Description: This article examines how the choice of the rebalancing frequency in a variable annuity hedging program impacts hedging.

Description: August 2017 Crossword Puzzle.

Description: The author provides an overview, from a banking perspective, of Value at Risk VAR and its use as a risk management tool. This article originally appeared in the August 1997 issue of Financial Engineering News and is reprinted with permission.

Description: Full version of Risks and Rewards Newsletter, October 2003, Issue No. 43.

Description: Extracting Inflation Expectations from Bond Yields by Frank A. Schmid from Risks and Rewards Newsletter, April 2000, Issue No. 34.

Description: In this article the author concludes that “terrorism may foster a sense of conservatism that we may now need in the marketplace. Now that policy may have to be changed. In the process, risk will become better understood, common sense can replace, to some extent, the irrational behavior or excessive risk taking of the past and we will all appreciate our financial situation much more, and won’t expose ourselves to unrealistic expectations as much Hopefully the actuarial profession can respond to the challenge, since we are the best qualified to quantify such risks in the marketplace.”

Description: As stochastic modeling has evolved, it has divided down two paths—real-world and risk-neutral. This article discusses this division and shows how these paths may be re-united through the use of deflators.

Description: At the November meeting of the IASB’s SAC, I raised strong support for the concept of a priority project to accelerate the development of a new conceptual framework for the IASB with emphasis on the role of reliability, the definition of liability, the meaning of probable, the effects of contingencies i.e. contingent probabilities, the unit of account and accounting for contractual rights and obligations. Editor’s note: This is an excerpt from a longer address to the International Accounting Standards Board on guiding principles.

Description: My term as Investment Section Chairperson went by quickly as did my three years as a council member. My final chairperson’s corner will address upcoming changes for the Investment Section and how the membership will be called upon to help. From Risks and Rewards Newsletter, February 2005, Issue No. 46.

Description: Article comparing stable value and money market funds in terms of income production and risk level for defined contribution DC pension plan participants.