Portfolio efficiency tests with conditioning information using empirical likelihood estimation

We evaluate the use of Generalized Empirical Likelihood (GEL) estimators in portfolios efficiency tests for asset pricing models in the presence of conditional information. Estimators from GEL family presents some optimal statistical properties, such as robustness to misspecification and better properties in finite samples. Unlike GMM, the bias for GEL estimators do not increase as more moment conditions are included, which is expected in conditional efficiency analysis. We found some evidences that estimators from GEL class really performs differently in small samples, where efficiency tests using GEL generate lower estimates compared to tests using the standard approach with GMM. With Monte Carlo experiments we see that GEL has better performance when distortions are present in data, especially under heavy tails and Gaussian shocks.

Development of a Strengths-Based Model for Insurance Automobile, Property, and Casualty Claims Operations

ABSTRACT \ Employers know that to have a successful organization, they must have the right people in the right jobs. But how will they know whom to place where? The development of a model based upon an individual's personality traits and strengths, and how to best use them, is a good place to start. Employees working in positions in which their traits and strengths are maximized enjoy work more, are more efficient, and are less apt to be absent or to look for work elsewhere. It is a mutually beneficial process of selection for both employers and employees. This model illustrates the process in an automobile and property insurance claims operation through utilization of the Myers-Briggs Type Indicators and the StrengthsFinder Profiles.

Assessment of Competences in the Physical Chemistry Area: Use of the Department Teaching Portfolio

Competences have become a standard learning outcome in present university education within the European Higher Education Area (EHEA). In this regard, updated tools for their assessment have turned out essential in this new teaching-learning paradigm. Among them, one of the most promising tools is the “learner´s portfolio”, which is based on the gathering and evaluation of a range of evidences from the student, which provides a wider and more realistic view of his/her competence acquisition. Its appropriate use as a formative (continuous) assessment instrument allows a deeper appraisal of student´s learning, provided it does not end up as another summative (final) evaluation tool. In this contribution we propose the use of the portfolio as a unifying assessment tool within a university department (Physical Chemistry), exemplifying how the portfolio could yield both personalized student reports and averaged area reports on competence acquisition. A proposed stepwise protocol is given to organize the individual competence reports and estimate the global competence level following a bottom-up approach (i.e. ranging from the class group, subject, grade, and academic course).