Sound risk management often involves a combination of both mathematical and practical aspects. Taking this into account, Understanding Risk: The Theory and Practice of Financial Risk Management explains how to understand financial risk and how the severity and frequency of losses can be controlled. It combines a quantitative approach with a more informal style, giving readers a blend of analysis and intuition.

Divided into four parts, the book begins by introducing the basics of risk management and the behavior of financial instruments. The next section focuses on regulatory capital standards and models, addressing value-at-risk (VaR) models, portfolio credit risk, tranching, operational risk, and the Basel accords. The author then deals with asset/liability management (ALM) and liquidity management. The last part explores structured finance and a variety of new trading instruments, including inflation-linked products, sophisticated equity basket options, and convertible bonds.

With numerous exercises, figures, and examples throughout, this book offers valuable insight on various aspects of financial risk management.

This book is designed as an introduction to recent social science work on risk and is intended primarily for students in sociology, social psychology, and psychology, although it will also be useful for those studying political science, government, public policy, and economics. It is written by leading experts actively involved in research in the field.

In Zeiten der Wissensgesellschaft, der Globalisierung und der damit verbundenen internationalen vergleichenden Studien nimmt die Untersuchung Bezug auf die Frage nach der Konkurrenzfahigkeit der Modernisierung des Systems Schule der letzten Jahre. Im Mittelpunkt der aktuellen Reformbestrebungen steht der Schuler. Vernachlassigt wird trotz der Pluralitat der erziehungswissenschaftlichen Theorien die Frage nach einer angemessenen Qualifikation der primaren, praktischen Agenten des Reformprozesses. Stehen die theoretischen Anspruche an eine adaquate, ideale Lehrerprofessionalitat im Widerspruch zum demografischen Alterungsprozess unserer Gesellschaft und somit der Lehrerkollegien? Am Beispiel der Bildungsreform des Bundeslandes Baden-Wurttemberg wurde nach Richtungsweisungen fur diese scheinbare Dichotomie mit der Absicht der qualitatssichernden Optimierung und gesundheitsfoerdernden Balancierung der Anforderungen und Herausforderungen des schulischen Umfeldes und den subjektiv-personellen Potenzen der Lehrer gesucht.

At no time in the history of public education has there been such a dramatic discrepancy between accelerated standards and expectations and adequate funding for our schools. Much has been written about how to achieve new expectations in the realm of student achievement and the need for accountability and the restructuring of how education dollars are spent. Unfortunately, most of the input regarding the need for "belt-tightening" is unaccompanied by tangible solutions or suggestions and results only in hollow rhetoric or convenient political sound bytes. This journey into meaningful avenues for cost-savings in public education is clearly an exception. Any school official who reads this book will find a number of viable possibilities for saving money. The authors offer time-tested, practical ideas, which are proven to work. Features cost-saving tips for: * District and school-level administration * Curriculum, instruction, vocational and special education, student services, and media * Building and grounds, maintenance, pupil transportation, and food services * Community colleges The authors briefly review the literature for: * Managing decline in resources and discuss the problem of declining funds for schools and solution strategies * Generating alternative revenue sources in education Samples of strategic plans are also included. For educational administrators, state governors and senators, school boards, and school business officials.

These notes represent our summary of much of the recent research that has been done in recent years on approximations and bounds that have been developed for compound distributions and related quantities which are of interest in insurance and other areas of application in applied probability. The basic technique employed in the derivation of many bounds is induc tive, an approach that is motivated by arguments used by Sparre-Andersen (1957) in connection with a renewal risk model in insurance. This technique is both simple and powerful, and yields quite general results. The bounds themselves are motivated by the classical Lundberg exponential bounds which apply to ruin probabilities, and the connection to compound dis tributions is through the interpretation of the ruin probability as the tail probability of a compound geometric distribution. The initial exponential bounds were given in Willmot and Lin (1994), followed by the nonexpo nential generalization in Willmot (1994). Other related work on approximations for compound distributions and applications to various problems in insurance in particular and applied probability in general is also discussed in subsequent chapters. The results obtained or the arguments employed in these situations are similar to those for the compound distributions, and thus we felt it useful to include them in the notes. In many cases we have included exact results, since these are useful in conjunction with the bounds and approximations developed."

Die Entwicklung der Schularchitektur in Deutschland hatte, gunstigere gesellschaftliche Rahmenbedingungen vorausgesetzt, einen weitaus glucklicheren Verlauf nehmen koennen. Einer gedeihlicheren Entwicklung des Schulbaus in den deutschen Landern standen jedoch einerseits materielle Zwange, andererseits ideologische Bestrebungen traditionell als grosses Hindernis entgegen. Padagogische Belange gerieten allzuoft ins Hintertreffen. Mit dieser Problematik setzt sich die Arbeit auseinander: Die Schulbauentwicklung in Deutschland wird beginnend mit dem spaten 18. und fruhen 19. Jahrhundert anhand von historischen und zeitgenoessischen Beispielen erlautert. Neben der architektonischen Entwicklung sind in diesem Zusammenhang die mit ihr einhergehenden padagogischen und gesellschaftlichen Veranderungen von Bedeutung.

A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets In today's financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading-automated high-frequency trading or HFT-began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms. In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal-light in a vacuum-can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges' systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others. Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.

Provides a range of up-to-date case studies to help students understand the real world practice of risk management in organisations Includes an overview situating the subject of risk management in the wider context of corporate governance, aiding student understanding The case studies on Tesco and Birmingham City Council are radically updated to reflect recent controversies, whilst a case study on cyber risk is added for the new edition

Now revised and updated, this introduction to decision theory is both accessible and comprehensive, covering topics including decision making under ignorance and risk, the foundations of utility theory, the debate over subjective and objective probability, Bayesianism, causal decision theory, game theory, and social choice theory. No mathematical skills are assumed, with all concepts and results explained in non-technical and intuitive as well as more formal ways. There are now over 140 exercises with solutions, along with a glossary of key terms and concepts. This second edition includes a new chapter on risk aversion as well as updated discussions of numerous central ideas, including Newcomb's problem, prisoner's dilemmas, and Arrow's impossibility theorem. The book will appeal particularly to philosophy students but also to readers in a range of disciplines, from computer science and psychology to economics and political science.

Very Short Introductions: Brilliant, Sharp, Inspiring Everyone negotiates. Whenever any person, company, or country needs someone else to accomplish something, they must negotiate. Negotiation is essential for peace and international relations, but also for economically efficient trades and bargains in business, and for problem solving skills in workplaces, families, and interpersonal interactions. This Very Short Introduction provides a comprehensive and accessible review of both conceptual and behavioural approaches to the human process of negotiation. Carrie Menkel-Meadow draws on research in constituent fields of human psychology, diplomacy, law, business, anthropology, game theory, decision making, international relations, sociology, public policy, and economics, suggesting models for creative problem solving to often intractable problems. Considering that most people are tense and frightened of what they perceive to be scarce resource confrontations with opponents and competitors, Menkel-Meadow offers different ways to plan for and approach others to solve human problems and seek solutions that satisfy both parties. Alongside this, Menkel-Meadow summarises recent research on the variations of human behaviour, providing vivid examples from history and current affairs to solve some of the most difficult problems. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.

This book aims to encourage a more reflective, multidisciplinary approach to public safety, and the 'reenfranchisement' of those affected by this new phenomenon. Over the past decade health and safety has become a major issue of public interest. There are countless stories of health and safety activities interfering with public life, preventing some beneficial activity from taking place - even creating absurd or dangerous situations. On the one hand, risk assessment, properly conducted, is highly beneficial - it save lives and prevents injuries. But on the other, it can damage public life. Why has this come about, and does it have to be like that? The authors examine the origins of the problem, look critically at the tools used by safety assessors and their underlying assumptions, and consider important differences between public life and industry (where the approaches largely originated). They illuminate the whole with an analysis of legal requirements, attitudes of stakeholders, and recent research on risk perception and decision making. The result is a profound and important analysis of risk and safety culture and a framework for managing public safety more effectively.

In Gut Feelings: Short Cuts to Better Decision Making psychologist and behavioural expert Gerd Gigerenzer reveals the secrets of fast and effective decision-making. A sportsman can catch a ball without calculating its speed or distance. A group of amateurs beat the experts at playing the stock market. A man falls for the right woman even though she's 'wrong' on paper. All these people succeeded by trusting their instincts - but how does it work? As Gerd Gigerenzer explains, in an uncertain world, sometimes we have to ignore too much information and rely on our brain's 'short cut', or heuristic. By explaining how intuition works and analyzing the techniques that people use to make good decisions - whether it's in personnel selection or heart surgery - Gigerenzer will show you the hidden intelligence of the unconscious mind. 'Fascinating and provocative ... Gut Feelings may well be the recipe for a simpler, less stressful life' Sunday Times 'Gigerenzer's writing is catchily optimistic and slyly funny ... Devilish' Steven Poole, Guardian 'The science behind the phenomenon cited in the bestseller Blink ... useful and clearly written' Business Week 'Gigerenzer is brilliant' Stephen Pinker Gerd Gigerenzer is Director of the Center for Adaptive Behavior and Cognition at the Max Planck Institute for Human Development in Berlin and former Professor of Psychology at the University of Chicago. He has published two academic books on heuristics, Simple Heuristics That Make Us Smart and Bounded Rationality: The Adaptive Toolbox as well as a popular science book, Reckoning with Risk.

Behavioural studies have shown that while humans may be the best decision makers on the planet, we are not quite as good as we think we are. We are regularly subject to biases, inconsistencies and irrationalities in our decision making. Decision Behaviour, Analysis and Support, published in 2009, explores perspectives from many different disciplines to show how we can help decision makers to deliberate and make better decisions. It considers both the use of computers and databases to support decisions as well as human aids to building analyses and some fast and frugal tricks to aid more consistent decision making. In its exploration of decision support it draws together results and observations from decision theory, behavioural and psychological studies, artificial intelligence and information systems, philosophy, operational research and organisational studies. This provides a valuable resource for managers with decision-making responsibilities and students from a range of disciplines, including management, engineering and information systems.

This book, based on the author's Clarendon Lectures in Finance, examines the empirical behaviour of corporate default risk. A new and unified statistical methodology for default prediction, based on stochastic intensity modeling, is explained and implemented with data on U.S. public corporations since 1980. Special attention is given to the measurement of correlation of default risk across firms. The underlying work was developed in a series of collaborations over roughly the past decade with Sanjiv Das, Andreas Eckner, Guillaume Horel, Nikunj Kapadia, Leandro Saita, and Ke Wang. Where possible, the content based on methodology has been separated from the substantive empirical findings, in order to provide access to the latter for those less focused on the mathematical foundations. A key finding is that corporate defaults are more clustered in time than would be suggested by their exposure to observable common or correlated risk factors. The methodology allows for hidden sources of default correlation, which are particularly important to include when estimating the likelihood that a portfolio of corporate loans will suffer large default losses. The data also reveal that a substantial amount of power for predicting the default of a corporation can be obtained from the firm's "distance to default," a volatility-adjusted measure of leverage that is the basis of the theoretical models of corporate debt pricing of Black, Scholes, and Merton. The findings are particularly relevant in the aftermath of the financial crisis, which revealed a lack of attention to the proper modelling of correlation of default risk across firms.

This publication provides updates on the bond market in Indonesia since 2017. The ASEAN+3 Bond Market Guide series provides information on the investment climate, rules, laws, opportunities, and characteristics of bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and encourage greater participation in the region's rapidly developing bond markets. This edition updates the ASEAN+3 Bond Market Guide 2017: Indonesia.

This report examines the impacts of COVID-19 on labour markets along with adjustment patterns in Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam. Labour markets in Southeast Asia were particularly hit hard in 2020 when government pandemic containment measures were most severe. COVID-19 exacerbated growing inequalities in the region and exposed large gaps in social protection . This report aims to help policymakers identify priorities, constraints, and opportunities for developing effective labour market strategies for economic recovery and beyond.

What if our ability to make decisions was more a matter of chance than a rational process? It has long been recognized that the mind decides, the body obeys. However, as the author of this book argues, in reality it might just be the opposite. The decision-making process is produced by cerebral matter. It is a random phenomenon that results from competing processes within a network whose architecture has changed little since the first vertebrates. This book presents a 'bottom-up' approach to understanding decision making, starting from the fundamental question: what are the basic properties that a neural network of decision making needs to possess? Combining data drawn from phylogeny and physiology, the book provides a general framework for the neurobiology of decision-making in vertebrates, and explains how it evolved from the lamprey to the apes. It also looks at the consequences of such a framework: how it impacts our capacity for reasoning, and considers some aspects of the pathophysiology of higher brain functions. It ends with an open discussion of more philosophical concepts such as the nature of Free-will. Written in a lively and accessible style, the book presents an exciting perspective on understanding decision making.

An analogy is a comparison between two things. It points out the similarities between two things that might be different in all other respects. Analogies cause us to think analytically about forms, uses, structures, and relationships. This all-time favorite resource not only gives students a chance to practice solving analogies, but also invites them to open their minds to a completely new way of analyzing the elements of analogies. Each page introduces several categories of analogies. Each category expands students' way of viewing the world and contrasting and comparing elements. Thinking Through Analogies also instills the tools whereby students can create relationships to enhance their creative and formal writing, as well as to heighten their critical thinking in test taking. Other books that teach analogies are Analogies for Beginners and Analogies for the 21st Century. Grades 3-6

The Pacific region is expected to contract by 0.6% in 2021, and to grow by 4.7% in 2022. This issue of the Pacific Economic Monitor explores how the region can reopen and rebuild. Besides safely resuming travel and protecting health, a resilient recovery will depend on promoting fiscal sustainability and strengthening economic management, including regional cooperation to revitalize tourism.

Amazingly, the complexities of voting theory can be explained and resolved with comfortable geometry. A geometry which unifies such seemingly disparate topics as manipulation, monotonicity, and even the apportionment issues of the US Supreme Court. Although directed mainly toward students and others wishing to learn about voting, experts will discover here many previously unpublished results. As an example, a new profile decomposition quickly resolves the age-old controversies of Condorcet and Borda, demonstrates that the rankings of pairwise and other methods differ because they rely on different information, casts serious doubt on the reliability of a Condorcet winner as a standard for the field, makes the famous Arrow's Theorem predictable, and simplifies the construction of examples.