Economic capital allocation

For my Licentiate thesis, I conducted research on risk measures. Continuing with this research, I now focus on capital allocation. In the proportional capital allocation principle, the choice of risk measure plays a very important part. In the chapters Introduction and Basic concepts, we introduce three definitions of economic capital, discuss the purpose of capital allocation, give different viewpoints of capital allocation and present an overview of relevant literature. Risk measures are defined and the concept of coherent risk measure is introduced. Examples of important risk measures are given, e. g., Value at Risk (VaR), Tail Value at Risk (TVaR). We also discuss the implications of dependence and review some important distributions. In the following chapter on Capital allocation we introduce different principles for allocating capital. We prefer to work with the proportional allocation method. In the following chapter, Capital allocation based on tails, we focus on insurance business lines with heavy-tailed loss distribution. To emphasize capital allocation based on tails, we define the following risk measures: Conditional Expectation, Upper Tail Covariance and Tail Covariance Premium Adjusted (TCPA). In the final chapter, called Illustrative case study, we simulate two sets of data with five insurance business lines using Normal copulas and Cauchy copulas. The proportional capital allocation is calculated using TCPA as risk measure. It is compared with the result when VaR is used as risk measure and with covariance capital allocation. In this thesis, it is emphasized that no single allocation principle is perfect for all purposes. When focusing on the tail of losses, the allocation based on TCPA is a good one, since TCPA in a sense includes features of TVaR and Tail covariance.

On a practical realization of Kolb's experiential learning cycle

This study aims to extend prior knowledge on the learning and developmental outcomes of the experiential learning cycle of David Kolb by the analysis of its practical realization at Team Academy. The study is based on the constructivist approach to learning and considers, among others, the concepts of autonomy support, Nonaka and Takeuchi's knowledge creation model, Luft and Ingham's Johari Window and Deci and Ryan's Self-determination theory. For the investigation deep interviews were carried out with the participants of Team Academy, both learners and coaches. Taking the interview results and the above described theories into consideration this study concludes that experiential learning results not only in effective learning, but also in a remarkable soft skill acquisition, self-development and increase in motivation with an internal locus of causality. Real-life projects permit the learners to experience real challenges. By the practical activities and teamwork they also get the possibility to find out their personal strengths, weaknesses and unique capacities.

Evaluation of Machine Learning Classifiers for Mobile Network Intrusion Detection Systems

Mobile malwares are increasing with the growing number of Mobile users. Mobile malwares can perform several operations which lead to cybersecurity threats such as, stealing financial or personal information, installing malicious applications, sending premium SMS, creating backdoors, keylogging and crypto-ransomware attacks. Knowing the fact that there are many illegitimate Applications available on the App stores, most of the mobile users remain careless about the security of their Mobile devices and become the potential victim of these threats. Previous studies have shown that not every antivirus is capable of detecting all the threats; due to the fact that Mobile malwares use advance techniques to avoid detection. A Network-based IDS at the operator side will bring an extra layer of security to the subscribers and can detect many advanced threats by analyzing their traffic patterns. Machine Learning(ML) will provide the ability to these systems to detect unknown threats for which signatures are not yet known. This research is focused on the evaluation of Machine Learning classifiers in Network-based Intrusion detection systems for Mobile Networks. In this study, different techniques of Network-based intrusion detection with their advantages, disadvantages and state of the art in Hybrid solutions are discussed. Finally, a ML based NIDS is proposed which will work as a subsystem, to Network-based IDS deployed by Mobile Operators, that can help in detecting unknown threats and reducing false positives. In this research, several ML classifiers were implemented and evaluated. This study is focused on Android-based malwares, as Android is the most popular OS among users, hence most targeted by cyber criminals. Supervised ML algorithms based classifiers were built using the dataset which contained the labeled instances of relevant features. These features were extracted from the traffic generated by samples of several malware families and benign applications. These classifiers were able to detect malicious traffic patterns with the TPR upto 99.6% during Cross-validation test. Also, several experiments were conducted to detect unknown malware traffic and to detect false positives. These classifiers were able to detect unknown threats with the Accuracy of 97.5%. These classifiers could be integrated with current NIDS', which use signatures, statistical or knowledge-based techniques to detect malicious traffic. Technique to integrate the output from ML classifier with traditional NIDS is discussed and proposed for future work.

Liquidity Risk in the Finnish Stock Market

This study explores the pricing of liquidity risk and its effect on stock returns in the Finnish stock market. In addition to that, it investigates whether there is a trend in liquidity risk. Finally, it analyzes whether the two chosen liquidity measures provide different results. The data consists of all the common shares listed in the Finnish stock market during the period of 1/1997–7/2015. To examine whether liquidity risk affects stock returns in the Finnish stock market, this study utilizes a conditional version of liquidity-adjusted capital asset pricing model (LCAPM) by Acharya and Pedersen (2005). Two recently proposed illiquidity measures – PQS and AdjILLIQ – are used in the empirical estimation to see whether there are differences in the results between the measures. The time-varying conditional liquidity risks are estimated by using a multivariate DCC-GARCH model, while the pricing of the liquidity risk is conducted by applying fixed effect panel regression. The results imply that investors in the Finnish stock market are willing to pay a premium to hedge from wealth shocks and having liquid assets during the declined market liquidity. However, investors are not willing to pay a premium for stocks with higher returns during illiquid markets. The total annualized illiquidity premiums found in the Finnish stock market are 1.77% and 1.04%, based on the PQS and AdjILLIQ measures, respectively. The study also shows that liquidity risk does not exhibit decreasing trend, and investors should consider liquidity risk in their portfolio diversification in the Finnish stock market.

Temperamentti ja oppimiskokemukset koululaisten työskentelytapojen taustalla

Riikka Hirvosen väitöskirja Children's achievement behaviors in relation to their skill development and temperament, Jyväskylän yliopisto 2013.

Pricing of Liquidity Risks in London Stock Exchange

This thesis aims to investigate pricing of liquidity risks in London Stock Exchange. Liquidity Adjusted Capital Asset Pricing Model i.e. LCAPM developed by Acharya and Pedersen (2005) is being applied to test the influence of various liquidity risks on stock returns in London Stock Exchange. The Liquidity Adjusted Capital Asset Pricing model provides a unified framework for the testing of liquidity risks. All the common stocks listed and delisted for the period of 2000 to 2014 are included in the data sample. The study has incorporated three different measures of liquidity – Percent Quoted Spread, Amihud (2002) and Turnover. The reason behind the application of three different liquidity measures is the multi-dimensional nature of liquidity. Firm fixed effects panel regression is applied for the estimation of LCAPM. However, the results are robust according to Fama-Macbeth regressions. The results of the study indicates that liquidity risks in the form of (i) level of liquidity, (ii) commonality in liquidity (iii) flight to liquidity, (iv) depressed wealth effect and market return as well as aggregate liquidity risk are priced at London Stock Exchange. However, the results are sensitive to the choice of liquidity measures.

Implementing the OPTIMAL model : the impact on students' motivation in an elementary school games environment

Optimal challenge occurs when an individual perceives the challenge of the task to be equaled or matched by his or her own skill level (Csikszentmihalyi, 1990). The purpose of this study was to test the impact of the OPTIMAL model on physical education students' motivation and perceptions of optimal challenge across four games categories (i. e. target, batting/fielding, net/wall, invasion). Enjoyment, competence, student goal orientation and activity level were examined in relation to the OPTIMAL model. A total of 22 (17 M; 5 F) students and their parents provided informed consent to take part in the study and were taught four OPTIMAL lessons and four non-OPTIMAL lessons ranging across the four different games categories by their own teacher. All students completed the Task and Ego in Sport Questionnaire (TEOSQ; Duda & Whitehead, 1998), the Intrinsic Motivation Inventory (IMI; McAuley, Duncan, & Tanmien, 1987) and the Children's Perception of Optimal Challenge Instrument (CPOCI; Mandigo, 2001). Sixteen students (two each lesson) were observed by using the System for Observing Fitness Instruction Time tool (SOFTT; McKenzie, 2002). As well, they participated in a structured interview which took place after each lesson was completed. Quantitative results concluded that no overall significant difference was found in motivational outcomes when comparing OPTIMAL and non-OPTIMAL lessons. However, when the lessons were broken down into games categories, significant differences emerged. Levels of perceived competence were found to be higher in non-OPTIMAL batting/fielding lessons compared to OPTIMAL lessons, whereas levels of enjoyment and perceived competence were found to be higher in OPTIMAL invasion lessons in comparison to non-OPTIMAL invasion lessons. Qualitative results revealed significance in feehngs of skill/challenge balance, enjoyment and competence in the OPTIMAL lessons. Moreover, a significance of practically twice the active movement time percentage was found in OPTIMAL lessons in comparison to non-OPTIMAL lessons.

The exercise leader's gender and physique salience : effects on self-presentational concerns in an exercise context

Self-presentation is the process by which individuals attempt to monitor and control how others perceive and evaluate them (Leary, 1992; Leary & Kowalski, 1990). Self-presentational concerns have been shown to influence a number of exercise-related behaviours, cognitions, and affective responses to exercise (e.g., social anxiety). Social anxiety occurs when an individual wants to create a specific impression on others, but is unsure (s)he will be successful (Leary & Kowalski, 1995). Social physique anxiety (SPA) is a specific form of social anxiety related the evaluation of one's body (Hart, Leary, & Rejeski, 1989). Both social anxiety and SPA may act as deterrents to exercise (Lantz, Hardy, & Ainsworth, 1997; Leary, 1992), so it is important to examine factors that may influence social anxiety and SPA; one such factor is self-presentational efficacy (SPE). SPE is one's confidence in successfully making desired impressions on others (Leary & Atherton, 1986) and has been associated with social anxiety and SPA (Leary & Kowalski, 1995; Gammage, Martin Ginis, & Hall, 2004). Several aspects of the exercise environment, such as the presence of mirrors, clothing, and the exercise leader or other participant characteristics, may be manipulated to influence self-presentational concerns (e.g., Gammage, Martin Ginis et aI., 2004; Martin & Fox, 2001; Martin Ginis, Prapavessis, & Haase, 2005). Given that the exercise leader has been recognized as one of the most important influences in the group exercise context (Franklin, 1988), it is important to further examine how the leader may impact self-presentational concerns. The present study examined the impact of the exercise leader's gender and physique salience (i.e., the extent to which the body was emphasized) on SPE, state social anxiety (SSA), and state social physique anxiety (SPA-S) of women in a live exercise class. Eighty-seven college-aged female non- or infrequent exercisers (i.e., exercised 2 or fewer times per week) participated in a group exercise class led by one of four leaders: a female whose physique was salient; a female whose physique was non-salient; a male whose physique was salient; or a male whose physique was non-salient. Participants completed measures of SPE, SSA, and SPA-S prior to and following completion of a 30- minute group exercise class. In addition, a measure of social comparison to the exercise leader and other participants with respect to attractiveness, skill, and fitness was completed by participants following the exercise class. A MANOV A was conducted to examine differences between groups on postexercise variables. Results indicated that there were no significant differences between groups on measures ofSPE, SSA, or SPA-S (allp's > .05). However, when all participants were collapsed into one group, a MANOV A showed a significant time effect (F(3, 81) = 19.45,p < .05, 1')2= .419). Follow-up ANOVAs indicated that post-exercise SPE increased significantly, while SSA and SPA-S decreased significantly (SPE: F(I, 83) = 30.87,p < .001,1')2 = .27; SSA: F(I,83) = 11.09,p < .001, 1')2 = .12; SPA-S: F (1,83) = 42.79,p < .001, 1')2 = .34). Further, results of a MANOVA revealed that participants who believed they were less fit than other group members (i.e., made negative social comparisons) reported significantly more post-exercise SSA and SP A-S than those who believed they were more fit than the other participants (i.e., made positive comparisons; SSA: F(2, 84) = 3.46, p < .05, 1')2 = .08; SPA-S: F(2, 84) = 5.69, p < .05, 1')2 = .12). These results may indicate that successfully completing an exercise class may serve as a source of SPE and lead to reduced social anxiety and SPA-S in this population. Alternatively, characteristics of the exercise leader may be less important than characteristics of the other participants. These results also suggest that the types of social comparisons made may influence self-presentational concerns in this sample. Future research should examine how the type of social comparison (i.e., negative or positive) made to the other group members may either generate or reduce anxiety. Also, factors that contribute to the types of social comparisons made with other exercisers should be examined. Implications for practice and research are discussed.

Teaching Principled negotiation skills to parents and their children : the impact of parental involvement /

This study explored the impact of training parents and children concurrently in principled negotiation skills for the purpose of developing negotiation skills and problem solving abilities in children. A second experimental group was utilized to determine the viability of negotiation skills training of junior elementary students for the purpose of improving problem solving and conflict resolving abilities. The student population in each experimental group was trained using The Program for Young Negotiators (Curhan, 1996). A control group was also established using the remaining grade four and five students attending the participating school. These students did not receive training as part of this study. Student group distribution was as follows: Experimental group 1 (students with parent participant) consisted of 10 (5 grade five and 5 grade 4 students), Experimental group 2 students without parent participant) consisted of 48 (20 grade 4 and 28 grade 5 students), and the Control group 3 (55 grade 4 and 5 students). The impact of training was measured using the Five Factor Negotiation Scale developed for use with the Program for Young Negotiators (Curhan, 1996). This measure was employed as a pre- and post-test questionnaire to the total student population, (113 students) to determine levels of ability in each of the key elements of negotiation, personal initiative, collaboration, communication, conflict based perspective taking, and conflict resolution approach (Nakkula & Nikitopoulos, unpublished). This measure has a coefficient alpha of .75 which is acceptable for this type of affective instrument. As well, open ended ability questions designed to measure ability, knowledge, and behaviour as they relate to negotiation skill application were given to the total student population, (113 students). Finally, journals were maintained by the students in both experimental groups, and informal feedback discussions were held with students and parents participating in the study.The intent of using both qualitative and quantitative measures was to provide an overall perspective of student abilities as they related to principled negotiation skills. While the quantitative measures were from the student perspective, more qualitative information was sought from parents and teachers through informal interviews, discussions, and use of confidential feedback cards. For analysis purposes, the ability questions were randomly selected for Experimental group 2 and Control group 3 in an effort to balance the groups more equitably with Experimental group 1. The findings of this study indicate that students of the junior elementary school age can be taught how to perceive conflict in a more constructive way. However, they are not as likely to use their skills when the conflict is with a sibling as they are with a peer, a teacher, or a parent. While no statistically significant differences between mean scores for Experimental groups 1 and 2 exist some subtle differences are noted. Overall, increases in mean scores for grade 4 students exceeded the increases for grade 5 students within Experimental group 1 . The implication being that younger students benefit more from having a parent trained in principled negoUation skills than older students. The skill level of a parent in principled negotiation can not be underesUmated. Without a consistent and effective role model the likelihood of developing student skill level to a point of automaticity is greatly reduced. Enough so that perhaps the emphasis should be placed on training parents more so than the students.

Using stimulus equivalence to teach monetary skills to school-age children with autism

The present study evaluated the use of stimulus equivalence in teaching monetary skills to school aged children with autism. An AB within-subject design with periodic probes was used. At pretest, three participants demonstrated relation DA, an auditory-visual relation (matching dictated coin values to printed coin prices). Using a three-choice match-to-sample procedure, with a multi-component intervention package, these participants were taught two trained relations, BA (matching coins to printed prices) and CA (matching coin combinations to printed prices). Two participants achieved positive tests of equivalence, and the third participant demonstrated emergent performances with a symmetric and transitive relation. In addition, two participants were able to show generalization of learned skills with a parent, in a second naturalistic setting. The present research replicates and extends the results of previous studies by demonstrating that stimulus equivalence can be used to teach an adaptive skill to children with autism.

What's the difference under the gown? : new professors' development as university teachers

This study explores how new university teachers develop a teaching identity. Despite the significance ofteaching, which usually comprises 40% of a Canadian academic's workload, few new professors have any formal preparation for that aspect of their role. Discipline-specific education for postsecondary professors is a well-defined path; graduates applying for faculty positions will have the terminal degree to attest to their knowledge and skill conducting research in the discipline. While teaching is usually given the same workload balance as research, it is not clear how professors create themselves as teaching professionals. Drawing on Kelly's (1955) personal construct theory and Kegan's (1982, 1994) model ofdevelopmental constructivism through differentiation and integration, this study used a phenomenographic framework~(Marton, 1986, 1994; Trigwell & Prosser, 1996) to investigate the question of how new faculty members construe their identity as university teachers. Further, my own role development as researcher was used as an additional lens through which to view the study results. The study focused particularly on the challenges and supports to teaching role development and outlines recommendations the participants made for supporting other newcomers. In addition, the variations and similarities in the results suggest a developmental model to conceptions ofteaching roles, one in which teaching, research, and service roles are viewed as more integrated over time. Developing a teacher identity was seen as a progression on a hierarchical model similar to Maslow's (1968) hierarchy of needs.

An after-school literacy program : investigating the experiences of students with literacy difficulties, their volunteer tutors, and the tutors' transition into the teaching profession

This research responds to a pervasive call for our educational institutions to provide students with literacy skills, and teachers with the instructional supports necessary to facilitate this skill acquisition. Questions were posed to gain information concerning the efficacy ofteaching literacy strategies to students with learning difficulties, the impact of this training on their volunteer tutors, and the influence of this experience on these tutors' ensuing instructional practice as teacher candidates in a preservice education program. Study #1 compared a nontreatment group of students with literacy difficulties who participated in the program and found that program participants were superior at reading letter patterns and at comprehending the elements of story grammar. Concurrently, the second study explored the experiences of 19 volunteer tutors and uncovered that they acquired instructional skills as they established a knowledge base in teaching reading and writing, and they affirmed personal goals to become future teachers. Study #3 tracked 6 volunteer tutors into their pre-service year and identified their constructions, and beliefs about literacy instruction. These teacher candidates discussed how they had intended to teach reading and writing strategies based on their position that effective teaching ofthese skills in the primary grades is integral to academic success. The teacher candidates emphasized the need to build rapport with students, and the need to exercise flexibility in lesson plan delivery while including activities to meet emotional and developmental requirements of students. The teacher candidates entered their pre-service education with an initial cognition set based on the limited teaching context of tutoring. This foundational ii perception represented their prior knowledge of literacy instruction, a perception that appeared untenable once they were immersed in a regular instructional setting. This disparity provoked some of the teacher candidates to denounce their teacher mentors for not consistently employing literacy strategies and individualized instruction. This critical perspective could have been a demonstration of cognitive dissonance. In the end, when the teacher candidates began to look toward the future and how they would manage the demands of an inclusive classroom, they recognized the differences in the contexts. With an appreciation for the need for balance between prior and present knowledge, the teacher candidates remained committed to implementing their tutoring strategies in future teaching positions. This document highlights the need for teacher candidates with instructional experience prior to teacher education, to engage in cognitive negotiations to assimilate newly acquired pedagogies into existing pedagogies.

Gender bias in the Trends in Mathematics and Science Study 2003 (TIMMS) for Canadian students /

This study is a secondary data analysis of the Trends in Mathematics and Science Study 2003 (TIMSS) to determine if there is a gender bias, unbalanced number of items suited to the cognitive skill of one gender, and to compare performance by location. Results of the Grade 8, math portion of the test were examined. Items were coded as verbal, spatial, verbal /spatial or neither and as conventional or unconventional. A Kruskal- Wallis was completed for each category, comparing performance of students from Ontario, Quebec, and Singapore. A Factor Analysis was completed to determine if there were item categories with similar characteristics. Gender differences favouring males were found in the verbal conventional category for Canadian students and in the spatial conventional category for students in Quebec. The greatest differences were by location, as students in Singapore outperformed students from Canada in all areas except for the spatial unconventional category. Finally, whether an item is conventional or unconventional is more important than whether the item is verbal or spatial. Results show the importance of fair assessment for the genders in both the classroom and on standardized tests.

A discursive analysis of children's recreational adult-organized sport : when do children get to play?

Adult-organized children's sport attracts millions of participants in Canada and the United States each year. Though there is a great deal of research that considers children's sport, little of it focuses on recreational or house league sport and less of it offers a deep examination of children's experience of their participation. Using observations, interviews, and focus groups involving ten participants in mixed-gender recreational basketball, this qualitative research project examined their experiences. With Foucault's concepts of correct training and the panoptic gaze in mind, I used discourse and deconstruction analyses to consider the children's descriptions along with my observations of their basketball experience. I was particularly looking for prevalent discourses on sport, childhood, and gender and how they affected their experiences. Despite the league's discursive emphasis on fun, participation, fairness, and respect, that was not necessarily what the children experienced. While most stated they enjoyed their season many also expressed serious disappointments. Size and particularly skill very much determined who was most involved in the action and thus actually played baskethaW. Gender also played a significant role in their sport experiences. My findings invite questions about what genuine sport participation actually is and how it might be alternatively imagined.

A case study of a high functioning autistic female in a games setting

This study detennined whether or not a high functioning autistic girl can develop game structure strategies that may allow her to become an active participant in a game or sport environment. This qualitative case study involved the in-depth observation and description of one high functioning autistic student whose experience in a game setting would be studied. The type of case study carried out was a combination of descriptive and evaluative. This experience was investigated through structured, individual programming. Through on-site observation, journal entries, and hands on instruction, I was able to describe what progress the autistic student made in tenns of skill development. The results of the study demonstrated that a high-functioning autistic female has the potential to develop the necessary motor skills to participate in the chosen sport of basketball. The observation results and field notes contributed to a movement profile which described her habits of body. Teaching strategies and frameworks utilized during the study were described and listed. Insights and commentary are further provided. A thorough examination of autism and games programming is provided in the literature review.