Market Index Biases and Minimum Risk Indices

Markets, in the real world, are not efficient zero-sum games where hypotheses of the CAPM are fulfilled. Then, it is easy to conclude the market portfolio is not located on Markowitz"s efficient frontier, and passive investments (and indexing) are not optimal but biased. In this paper, we define and analyze biases suffered by passive investors: the sample, construction, efficiency and active biases and tracking error are presented. We propose Minimum Risk Indices (MRI) as an alternative to deal with to market index biases, and to provide investors with portfolios closer to the efficient frontier, that is, more optimal investment possibilities. MRI (using a Parametric Value-at-Risk Minimization approach) are calculated for three stock markets achieving interesting results. Our indices are less risky and more profitable than current Market Indices in the Argentinean and Spanish markets, facing that way the Efficient Market Hypothesis. Two innovations must be outlined: an error dimension has been included in the backtesting and the Sharpe"s Ratio has been used to select the"best" MRI

Aspectos socioculturales de la precariedad laboral y de su impacto

This essay analyzes the current work crisis, its individual and social influence and its implications on human development and health. It discusses the main cultural perspectives on the notion of work and presents the hypothesis of a possible influence of the cultural meaning of the concept of 'work' on diminishing self-esteem and mental health problems among unemployed people. The essay also highlights possible implications of the current situation in the future taking into consideration socioeconomic and political aspects as well as global demographic growth. Finally, the essay discusses the role that Public Health should have not only in the prevention and control of health problems among the unemployed, but also in the social, economic and cultural changes that are considered necessary to mitígate the serious social differences and to improve the current situation.

Aspectos socioculturales de la precariedad laboral y de su impacto

This essay analyzes the current work crisis, its individual and social influence and its implications on human development and health. It discusses the main cultural perspectives on the notion of work and presents the hypothesis of a possible influence of the cultural meaning of the concept of 'work' on diminishing self-esteem and mental health problems among unemployed people. The essay also highlights possible implications of the current situation in the future taking into consideration socioeconomic and political aspects as well as global demographic growth. Finally, the essay discusses the role that Public Health should have not only in the prevention and control of health problems among the unemployed, but also in the social, economic and cultural changes that are considered necessary to mitígate the serious social differences and to improve the current situation.

MirrorCrypt

Este proyecto muestra la creación de una aplicación que permite trabajar con sistemas de almacenamiento en la nube de manera encriptada.

A correlation sensitivity analysis of non-life underwriting risk in solvency capital requirement estimation

This paper analyses the impact of using different correlation assumptions between lines of business when estimating the risk-based capital reserve, the Solvency Capital Requirement -SCR-, under Solvency II regulations. A case study is presented and the SCR is calculated according to the Standard Model approach. Alternatively, the requirement is then calculated using an Internal Model based on a Monte Carlo simulation of the net underwriting result at a one-year horizon, with copulas being used to model the dependence between lines of business. To address the impact of these model assumptions on the SCR we conduct a sensitivity analysis. We examine changes in the correlation matrix between lines of business and address the choice of copulas. Drawing on aggregate historical data from the Spanish non-life insurance market between 2000 and 2009, we conclude that modifications of the correlation and dependence assumptions have a significant impact on SCR estimation.

Determining risk potential through accidents and near-accidents: an empirical study in a steel factory

Fatal and permanently disabling accidents form only one per I cent of all occupational accidents but in many branches of industry they account for more than half the accident costs. Furthermore the human suffering of the victim and his family is greater in severe accidents than in slight ones. For both human and economic reasons the severe accident risks should be identified befor injuries occur. It is for this purpose that different safety analysis methods have been developed . This study shows two new possible approaches to the problem.. The first is the hypothesis that it is possible to estimate the potential severity of accidents independent of the actual severity. The second is the hypothesis that when workers are also asked to report near accidents, they are particularly prone to report potentially severe near accidents on the basis of their own subjective risk assessment. A field study was carried out in a steel factory. The results supported both the hypotheses. The reliability and the validity of post incident estimates of an accident's potential severity were reasonable. About 10 % of accidents were estimated to be potentially critical; they could have led to death or very severe permanent disability. Reported near accidents were significantly more severe, about 60 $ of them were estimated to be critical. Furthermore the validity of workers subjective risk assessment, manifested in the near accident reports, proved to be reasonable. The studied new methods require further development and testing. They could be used both in routine usage in work places and in research for identifying and setting the priorities of accident risks.

Improving interMediAte Risk management. MARK study

Background: Cardiovascular risk functions fail to identify more than 50% of patients who develop cardiovascular disease. This is especially evident in the intermediate-risk patients in which clinical management becomes difficult. Our purpose is to analyze if ankle-brachial index (ABI), measures of arterial stiffness, postprandial glucose, glycosylated hemoglobin, self-measured blood pressure and presence of comorbidity are independently associated to incidence of vascular events and whether they can improve the predictive capacity of current risk equations in the intermediate-risk population. Methods/Design: This project involves 3 groups belonging to REDIAPP (RETICS RD06/0018) from 3 Spanish regions. We will recruit a multicenter cohort of 2688 patients at intermediate risk (coronary risk between 5 and 15% or vascular death risk between 3-5% over 10 years) and no history of atherosclerotic disease, selected at random. We will record socio-demographic data, information on diet, physical activity, comorbidity and intermittent claudication. We will measure ABI, pulse wave velocity and cardio ankle vascular index at rest and after a light intensity exercise. Blood pressure and anthropometric data will be also recorded. We will also quantify lipids, glucose and glycosylated hemoglobin in a fasting blood sample and postprandial capillary glucose. Eighteen months after the recruitment, patients will be followed up to determine the incidence of vascular events (later follow-ups are planned at 5 and 10 years). We will analyze whether the new proposed risk factors contribute to improve the risk functions based on classic risk factors. Discussion: Primary prevention of cardiovascular diseases is a priority in public health policy of developed and developing countries. The fundamental strategy consists in identifying people in a high risk situation in which preventive measures are effective and efficient. Improvement of these predictions in our country will have an immediate, clinical and welfare impact and a short term public health effect

A Comparison of the Environmental Impact of Different AOPs: Risk Indexes

Today, environmental impact associated with pollution treatment is a matter of great concern. A method is proposed for evaluating environmental risk associated with Advanced Oxidation Processes (AOPs) applied to wastewater treatment. The method is based on the type of pollution (wastewater, solids, air or soil) and on materials and energy consumption. An Environmental Risk Index (E), constructed from numerical criteria provided, is presented for environmental comparison of processes and/or operations. The Operation Environmental Risk Index (EOi) for each of the unit operations involved in the process and the Aspects Environmental Risk Index (EAj) for process conditions were also estimated. Relative indexes were calculated to evaluate the risk of each operation (E/NOP) or aspect (E/NAS) involved in the process, and the percentage of the maximum achievable for each operation and aspect was found. A practical application of the method is presented for two AOPs: photo-Fenton and heterogeneous photocatalysis with suspended TiO2 in Solarbox. The results report the environmental risks associated with each process, so that AOPs tested and the operations involved with them can be compared.

ARSÊNIO E ARROZ: TOXICIDADE, METABOLISMO E SEGURANÇA ALIMENTAR

Arsenic is considered a semimetal, and its wide distribution in the Earth's crust in different chemical forms, including organic and inorganic species, has a great deal of influence on the mechanisms of toxicity. Exposure to arsenic can be either through occupational practice (use of pesticides) or by the consumption of water and food containing the element. Rice is considered a fundamental constituent of the basic diet of Brazilians and is usually cultivated in flooded conditions. Such a plantation system results in an increased amount of As in the soil and hence a greater accumulation of As in the plant, which is highlighted by the inorganic species' classification as highly toxic. Besides the use of mitigation techniques to reduce the toxicological risk, monitoring the concentration of As and its chemical species in rice and rice products is required through the establishment of legislation in the area. Thus, some world organizations are conducting improved research to determine and establish acceptable concentrations of As and its chemical species in rice, e. g., in 2012, FDA researchers described a chemical speciation methodology for As in rice and rice products. Hence, the application of existing chemical speciation methods and the establishment of parameters for ensuring food security and exposure risk assessment deserve particular consideration.

Verkkosovelluspalvelu

Tässä kandidaatintyössä tutkitaan 2000-luvulla esiin noussutta käsitettä "Software as a Service" (SaaS), josta käytetään myös termiä verkkosovelluspalvelu. Työn päätutkimuskohteena on selvittää, mitä kyseisellä käsitteellä tarkoitetaan ja mitä asioita siihen läheisesti liittyy. Osakysymyksinä syvennytään SaaS-mallin kehitysvaiheisiin sekä sen tuomiin hyötyihin ja haasteisiin käyttäjän ja palveluntarjoajan näkökulmasta. Koska SaaS-mallin integroitavuus yrityksen liiketoimintaprosesseihin ja muihin käytössä oleviin sovelluksiin nousee yhdessä tietoturva-asioiden kanssa hyvin merkittäviksi osa-alueiksi tulevaisuutta ajatellen, käsitellään niitä erikseen omissa luvuissaan. Tulevaisuutta SaaS-mallin osalta tarkastellaan myös omana kokonaisuutenaan, jonka yhteydessä nostetaan esiin muutamia kehitykseen vaikuttavia keskeisiä trendejä. Tavoitteena on antaa lukijalle tiivis, mutta kattavasti aihetta käsittelevä, syvällinen kokonaiskuva SaaSista. Koska kyseinen käsite on varsin uusi, hyödynnettiin lähdemateriaalina lähinnä viimeisten neljän vuoden aikana julkaistuja kansainvälisiä, tieteellisiä artikkeleita ja tutkimusraportteja. Tutkimusmenetelmänä käytettiin deskriptiivis-analyyttistä lähestymistapaa. Työn lopputuloksina saatiin määritelmä verkkosovelluspalvelulle sekä selvitettiin siihen keskeisesti liittyvät muut käsitteet. Lisäksi koottiin SaaS-mallin tarjoamat hyödyt sekä sen tuomat haasteet. Erityiskysymyksinä nostettiin esille tietoturvan ja integrointiprosessin merkitys SaaS-mallin osalta. Integroinnin käsittelyn yhteydessä kuvattiin viisivaiheinen käyttöönottoprosessi yrityksille. Lopuksi hahmotettiin SaaSin tulevaisuudennäkymiä, jotka näyttävät positiivisilta havaittujen trendien perusteella. Työn liitteissä vertailtiin SaaSin kustannuksia sekä mallinnettiin pisteytysmenetelmä SaaS-sovelluksen valitsemiseksi.

Platform as a Service - new opportunities for software development companies

Today cloud computing is the next stage in development information-oriented society in field of information technologies. Great attention is paid to cloud computing in general, but the lack of scientific consideration to components brings to the problem, that not all aspects are well examined. This thesis is an attempt to consider Platform as a Service (a technology of providing development environment through the Internet) from divergent angles. Technical characteristics, costs, time, estimation of effectiveness, risks, strategies that can be applied, migration process, advantages and disadvantages and the future of the approach are examined to get the overall picture of cloud platforms. During the work literature study was used to examine Platform as a Service, characteristics of existent cloud platforms were explored and a model of a typical software development company was developed to create a scenario of migration to cloud technologies. The research showed that besides all virtues in reducing costs and time, cloud platforms have some significant obstacles in adoption. Privacy, security and insufficient legislation impede the concept to be widespread.

Project and customer profitability analysis: an empirical case study

The objective of this case study is to provide a Finnish solution provider company an objective, in-depth analysis of their project based business and especially of project estimation accuracy. A project and customer profitability analysis is conducted as a complementary addition to describe profitability of the Case Company’s core division. The theoretical framework is constructed on project profitability and customer profitability analysis. Project profitability is approached starting from managing projects, continuing to project pricing process and concluding to project success. The empirical part of this study describes the Case Company’s project portfolio, and by means of quantitative analysis, the study describes how the characteristics of a project impact the project’s profitability. The findings indicate that it really makes a difference in project portfolio’s estimated and actual profitability when methods of installation and technical specifications are scrutinized. Implications on profitability are gathered into a risk assessment tool proposal.

Vikasietoisuuden tutkiminen todennäköisyysperusteisen riskianalyysin avulla

Tässä työssä on tarkasteltu uusien YVL-ohjeiden vikasietoisuusanalyysin vaatimuksia sekä kehitetty menetelmä, jolla vaatimusten toteutumista voidaan tarkastella todennäköisyysperusteisen riskianalyysin (PRA) avulla. Työssä on käsitelty riskianalyysin tärkeimmät osat, sekä sen tuloksena saatavia tärkeysmittoja ja näiden soveltamiskohteita. Tärkeysmittoja on käytetty myös kehitetyn menetelmän alkuarvoina. Ydinvoimalan turvallisuuden takaamiseksi tärkeimpiä turvallisuustoimintoja suorittavien järjestelmien on pystyttävä toteuttamaan tehtävänsä, vaikka mikä tahansa järjestelmän yksittäinen laite olisi toimintakyvytön ja vaikka mikä tahansa turvallisuustoimintoon vaikuttava laite olisi samanaikaisesti poissa käytöstä korjauksen tai huollon vuoksi. Tämä edellyttää, että vikasietoisuuden takaamiseksi tärkeimpien turvallisuustoimintojen varmistamisessa on käytettävä mahdollisuuksien mukaan moninkertaisuus- ja erilaisuusperiaatteisiin perustuvia järjestelmiä, joiden tulee olla toisistaan riippumattomia. Kehitetyn menetelmän ja uuden vikasietoisuuden lisäarvomitan avulla voidaan tunnistaa järjestelmien väliset riippuvuustekijät ja tarkastella vaadittujen turvallisuustekijöiden toteutumista.

SaaS and Public Cloud from Custom Application Provider’s Perspective

The main objective of this master’s thesis is to provide a comprehensive view to cloud computing and SaaS, and analyze how well CADM, a unit of Capgemini Finland Ltd., would fit to the cloud-based SaaS business. Another objective for this thesis is to investigate how public clouds would fit for CADM as a delivery model, if they would provide SaaS applications to their customers. This master’s thesis is executed by investigating characteristics of cloud computing and SaaS especially from application provider point of view. This is done by exploring what kinds of researches and analysis there have been done regarding these two phenomena during past few years. Then CADM’s current business model and operations are analyzed from SaaS’s and public cloud’s perspective. This analyzing part is conducted by using SWOT analysis which is widely used analytical tool when observing company’s strategic position and when figuring out possibilities how to improve company’s operations. The conducted analysis and observations reveals that CADM should pursue SaaS business as it could provide remarkable advantages and strengthen their position in current markets. However, pure SaaS model would not be the optimal solution for CADM because they do not have own product which could be transformed to SaaS model, and they lack of Infrastructure Management ability. Also public cloud would not be the most suitable delivery model for them if providing SaaS services. The main observation of this thesis is that CADM should adopt the SaaS model via Capgemini Immediate offering.