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Price Regulation and Risk
by Michael HierzenbergerNatural monopolies are not subject to the market-based principle of competition. Consequently, it is necessary to control companies in such monopoly positions with regard to their pricing. In the future, it will become more and more important to consider a possible change in the regulation regime when the future-oriented costs of equity - both in terms of price regulation and for conducting capital market-oriented business valuations - are to be determined. Based on the principal-agent problem, the book explains this topic. The effect of a change in the regulation regime is presented in the form of two studies: an international secondary analysis of the effects on cost of equity based on event studies of the Anglo-Saxon area and a primary analysis based on the Austrian regulation policy for electricity and gas supply systems. The two studies arrive at similar results: The change from a rate-of-return regulation to incentive regulation systems leads to a significant increase in systematic risk.
Price and Financial Stability: Rethinking Financial Markets (Banking, Money and International Finance)
by David HarrisonWhy are financial prices so much more crisis-prone and unstable than real economy prices? Because they are doing different things. Unlike real economy prices, rooted in the real goods and services produced and exchanged, financial prices attempt to value future income flows from financial and capital assets. These valuations fluctuate erratically because expectations of the future fluctuate – and large liquid financial markets can amplify, rather than correct, these effects. The book builds on the insights of economists Frank Knight and John Maynard Keynes, that uncertainty of the future is essential to understand the processes of economic production and capital investment, and adds to this Karl Popper's general explanation of how expectations of an uncertain future are formed and tested through a trial and error process. Rather than relying on fluctuating financial prices to provide a guide to an uncertain future, it suggests a better approach would be to adopt the methods common to other branches of science, and create testable (falsifiable) theories allowing reasonable predictions to be made. In finance, the elements of one such theory could be based on the concept of forecasting yield from capital assets, which is a measurable phenomenon tending towards aggregate and long-term stability, and where there is a plentiful supply of historic data. By methods like this, financial economics could become a branch of science like any other. To buttress this approach, the widely accepted public policy objective of promoting real economy price stability could be widened to include financial price stability.
Pricing Derivatives Under Lévy Models
by Andrey ItkinThis monograph presents a novel numerical approach to solving partial integro-differential equations arising in asset pricing models with jumps, which greatly exceeds the efficiency of existing approaches. The method, based on pseudo-differential operators and several original contributions to the theory of finite-difference schemes, is new as applied to the L#65533;vy processes in finance, and is herein presented for the first time in a single volume. The results within, developed in a series of research papers, are collected and arranged together with the necessary background material from L#65533;vy processes, the modern theory of finite-difference schemes, the theory of M-matrices and EM-matrices, etc. , thus forming a self-contained work that gives the reader a smooth introduction to the subject. For readers with no knowledge of finance, a short explanation of the main financial terms and notions used in the book is given in the glossary. The latter part of the book demonstrates the efficacy of the method by solving some typical problems encountered in computational finance, including structural default models with jumps, and local stochastic volatility models with stochastic interest rates and jumps. The author also adds extra complexity to the traditional statements of these problems by taking into account jumps in each stochastic component while all jumps are fully correlated, and shows how this setting can be efficiently addressed within the framework of the new method. Written for non-mathematicians, this book will appeal to financial engineers and analysts, econophysicists, and researchers in applied numerical analysis. It can also be used as an advance course on modern finite-difference methods or computational finance.
Pricing Models of Volatility Products and Exotic Variance Derivatives (Chapman and Hall/CRC Financial Mathematics Series)
by Yue Kuen Kwok Wendong ZhengPricing Models of Volatility Products and Exotic Variance Derivatives summarizes most of the recent research results in pricing models of derivatives on discrete realized variance and VIX. The book begins with the presentation of volatility trading and uses of variance derivatives. It then moves on to discuss the robust replication strategy of variance swaps using portfolio of options, which is one of the major milestones in pricing theory of variance derivatives. The replication procedure provides the theoretical foundation of the construction of VIX. This book provides sound arguments for formulating the pricing models of variance derivatives and establishes formal proofs of various technical results. Illustrative numerical examples are included to show accuracy and effectiveness of analytic and approximation methods. Features Useful for practitioners and quants in the financial industry who need to make choices between various pricing models of variance derivatives Fabulous resource for researchers interested in pricing and hedging issues of variance derivatives and VIX products Can be used as a university textbook in a topic course on pricing variance derivatives
Pricing and Risk Management of Synthetic CDOs
by Anna SchlösserThis book considers the one-factor copula model for credit portfolios that are used for pricing synthetic CDO structures as well as for risk management and measurement applications involving the generation of scenarios for the complete universe of risk factors and the inclusion of CDO structures in a portfolio context. For this objective, it is especially important to have a computationally fast model that can also be used in a scenario simulation framework. The well known Gaussian copula model is extended in various ways in order to improve its drawbacks of correlation smile and time inconsistency. Also the application of the large homogeneous cell assumption, that allows to differentiate between rating classes, makes the model convenient and powerful for practical applications. The Crash-NIG extension introduces an important regime-switching feature allowing the possibility of a market crash that is characterized by a high-correlation regime.
Pricing in General Insurance
by Pietro ParodiBased on the syllabus of the actuarial profession courses on general insurance pricing – with additional material inspired by the author’s own experience as a practitioner and lecturer – Pricing in General Insurance, Second Edition presents pricing as a formalised process that starts with collecting information about a particular policyholder or risk and ends with a commercially informed rate. The first edition of the book proved very popular among students and practitioners with its pragmatic approach, informal style, and wide-ranging selection of topics, including: Background and context for pricing Process of experience rating, ranging from traditional approaches (burning cost analysis) to more modern approaches (stochastic modelling) Exposure rating for both property and casualty products Specialised techniques for personal lines (e.g., GLMs), reinsurance, and specific products such as credit risk and weather derivatives General-purpose techniques such as credibility, multi-line pricing, and insurance optimisation The second edition is a substantial update on the first edition, including: New chapter on pricing models: their structure, development, calibration, and maintenance New chapter on rate change calculations and the pricing cycle Substantially enhanced treatment of exposure rating, increased limit factors, burning cost analysis Expanded treatment of triangle-free techniques for claim count development Improved treatment of premium building and capital allocation Expanded treatment of machine learning Enriched treatment of rating factor selection, and the inclusion of generalised additive models The book delivers a practical introduction to all aspects of general insurance pricing and is aimed at students of general insurance and actuarial science as well as practitioners in the field. It is complemented by online material, such as spreadsheets which implement the techniques described in the book, solutions to problems, a glossary, and other appendices – increasing the practical value of the book.
Pricing of Derivatives on Mean-Reverting Assets
by Björn LutzThe topic of this book is the development of pricing formulae for European style derivatives on assets with mean-reverting behavior, especially commodity derivatives. For this class of assets, convenience yield effects lead to mean-reversion under the risk-neutral measure. Mean-reversion in the log-price process is combined with other stochastic factors such as stochastic volatility, jumps in the underlying and the price process and a stochastic target level as well as with deterministic seasonality effects. Another focus is on numerical algorithms to calculate the Fourier integral as well as to integrate systems of ordinary differential equations.
Primarily Math: A Problem Solving Approach (Grades 2-4)
by Sharon Eckert Judy LeimbachIt is important that schools emphasize a problem-solving approach to mathematics beginning in the early years and continuing through high school. Students should learn to value the process of solving problems, as well as getting the correct solutions. The strategies in this book will help students reason, develop their problem-solving strategies, grow in their ability to communicate mathematically, and develop confidence in their mathematical abilities.Five different problem-solving strategies are carefully taught using teacher-directed interactive introductory lessons. A series of practice problems follow the introductory lessons for each strategy. The strategies include: using a manipulative or acting out a problem, drawing a picture or diagram, extending a repeating pattern,making a table or list, and choosing relevant information. Each strategy is first introduced through several carefully presented problems that include introductory group lessons and instructional notes for the teachers. Additionally, the last section of the book presents a variety of problems that give students the opportunity to apply the problem-solving strategies they have learned. This is the perfect supplement to any primary math program, as well as an excellent resource for a math center. All problems are delightfully illustrated and reproducible.Grades 2-4
Primary Math Textbook 4A Common Core Edition
by Marshall CavendishA mathematics textbook for 4th grade in the Singapore Math Program
Primary Mathematics
by Sue Fox Claire Mooney Alice Hansen Lindsey Ferrie Reg WrathmellThis book supports trainees on primary initial teacher training courses where a secure knowledge and understanding of mathematics is required for the award of Qualified Teacher Status (QTS). A rigorous test enables trainees to identify their strengths and weaknesses in mathematics and this can be revisited in order to monitor and evaluate progress towards QTS. Trainees are able to direct their studies more usefully and quickly develop confidence in topics they find difficult. This edition is fully up to date with the 2007 QTS Standards.
Primary Mathematics
by Claire Mooney Alice Hansen Mary Briggs Mike Fletcher Judith MccullouchThis book supports trainees on primary initial teacher training courses where a secure knowledge and understanding of mathematics is required for the award of Qualified Teacher Status (QTS). A rigorous test enables trainees to identify their strengths and weaknesses in mathematics and this can be revisited in order to monitor and evaluate progress towards QTS. Trainees are able to direct their studies more usefully and quickly develop confidence in topics they find difficult. This edition is fully up to date with the 2007 QTS Standards.
Primary Mathematics
by Tracey Muir Penelope Serow Rosemary CallinghamPrimary Mathematics provides a comprehensive introduction to teaching and learning mathematics in today's classrooms. Drawing links to the Australian Curriculum, this book covers the core learning areas of measurement, space and geometry, early number concepts, data and statistics, chance and probability, and patterns and algebra. At the centre of this book is the belief that ICT can be a powerful tool for enhancing student learning. Although many classrooms have been resourced with computers, interactive whiteboards and mobile technology, teachers need to be able to transform these technological tools into meaningful teaching and learning experiences. This book explores the ways in which technology can be integrated into the mathematics classroom. The book also explores issues around student diversity, assessment 'for', 'of' and 'as' learning, and teaching in rural and remote areas. Primary Mathematics is an indispensable resource for pre- and in-service teachers alike.
Primary Mathematics
by Tracey Muir Penelope Serow Rosemary Callingham Serow, Penelope and Callingham, Rosemary and Muir, TraceyPrimary Mathematics provides a comprehensive introduction to teaching and learning mathematics in today's classrooms. Drawing links to the Australian Curriculum, this book covers the core learning areas of measurement, space and geometry, early number concepts, data and statistics, chance and probability, and patterns and algebra. At the centre of this book is the belief that ICT can be a powerful tool for enhancing student learning. Although many classrooms have been resourced with computers, interactive whiteboards and mobile technology, teachers need to be able to transform these technological tools into meaningful teaching and learning experiences. This book explores the ways in which technology can be integrated into the mathematics classroom. The book also explores issues around student diversity, assessment 'for', 'of' and 'as' learning, and teaching in rural and remote areas. Primary Mathematics is an indispensable resource for pre- and in-service teachers alike.
Primary Mathematics 5B Textbook
by Singapore Math StaffPrimary Mathematics 5b Textbook The main feature of this package is the use of the Concrete→ Pictorial → Abstract approach. The students are provided with the necessary learning experiences beginning with the concrete and pictorial stages, followed by the abstract stage to enable them to learn mathematics meaningfully. This package encourages active thinking processes, communication of mathematical ideas and problem solving.
Primary Mathematics Audit and Test: Audit And Test (Achieving QTS Series)
by Claire Mooney Mike FletcherIf you are a primary trainee, you must demonstrate a knowledge of mathematics to be recommended for QTS. This popular, widely recommended text helps you audit your knowledge of mathematics and understand what learning you need to pass your course. A rigorous test helps you identify your strengths and weaknesses and can be revisited at key stages in your course as a tool to monitor and evaluate progress. The fourth edition has been updated in line with the new National Curriculum, includes more information on expanding and developing your knowledge of mathematics and is linked to the newest Teachers' Standards.
Primary Mathematics Curriculum Guide
by Pat Hughes Harvey BlairThis is a curriculum guide that gives trainee teachers the opportunity to follow a tried and tested primary mathematics curriculum course. The text is easy to follow, up-to-date with good current practice and utilizes materials produced by the DfEE for teachers. It includes interactive tasks to enhance understanding, tasks to consolidate learning at the reader's own level and pace, a full bibliography for further reading, common misconceptions which the reader will find in children's work, and a detailed look at the National Numeracy Strategy (NNS) and the mathematics National Curriculum. The text will provide a firm foundation for teaching mathematics to primary school children and give the reader genuine confidence in their teaching. The text has been piloted by students following a distance learning primary PGCE and revised in line with their comments. The intention of the book is to provide secure subject knowledge for mathematics alongside an understanding of the ways in which children learn mathematics.
Primary Mathematics Pedagogy at the Intersection of Education Reform, Policy, and Culture: Comparative Insights from Ghana, Singapore, and the US (Routledge Research in International and Comparative Education)
by Sarah Murray Princess AlloteyThis volume provides an in-depth, comparative examination of how primary mathematics education is influenced by national education reform, policy, local resources, and culture in three different countries. By drawing on first-hand observations and interviews, as well as analysis of policy documents and learning resources, the book considers the viability of transferring best practices in primary mathematics education across global contexts. Three diverse countries – Ghana, the US, and Singapore – are explored. Similarities and differences are highlighted, and the influence of national and regional initiatives related to pedagogical strategies, teacher education, and cultural expectations are considered, to offer an insightful examination of how best practices might be shared across borders. This book will benefit researchers, academics, and postgraduate scholars with an interest in international and comparative education, mathematics, and educational policy. Those with a specialization in primary mathematics education, including pedagogy and teacher preparation, will also benefit from this book.
Primary Mathematics Workbook 2A Standards Edition
by Kho Tek HongThe Primary Mathematics U.S. Edition series of elementary math textbooks and workbooks is meant to be part of a system of learning in which adult supervision and independent practice go hand in hand. The main feature of this series is the use of the Concrete-- gt Pictorial-- gt Abstract approach. The students are provided with the necessary learning experiences beginning with the concrete and pictorial stages, followed by the abstract stage to enable them to learn mathematics meaningfully. This approach encourages active thinking, communication of mathematical ideas and problem solving. This helps develop the foundation students will need for more advanced mathematics. Practice exercises are designed to provide the students with further practice after they have done the relevant workbook exercises. Review exercises are provided for cumulative reviews of concepts and skills. All the practice exercises and review exercises are optional exercises.Level 2A covers Numbers to 1000, Addition and Subtraction, Multiplication and Division, Length, and Weight.Format: Paperback, 112 pages Pubisher: Singapore
Primary Mathematics for Trainee Teachers (Transforming Primary QTS Series)
by Alice Hansen Marcus WittWith chapter sequencing following the new Curriculum, this book supports trainee Primary school teachers to make use of the opportunities presented in the new National Curriculum for effective and engaging Mathematics teaching. Covering all of the areas of the new Curriculum for primary mathematics and offering insight into effective teaching, this book helps students connect what they need to teach with how it can be taught. Exploring opportunities in the new curriculum for creative and imaginative teaching, it shows readers how to capitalize on opportunities to develop children′s reasoning and problem solving skills. It explores how to make links between mathematics and children′s lived experiences to enhance their learning and enables trainees to develop an ability to plan with discernment, making the most of existing thinking and research as well as building confidence in adapting and customizing ideas. Includes the full National Curriculum Programme of Study for Maths, key stages 1 and 2 as a useful reference for trainee teachers. Other books in this series include: and Primary English for Trainee Teachers