Description: Discussant comments for the 2009 Housing Wealth monograph paper, “Modigliani, Miller and Mortgages.” The paper is about the genesis of the credit crisis. The discussant finds the paper makes some interesting points but leaves too much out of the story.

Description: This page presents the Table of Contents to the Price, Waterhouse study. From Study of Public Financial Guarantee Programs, M-FI96-2.

Description: This paper discusses retirement planning information and the signals it provides. It focuses on the issue of communicating lump sum versus income benefits. It discusses challenges in communicating income benefits and provides some alternatives.

Description: This paper discusses the theoretic framework of modeling captial markets: index-based composition methodology and statisical procedure of model construction and extension: wavelets-based financial signal processing technique. It also discusses the implications and applications, measuring the market uncertainty and volatility highlighting the S&P 500 as an example.

Description: Presented at Living to 100 Symposium, January 2011. This paper focuses on the issues confronting employers as they seek to manage their talent in a country with an aging population. It focuses on the goals of employers and employees and examines patterns of work as the population ages.

Description: Many risk management decisions involve the timing of implementing risk strategies. The cost of hedging, capital raising and securitization changes with the economic environment. The timing of de-risking and investment in new risk management functions affect the cost and benefit of these projects as well. Like investment timing, it is important to consider the timing in risk management decisions to maximize the gain of risk management projects. This paper discusses methods of determining the appropriate timing of implementing a risk management strategy or investing in risk management projects. It explains the human biases that may lead to inferior timing decisions. It also covers the costs and benefits of risk management projects and the impact of new information on the decision-making process. Timing considerations for financial risk hedging, insurance risk hedging and investment in new risk management projects are explained. Factors used for timing decisions include economic conditions, market volatility, credit rating, borrowing cost, capital adequacy and financial resources.

Description: Hybrids of the soft computing SC technologies have been applied to market forecasting and trading rules, and in many cases have demonstrated better performance than competing approaches. The purpose of this research is to investigate a representative group of these applications and to document the manner in which hybrids of the SC technologies were implemented.

Description: This paper investigates the interaction between a credit portfolio and another risk type, which can be thought of as market risk. We analytically calculate their inter-risk correlation and show how inter-risk correlation bounds can be derived.

Description: Transcript of the Q&A period from session 3B. Session focused on Women's longevity issues and Chronic Disability Measurement and cost.

Description: The author attempts to weave together biological and environmental explanations into the mathematical approaches developed over the past two centuries so as to, in the words of two earlier authors from the actuarial profession, reground the relationship of actuarial science with cellular biology and gerontology. Also examined is the extent to which increasing wealth and higher standards of education and health contribute to happiness.