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\"Solvency II is the most important regulatory innovation in the field of insurance in the past 20 years. The length of this project, the number of operators involved through impact studies and assessments, the adopted procedure and the wide range of innovations have created an atmosphere of great expectation around Solvency II entering into force. The adoption of a risk-based approach appears to be the most important innovation of the new regulatory framework because it determines important issues related to capital requirements and their supervision as well as their disclosure to the market. Capital Requirements, Disclosure, and Supervision in the European Insurance Industry provides an interesting analysis of Solvency II's issues by combining both the theoretical approach and the empirical implications and effects on the European insurance industry. It discusses the new challenges facing insurance companies through the examination of its structure, the rules with which insurance companies operating in Europe have to be compliant, and their implementation. \"-- Provided by publisher.

Nominal yields on government debt in several countries have fallen very near their zero lower bound (ZLB), causing a liquidity trap and limiting the capacity to stimulate economic growth. This book provides a comprehensive reference to ZLB structure modeling in an applied setting.

\"Since the development of the Black Scholes model, research on equity derivatives has evolved rapidly - to the point where it is now difficult to cut through the myriad of literature to find relevant material. Written by an experienced practitioner and acknowledged authority on quantitative equity research, this book provides an up-to-date account of equity and equity-hybrid (equity-rates, equity-credit, equity-foreign exchange) derivatives modeling from a practitioner's perspective. The content reflects the requirements of practitioners in financial institutions: Quants will find a survey of state of the art models and guidance on how to efficiently implement them with regards to market data representation, calibration and sensitivity computation. Traders and structurers will learn about structured products, selection of most appropriate models as well as efficient hedging methods while risk managers will better understand market, credit and model risk and find valuable information on advanced correlation concepts.Equity Derivatives and Hybrids provides exhaustive coverage of both market standard and new approaches, including: Empirical properties of stock returns including autocorrelation and jumpsDividend discount modelsNon-Markovian and discrete time volatility processesCorrelation skew modeling via copula as well as local and stochastic correlation factorsHybrid modeling covering local and stochastic processes for interest rate, hazard rate and volatility as well as closed form solutions Credit, debt and funding valuation adjustment (CVA, DVA, FVA) Monte Carlo techniques for sensitivities including algorithmic differentiation, path recycling as well as multilevelWritten in a highly accessible manner with examples, applications, research and ideas throughout it, this book provides a valuable resource for quantitative-minded practitioners and researchers everywhere. \"-- Provided by publisher.

Examine and solve the common misconceptions and fallacies that non-statisticians bring to their interpretation of statistical results. Explore the many pitfalls that non-statisticians—and also statisticians who present statistical reports to non-statisticians—must avoid if statistical results are to be correctly used for evidence-based business decision making.Victoria Cox, senior statistician at the United Kingdom's Defence Science and Technology Laboratory (Dstl), distills the lessons of her long experience presenting the actionable results of complex statistical studies to users of widely varying statistical sophistication across many disciplines: from scientists, engineers, analysts, and information technologists to executives, military personnel, project managers, and officials across UK government departments, industry, academia, and international partners.The author shows how faulty statistical reasoning often undermines the utility of statistical results even among those with advanced technical training. Translating Statistics teaches statistically naive readers enough about statistical questions, methods, models, assumptions, and statements that they will be able to extract the practical message from statistical reports and better constrain what conclusions cannot be made from the results. To non-statisticians with some statistical training, this book offers brush-ups, reminders, and tips for the proper use of statistics and solutions to common errors. To fellow statisticians, the author demonstrates how to present statistical output to non-statisticians to ensure that the statistical results are correctly understood and properly applied to real-world tasks and decisions. The book avoids algebra and proofs, but it does supply code written in R for those readers who are motivated to work out examples.Pointing along the way to instructive examples of statistics gone awry, Translating Statistics walks readers through the typical course of a statistical study, progressing from the experimental design stage through the data collection process, exploratory data analysis, descriptive statistics, uncertainty, hypothesis testing, statistical modelling and multivariate methods, to graphs suitable for final presentation. The steady focus throughout the book is on how to turn the mathematical artefacts and specialist jargon that are second nature to statisticians into plain English for corporate customers and stakeholders. The final chapter neatly summarizes the book's lessons and insights for accurately communicating statistical reports to the non-statisticians who commission and act on them.What You'll LearnRecognize and avoid common errors and misconceptions that cause statistical studies to be misinterpreted and misused by non-statisticians in organizational settingsGain a practical understanding of the methods, processes, capabilities, and caveats of statistical studies to improve the application of statistical data to business decisionsSee how to code statistical solutions in RWho This Book Is ForNon-statisticians—including both those with and without an introductory statistics course under their belts—who consume statistical reports in organizational settings, and statisticians who seek guidance for reporting statistical studies to non-statisticians in ways that will be accurately understood and will inform sound business and technical decisions

\"Deposit guarantee schemes are a crucial element of modern financial safety nets. Despite positive achievements in the integration of European financial markets and economies, the recent financial crisis confirmed that closer coordination of prudential policies and safety nets is now required. Against this background, Francesca Arnaboldi highlights the importance of one of the three pillars of the Banking Union, the common mechanism for insuring deposits. She suggests that integrated financial markets require a European solution with regard to deposit insurance and that the establishment of a pan-European scheme could address the problems for large cross-border banks. The book is an ideal resource for academics and practitioners interested in the new regulatory framework on deposit guarantee schemes and its link to the first two pillars of the Banking Union. \"-- Provided by publisher.

This book provides a comprehensive review of environmental benefit transfer methods, issues and challenges, covering topics relevant to researchers and practitioners.Early chapters provide accessible introductory materials suitable for non-economists.These chapters also detail how benefit transfer is used within the policy process.

\"Microfinance/microcredit today is facing two challenges. Firstly, it needs be more economically and financially sustainable. Secondly, it needs to increase its outreach in order to have a more significant impact on poorer areas of the world. Access to credit for the poorest people is a trade-off between economic and financial sustainability and the spread of activity. Greater innovation in processes and products is required in order to reduce transactional costs and informational asymmetries, extend the term structure of contracts and provide suitable assessment and risk management in the microfinance sector. This book offers a comprehensive comparative analysis of the most significant models of microcredit guarantee funds adopted in three South European countries (Italy, France, Spain) and in three North African countries (Morocco, Tunisia, Egypt). It provides a clear picture of microcredit guarantee funds in each country, focusing on three keys areas: analysis of the regulatory framework, mapping of microcredit institutions and analysis of the main features of guarantee funds. The authors highlight the strengths and weaknesses of the microcredit guarantee system and provide regulatory or operative solutions which may improve the economic sustainability of microcredit institutions and, ultimately, contribute to facilitating access to credit for microenterprises and the microborrower. The book will be a valuable resource for supervisors, microcredit institutions, guarantee intermediaries and financial intermediaries\"-- Provided by publisher.

The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.

\"Advances in Financial Risk Management: Corporates, Intermediaries and Portfolios is essential reading to those interested in better understanding developments in the post-Global Financial Crisis (GFC) environment. There are seventeen papers that provide the latest research on measuring, managing and pricing financial risk, allocated into three very broad perspectives: risk management in non-financial corporations; in financial intermediaries such as banks, which must comply with regulatory standards on measuring and managing risk; and finally within the context of a portfolio of securities of different credit quality and marketability. This unique compilation of papers provides an expansive view of the latest techniques available to academics and practitioners to measure and manage risk\"-- Provided by publisher.

This handbook presents a systematic overview of approaches to, diversity, and problems involved in interdisciplinary rating methodologies. Historically, the purpose of ratings is to achieve information transparency regarding a given body’s activities, whether in the field of finance, banking, or sports for example. This book focuses on commonly used rating methods in three important fields: finance, sports, and the social sector. In the world of finance, investment decisions are largely shaped by how positively or negatively economies or financial instruments are rated. Ratings have thus become a basis of trust for investors. Similarly, sports evaluation and funding are largely based on core ratings. From local communities to groups of nations, public investment and funding are also dependent on how these bodies are continuously rated against expected performance targets. As such, ratings need to reflect the consensus of all stakeholders on selected aspects of the work and how to evaluate their success. The public should also have the opportunity to participate in this process. The authors examine current rating approaches from a variety of proposals that are closest to the public consensus, analyzing the rating models and summarizing the methods of their construction. This handbook offers a valuable reference guide for managers, analysts, economists, business informatics specialists, and researchers alike