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Wednesday, 29 April 2009 |
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moneyscience: The Spam, Soup and Noodle Index: ‘Recession-proof’ Foods Do Well in the Downturn - http://is.gd/vhM1 |
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Wednesday, 29 April 2009 |
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moneyscience: Societe Generale's chairman Daniel Bouton has announced his resignation - http://is.gd/vhK8 |
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Tuesday, 28 April 2009 |
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moneyscience: Latest trends in UK company accounts preparation - http://is.gd/v8iv |
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Tuesday, 28 April 2009 |
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Via Deric Bownds' MindBlog, this piece of research in the open access Proceedings of the National Academy of Sciences of the United State. By Niklas Zethraeusa, Ljiljana Kocoska-Marasb, Tore Ellingsena, Bo von Schoultzb, Angelica Lindn Hirschbergb and Magnus Johannessona. Abstract Existing correlative evidence suggests that sex hormones may affect economic behavior such as risk taking and reciprocal fairness. To test this hypothesis we conducted a double-blind randomized study. Two-hundred healthy postmenopausal women aged 50-65 years were randomly allocated to 4 weeks of treatment with estrogen, testosterone, or placebo. At the end of the treatment period, the subjects participated in a series of economic experiments that measure altruism, reciprocal fairness, trust, trustworthiness, and risk attitudes. There was no significant effect of estrogen or testosterone on any of the studied behaviors. Get the paper here. From the Introduction: Humans display sizeable individual variation in economic behaviors. Heterogeneity is large both in the domain of personal decision making and in the domain of social interaction. Some individuals willingly take risks that others pay to avoid, and in situations where some individuals are altruistic and trusting, others are selfish and distrustful. Relatively little is known about the sources of such preference heterogeneity, but two recent findings suggest that biological factors are important. First, comparisons of the behavior of identical and fraternal twins indicate that genetics explains a sizeable part of the variation in preferences across a wide range of economic domains. Second, a controlled increase in the level of the mammalian hormone oxytocin causes more trusting behavior. Several studies also report that behavior is correlated with the level of sex hormones. Burnham finds that subjects with a higher testosterone level are more likely to reject unfair offers in the ultimatum game, and Apicella et al. find a correlation between testosterone levels and financial risk-taking behavior. Two studies report that risk-taking behavior varies over the menstrual cycle; women are more risk averse during the ovulatory phase |
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Monday, 27 April 2009 |
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Bracknell, GBILOG's innovative solutions help thousands of industry leaders worldwide make crucial business decisions while increasing agility, cutting costs and slashing schedules. |
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Monday, 27 April 2009 |
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Bracknell, GB - ILOG's innovative solutions help thousands of industry leaders worldwide make crucial business decisions while increasing agility, cutting costs and slashing schedules. |
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Monday, 27 April 2009 |
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Finance and investment markets are highly competitive and require statistical and predictive models to accurately measure credit risk. Optimization tools will not remove all risks inherent to financial markets but they will allow users to achieve the optimal leverage of resources while balancing profits and risks. These tools will become an inherent part of strategies for making more effective management decisions. Widely used by investment banks and asset management firms, ILOG CPLEX—the most widely-deployed optimization software in the world with more than 100 of the Global 500 as customers—is used to optimize asset allocations (actions that minimize risks and volatility while maximizing returns). ILOG CPLEX optimizes a portfolio against specified indices, creating portfolios with risk profiles closely matched to a given benchmark, and creating, managing and rebalancing portfolios that meet customers' investment goals and risk aversions. During this free event, a selection of presentations from our Optimization experts and from Michael Dempster (Director of the Centre for Financial Research) will show you how ILOG Optimization gives you a high competitive advantage to solve the most challenging problems encountered in the financial industry. Register to join us for this free event. ILOG Optimization for Quantitative Finance Breakfast Date: Thursday, May 14, 2009 Time: 8:00 am-10:30 am Location: Regus No. 1 Poultry London EC2R 8JR Tel: 020 7643 2200 Event Homepage Workshop Presenters Hermann Stolle, PhD Dr. Hermann Stolle has been working in the area of mathematical optimization for 14 years with a focus on portfolio optimization, logistics and production planning, unit commitment, network design and graph layout. In his current role as senior technical account manager at ILOG, an IBM Company, Dr. Stolle advises customers and prospects on ILOG, an IBM Company’s technologies and the conception of ILOG, an IBM Company’s optimization solutions. Michael A H Dempster, Professor Emeritus, Centre for Financial Research, Department of Pure Mathematics and Statistics, University of Cambridge. Michael Dempster has taught and researched in leading universities on both sides of the Atlantic. He is currently editor-in-chief of Quantitative Finance. Mr. Dempster has been consultant to a number of global financial institutions and is regularly involved in executive education in financial engineering and risk management around the world. Author of over 100 published research articles in leading international journals; his books include Stochastic Programming, Derivative Securities (with S R Pliska), Risk Management: Value at Risk and Beyond and Quantitative Fund Management. He is currently managing director of Cambridge Systems Associates Limited, a financial consultancy and software company. Contact For answers to your questions or assistance with your workshop registration, please contact Christophe Megevand: E-mail:
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Phone: +44 (0)1344 661 688 Registration Attendance is free. Refreshments will be provided, compliments of ILOG, an IBM Company. To register for the breakfast, enter your e-mail address and you will receive an e-mail confirmation. Seating is limited, so we encourage you to register now. [Externalrss-mseventnotices-titles-rssl-6-30] [Externalrss-FinanceFocus-titles-rssr-6-30] |
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Monday, 27 April 2009 |
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BusinessSchools: The David Garrick Halmstad Prize for the best published research in actuarial science - http://tinyurl.com/cbmpen |
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Monday, 27 April 2009 |
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Cass Business School - Profile at MoneyScience. David Blake, Professor of Pensions Economics and Director of the Cass Business School Pensions Institute, has been awarded one of the most prestigious prizes in actuarial science. The David Garrick Halmstad Prize is awarded annually by the Society of Actuaries for the best publication in actuarial science in a given year. The Prize is in memory of David Garrick Halmstad, an Associate of the Society of Actuaries which represents the Actuarial Profession in the US. The 2008 Prize was awarded to David Blake and his co-authors Andrew Cairns and Kevin Dowd for their publication: "Pricing Death: Frameworks for the Valuation and Securitization of Mortality Risk," by Andrew J. Cairns, David Blake and Kevin Dowd, Astin Bulletin, vol. 36, no 1, 2006, pp. 79-120. David Blake on receiving the prize said, "It is very gratifying to be awarded this prestigious prize for a number of reasons. First, it recognizes the contribution Andrew, Kevin and I are making towards the development of the Life Market, the new global capital market that trades mortality-linked assets and liabilities. "Second, it is an award from the Actuarial Profession and so recognises the multi-disciplinary nature of our research collaboration – Andrew is an actuary, but Kevin and I are economists. Third, the prize was awarded by the US Actuarial Profession and hence recognises the global significance of this new capital market". Professor Steve Haberman congratulated David on receiving this prize, saying, "This is the most prestigious prize in actuarial research and is well deserved. It reflects the body of research that David has produced in collaboration with other respected academics and reinforces Cass’s role as a leader in actuarial research". The paper makes use of the similarities between the forces of mortality and interest rates to examine how to model mortality risks and price mortality-related instruments using adaptations of the arbitrage-free pricing frameworks that have been developed for interest-rate derivatives. The paper pulls together a range of arbitrage-free – or risk-neutral – frameworks for pricing and hedging mortality risk that allow for both interest and mortality factors to be stochastic. The different frameworks described – short-rate models, forward-mortality models, positive-mortality models and mortality market models – are all based on positive interest-rate modelling frameworks, since the force of mortality can be treated in a similar way to the short-term risk-free rate of interest. These frameworks can be applied to the pricing of a great variety of mortality-related instruments, from vanilla longevity bonds to exotic mortality derivatives. Via Cass Business School. [Externalrss-cassnews-titles-rssl-6-30] [Externalrss-cass2-titles-rssr-6-30] Financial Education Focus Subscribe by Email Jump to Financial Education Focus Homepage --------------------------- Featured Business Schools UK Business Schools US Business Schools EMEA Business Schools ROW Business Schools --------------------------- Research and Learning Resources Tutorials and Lecture Notes |
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Monday, 27 April 2009 |
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The Resilience Science weblog is operated by Garry Peterson, a professor in Geography and the School of the Environment at McGill University in Montreal, Canada. It was started in early 2005 by Garry Peterson and Marco Janssen as an experiment to communicate recent work by and of interest to those interested in resilience in social ecological systems. |
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Monday, 27 April 2009 |
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moneyscience: Modelling leverage and the financial crisis - http://is.gd/uQ3K |
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