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Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels
Type: Book
ISBN: 978-0-44452-122-4

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Article
Publication date: 22 August 2008

Angel E. Muñoz Zavala, Arturo Hernández Aguirre, Enrique R. Villa Diharce and Salvador Botello Rionda

The purpose of this paper is to present a new constrained optimization algorithm based on a particle swarm optimization (PSO) algorithm approach.

Abstract

Purpose

The purpose of this paper is to present a new constrained optimization algorithm based on a particle swarm optimization (PSO) algorithm approach.

Design/methodology/approach

This paper introduces a hybrid approach based on a modified ring neighborhood with two new perturbation operators designed to keep diversity. A constraint handling technique based on feasibility and sum of constraints violation is adopted. Also, a special technique to handle equality constraints is proposed.

Findings

The paper shows that it is possible to improve PSO and keeping the advantages of its social interaction through a simple idea: perturbing the PSO memory.

Research limitations/implications

The proposed algorithm shows a competitive performance against the state‐of‐the‐art constrained optimization algorithms.

Practical implications

The proposed algorithm can be used to solve single objective problems with linear or non‐linear functions, and subject to both equality and inequality constraints which can be linear and non‐linear. In this paper, it is applied to various engineering design problems, and for the solution of state‐of‐the‐art benchmark problems.

Originality/value

A new neighborhood structure for PSO algorithm is presented. Two perturbation operators to improve PSO algorithm are proposed. A special technique to handle equality constraints is proposed.

Details

International Journal of Intelligent Computing and Cybernetics, vol. 1 no. 3
Type: Research Article
ISSN: 1756-378X

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Article
Publication date: 1 January 2001

William Blair QC and Cheong Ann Png

The governance of financial markets is approached at various levels. National regulators are charged with the responsibility for maintaining a system of regulation for the…

Abstract

The governance of financial markets is approached at various levels. National regulators are charged with the responsibility for maintaining a system of regulation for the purpose of ensuring stability and confidence in the financial markets. This has to be done according to ascertainable standards. Within the European Union, directives and regulations provide a framework for approximating practices within its member states. At the international level, organisations such as the Bank of International Settlements (BIS), the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD) have developed standards and guidelines with the view to harmonising practices among relevant states.

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Journal of Financial Crime, vol. 8 no. 3
Type: Research Article
ISSN: 1359-0790

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Book part
Publication date: 16 November 2009

Giandomenica Becchio

Menger disagreed with this view for various reasons. Also, the subjective expectation is infinite. There are many cases where man's behaviour fails to conform to…

Abstract

Menger disagreed with this view for various reasons. Also, the subjective expectation is infinite. There are many cases where man's behaviour fails to conform to mathematical expectations: games in which a player can win only one very large amount with a very small probability or games offering a single moderate amount with a very high probability. Furthermore, we can always find a sequence of payoffs x1, x2, x3,…, which yield infinite expected value, and then propose, say, that u(xn)=2n, so that expected utility is also infinite. Menger therefore proposed that utility must also be bounded above for paradoxes of this type to be resolved.

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Unexplored Dimensions: Karl Mengeron Economics and Philosophy (1923–1938)
Type: Book
ISBN: 978-1-84855-998-1

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Article
Publication date: 1 February 1993

J.H.M. TEN THIJE BOONKKAMP and W.H.A. SCHILDERS

An extension of the Scharfetter‐Gummel discretization scheme is presented which is designed for electrothermal semiconductor device equations including avalanche…

Abstract

An extension of the Scharfetter‐Gummel discretization scheme is presented which is designed for electrothermal semiconductor device equations including avalanche generation terms. The scheme makes explicit use of the exponential character of solutions, and reduces to the standard Scharfetter‐Gummel scheme in the isothermal non‐avalanche case.

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COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 12 no. 2
Type: Research Article
ISSN: 0332-1649

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Book part
Publication date: 19 June 2019

Yayun Yan and Sampan Nettayanun

Our study explores friction costs in terms of competition and market structure, considering factors such as market share, industry leverage levels, industry hedging…

Abstract

Our study explores friction costs in terms of competition and market structure, considering factors such as market share, industry leverage levels, industry hedging levels, number of peers, and the geographic concentration that influences reinsurance purchase in the Property and Casualty insurance industry in China. Financial factors that influence the hedging level are also included. The data are hand collected from 2008 to 2015 from the Chinese Insurance Yearbook. Using panel data analysis techniques, the results are interesting. The capital structure shows a significant negative relationship with the hedging level. Group has a negative relationship with reinsurance purchases. Assets exhibit a negative relationship with hedging levels. The hedging level has a negative relation with the individual hedging level. Insurers have less incentive to hedge because it provides less resource than leverage. The study also robustly investigates the strategic risk management separately by the financial crises.

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Book part
Publication date: 23 October 2017

Pasquale Foresti and Oreste Napolitano

Risk-sharing is a crucial issue in order to evaluate the performance of a monetary union. By implementing conventional econometric techniques, this paper intends to…

Abstract

Risk-sharing is a crucial issue in order to evaluate the performance of a monetary union. By implementing conventional econometric techniques, this paper intends to estimate the degree of risk-sharing through the cross-ownership of assets within 11 European countries in the period 1971–2014. We show that risk-sharing has been increasing after the launch of the euro due to increased cross-ownership of assets. Nevertheless, we also show that despite the extreme needs for adjustment mechanisms as a reaction to asymmetric shocks in the EMU during the crises, the estimated market risk-sharing mechanism seems to have remained marginal in this period. We also show that the degree of asymmetry (potential benefits from risk-sharing) has declined with the start of the EMU, but it has sharply increased during the crises period. This implies that EMU countries have needed good functioning risk-sharing mechanisms during the crisis, while in this period their estimated performance does not seem to have improved. We interpret these results as the evidence of a missing element of the EMU that forced governments to intervene by means of fiscal policy to tackle the imbalances deriving from the financial crisis. Therefore, we conclude that the weakness in the risk-sharing has been one of the channels that allowed the global financial crisis to mutate in a sovereign debt crisis in the EMU.

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Economic Imbalances and Institutional Changes to the Euro and the European Union
Type: Book
ISBN: 978-1-78714-510-8

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Article
Publication date: 6 April 2021

Ruchi Gupta

The purpose of this study is to find out the awareness, attitude and career preference of commerce students (undergraduate (UG) and post-graduate (PG)) for the insurance…

Abstract

Purpose

The purpose of this study is to find out the awareness, attitude and career preference of commerce students (undergraduate (UG) and post-graduate (PG)) for the insurance industry in India.

Design/methodology/approach

The data were collected from 800 commerce students (400 male students and 400 female students) through a structured questionnaire. The questionnaire had 18 items related to awareness, attitude and career preference for insurance. The reliability of the tool was assessed by Cronbach’s alpha. To establish the relationship between variables, cross-tabulation techniques that involved Chi-square tests were used. The conclusion was drawn based on probability values (p-value) taking the critical as 0.05 (Bivariate). The data was analyzed using SPSS.

Findings

The results revealed that commerce students-UG and PG were aware of the basics of insurance, irrespective of their gender and family income. The students have a positive attitude toward insurance, but lack awareness regarding career options in the insurance industry.

Research limitations/implications

This study included only UG and PG commerce students of Allahabad University and its constituent colleges, hence its findings cannot be generalized for the entire country.

Practical implications

This study can be beneficial to insurance companies in framing their policies as India has a huge young population. There is a need to make the students in higher education aware of the benefits of insurance to cover any unforeseen economic loss and also to make them aware of the career options in the insurance industry.

Originality/value

The present study bridges the gap between existing studies regarding awareness, attitude and career preference of students with gender and family income. To date, no study has been done to find the awareness and attitude of students toward the insurance industry, neither in terms of their becoming prospective customers nor in terms of career preference.

Details

Asian Journal of Economics and Banking, vol. 5 no. 2
Type: Research Article
ISSN: 2615-9821

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Book part
Publication date: 6 September 2018

Van Son Lai, Duc Khuong Nguyen, William Sodjahin and Issouf Soumaré

We identify a novel concept of discretionary idiosyncratic volatility proxied by the idiosyncratic volatility component not related to the non-systematic industry…

Abstract

We identify a novel concept of discretionary idiosyncratic volatility proxied by the idiosyncratic volatility component not related to the non-systematic industry volatility as a source of agency problems that have implications for firms’ cash holdings and their investment decisions. We find that firms with low discretionary idiosyncratic volatility, which likely captures discretionary effort and risk-taking by managers, have smaller cash reserves. Moreover, while high discretionary idiosyncratic volatility firms spend cash internally (internal capital building), low discretionary idiosyncratic volatility firms use it for external acquisitions, consistent with the “quiet life” hypothesis. Our findings thus indicate a need for reinforcement of existing regulations and corporate laws to control for agency costs, which could in turn reduce firm risk and the probability of financial meltdown at the aggregate level.

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Book part
Publication date: 15 September 2017

Edward J. Kane

Traditionally, individual states have shared responsibility for regulating the US insurance industry. The Dodd–Frank Act changes this by tasking the Federal Reserve with…

Abstract

Traditionally, individual states have shared responsibility for regulating the US insurance industry. The Dodd–Frank Act changes this by tasking the Federal Reserve with regulating the systemic risks that particularly large insurance organizations might pose and assigning the regulation of swap-based substitutes for insurance and reinsurance products to the SEC and CFTC. This paper argues that prudential regulation of large insurance firms and weaknesses in federal swaps regulation could reduce the effectiveness of state-based systems in protecting policyholders and taxpayers from nonperformance in the insurance industry. Swap-based substitutes for traditional insurance and reinsurance contracts offer protection sellers a way to transfer responsibility for guarding against nonperformance into potentially less-effective hands. The CFTC and SEC lack the focus, expertise, experience, and resources to adequately manage the ways that swap transactions can affect US taxpayers’ equity position in global safety nets, while regulators at the Fed refuse to recognize that conscientiously monitoring accounting capital at financial holding companies will not adequately protect taxpayers and policyholders until and unless it is accompanied by severe penalties for managers that willfully hide their firm’s exposure to destructive tail risks.

Details

Advances in Pacific Basin Business Economics and Finance
Type: Book
ISBN: 978-1-78743-409-7

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