Description: Discussion of the US Social security system from the perspective of Asset Liability management theory. From Asset-Liability Integration, M-FI02-1.

Description: The abstract for the paper An Investigation of Select Birth Cohorts.

Description: The abstract for paper Mortality Improvement Select Birth Cohorts and Their Effect on Pricing Survivor Bonds.

Description: Discusses the reasons for, and the economic impacts of, the backdating of life insurance policies, and what changes in the industry might evolve to address them.

Description: Recognizing an opportunity to help serve its members in this age of increased financial oversight, the Health Section of the Society of Actuaries commissioned a series of guides on the use of statistical techniques specifically geared for the work of health actuaries. The first guide in the series titled, 'Statistical Methods for Health Actuaries - IBNR Estimates: An Introduction,' is about the calculation of incurred but not reported [IBNR] health claims reserves. In particular, the guide focuses on the development of confidence intervals around IBNR estimates. This is an Excel workbook created to demonstrate the techniques discussed in the guide.

Description: Generally, the assets acquired by financial institutions have their values determined by established capital markets. However, the firm's liabilities become customer's' private placement assets and their value must be calculated by the firm. This monograph discusses the theoretical bases for modeling the liabilities consistently with the assets. From Asset-Liability Integration, M-FI02-1.

Description: Part 3 proposes solutions to the third of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: Author’s response to discussant comments for the 2009 Housing Wealth monograph paper, “Modigliani, Miller and Mortgages.” The paper is essentially about the genesis of the credit crisis. The discussant found the paper makes some interesting points but leaves too much out of the story. The author reiterates his point that mortgage based derivatives often subtract value and that the Federal Government accommodated that at great expense to the nation's wealth and economic well-being.

Description: The upside of the downturn is that these powerful, influential, connected and important, yet incompetent people can be removed from their positions. To quote a great insight of Ayn Rand: “There is no substitute for competence.”

Description: Part 2 proposes solutions to the second of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.