...contributed to the success of this study: • Ronora Stryker and Jan Schuh from the Society of Actuaries for providing leadership and coordination The Project Oversight Group for guidance throughout this project: • Robert Baldwin • Mark Bergstrom • Jim Bridgeman • Joonghee Huh • Kathryn McCarthy (Chair) • James Norman • Jim Reiskytl • Doug Van Dam The companies that volunteered to be interviewed anonymously for this study Other members of the Ernst & Young team who contributed in various capacities: • Rob Barg • Zak Benjazia • Michael Chan • Cathy Fan • Tara Hansen • Graham Mackay • David Minches • Jordan Nadler • Xi Zhu • • • How Fair Value Measurement Changes Risk Management Behavior in the Insurance Industry 2 Table of Contents I. II. III. IV. IV.A. IV.B. IV.C. IV.D. IV.E. Executive...
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...in the original agreements and conditions of the European Monetary Union that had been established before its adoption had been treated without regard by countries. This disregard started with deceit from Greece but quickly became almost the status quo. Greece is known as the catalyst and a scapegoat within the views of the Euro debt crisis. Greece is on the brink of insolvency and others are following. Options are available in this time of uncertainty, whether they are conventional or not, that could result in Greece remaining within the Euro and accepting austerity or altering their status and participation within the monetary union. The decision that will be acted on regarding Greece and the results of that decision regarding their solvency as a nation, will leave a change in outlook for the market and other countries on the brink of insolvency within the Euro Zone and impact the currencies success or failure, which would impact countries within and outside the EMU. The European Union was created to promote a sense of Pan-Europeanism, to...
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...Variable Annuities—An Analysis of Financial Stability Ma rch 201 3 The Geneva Association (The International Association for the Study of Insurance Economics) The Geneva Association is the leading international insurance “think tank” for strategically important insurance and risk management issues. The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector. Through the development of research programmes, regular publications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding of uncertainty in the modern economy. The Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) from the world’s top insurance and reinsurance companies. It organises international expert networks and manages discussion platforms for senior insurance executives and specialists as well as policy-makers, regulators and multilateral organisations. The Geneva Association’s annual General Assembly is the most prestigious gathering of leading insurance CEOs worldwide...
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...use ,digital age use this technique in vast area like cloud database security, mobile security, ATMs, banking, adhar card, border security, employee’s information, attendance record in firms etc. In digital age security is most important issue(problem) and biometric is best solution . The term biometrics is derived from the Greek words bio signifying "life" and measurements signifying "to quantify [3,10]. Biometric is the estimation and factual investigation of individuals' behavioural attributes. Diverse sorts of biometric distinguishing proof innovations centre around various qualities are known as "modalities"[11,1] be categorized in two types: I. Unimodal biometric recognizable proof system which utilize a solitary biometric characteristics are called Unimodal system[12]. II. Multimodal biometric recognizable proof system which utilize mix of at least two modalities to distinguish a man to enhance acknowledgment rate are called multimodal biometric system[12]. Kind of attributes: I. Physiological are identified with the shape and structure of the body. It is the basic data of the human body, for example, face, fingerprints, Iris, hand or DNA[8]. II. Behaviour of a man is the particularly recognizing and quantifiable examples in human activities are one of a kind like keystroke, voice or signature[8]. Biometric Traits: Finger Print: A unique mark is an impression of the grinding edges of all or any piece of the finger. These incorporate examples, which are total attributes...
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...The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts Silvia Ardagna and Francesco Caselli First draft: February 2012; Final version: January 2014 Abstract We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that these equilibria were likely not on the Pareto frontier, and sketch political-economy arguments for why collective policy making in the Euro area may lead to suboptimal outcomes. Most modern sovereign debt crises have been managed in Washington, DC, through the combined e¤orts of the International Monetary Fund (IMF) and the US government. A distinctive feature of the crisis that has engulfed European sovereign-debt markets since the fall of 2009 has been that the IMF has played only a supporting (albeit important) role, while the management of the crisis has been driven by European institutions: the council of …nance ministers (ECOFIN), the European Council (EC, made up by all the heads of government of the European Union) and the European Central Bank (ECB). To the extent that the IMF is largely a technocratic institution (though of course not entirely immune from political in‡ uence) while ECOFIN and the EC are made up of politicians, one may expect the management of the crisis by the EC to be more a¤ected by electoral concerns. Furthermore, since there are 27 members to the EC, representing countries with potentially di¤erent interests, one...
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...Southern Cross University ePublications@SCU Theses 2004 The contribution of business/management education, to small enterprise solvency Peter Ellis Southern Cross University, PeterEllis@YSP.com.au Suggested Citation Ellis, P 2004, 'The contribution of business/management education, to small enterprise solvency', DBA thesis, Southern Cross University, Lismore, NSW. Copyright P Ellis 2004 For further information about this thesis Peter Ellis can be contacted at peterellis@ysp.com.au ePublications@SCU is an electronic repository administered by Southern Cross University Library. Its goal is to capture and preserve the intellectual output of Southern Cross University authors and researchers, and to increase visibility and impact through open access to researchers around the world. For further information please contact epubs@scu.edu.au. Southern Cross University Doctor of Business Administration The contribution of business/management education, to small enterprise solvency Peter Ellis Submitted to Graduate College of Management Southern Cross University, in partial fulfilment of the Degree of Doctor of Business Administration. 2004 Copyright “The contribution of business/management education, to small enterprise solvency.” Copyright © 2004 by Dr Peter Ellis, who reserves all rights and asserts his right under the Copyright, Design and Patents Act 1988, to be identified as the author of this work. No part of this work may be used or reproduced...
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...Effects of The European Debt Crisis on the German Real Estate Market Hiermit versichere ich die vorliegende Arbeit allein und nur mit den angegebenen Hilfsmitteln angefertigt zu haben. Der Veröffentlichung der Bachelorarbeit in der Bibliothek der Hochschule Aschaffenburg wird zugestimmt. Aschaffenburg, den 28.02.2013 Effects of the European Debt Crisis on the German Real Estate Market Bachelorarbeit von Sebastian Stollhof 28.02.2013 Effects of The European Debt Crisis on the German Real Estate Market Autor: Sebastian Stollhof An der Bergleite 3 67806 Rockenhausen Erstprüfer: Prof. Dr. Paschedag HOCHSCHULE ASCHAFFENBURG FAKULTÄT WIRTSCHAFT UND RECHT WÜRZBURGER STRASSE 45 D-63743 ASCHAFFENBURG Table of Content TABLE OF EXHIBITS LIST OF ABBREVIATIONS 1 EMERGENCE OF THE DEBT CRISIS 1.1 Macroeconomic problems 1.1.1 The imbalance of public authorities 1.1.2 Strongly diverging current account balances 1.1.3 Strongly diverging price- and wage developments 1.2 Specific problems within the monetary union VIII IX 1 1 1 5 10 12 1.2.1 Interest rate policy of the European Central Bank (ECB) 12 1.2.2 Membership within the EMU increases insolvency risk for states 1.2.3 National fiscal policy versus central monetary policy 2 GERMAN HOUSING MARKET – PRICE BUBBLE OR SAFE HAVEN? 2.1 Definition of price bubbles 2.2 Explanatory approaches for real estate bubbles 2.2.1 Macroeconomic factors 2.2.2 Institutional explanatory approaches 2.2.3 Behaviour-based explanatory...
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...Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07434 Aflac Incorporated (Exact name of registrant as specified in its charter) Georgia (State or other jurisdiction of incorporation or organization) 58-1167100 (I.R.S. Employer Identification No.) 1932 Wynnton Road, Columbus, Georgia (Address of principal executive offices) 31999 (ZIP Code) Registrant’s telephone number, including area code: 706.323.3431 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, $.10 Par Value Name of each exchange on which registered New York Stock Exchange Tokyo Stock Exchange Securities registered pursuant to Section 12(g) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. None Yes ¨ Yes ¨ No No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities...
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...EXECUTIVE SUMMARY Ratio Analysis is one of the techniques of financial analysis where ratios are used as a yardstick for evaluating the financial condition and performance of a firm. Analysis and interpretation of various accounting ratios gives a better understanding of financial condition and performance of firm. Trend ratios indicate the direction of change in the performance – improvement, deterioration or constancy- over the year. Objectives of the study: 1. To help the management in its planning and forecasting activities. 2. To evaluate operational efficiency, liquidity, and solvency of NSL. 3. To help the management in having effective control over the activities of different departments. 4. To compare the previous five years and present year performance of the company. 5. To give suggestion and recommendation based on the study. For the study Nirani sugars Ltd, is considered. The ratio analysis is done using the Income statements and Balance Sheets of the company between 2005 to 2009. Data Interpretation on trend ratio analysis is carried out at NSL at Kulali cross Tq: Mudhol Dist: Bagalkot Karnataka State. For study, of five years is considered and compared it’s performance over the period of five years. For result analysis and MS Excel Software package are used. From the analysis, I am able to indicate following finding of the firm 1. From the current ratio it is found that the ratio is not satisfactory because the % increase in current...
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...pResented by the society of ActuARies, the cAsuAlty ActuARiAl society And the cAnAdiAn institute of ActuARies Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications Copyright 2008 by the Society of Actuaries. R I s k M a n a g e M e n T: the current financial crisis, lessons learned and future implications introduction the current financial crisis presents a case study of a “financial tsunami” (as former federal Reserve chairman Alan Greenspan recently called it) on what can go wrong. its ramifications are far-reaching and the lessons learned will be embedded in risk management practices for years to come. As one of the premier enterprise risk professions in practice today, the actuarial profession is sharing its substantial insight into what went wrong and the implications for the future. on behalf of the society of Actuaries, the casualty Actuarial society and the canadian institute of Actuaries, we are pleased to provide a series of essays on Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications. this e-book is the result of a call for essays on the subject coordinated by the following groups: • • • • The Joint Risk Management Section of the Society of Actuaries, Casualty Actuarial Society and Canadian institute of Actuaries The Investment Section of the Society of Actuaries International Network of Actuarial Risk Managers Enterprise Risk Management Institute International ...
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...recognized by risk management professionals worldwide 2016 Financial Risk Manager (FRM®) Exam Study Guide TOPIC OUTLINE, READINGS, able to deal with them effectively. As TEST WEIGHTINGS such, the Exams are comprehensive in The Study Guide sets forth primary nature, testing a candidate on a number topics and subtopics covered in the FRM of risk management concepts and Exam Part I and Part II. The topics were approaches. selected by the FRM Committee as ones that risk managers who work in practice today have to master. The topics and READINGS Questions for the FRM Exams are related their respective weightings are reviewed to and supported by the readings listed yearly to ensure the Exams are timely under each topic outline. These readings and relevant. The study Guide also were selected by the FRM Committee contains a full listing of all the readings to assist candidates in their review of that are recommended as preparation the subjects covered by the Exams. It is for the FRM Exam Part I and Part II. strongly suggested that candidates review Key concepts (knowledge points) these readings in depth prior to sitting for appear as bullet points at the beginning each exam. All of the readings listed in the of each section and are intended to help FRM Study guide are available through candidates identify the major themes GARP. Further information can be found and knowledge areas associated...
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...Financial Crisis 18 4.3. Industry 19 4.4. Tax Evasion 20 4.5. Populism and Corruption 22 5. Conclusion 23 5.1. Fundamental defect in the euro area – The impossible of independent monetary policy worsen the Economic Crisis of Europe. 23 5.2 Fundamental defect in the euro area – The Eurozone, which was established without financial alliance makes the financial crisis to the banking crisis. 26 REFERNECES 28 Introduction In June, whole world paid attention to Greek economic crisis. Greece, had undergone crisis because of financial crisis from United States since 2008, has evaded a default with two times of relief loans from European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF). But Greece announced that they couldn’t pay back the loan to IMF and then implemented a referendum; pros and cons to additional relief loans. After the referendum, a negotiation of debt redemption of Greek government had been proceeded between Greece and creditors and it was concluded that Greek government would take appended loans and conduct structural reform. Why did Greece negotiate with creditors by implementing the referendum? More radically, why...
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...CHAPTER I- NATURE, SCOPE AND METHODOLOGY IN ECONOMICS NATURE OF ECONOMICS ECONOMICS- Comes from the Greek oikonomia means management of a household, administration is a social science that deals with efficient allocation of scarce resources to satisfy the unlimited wants and needs. SOCIAL SCIENCE Is the field of scientific knowledge and academic scholarship that explore social groups and, more generally, human society RESOURCES Things use to produce other things to satisfy people wants WANT is something that is desired. It is said that people have unlimited wants, but limited resources NEED Is something that is necessary for survival (such as food and shelter) SCOPE OF ECONOMICS TWO MAJOR BRANCHES OF ECONOMICS MACROECONOMICS Examines either the economy as a whole or its basic subdivisions or aggregates, such as the government, household, and business sectors MICROECONOMICS Looks at specific economics units. At this level of analysis, the economist observes details of an economics unit, or very small segment of the economy ANALYTICAL TOOLS AND M ETHODOLOGY USED IN ECONOMICS rational self-interest means that given a certain condition, individuals try to minimize the expected cost for a benefit or maximize the expected benefit with a cost. Opportunity cost It is cost associated with opportunities that are foregone when...
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...A500 Accounting Ethics—Introduction Lecture Outline * Two Preliminary Questions: 1. Why is ethics taught in accounting, business, and tax schools? 2. Should ethics be taught in accounting, business, and tax schools? I. Why teach it?: * Because of these guys and others like them: Kenneth Lay, Founder Jeffrey Skilling, CEO B.A. and M.A. in economics from the University of Missouri. Ph.D. in economics from Houston University. On May 25, 2006, Lay was convicted of 10 counts of security fraud. On July 5, 2006, while vacationing in Colorado, he suffered a heart attack and died before sentencing. As a result, the federal judge that presided over his trial vacated Lay’s conviction. B.A. in business from the Southern Methodist University. M.B.A. from the Harvard Business School (top 5% of class). Convicted of conspiracy, securities fraud, making false statements, and insider trading. 24-year, four month sentence. The DOJ in 2013 agreed to reduce it to 14 years in return for Skilling releasing $40 million in restitution to victims, held up by appeals. Andrew Fastow, CFO B.A. in economics from Tufts University. M.B.A. from Northwestern University. In 2004, he pled guilty to two counts of conspiracy to commit wire and securities fraud, forfeited $30 million, and agreed to testify. Received a six-year sentence. Now works...
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...The Bardi and Peruzzi families dominated banking in 14th century Florence, establishing branches in many other parts of Europe. One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397. The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy. Origin of the word “bank” The word bank was borrowed in Middle English from Middle French banque, from Old Italian banca, from Old High German banc, bank "bench, counter". Benches were used as desks or exchange counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths.[12] One of the oldest items found showing money-changing activity is a silver Greek drachm coin from ancient Hellenic colony Trapezus on the Black Sea, modernTrabzon, c. 350–325 BC, presented in the British Museum in London....
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