An asymptotic test for the Conditional Value-at-Risk

Conditional Value-at-Risk (equivalent to the Expected Shortfall, Tail Value-at-Risk and Tail Conditional Expectation in the case of continuous probability distributions) is an increasingly popular risk measure in the fields of actuarial science, banking and finance, and arguably a more suitable alternative to the currently widespread Value-at-Risk. In my paper, I present a brief literature survey, and propose a statistical test of the location of the CVaR, which may be applied by practising actuaries to test whether CVaR-based capital levels are in line with observed data. Finally, I conclude with numerical experiments and some questions for future research.

The river, the railroad tracks, and the towers: How residents' worldview and use value transformed Wilton Manors into a diverse, gay-friendly, urban village

This case study examines the factors that shaped the identity and landscape of a small island-urban-village between the north and south forks of the Middle River and north of an urban area in Broward County, Florida. The purpose of the study is to understand how Wilton Manors was transformed from a “whites only” enclave to the contemporary upscale, diverse, and third gayest city in the U.S. by positing that a dichotomy for urban places exists between their exchange value as seen by Logan and Molotch and the use value produced through everyday activity according to Lefebvre. Qualitative methods were used to gather evidence for reaching conclusions about the relationship among the worldview of residents, the tension between exchange value and use value in the restructuration of the city, and the transformation of Wilton Manors at the end of the 1990s. Semi-structured, in-depth interviews were conducted with 21 contemporary participants. In addition, thirteen taped CDs of selected members of founding families, previously taped in the 1970s, were analyzed using a grounded theory approach. My findings indicate that Wilton Manors’ residents share a common worldview which incorporates social inclusion as a use value, and individual agency in the community. This shared worldview can be traced to selected city pioneers whose civic mindedness helped shape city identity and laid the foundation for future restructuration. Currently, residents’ quality of life reflected in the city’s use value is more significant than exchange value as a primary force in the decisions that are made about the city’s development. With innovative ideas, buildings emulating the new urban mixed-use design, and a reputation as the third gayest city in the United States, Wilton Manors reflects a worldview where residents protect use value as primary over market value in the decisions they make that shape their city but not without contestation.^

The market value implications of pension asset allocation

Pension funds have been part of the private sector since the 1850's. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers' Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09. This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense. In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors' ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals. Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value. In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.

'Catching them young':inspiring future engineers, an exploratory study

The requirement that primary school children appreciate fully the pivotal role played by engineering in the sustainable development of future society is reflected in the literature with much attention being paid to the need to spark childrens engineering imagination early-on in their school careers. Moreover, UK policy documents highlight the value of embedding engineering into the school curriculum, arguing that programmes aimed at inspiring children through a process of real-life learning experiences are vital pedagogical tools in promoting engineering to future generations. Despite such attention, engineering education at school-level remains sporadic, often reliant on individual engineering-entrepreneurs such as teachers who, through personal interest, get children involved in what are usually extra-curriculum, time-limited engineering focused programmes and competitions. This paper briefly discusses an exploratory study aimed at investigating the issues surrounding embedding engineering into the primary school curriculum. It gives some insight into the perceptions of various stakeholders in respect of the viability and value of introducing engineering education into the primary school curriculum from the age of 6 or 7. A conceptual framework of primary level engineering education, bringing together the theoretical, pedagogical and policy related phenomena influencing the development of engineering education is proposed. The paper concludes by arguing that in order to avert future societal disaster, childrens engineering imagination needs to be ignited from an early age and that to do this primary engineering education needs to be given far more educational, social and political attention. © 2009 Authors.

Engineering the future! Innovation in learning & teaching:an empirical approach

Learning and teaching approaches to engineering are generally perceived to be difficult and academically challenging. Such challenges are reflected in high levels of student attrition and failure. In addressing this issue, a unique approach to engineering education has been developed by one of the paper authors. This approach, which is suitable for undergraduate and postgraduate levels, brings together pedagogic and engineering epistemologies in an empirically grounded framework. It is underpinned by three distinctive concepts: Relationships, Variety & Alignment. Based upon research, the R + V + A approach to engineering education provides a learning and teaching strategy which in enhancing the student experience increases retention and positively impacts student success. In discussing the emergent findings of a study into the pedagogical value of the approach the paper makes a significant contribution to academic theory and practice in this area.

Future CO2-induced ocean acidification mediates the physiological performance of a green tide alga Ulva prolifera

The oceans take up more than 1 million tons of CO2 from the air per hour, about one-quarter of the anthropogenically released amount, leading to disrupted seawater chemistry due to increasing CO2 emissions. Based on the fossil fuel-intensive CO2 emission scenario (A1F1; Houghton et al., 2001), the H+ concentration or acidity of surface seawater will increase by about 150% (pH drop by 0.4) by the end of this century, the process known as ocean acidification (OA; Sabine et al., 2004; Doney et al., 2009; Gruber et al., 2012). Seawater pH is suggested to decrease faster in the coastal waters than in the pelagic oceans due to the interactions of hypoxia, respiration, and OA (Cai et al., 2011). Therefore, responses of coastal algae to OA are of general concern, considering the economic and social services provided by the coastal ecosystem that is adjacent to human living areas and that is dependent on coastal primary productivity. On the other hand, dynamic environmental changes in the coastal waters can interact with OA (Beardall et al., 2009).

Do we need to rethink our waterways? Values of ageing waterways in current and future society

In the past canals were developed, and some rivers were heavily altered, driven by the need for good transportation infrastructure. Major investments were made in navigation locks, weirs and artificial embankments, and many of these assets are now reaching the end of their technical lifetime. Since then the concept of integrated water resource management (IWRM) emerged as a concept to manage and develop water-bodies in general. Two pressing problems arise from these developments: (1) major reinvestment is needed in order to maintain the transportation function of these waterways, and (2), it is not clear how the implementation of the concept of IWRM can be brought into harmony with such reinvestment. This paper aims to illustrate the problems in capital-intensive parts of waterway systems, and argues for exploring value-driven solutions that rely on the inclusion of multiple values, thus solving both funding problems and stakeholder conflicts. The focus on value in cooperative strategies is key to defining viable implementation strategies for waterway projects.

Television history: archives, excavation and the future. A discussion

This article considers possible futures for television (TV) studies, imagining how the discipline might evolve more productively over the next 10 years and what practical steps are necessary to move towards those outcomes. Conducted as a round-table discussion between leading figures in television history and archives, the debate focuses on the critical issue of archives, considering and responding to questions of access/inaccessibility, texts/contexts, commercial/symbolic value, impact and relevance. These questions reflect recurrent concerns when selecting case studies for historical TV research projects: how difficult is it to access the material (when it survives)? What obstacles might be faced (copyright, costs, etc.) when disseminating findings to a wider public? The relationship between the roles of ‘researcher’ and ‘archivist’ appears closer and more mutually supportive in TV studies than in other academic disciplines, with many people in practice straddling the traditional divide between the two roles, combining specialisms that serve to further scholarship and learning as well as the preservation of, and broad public engagements with, collections. The Research Excellence Framework’s imperative for academic researchers to achieve ‘impact’ in broader society encourages active and creative collaboration with those based in public organizations, such as the British Film Institute (BFI), who have a remit to reach a wider public. The discussion identifies various problems and successes experienced in collaboration between the academic, public and commercial sectors in the course of recent and ongoing research projects in TV studies.

Essential scientific mapping of the value chain of thermochemical converted second-generation bio-fuels

As the largest contributor to renewable energy, biomass (especially lignocellulosic biomass) has significant potential to address atmospheric emission and energy shortage issues. The bio-fuels derived from lignocellulosic biomass are popularly referred to as second-generation bio-fuels. To date, several thermochemical conversion pathways for the production of second-generation bio-fuels have shown commercial promise; however, most of these remain at various pre-commercial stages. In view of their imminent commercialization, it is important to conduct a profound and comprehensive comparison of these production techniques. Accordingly, the scope of this review is to fill this essential knowledge gap by mapping the entire value chain of second-generation bio-fuels, from technical, economic, and environmental perspectives. This value chain covers i) the thermochemical technologies used to convert solid biomass feedstock into easier-to-handle intermediates, such as bio-oil, syngas, methanol, and Fischer-Tropsch fuel; and ii) the upgrading technologies used to convert intermediates into end products, including diesel, gasoline, renewable jet fuels, hydrogen, char, olefins, and oxygenated compounds. This review also provides an economic and commercial assessment of these technologies, with the aim of identifying the most adaptable technology for the production of bio-fuels, fuel additives, and bio-chemicals. A detailed mapping of the carbon footprints of the various thermochemical routes to second-generation bio-fuels is also carried out. The review concludes by identifying key challenges and future trends for second-generation petroleum substitute bio-fuels.

Leverage, Volatile Future Earnings Growth and Expected Stock Returns

We provide theory and evidence to complement Choi's [RFS, 2013] important new insights on the returns to equity in `value' firms. We show that higher future earnings growth ameliorates the value-reducing effect of leverage and, because the market for earnings is incomplete, reduces the earnings-risk sensitivity of the default option. Ceteris paribus, a levered firm with low (high) earnings growth is more sensitive to the first (second) of these effects thus generating higher (lower) expected returns. We demonstrate this by modeling equity as an Asian-style call option on net earnings and find significant empirical support for our hypotheses.

Aplicação de um value stream map nos serviços após venda automóvel

O projeto desenvolvido tem como objetivo principal a melhoria da eficiência na prestação de serviços de reparação de chapa e pintura na Caetano Auto Colisão, através da aplicação de ferramentas associadas à filosofia Lean. Apesar das ferramentas e técnicas lean estarem bem exploradas nas empresas de produção e manufatura, o mesmo não se verifica em relação às empresas da área dos serviços. O Value Stream Mapping é uma ferramenta lean que consiste no mapeamento do fluxo de materiais e informação necessários para a realização das atividades (que acrescentam e não acrescentam valor), desempenhadas pelos colaboradores, fornecedores e distribuidores, desde a obtenção do pedido do cliente até à entrega final do serviço. Através desta ferramenta é possível identificar as atividades que não acrescentam valor para o processo e propor medidas de melhoria que resultem na eliminação ou redução das mesmas. Com base neste conceito, foi realizado o mapeamento do processo de prestação de serviços de chapa e pintura e identificados os focos de ineficiência. A partir desta análise foram sugeridas melhorias que têm como objetivo atingir o estado futuro proposto assim como tornar o processo mais eficiente. Duas destas melhorias passaram pela implementação dos 5S na sala das tintas e pela elaboração de um relatório A3 para o centro de lavagens. O projeto realizado permitiu o estudo de um problema real numa empresa de serviços, bem como a proposta de um conjunto de melhorias que a médio prazo se espera virem a contribuir para a melhoria da eficiência na prestação de serviços de chapa e pintura.

Sweet cherry: composition, postharvest preservation, processing and trends for its future use

Background Sweet cherries (Prunus avium L.) are a nutritious fruit which are rich in polyphenols and have high antioxidant potential. Most sweet cherries are consumed fresh and a small proportion of the total sweet cherries production is value added to make processed food products. Sweet cherries are highly perishable fruit with a short harvest season, therefore extensive preservation and processing methods have been developed for the extension of their shelf-life and distribution of their products. Scope and Approach In this review, the main physicochemical properties of sweet cherries, as well as bioactive components and their determination methods are described. The study emphasises the recent progress of postharvest technology, such as controlled/modified atmosphere storage, edible coatings, irradiation, and biological control agents, to maintain sweet cherries for the fresh market. Valorisations of second-grade sweet cherries, as well as trends for the diversification of cherry products for future studies are also discussed. Key Findings and Conclusions Sweet cherry fruit have a short harvest period and marketing window. The major loss in quality after harvest include moisture loss, softening, decay and stem browning. Without compromising their eating quality, the extension in fruit quality and shelf-life for sweet cherries is feasible by means of combination of good handling practice and applications of appropriate postharvest technology. With the drive of health-food sector, the potential of using second class cherries including cherry stems as a source of bioactive compound extraction is high, as cherry fruit is well-known for being rich in health-promoting components.

Children of Matter: Luxury Value Perceptions of Millennials in Higher Education in Europe

In recent years, the luxury market has entered a period of very modest growth, which has been dubbed the ‘new normal’, where varying tourist flows, currency fluctuations, and shifted consumer tastes dictate the terms. The modern luxury consumer is a fickle mistress. Especially millennials – people born in the 1980s and 1990s – are the embodiment of this new form of demanding luxury consumer with particular tastes and values. Modern consumers, and specifically millennials, want experiences and free time, and are interested in a brand’s societal position and environmental impact. The purpose of this thesis is to investigate what the luxury value perceptions of millennials in higher education are in Europe, seeing as many of the most prominent luxury goods companies in the world originate from Europe. Perceived luxury value is herein examined from the individual’s perspective. As values and value perceptions are complex constructs, using qualitative research methods is justifiable. The data for thesis has been gathered by means of a group interview. The interview participants all study hospitality management in a private college, and each represent a different nationality. Cultural theories and research on luxury and luxury values provide the scientific foundation for this thesis, and a multidimensional luxury value model is used as a theoretical tool in sorting and analyzing the data. The results show that millennials in Europe value much more than simply modern and hard luxury. Functional, financial, individual, and social aspects are all present in perceived luxury value, but some more in a negative sense than others. Conspicuous, status-seeking consumption is mostly frowned upon, as is the consumption of luxury goods for the sake of satisfying social requisites and peer pressure. Most of the positive value perceptions are attributed to the functional dimension, as luxury products are seen to come with a promise of high quality and reliability, which justifies any price premiums. Ecological and ethical aspects of luxury are already a contemporary trend, but perceived even more as an important characteristic of luxury in the future. Most importantly, having time is fundamental. Depending on who is asked, luxury can mean anything, just as much as it can mean nothing.

People and their past : is 'community archaeology’ the future?

This thesis looks at how ‘community archaeology’ ideals may influence an inclusive approach to Indigenous heritage management, ensuring Indigenous community power over processes to identify both past and present values of Country. Community archaeology was acclaimed by research archaeologists over a decade ago as a distinctive approach with its own set of practices to incorporate the local community’s perspectives of its past and current associations with place. A core feature of this approach in Australia is the major role the Indigenous community has in decisions about its heritage. Concurrently, considerable concern was being expressed that Indigenous heritage was not sufficiently addressed in environmental impact assessment processes ahead of development. Seen as absent from the process was the inclusion of Indigenous knowledge about both the pre- and post-contact story as well as any scientific advance in understanding an area’s Indigenous history. This research examines these contrasting perspectives seeking to understand the ideals of community archaeology and its potential to value all aspects of Indigenous heritage and so benefit the relevant community. The ideals of community archaeology build on past community collaborations in Australia and also respond to more recent societal recognition of Indigenous rights, reflected in more ethically inclusive planning and heritage statutes. Indigenous communities expressed the view that current systems are still not meeting these policy commitments to give them control over their heritage. This research has examined the on-the-ground reality of heritage work on the outskirts of Canberra and Melbourne. The case studies compare Victorian and ACT heritage management processes across community partnerships with public land managers, and examine how pre-development surveys operate. I conclude that considerable potential for achieving community archaeology ideals exists, and that they are occasionally partially realised, however barriers continue. In essence, the archaeological model persists despite a community archaeology approach requiring a wider set of skills to ensure a comprehensive engagement with an Indigenous community. Other obstacles in the current Indigenous heritage management system include a lack of knowledge and communication about national standards for heritage processes in government agencies and heritage consultants; the administrative framework that can result in inertia or silos between relevant agencies; and funding timeframes that limit possibilities for long-term strategic programs for early identification and management planning for Indigenous heritage. Also, Indigenous communities have varying levels of authority to speak for how their heritage should be managed, yet may not have the resources to do so. This thesis suggests ways to breach these barriers to achieve more inclusive Indigenous heritage management based on community archaeology principles. Policies for a greater acknowledgement of the Indigenous community’s authority to speak for Country; processes that enable and early and comprehensive ‘mapping’ of Country, and long-term resourcing of communities, may have been promised before. In this research I suggest ways to realise such goals.

Achieving a strategic sales focus: contemporary issues and future challenges.

The main aim of this book is to consider how the sales function informs business strategy. Although there are a number of books available that address how to manage the sales team tactically, this text addresses how sales can help organizations to become more customer oriented. Many organizations are facing escalating costs and a growth in customer power, which makes it necessary to allocate resources more strategically. The sales function can provide critical customer and market knowledge to help inform both innovation and marketing. Sales are responsible for building customer knowledge, networking both internally and externally to help create additional customer value, as well as the more traditional role of managing customer relationships and selling. The text considers how sales organizations are responding to increasing competition, more demanding customers and a more complex selling environment. We identify many of the challenges facing organisations today and offers discussions of some of the possible solutions. This book considers the changing nature of sales and how activities can be aligned within the organization, as well as marketing sensing, creating customer focus and the role of sales leadership. The text will include illustrations (short case studies) provided by a range of successful organizations operating in a number of industries. Sales and senior management play an important role in ensuring that the sales teams' activities are aligned to business strategy and in creating an environment to allow salespeople to be more successful in developing new business opportunities and building long-term profitable business relationships. One of the objectives of this book is to consider how conventional thinking has changed in the last five years and integrate it with examples from sales practice to provide a more complete picture of the role of sales within the modern organization.