Beyond Value-at-Risk : GlueVaR Distortion Risk Measures

We propose a new family of risk measures, called GlueVaR, within the class of distortion risk measures. Analytical closed-form expressions are shown for the most frequently used distribution functions in financial and insurance applications. The relationship between Glue-VaR, Value-at-Risk (VaR) and Tail Value-at-Risk (TVaR) is explained. Tail-subadditivity is investigated and it is shown that some GlueVaR risk measures satisfy this property. An interpretation in terms of risk attitudes is provided and a discussion is given on the applicability in non-financial problems such as health, safety, environmental or catastrophic risk management

The use of flexible quantile-based measures in risk assessment

A new family of distortion risk measures -GlueVaR- is proposed in Belles- Sampera et al. -2013- to procure a risk assessment lying between those provided by common quantile-based risk measures. GlueVaR risk measures may be expressed as a combination of these standard risk measures. We show here that this relationship may be used to obtain approximations of GlueVaR measures for general skewed distribution functions using the Cornish-Fisher expansion. A subfamily of GlueVaR measures satisfies the tail-subadditivity property. An example of risk measurement based on real insurance claim data is presented, where implications of tail-subadditivity in the aggregation of risks are illustrated.

La Ciudad como producto: aproximación a las estrategias de marketing del sector empresarial aplicadas en la gestión de la ciudad. La marca ciudad. el modelo de construcción de la marca ciudad en Sant Cugat

Los cambios socieoeconómicos acaecidos a partir de la segunda mitad del siglo XX, marcan el inicio de una nueva forma de gestionar las ciudades. Ahora, los territorios pasan a formar parte de un nuevo mercado donde entran en competencia con otras ciudades para captar nuevas inversiones y atraer turismo. El ciudadano pasa de ser administrado a ser cliente, que ahora exige mayor calidad en los servicios. Es, en este nuevo entorno, cuando las ciudades son consideradas como producto y se introduce el marketing en la administración de las ciudades. Se focaliza la atención en el consumidor y se implantan estrategias propias del marketing utilizadas con éxito en el sector privado. La administración pública, sin embargo, presenta unas especificaciones determinadas que limita la adopción de estas herramientas ya que los fines del sector público no coinciden plenamente con los objetivos del sector privado basados en la obtención de beneficios y el aumento de las ventas. Una de las técnicas adoptadas por las ciudades que adquiere mayor protagonismo en los últimos 15 años consiste en la creación de una marca ciudad o city branding que tiene como objetivo dotar a la ciudad de una identidad, unos valores y una personalidad que le ayude a posicionarse en el mercado y a diferenciarse del resto de la competencia. Como otras muchas ciudades, la ciudad de Sant Cugat también está en proceso de creación de su marca que le ayude a destacar de sus competidoras para atraer turismo, inversión y nuevos habitantes.

The connection between distortion risk measures and ordered weighted averaging operators

Distortion risk measures summarize the risk of a loss distribution by means of a single value. In fuzzy systems, the Ordered Weighted Averaging (OWA) and Weighted Ordered Weighted Averaging (WOWA) operators are used to aggregate a large number of fuzzy rules into a single value. We show that these concepts can be derived from the Choquet integral, and then the mathematical relationship between distortion risk measures and the OWA and WOWA operators for discrete and finite random variables is presented. This connection offers a new interpretation of distortion risk measures and, in particular, Value-at-Risk and Tail Value-at-Risk can be understood from an aggregation operator perspective. The theoretical results are illustrated in an example and the degree of orness concept is discussed.

Monitoring Fatigue Status with HRV Measures in Elite Athletes : An Avenue Beyond RMSSD?

Among the tools proposed to assess the athlete's "fatigue," the analysis of heart rate variability (HRV) provides an indirect evaluation of the settings of autonomic control of heart activity. HRV analysis is performed through assessment of time-domain indices, the square root of the mean of the sum of the squares of differences between adjacent normal R-R intervals (RMSSD) measured during short (5 min) recordings in supine position upon awakening in the morning and particularly the logarithm of RMSSD (LnRMSSD) has been proposed as the most useful resting HRV indicator. However, if RMSSD can help the practitioner to identify a global "fatigue" level, it does not allow discriminating different types of fatigue. Recent results using spectral HRV analysis highlighted firstly that HRV profiles assessed in supine and standing positions are independent and complementary; and secondly that using these postural profiles allows the clustering of distinct sub-categories of "fatigue." Since, cardiovascular control settings are different in standing and lying posture, using the HRV figures of both postures to cluster fatigue state embeds information on the dynamics of control responses. Such, HRV spectral analysis appears more sensitive and enlightening than time-domain HRV indices. The wealthier information provided by this spectral analysis should improve the monitoring of the adaptive training-recovery process in athletes.

Marketing in support of sales in industrial high technology company

The aim of this study is to find out how Metso Paper’s marketing could better support sales and how sales people are executing marketing during the sales processes. This study is done from sales people’s point of view. The study is limited to cover only company’s internal environment. This research was executed through literature review and qualitative theme interviews, where 20 of Metso Paper’s sales people were interviewed. The interviewees were asked to tell their opinions about marketing’s support, marketing materials, information and the relationship between sales and marketing. The results of this study show that the relationship between marketing and sales is rather good, but there is still a great need for improvements. It is hoped that marketing would take more part in the selling processes. In addition, more information about the launches and schedules were also hoped for. Marketing is told to be quite Finland centric and sales people are wishing for more adopted marketing materials and occasions. It came up during the interviews, that sales people are not so willing to give regular feedback to marketing and quite often they think that marketing’s role in Metso Paper is not important at all.

Monitoring Fatigue Status with HRV Measures in Elite Athletes: An Avenue Beyond RMSSD?

Among the tools proposed to assess the athlete's "fatigue," the analysis of heart rate variability (HRV) provides an indirect evaluation of the settings of autonomic control of heart activity. HRV analysis is performed through assessment of time-domain indices, the square root of the mean of the sum of the squares of differences between adjacent normal R-R intervals (RMSSD) measured during short (5 min) recordings in supine position upon awakening in the morning and particularly the logarithm of RMSSD (LnRMSSD) has been proposed as the most useful resting HRV indicator. However, if RMSSD can help the practitioner to identify a global "fatigue" level, it does not allow discriminating different types of fatigue. Recent results using spectral HRV analysis highlighted firstly that HRV profiles assessed in supine and standing positions are independent and complementary; and secondly that using these postural profiles allows the clustering of distinct sub-categories of "fatigue." Since, cardiovascular control settings are different in standing and lying posture, using the HRV figures of both postures to cluster fatigue state embeds information on the dynamics of control responses. Such, HRV spectral analysis appears more sensitive and enlightening than time-domain HRV indices. The wealthier information provided by this spectral analysis should improve the monitoring of the adaptive training-recovery process in athletes.

Correcting Interdevice Bias of Horizontal White-to-White and Sulcus-to-Sulcus Measures Used for Implantable Collamer Lens Sizing.

PURPOSE: To assess the agreement and repeatability of horizontal white-to-white (WTW) and horizontal sulcus-to-sulcus (STS) diameter measurements and use these data in combination with available literature to correct for interdevice bias in preoperative implantable collamer lens (ICL) size selection. DESIGN: Interinstrument reliability and bias assessment study. METHODS: A total of 107 eyes from 56 patients assessed for ICL implantation at our institution were included in the study. This was a consecutive series of all patients with suitable available data. The agreement and bias between WTW (measured with the Pentacam and BioGraph devices) and STS (measured with the HiScan device) were estimated. RESULTS: The mean spherical equivalent was -8.93 ± 5.69 diopters. The BioGraph measures of WTW were wider than those taken with the Pentacam (bias = 0.26 mm, P < .01), and both horizontal WTW measures were wider than the horizontal STS measures (bias >0.91 mm, P < .01). The repeatability (Sr) of STS measured with the HiScan was 0.39 mm, which was significantly reduced (Sr = 0.15 mm) when the average of 2 measures was used. Agreement between the horizontal WTW measures and horizontal STS estimates when bias was accounted for was г = 0.54 with the Pentacam and г = 0.64 with the BioGraph. CONCLUSIONS: Large interdevice bias was observed for WTW and STS measures. STS measures demonstrated poor repeatability, but the average of repeated measures significantly improved repeatability. In order to conform to the US Food and Drug Administration's accepted guidelines for ICL sizing, clinicians should be aware of and account for the inconsistencies between devices.

Marketing territorial et branding territorial : une revue de littérature systématique

Le présent article offre un aperçu systématique et complet de la littérature scientifique dédiée au domaine d'étude du marketing territorial et du branding territorial. 1172 contributions publiées entre 1976 et 2016 dans 98 revues différentes y sont analysées à l'aide d'un classement méticuleux dans des catégories et sous-catégories en fonction de l'approche disciplinaire, de la méthode utilisée et de la perspective adoptée. Cette revue de la littérature permet ainsi une vue d'ensemble détaillée de l'état de l'art et fait part des diverses tendances et évolutions concernant ce domaine d'étude en émergence. Elle atteste, entre autres, l'existence d'un flou conceptuel, de définitions divergentes et de faibles assises théoriques : ce qui contribue à un spectre très large d'objets d'étude. Un manque de preuves empiriques et de contributions à caractère explicatif est également observé : les nombreux postulats sur les effets des activités de marketing territorial par rapport à l'attractivité restent à démontrer. Elle souligne aussi un certain désintérêt de la littérature pour le contexte politico-institutionnel dans lequel les territoires s'inscrivent, pourtant crucial en termes de management public. Par ailleurs, ce travail souligne la place importante attribuée à la rhétorique des consultants, avec la publication d'une grande quantité de contributions normatives dans une optique de partage de bonnes pratiques. Pour finir, cette étude constate la présence d'un nombre significatif d'articles critiques.

Athlete endorsement as a marketing strategy: a case study of Nike and Michael Jordan

Les empreses intenten obrir mercats nous constantment, aconseguint atraure nous clients objectiu i augmentar el reconeixement de la marca. Aquest treball investiga el cóm i per què el patrocini d'atletes, per a que aquests representin els productes d'una empresa, ja que és una eina cada vegada més àmplia i popular en el màrqueting mix de les empreses. Michael Jordan, un estel retirada de bàsquet, ha rebut molta atenció dels mitjans publicitaris i ha representat sota patrocini a diversos productes. Especialment el seu contracte de patrocini amb Nike, Inc. s'ha convertit en un excel·lent cas d'estudi per analitzar la tendència actual que suposa patrocinar atletes en el mercat internacional. Els resultats d'aquest cas d'estudi ajuden a entendre els factors que poden influir en èxit de les empreses quan decideixen patrocinar a un atleta com a part de la seva estratègia de màrqueting.