The secondary market for life insurance policies in the United States market evolution and product valuation

In this work we discuss the secondary market for life insurance policies in the United States of America. First, we give an overview of the life settlement market: how it came into existence, its growth prospects and the ethical issues it arises. Secondly, we discuss the characteristics of the different life insurance products present in the market and describe how life settlements are originated. Life settlement transactions tend to be long and complex transactions that require the involvement of a number of parties. Also, a direct investment into life insurance policies is fraught with a number of practical issues and entails risks that are not directly related to longevity. This may reduce the efficiency of a direct investment in physical policies. For these reasons, a synthetic longevity market has evolved. The number of parties involved in a synthetic longevity transaction is typically smaller and the broker-dealer transferring the longevity exposure will be retaining most or all of the risks a physical investment entails. Finally, we describe the main methods used in the market to evaluate life settlement investments and the role of life expectancy providers.

"Crop elicitation": approccio innovativo per la valorizzazione delle proprietà funzionali in leguminose da granella

Crop elicitation: innovative approach for the valorization of grain legume functional properties. In Italy grain legume cultivation has encountered a drastic decrease due to several causes (productive, economic, social). In this regard, studies aimed at the setting up of agronomic techniques able to guarantee high and constant in planta yields of health-promoting compounds may concur at re-launching legume production. In this context, 22 accessions of grain legumes (17 Phaseolus vulgaris, 3 Phaseolus coccineus, 1 Vigna unguiculata and 1 Glycine max genotypes) were screened with the aim of identifying genotypes rich in health beneficial phytochemicals (α-amylase inhibitors, α -glucosidase inhibitors, polyphenols) and with low anti-nutritional compounds (lectins). A wide variability was observed among investigated accessions. Four genotypes (Verdone, Kidney Cina, Roviotto and DG) showed a α -amylase inhibitory activity significantly higher (approximately 30% more) than all other tested accessions. The α -amylase inhibitory activity was not correlated neither with the protein nor with the polyphenol contents. Conversely, the α -glucosidase inhibitory activity was positively correlated with grain color and polyphenol content: dark-colored seeds had a mean inhibitory activity of 83.64 ± 22.07%, whereas light-colored seeds had mean values of 21.11 ± 9.36%. As regards the anti-nutritional compounds, out of all common bean accessions, only DG showed no erythro-agglutination activity (lectins). Preliminary experiments, performed in controlled environment, permitted to highlight that different germination conditions markedly affect the synthesis and accumulation of functional compounds in legume seedlings. Those findings were confirmed with field trials performed in two different locations (Bologna and Pisa), on two bean genotypes (Verdone and Zolfino), during the 2004-2005 cropping season. Results showed that the application of abiotic stresses (no fertilization and /or no irrigation) lead to a significant increase of flavonoids in grains, but a decrease (up to 50%) in legume yields was also observed. Crop elicitation, even if valuable for boosting health-promoting compound synthesis in crops, must necessary cope with economically acceptable crop yields.

Fusarium species responsible for mycotoxin production in wheat crop: involvement in food safety

Fusarium Head Blight (FHB) is a worldwide cereal disease responsible of significant yield reduction, inferior grain quality, and mycotoxin accumulation. Fusarium graminearum and F. culmorum are the prevalent causal agents. FHB has been endemic in Italy since 1995, while there are no records about its presence in Syria. Forty-eight and forty-six wheat kernel samples were collected from different localities and analyzed for fungal presence and mycotoxin contamination. Fusarium strains were identified morphologically but the molecular confirmation was performed only for some species. Further differentiation of the chemotypes for trichothecene synthesis by F. graminearum and F. culmorum strains was conducted by PCR assays. Fusarium spp. were present in 62.5% of Syrian samples. 3Acetyl-Deoxynivalenol and nivalenol chemotypes were found in F. culmorum whilst all F. graminearum strains belonged to NIV chemotype. Italian samples were infected with Fusarium spp for 67.4%. 15Ac-DON was the prevalent chemotype in F. graminearum, while 3Ac-DON chemotype was detected in F. culmorum. The 60 Syrian Fusarium strains tested for mycotoxin production by HPLC-MS/MS have shown the prevalence of zearalenone while the emerging mycotoxins were almost absent. The analysis of the different Syrian and Italian samples of wheat kernels for their mycotoxin content showed that Syrian kernels were mainly contaminated with storage mycotoxins, aflatoxins and ochratoxin whilst Italian grains with mainly Fusarium mycotoxins. The aggressiveness of several Syrian F. culmorum isolates was estimated using three different assays: floret inoculation in growth chamber, ear inoculation in the field and a validated new Petri-dish test. The study of the behaviour of different Syrian wheat cultivars, grown under different conditions, has revealed that Jory is a FHB Syrian tolerant cultivar. This is the first study in Syria on Fusarium spp. associated to FHB, Fusarium mycotoxin producers and grain quality.

Essays on Unemployment Insurance

Can the potential availability of unemployment insurance (UI) affect the behavior of employed workers and the duration of their employment spells? After discussing few straightforward reasons why UI may affect employment duration, I apply a regression kink design (RKD) to address this question using linked employer-employee data from the Brazilian labor market. Exploiting the UI schedule, I find that potential benefit level significantly affects the duration of employment spells. This effect is local to low skilled workers and, surprisingly, indicates that a 1\% increase in unemployment benefits increases job duration by around 0.3\%. Such result is driven by the fact that higher UI decreases the probability of job quits, which are not covered by UI in Brazil. These estimates are robust to permutation tests and a number of falsification tests. I develop a reduced-form welfare formula to assess the economic relevance of this result. Based on that, I show that the positive effect on employment duration implies in a higher optimal benefit level. Moreover, the formula shows that the elasticity of employment duration impacts welfare just with the same weight as the well-known elasticity of unemployment duration to benefit level.