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The Corporation [1611] A body corporate legally authorized to act as a single individual, an artificial person created by royal charter, prescription, or act of legislature, and having authority to preserve certain rights in perpetual succession. (OED) Compare publicani of ancient Rome, essentially corporations (though the most prominent were pri...

22 trang | Chia sẻ: nguyenlinh90 | Ngày: 20/07/2019 | Lượt xem: 803 | Lượt tải: 0

Discount Bonds No coupon payments, just principal at maturity date (conventionally, $100). Initially sold at a discount (less than $100) and price rises through time, creating income.

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 20/07/2019 | Lượt xem: 828 | Lượt tải: 0

“Millionaire in the Making” money.cnn.com Dave Farley earns $120k as manager at Ford plant Saves $1600 per month Net worth $270,000 Plans to retire in 10 years age 45with $1 million (at r=3.5% this gives annuity income of $54k for 30 years, half what he consumes now) Calculations imply he expects return of 10%/year.

36 trang | Chia sẻ: nguyenlinh90 | Ngày: 20/07/2019 | Lượt xem: 787 | Lượt tải: 0

Questionnaire, Part I Give 90% Confidence Interval How much does the Statue of Liberty weigh, in tons? (entire steel-reinforced copper figure) What is the 2000 population of Turkey? How many square miles in Sahara Desert? Endowment of Yale University as reported in 1998-9 Support of Education Survey? How much, in dollars, does one receive if o...

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The Efficient Markets Hypothesis History of the Hypothesis Reasons to think markets are efficient Reasons to doubt markets are efficient Technical analysis Empirical evidence in literature Homework assignment and regressions

26 trang | Chia sẻ: nguyenlinh90 | Ngày: 20/07/2019 | Lượt xem: 814 | Lượt tải: 0

Portfolio Diversification All that should matter to an investor is the performance of the entire portfolio. Mean and variance of portfolio matter Law of large numbers means that spreading over many independent assets reduces risk, has no effect on expected return.

28 trang | Chia sẻ: nguyenlinh90 | Ngày: 20/07/2019 | Lượt xem: 836 | Lượt tải: 0

Fundamental Insurance Principles and Issues Risk Pooling is the source of all value in insurance Moral Hazard dealt with partially by deductions and co-insurance Selection bias dealt with by group policies, by testing and referrals, and by mandatory government insurance

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Change and Information Technology • Financial markets have shown rapid change in the past • Information technology is an important factor in the change, and portends important changes in the future • Other changes are due to simple invention, and slow public acceptance of new information

31 trang | Chia sẻ: nguyenlinh90 | Ngày: 20/07/2019 | Lượt xem: 743 | Lượt tải: 0

Probability and Insurance Concept of probability began in 1660s Concept of probability grew from interest in gambling. Mahabarata story (ca. 400 AD) of Nala and Rtuparna, suggests some probability theory was understood in India then. Fire of London 1666 and Insurance

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Financial and Insurance as Powerful Forces in Our Economy and Society This course seeks to understand the full role of advanced risk management in our economy and society Finance, insurance, some public finance

37 trang | Chia sẻ: nguyenlinh90 | Ngày: 20/07/2019 | Lượt xem: 806 | Lượt tải: 1