OPTIMAL DIVIDEND-PENALTY STRATEGIES FOR INSURANCE RISK MODELS WITH SURPLUS-DEPENDENT PREMIUMS

This paper concerns an optimal dividend-penalty problem for the risk models with surplus-dependent premiums.The objective is to maximize the difference of the expected cumulative discounted dividend payments received until the moment of ruin and a discounted penalty payment taken at the moment of ruin.Since the value function may be not smooth enough to be the classical solution of the HJB equation,the viscosity solution is involved.The optimal value function can be characterized as the smallest viscosity supersolution of the HJB equation and the optimal dividend-penalty strategy has a band structure.Finally,some numerical examples with gamma distribution for the claims are analyzed.

Price distortions and municipal bonds premiums:evidence from Switzerland

This study examines the pricing of municipal bonds before and after a currency shock in Switzerland.Two approaches are used to decompose the municipal to treasuries bond spreads into liquidity,maturity,and default risk premiums.The first approach is the model of the cross-sectional instrumental variables,and the second approach is the model of the instrumental variables with panel data.This study examines the composition of spreads for both approaches,in three scenarios:before,throughout,and after the currency shock.The study performed Durbin-Wu-Hausman tests for each decisive model to verify endogeneity issues,including the Lagrangian Multiplier test,the Cragg-Donald Wald F statistic to confirm the relationship of instrumental and endogenous variables,and the structural break test(Bai-Perron test)to determine the existence of structural breaks in bond distortions.This study finds that the currency price distortions of the Swiss franc in January 2015 made long-run changes in the composition of the municipal bond spreads.This research contributes to the understanding of municipal bond pricing by showing that default risk accounts for a large portion of the municipal bond spread,while maturity risk plays a lesser role.According to our empirical findings,unexpected large currency price shocks may have long-term implications on the municipal bond spreads.

Empirical Study on Premiums of Chinese Convertible Bonds

Through analyzing the components of convertible bond＇s value, this paper studied the determinants of premiums of Chinese CBs. According to this research, the premiums in fixed period are significantly higher than that in conversion period due to legal constraints. The premiums in conversion period are negatively related to conversion value, risk-free interest rate, whether the issuing firm has right to advance repayment, whether in selling back period, and additional selling back price, and are positively related to exercise price, risk, and redemption price.

An Empirical Study of Asian Crude Oil Premiums

The price of Middle East crude oil exported to Asian countries has been higher than that to Europe and America for a long period, and this price differential made Asian countries pay more than European and American countries. Prior investigations found that ＂Asian Crude Oil Premium＂ did exist at a relatively low oil price level. However, world oil price soared after 2003, making the price of Middle East crude oil exported to European countries or America rise quickly, sometimes even higher than that to Asia. Under this situation, this paper uses the price of Middle East crude oil sold to Europe or America or Asia to test if the premium exists at a high oil price level and concludes that the crude oil price premium of Asia against America does not exist, but the premium of Asia against Europe still exists.

Risk Premiums and Financial Stability

The collective revelation of credit institutions as regards the imminence of specific risks materialising, which often follows long periods of underestimating probable losses, can trigger a broad-based financial deleveraging via an overly high upsurge in banks＇ risk premiums vis-a-vis the dynamics of fundamentals underlying loan repayment capability. In this context, this paper seeks to investigate the banking sector＇s internal mechanisms that might bring about a negative spiral of credit risk by building a model for the interaction between the increase of the risk premium and that of net interest income and provisioning rate. Statistical results confirm that a higher risk premium is one of the major determinants of credit default in Romania and its excessive widening could affect financial stability in Romania.

Asymptotic Normality of Nonparametric Estimate for Zero-Utility Premiums

Zero-utility principle is one of the main premium pricing principles,which has been widely used in insurance practice.In this paper,the nonparametric estimation of zero-utility premium is given.In addition,the consistency and asymptotic normality of the estimation are proved.Some special cases including linear,exponential and quadratic utility are discussed.Finally,the Monte Carlo method is used to show the convergence rate of premium estimation.Furthermore,the histogram and Normal-Probability-Plot are given to investigate the asymptotic normality of the estimators.The results show that our estimations are good enough to use in practice.

Defined Contribution Pension Planning with the Return of Premiums Clauses and HARA Preference in Stochastic Environments

This paper studies a defined contribution(DC)pension fund investment problem with return of premiums clauses in a stochastic interest rate and stochastic volatility environment.In practice,most of pension plans were subject to the return of premiums clauses to protect the rights of pension members who died before retirement.In the mathematical modeling,we assume that a part of pension members could withdraw their premiums if they died before retirement and surviving members could equally share the difference between accumulated contributions and returned premiums.We suppose that the financial market consists of a risk-free asset,a stock,and a zero-coupon bond.The interest rate is driven by a stochastic affine interest rate model and the stock price follows the Heston’s stochastic volatility model with stochastic interest rates.Different fund managers have different risk preferences,and the hyperbolic absolute risk aversion(HARA)utility function is a general one including a power utility,an exponential utility,and a logarithm utility as special cases.We are concerned with an optimal portfolio to maximize the expected utility of terminal wealth by choosing the HARA utility function in the analysis.By using the principle of dynamic programming and Legendre transform-dual theory,we obtain explicit solutions of optimal strategies.Some special cases are also derived in detail.Finally,a numerical simulation is provided to illustrate our results.

Offshoring,Wages,and Skill Premiums:Firm-level Evidence from China

Using detailed Chinese manufacturing firm production and trade data from 2000 to 2006,this study finds that offshoring significantly increases firms’average wages.First,using the quasi-natural experiment of China's accession to the World Trade Organization,we investigate how a reduction in offshoring costs affects the manufacturing firm's wages and find that a productivity effect and a job-relocation effect are two possible channels.Second,the dynamic decomposition of industry-level wages indicates that the within-firm effect is 0.547,accounting for 31.5 percent of the total variation.Finally,a Mincer-type regression shows that offshoring also increases within-firm skill premiums.Our findings have strong implications for the government related to framing appropriate industrial policies to raise wages and reduce income inequality.

The Credibility Premiums for Exponential Principle

In the classical credibility theory, the credibility premium is derived on the basis of pure premium. However, the insurance practice demands that the premium must be charged under some adaptable premium principle and serves the purpose for insurance business. In this paper, the balanced credibility models have been built under exponential principle, and the credibility estimator of individual exponential premium is derived. This result is also extended to the versions of multitude contracts, and the estimation of the structure parameters is investigated. Finally, the simulations have been introduced to show the consistency of the credibility estimator and its differences from the classical one.

Role of End-ring Configuration in Shaping IE4 Induction Motor Performance

The performance characteristics,particularly the starting performance of direct line-fed induction motors,which are mainly influenced by the design of the rotor,are crucial considerations for end-users.It is quite a challenging issue for motor manufacturers to enhance the starting performance of existing mass-produced motors with minimal modifications and expenses.In this paper,a simple and cost-effective method to improve the starting performance of a commercial squirrel-cage induction motor(SCIM)is proposed.The influence of geometric parameters of the end-ring on the performance characteristics,including starting(locked rotor)torque,pull-up and break down torque,starting current,rotor electric parameters,current density,power losses,and efficiency have been comprehensively investigated.It has been revealed that among the other end-ring design parameters,the ring thickness has a significant effect on the performance characteristics.An optimal end-ring thickness is determined,and its performance characteristics have been compared to those of its initial counterpart.Numeric and parametric analyses have been conducted using a 2D time-stepping finite element method(FEM).The FEM results were validated using experimental measurements obtained from an 11 kW SCIM prototype.

Systematic bibliometric analysis of research hotspots and trends on the application of premium IOLs in the past 2 decades

AIM:To analysis of research hotspots and trends on the application of premium intraocular lens(PIOLs)in the past 2 decades.METHODS:The literature search was performed on the Web of Science and included PIOLs studies published between January 2000 and December 2022.The retrieved literature was collated and analyzed by R-tool’s Bibliometrix package,CitNetExplorer,CiteSpace and other software.RESULTS:A total of 1801 articles about PIOLs were obtained,most of which were published in Spain and the United States.The organization that published the most articles was the University of Valencia in Spain.Alió JL,and Montés-Micó R,from Spain were the most influential authors in this field.The Journal of Cataract and Refractive Surgery and Journal of Refractive Surgery were the core journals for this field;the top 10 cited articles mainly focus on postoperative satisfaction with multifocal intraocular lens(IOLs)and postoperative results of toric IOLs.Through the keyword analysis,we found that trifocal IOLs,astigmatism and extended depth of focus(EDoF)IOLs are the most discussed topics at present,and the importance of astigmatism and the clinical application of the new generation of PIOLs are the emerging research trends.CONCLUSION:Bibliometric analysis can effectively help to identify multilevel concerns in PIOLs research and the prevailing research trends in the realm of PIOLs encompass the adoption of EDoF IOLs,trifocal IOLs,and their respective Toric models.

一种快速建立DLG图形库的方法

如何有效管理地理信息活动中的成果是所有地理信息生产和管理单位所面临的课题。本文基于南方测绘软件CASS11应用Navicat Premium实现了地理信息大数据DLG图形库的建立并得到了应用,本方法未采用数据库软件,图形库管理方便,运行、维护、更新成本低,能满足测绘单位及中小城市测绘地理信息管理部门大数据DLG图形库的管理,具有一定的推广应用价值。

Cyberattack Ramifications, The Hidden Cost of a Security Breach

In this in-depth exploration, I delve into the complex implications and costs of cybersecurity breaches. Venturing beyond just the immediate repercussions, the research unearths both the overt and concealed long-term consequences that businesses encounter. This study integrates findings from various research, including quantitative reports, drawing upon real-world incidents faced by both small and large enterprises. This investigation emphasizes the profound intangible costs, such as trade name devaluation and potential damage to brand reputation, which can persist long after the breach. By collating insights from industry experts and a myriad of research, the study provides a comprehensive perspective on the profound, multi-dimensional impacts of cybersecurity incidents. The overarching aim is to underscore the often-underestimated scope and depth of these breaches, emphasizing the entire timeline post-incident and the urgent need for fortified preventative and reactive measures in the digital domain.

一种基于DCS的污水处理自控系统构建方案

针对污水处理行业CASS工艺及其生产自动化控制功能要求,进行系统功能设计,给出满足生产应用的"IPC+PLC"的集散型控制系统解决方案。

Unity Pro软件介绍(五)

通过集成在Unity Pro中的模拟器，可以从个人电脑终端检测Atrium，Premium，M340或者Quantum PLC的应用程序，而无需连接到PLC处理器。调试工具所提供的功能可用于主任务，快速任务以及辅助任务的调试。

Unity Pro软件介绍(二)

3 配置编辑器 3.1硬件配置 要创建一个基于Atrium，Premium，M340或者Quantum平台的自动化项目，第一步就是选择相应的处理器，以便能够对机架和电源进行缺省定义。

俄罗斯TMK公司通过加大特殊扣产量来加强其市场地位

俄罗斯TMK公司计划在2008年将特殊扣油井管的产量翻一番，达到2.4万t，TMK下属的一个部门——TMK特殊扣服务部（TMK Premium Service）的主要工作内容就是加强TMK在国内和国际两个市场的高技术产品的地位，2003年TMK的特殊扣产量为5500t．2007年增加到1．2万t，而2008年TMK特殊扣服务部的订单就超过2．4万t。

酶制剂Citrozym Premium L和Cellubrix L在胡萝卜汁生产中的应用效果比较

CitrozymPremiumL和CellubrixL这两种酶分别具有分解酯化果胶和纤维素的作用,通过试验证明:在胡萝卜汁生产工艺中,CitrozymPremiumL和CellubrixL具有提高出汁率和β-胡萝卜素含量的作用,其中CitrozymPremiumL效果非常明显。它们的合理用量均为50×10-6。

Development of the Insurance Industry in Europe in Economic and Financial Crisis

This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union （EU） member states, and considers the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7,740 billion euros in 2011, an amount corresponding to 55% of the gross domestic product （GDP） of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global economic and financial crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.