- Ye Tu

Model Risk and Surplus Management Under a Stochastic Interest Rate Process •Jennifer L. Wang and Rachel J. Huang

Some Comments on the Pricing of an Exotic Excess of …

Improving Mortality: A Rule Of Thumb And Regulatory Tool, John H. Pollard

Journal of Actuarial Practice (1993–2006)

We develop a simple exact formula for determining cohort life expectancies under constant continuous uniform improvement in mortality using only a cross-sectional (period) Gompertz life table for the lives concerned and a simple approximation applicable to all life tables. The present values of annuities for such lives can be determined simply and accurately across the whole age span.

Modeling Size-Of-Loss Distributions For Exact Data In Winbugs, David P.M. Scollnik

Journal of Actuarial Practice (1993–2006)

This paper discusses how the statistical software WinBUGS can be used to implement a Bayesian analysis of several popular severity models applied to exact size-of-Ioss data. The particular models targeted are the gamma, inverse gamma, loggamma, lognormal, (two-parameter) Pareto, inverse (two-parameter) Pareto, Weibull, and inverse Weibull distributions. It is possible to implement additional size-of-Ioss models (including those for truncated data) using methods analogous to those described herein.

Model Risks And Surplus Management Under A Stochastic Interest Rate Process, Jennifer L. Wang, Rachel J. Huang

Journal of Actuarial Practice (1993–2006)

This paper uses simulations to explore the effects of incorrectly identifying the underlying interest rate process on assets, liabilities, and surplus levels. We show that mismodeling the interest rate (called model risk) could not only lead to a misstatement of the company's surplus, but could also cause a mismatch between the company's assets and liabilities. Our simulations demonstrate that three aspects of interest rates affect model risk: (i) volatility, (ii) level of long-term interest rate, and (iii) the speed at which the drift rate adjusts. We conclude that asset-liability managers should not ignore the impact of the model risks, regardless …

Unearned Premiums And Deferred Policy Acquisition Expenses In Automobile Extended Warranty Insurance, Joseph Cheng

Journal of Actuarial Practice (1993–2006)

A prorata formula is commonly used to calculate unearned premium reserves in property-casualty insurance. I believe, however, that an exposure-adjusted formula is more appropriate in automobile extended warranties. This paper describes the exposure-adjusted approach to calculate the unearned premium reserves of an automobile extended warranty insurance program, to test the adequacy of the calculated reserves, and to determine the allowable deferred policy acquisition expenses from an insurance company's perspective.

Journal Of Actuarial Practice Volume 10 (2002) -- Contents And Masthead

Journal of Actuarial Practice (1993–2006)

Contents

Editorial Policy: Topics suitable for this journal include AIDS, annuity products, asset-liability matching, cash-flow testing, casualty rate making, credibility theory, credit insurance, disability insurance, expense analysis, experience studies, FASB issues, financial reporting, group insurance, health insurance, individual risk taking, insurance regulations, international issues, investments, liability insurance, loss reserves, marketing, pensions, pricing issues, product development, reinsurance, reserving issues, risk-based capital, risk theory, social insurance, solvency issues, taxation, valuation issues, and workers' compensation

Review Process

Editor - Colin Ramsay, University of Nebraska

Associate Editors: Robert Brown, University of Waterloo ○ Cecil Bykerk, Mutual of Omaha ○ Ruy Cardoso, …

Can Utility-Maximization Models Assist With Retirement Planning?, Zaki Khorasanee

Journal of Actuarial Practice (1993–2006)

Utility-maximization models for optimizing portfolio choices can be subdivided into two classes: those based on maximizing the expected utility of lifetime consumption and those based on maximizing the expected utility of retirement wealth. It is argued that the first type of model, which optimizes both saving and investment decisions, is difficult to apply in practice because of inadequate (or unreliable) information about individual preferences. Although the second type of model only optimizes investment decisions, it is of greater practical value because fewer data on individual preferences are required. The second type of model is used to derive formulae for the …

Some Comments On The Pricing Of An Exotic Excess Of Loss Treaty, Jean-Francois Walhin

Journal of Actuarial Practice (1993–2006)

This paper uses a multivariate analog of Panjer's algorithm to develop a method for pricing a complex excess of loss treaty. The treaty is such that some layers inure to the benefit of other layers. The structure of this treaty is discussed. Numerical examples are provided.

Communicating Effectively With Words, Numbers, And Pictures: Drawing On Experience, Karolina Duklan, Michael A. Martin

Journal of Actuarial Practice (1993–2006)

In this paper, we discuss techniques for developing effective communication skills, focusing in particular on technical writing, the use of graphics, and presentation. The key principles of effective communication that we propose to actuaries are as follows:

• Identify your audience and consider their needs and abilities;

• Focus on substantive content;

• Choose appropriate communication tools;

• Use language that is simple, concrete, and familiar;

• Integrate text, numbers, and graphics;

• Respond to information complexity creatively.

We focus in particular on the use of graphics as a communications tool as they are an efficient and potentially highly effective …

Further Remarks On Risk Sources Measuring: The Case Of A Life Annuity Portfolio, Mariarosaria Coppola, Emilia Di Lorenzo, Marilena Sibillo

Journal of Actuarial Practice (1993–2006)

The paper considers a model that allows the actuary to measure the riskiness connected to the randomness of projected mortality tables in evaluating a portfolio of life annuities, obtaining a measure to reflect the risk associated with the randomness of the projection. The coherence of the risk parameters with the specific nature of the considered risk sources is also discussed. Numerical examples illustrate the results, showing the importance of the risk components in terms of the number of policies and comparing measure tools obtained by means of two procedures.

A Note On The Parallelogram Method For Computing The On-Level Premium, David P.M. Scollnik, Wai Man Sara Lau

Journal of Actuarial Practice (1993–2006)

This paper discusses the differences appearing in the descriptions of the parallelogram method for the determination of earned premium at current rate levels given by McClenahan (1996) and Brown and Gottlieb (2001). It observes that the former is consistent with the method of extending exposures while the latter is not. An illustration is provided. This paper also discusses two other approaches to the determination of the earned premium.

Dynamic Funding And Investment Strategy For Defined Benefit Pension Schemes: A Model Incorporating Asset-Liability Matching Criteria, Shih-Chieh Chang, Cheng-Hsien Tsai, Chia-Jung Tien, Chang-Ye Tu

Journal of Actuarial Practice (1993–2006)

This paper studies the dynamic funding policy and investment strategy for defined benefit pension plans using one of the most comprehensive dynamic pension models to date. The model includes three investable assets: one risk free and two risky. The optimal plan decisions are formulated as a stochastic control problem that is solved using dynamic programming. The objective function uses performance measures to take into account the stability and solvency of the plan. The model is then applied to a Taiwanese pension.

There Is Nothing More Diverse Than "New", Frederick A. Miller, Roger Gans

Communication Faculty Publications - Archive

In the organizational competition for talent, successful retention of newly recruited workers is at least as important as the initial hire. Still, many organizations fail to establish a sense of inclusion for new people in much the same way they often fail to create a sense of inclusion for people of color, women, people with foreign accents, or anyone with obvious differences from the “traditional group.” In most organizations, even those that have embarked on “diversity initiatives,” newly hired people often do not feel welcomed. Consequently, turnover rates in the first two years of employment are seven times greater than …

Aicpa Annual Report 2001-02 ; Each Day, Every Day ... Cpas Are Here, American Institute Of Certified Public Accountants

AICPA Annual Reports

No abstract provided.

Spring 2002 Nebraska Business

College of Business: Trade Publications

Spring 2002 Nebraska Business

From The Editors, Laurence Weinstein, Shawn Blau, Christopher Sheehan, Joshua Shuart

New England Journal of Entrepreneurship

No abstract provided.

From Eggs To The Stars, Jane Pollak, Shawn Blau, Laurence Weinstein

New England Journal of Entrepreneurship

Interview of artist Jane Pollak by Shawn Blau and Laurence Weinstein.

Jane Pollak is a Westport, Connecticut, artist who started her career as a high school art teacher. She has now branched out into public speaking, is the author of two books, and embraces the life of entrepreneur as a sole proprietor of her rapidly expanding business of decorating eggs. For Jane, her life path has been one of hope and unexpected personal and business achievements.

Bouncing Back, Allan F. Lichter, Laurence Weinstein

New England Journal of Entrepreneurship

Interview by Laurence Weinstein of Allan F. Lichter of Millennium Graphics.

Entrepreneurial Women And Life Expectancy, Jeannette Oppedisano, Sandra Lueder

New England Journal of Entrepreneurship

This article explores whether the longevity phenomenon experienced by entrepreneurial women born between 1720 and 1940 can be explained by the life circumstances of these women or whether other research may provide better insights into their remarkable tenacity. The characteristics of hardiness, resiliency, and self-efficacy should be examined as well as the newly developing research theories of perseverance in the face of adversity to determine which are most appropriate in explaining what is clearly female entrepreneurial endurance.

Someone Old Or Someone New? The Effects Of Ceo Change On Corporate Entrepreneurship, J. L. "Bert" Morrow Jr.

New England Journal of Entrepreneurship

Boards of directors often attempt to foster corporate entrepreneurship by replacing a firm’s chief executive officer (CEO). Compelling theoretical arguments and anecdotal evidence suggest that when firm performance has suffered, a new CEO is best suited to lead the firm’s creative endeavors. On the other hand, among firms that retain their existing CEO after a decline in performance, manipulating the CEO’s compensation package is a common governance practice used by boards to encourage innovation. In these cases, some have argued that increasing the CEO’s pay will encourage corporate entrepreneurship, because the CEO has been compensated for assuming additional risk. Counter …

Ethnic Entrepreneurship: Do Values Matter?, Mike Morris, Minet Schindehutte, Jack Lesser

New England Journal of Entrepreneurship

While considerable attention has been devoted to the personality traits of entrepreneurs, less attention has been given to their values, especially outside of a Western context. Values are instrumental in the decision to pursue entrepreneurship, and have implications for the entrepreneur’s approach to creating and managing the venture. The role of values would seem especially relevant in the context of ethnic subcultures. Values traditionally associated with entrepreneurship, such as risk, individualism, competitiveness, wealth generation, and growth, may be more consistent with Western cultures, and may conflict with closely held values within various ethnic subcultures the world over. This article examines …

Using Social Cognitive Career Theory To Predict Self-Employment Goals, Gerald Segal, Dan Borgia, Jerry Schoenfeld

New England Journal of Entrepreneurship

Social Cognitive Career Theory (SCCT; Lent, Brown, and Hackett 1994, 1996) proposes that career interests, goals, and choices are related to self-efficacy beliefs and outcome expectations. It suggests that people’s self-efficacy beliefs and outcome expectations with regard to self-employment would predict their goals to become self-employed. This study explores the ability of SCCT to predict goals for self-employment in a sample of 115 undergraduate business students. Results indicated that students with higher entrepreneurial self-efficacy and higher self-employment outcome expectations had higher intentions to become self-employed. These findings imply that educators and policy-makers may boost student entrepreneurial intentions by (1) enhancing …

Encouraging Technology-Based Ventures: Entrepreneurship Education And Engineering Graduates, Teresa Menzies, Joseph C. Paradi

New England Journal of Entrepreneurship

This article examines entrepreneurship courses offered by engineering faculties in Canada. The venturing rate of engineering students, whether the venturing rate increases if students have taken a course in entrepreneurship, and the type of ventures created are also explored. A recent census and an empirical study of two groups of engineering graduates from a Canadian university were utilized. Findings have implications for educators and administrators and for policy-makers interested in encouraging economic growth.

Banks, Credit Unions, And Other Lenders And Depository Institutions Industry Developments - 2002-03; Audit Risk Alerts, American Institute Of Certified Public Accountants

Industry Guides (AAGs), Risk Alerts, and Checklists

No abstract provided.

Health Care Industry Developments - 2002/03; Audit Risk Alerts, American Institute Of Certified Public Accountants. Auditing Standards Division

Industry Guides (AAGs), Risk Alerts, and Checklists

No abstract provided.