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The demographic risk is the risk due to the uncertainty in the demographic scenario assumptions by which life insurance products are designed and valued. The uncertainty…
The demographic risk is the risk due to the uncertainty in the demographic scenario assumptions by which life insurance products are designed and valued. The uncertainty lies both in the accidental (insurance risk) and systematic (longevity risk) deviations of the number of deaths from the value anticipated for it. This last component gives rise to the risk due to the randomness in the choice of the survival model for valuations (model risk or projection risk). If the insurance risk component can be assumed negligible for well‐diversified portfolios, as in the case of pension annuities, longevity risk is crucial in the actuarial valuations. The question is particularly decisive in contexts in which the longevity phenomenon of the population is strong and pension annuity portfolios constitute a meaningful slice of the financial market – both typical elements of Western economies. The paper aims to focus on the solvency appraisal for a portfolio of life annuities, deepening the impact of the demographic risk according to suitable risk indexes apt to describe its evolution in time.
The financial quantity proposed for representing the economic wealth of the life insurance company is the stochastic surplus, and the paper analyses the impact on it of different demographic assumptions by means of risk indicators as the projection risk index, the quantile surplus valuation and the ruin probability. By means of the proposed models, the longevity risk is mainly taken into account in a stochastic scenario for the financial risk component, in order to consider their interactions, too. In order to furnish practical details significant in the portfolio risk management, several numerical applications clarify the practical meaning of the models in the solvency context.
This paper studies the impact on the portfolio surplus of the systematic demographic risk, taking into account their interaction with the financial risk sources. In this order of ideas, the internal risk profile of a life annuity portfolio is deeply investigated by means of suitable risk indexes: in a solvency analysis perspective, some possible scenarios for the evolution of death rates (generated by different survival models) are considered and this paper evaluates the impact on the portfolio surplus caused by different choices of the demographic model. The first index is deduced by a variance decomposition formula, the other ones involve the conditional quantile calculus and the ruin probability. Such indexes constitute benchmarks, whose conjoined use provides useful information to the meeting of the solvency requirements.
With respect to the recent actuarial literature, in which the most important contribution on the surplus analysis has been given by Lisenko et al. – where the analysis focuses on the financial aspect applied to portfolios of temporary and endowment contracts – the paper considers life annuity portfolios, taking into account the effect of the systematic demographic risk and its interactions with the financial risk components.
The purpose of this paper is to investigate the behavioural competencies of directors and managers working for cultural organizations and their relationship with…
The purpose of this paper is to investigate the behavioural competencies of directors and managers working for cultural organizations and their relationship with organizational performance.
The study adopts an ESC competency modelling process and the technique of the Behavioural Event Interview as the primary source of data collection. In particular, the authors interviewed 14 directors and managers of six performing arts organizations operating in Emilia-Romagna, a region located in Northern Italy.
Findings show that directors and managers of cultural organizations are characterized by a specific set of social and emotional (e.g. persuasion and empathy), whereas cognitive competencies, such as quantitative analysis, are less frequent. Findings highlight also that a balanced portfolio of behavioural competencies emerges as importantly correlated with high organizational performance.
Findings offer relevant managerial implications for the design and implementation of a coherent set of human resource management practices, which allow cultural organizations to reach above-average performance.
This study contributes to a better understanding of the relationship between managerial competencies and the performance of cultural organizations, taking into account specific kinds of competencies – namely, behavioural competencies – which have been neglected by the previous literature.
Este estudio pretende investigar las competencias comportamentales de los directores y managers que trabajan en las organizaciones culturales, y la relación entre estas competencias y la el desempeño organizacional.
Este estudio usa el proceso ESC competency modelling y la técnica de la Behavioral Event Interview. Sobre todo, entrevistamos 14 directores y managers de seis organizaciones de espectáculos en vivo que operan en Emilia-Romagna, una región del Norte de Italia.
Encontramos que los directores y managers de las organizaciones culturales muestran un conjunto especifico de competencias sociales y emocionales (persuasión, empatía, etc.), mientras que las competencias cognitivas son menos frecuentes. Hallazgos muestran también que un portfolio balanceado de competencias comportamentales está correlacionado con alto desempeño organizacional.
Los Hallazgos ofrecen relevantes implicaciones administrativas por el diseño y la implementación de un sistema coherente de prácticas de recursos humanos, que permite a las organizaciones culturales conseguir un alto rendimiento organizacional.
Originalidad y valor
Este articulo contribuye a una mejor comprensión de la relación entre las competencias de los managers y el desempeño de las organizaciones culturales, sobre todo considerando competencias específicas (las competencias comportamentales) que los estudios pasados han descuidado.
Lorenzo Pelizza, Ursula Zambelli, Enrico Rossi, Germana Verdoliva, Davide Maestri, Ilaria De Amicis, Cecilia Paraggio, Amir Zaimovic, Bruno Veneri, Beatrice Urbani, Diana Gran Dall'Olio, Adriana Adriani, Stefania Cutrino, Silvia Bertoli, Giuseppina Paulillo and Pietro Pellegrini
Mental health interventions for Italian prisoners with mental disorders remain a problematic issue, despite radical changes in general psychiatric care and a 2008 major…
Mental health interventions for Italian prisoners with mental disorders remain a problematic issue, despite radical changes in general psychiatric care and a 2008 major government reform transferring mental health care in prison to the National Health Service. The aim of this study is to describe the mental health intervention model implemented since January 2020 for prisoners allocated in the Parma Penitentiary Institutes (PPI). This approach is specifically based on specialized, “person-centered” and “person-tailored” therapeutic-rehabilitation plans in line with psychiatric treatments usually provided in community mental health-care centers of the Parma Department of Mental Health.
All the processes and procedures included in the PPI intervention model were first carefully illustrated, paying special attention to the service for newly admitted prisoners and each typology of specialized therapeutic-rehabilitation treatment potentially provided. Additionally, a preliminary descriptive process analysis of the first six months of clinical activity was also performed.
Since January 2020, 178 individuals entered the PPI service for newly admitted prisoners. In total, 83 (46.7%) of them were engaged in the services of the PPI mental health-care team (35 with pathological addiction and 48 with mental disorders): 56 prisoners were offered an integrated mental health intervention and 27 exclusively an individual psychological or psychiatric treatment.
The results support the potential applicability of an integrated mental health intervention in prison, planning a person-tailored rehabilitation in close collaboration with the prisoners, their families and the local mental health/social services.
The paper offers a survey of major Italian accounting scholars and their work for the period from 1900 to 1950. Apart from the late works of Rossi and Besta, the main…
The paper offers a survey of major Italian accounting scholars and their work for the period from 1900 to 1950. Apart from the late works of Rossi and Besta, the main focus is on the contributions by Zappa, who undoubtedly dominated the scene. In this period, as well as later, most Italian accountants and “aziendalisti” adopted the so‐called “income system”. Although its premises originated with Fabio Besta, master of the so‐called “patrimonial or proprietorship system”, the Italian School under Zappa gave this system a new theoretical basis that differed fundamentally from that of Besta. Zappa also developed the dynamic aspect of accounting and business economics that still prevails in Italy. The paper also devotes attention to other Italian scholars, less well‐known abroad. In the area of cost accounting it concentrates on the views of De Minico and his disciple Amodeo, but also mentions other contributors. The final Section deals with Italian contributions to accounting history during this period
This chapter explores the potential of social media in the context of festivals and shows how web platforms can better inform event managers’ understanding of how a…
This chapter explores the potential of social media in the context of festivals and shows how web platforms can better inform event managers’ understanding of how a festival’s social atmosphere (i.e. the socialscape) can be extended online and beyond the actual periods of the staging of a festival. This is possible as social media can help to build an online environment that favours social identification and user engagement. To illustrate such a mechanism, the chapter presents a multi-method analysis of Fotografia Europea, a photography festival held in Reggio Emilia, Italy. Results show the potential of a coordinated web and social media strategy for enhancing the festival’s atmosphere in terms of social identification and engagement.
Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects…
Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.
Looks at the first 100 years of Italian cinema examining its role in Italy’s recent history. Provides a bibliography of major film directors, Italian cinema sources…
Looks at the first 100 years of Italian cinema examining its role in Italy’s recent history. Provides a bibliography of major film directors, Italian cinema sources, reference works, histories, themes, theory and criticism and articles in journals.
This chapter looks at the increasing interest in the cohousing phenomenon in Italy within civil society, public institutions, and academia. The most significant element to…
This chapter looks at the increasing interest in the cohousing phenomenon in Italy within civil society, public institutions, and academia. The most significant element to emerge from all this interest is the ‘ambiguity’ concerning the use of the concept. It is thus necessary to identify what the ‘Cohousing’ nomenclature is applied to, present it in its historical and geographic context, trace its origins and development on the basis of the related literature, and highlight the recent issues that have arisen from the debates held in international research networks. This chapter will advance the hypothesis that ‘ambiguity’ is playing, to a certain extent, a positive role, creating a common ground where different traditions, institutions, and social practices can meet and approach one another. I also propose considering the remarkable territorial activation expressed by emerging bottom-up initiatives as the most relevant specificity of the actual Italian situation from a public policies point of view. I identify the main issues at the national level and compare them with those issues found during field research carried out through participant observation. The introductory analysis of the reported case study, which focuses mainly on context conditions, shows the Ferrara bottom-up initiatives to be the (unintended) result of previous active citizenship public policies, thus revealing the importance of and the frames provided by urban policies to social innovation processes. As a future research issue, a shift is recommended from a blanket approach to a critical analysis of specific experiences.