The secondary market for life insurance policies in the United States market evolution and product valuation

In this work we discuss the secondary market for life insurance policies in the United States of America. First, we give an overview of the life settlement market: how it came into existence, its growth prospects and the ethical issues it arises. Secondly, we discuss the characteristics of the different life insurance products present in the market and describe how life settlements are originated. Life settlement transactions tend to be long and complex transactions that require the involvement of a number of parties. Also, a direct investment into life insurance policies is fraught with a number of practical issues and entails risks that are not directly related to longevity. This may reduce the efficiency of a direct investment in physical policies. For these reasons, a synthetic longevity market has evolved. The number of parties involved in a synthetic longevity transaction is typically smaller and the broker-dealer transferring the longevity exposure will be retaining most or all of the risks a physical investment entails. Finally, we describe the main methods used in the market to evaluate life settlement investments and the role of life expectancy providers.

Architectures and design patterns for functional design of logic control and diagnostics in industrial automation

Recently in most of the industrial automation process an ever increasing degree of automation has been observed. This increasing is motivated by the higher requirement of systems with great performance in terms of quality of products/services generated, productivity, efficiency and low costs in the design, realization and maintenance. This trend in the growth of complex automation systems is rapidly spreading over automated manufacturing systems (AMS), where the integration of the mechanical and electronic technology, typical of the Mechatronics, is merging with other technologies such as Informatics and the communication networks. An AMS is a very complex system that can be thought constituted by a set of flexible working stations, one or more transportation systems. To understand how this machine are important in our society let considerate that every day most of us use bottles of water or soda, buy product in box like food or cigarets and so on. Another important consideration from its complexity derive from the fact that the the consortium of machine producers has estimated around 350 types of manufacturing machine. A large number of manufacturing machine industry are presented in Italy and notably packaging machine industry,in particular a great concentration of this kind of industry is located in Bologna area; for this reason the Bologna area is called “packaging valley”. Usually, the various parts of the AMS interact among them in a concurrent and asynchronous way, and coordinate the parts of the machine to obtain a desiderated overall behaviour is an hard task. Often, this is the case in large scale systems, organized in a modular and distributed manner. Even if the success of a modern AMS from a functional and behavioural point of view is still to attribute to the design choices operated in the definition of the mechanical structure and electrical electronic architecture, the system that governs the control of the plant is becoming crucial, because of the large number of duties associated to it. Apart from the activity inherent to the automation of themachine cycles, the supervisory system is called to perform other main functions such as: emulating the behaviour of traditional mechanical members thus allowing a drastic constructive simplification of the machine and a crucial functional flexibility; dynamically adapting the control strategies according to the different productive needs and to the different operational scenarios; obtaining a high quality of the final product through the verification of the correctness of the processing; addressing the operator devoted to themachine to promptly and carefully take the actions devoted to establish or restore the optimal operating conditions; managing in real time information on diagnostics, as a support of the maintenance operations of the machine. The kind of facilities that designers can directly find on themarket, in terms of software component libraries provides in fact an adequate support as regard the implementation of either top-level or bottom-level functionalities, typically pertaining to the domains of user-friendly HMIs, closed-loop regulation and motion control, fieldbus-based interconnection of remote smart devices. What is still lacking is a reference framework comprising a comprehensive set of highly reusable logic control components that, focussing on the cross-cutting functionalities characterizing the automation domain, may help the designers in the process of modelling and structuring their applications according to the specific needs. Historically, the design and verification process for complex automated industrial systems is performed in empirical way, without a clear distinction between functional and technological-implementation concepts and without a systematic method to organically deal with the complete system. Traditionally, in the field of analog and digital control design and verification through formal and simulation tools have been adopted since a long time ago, at least for multivariable and/or nonlinear controllers for complex time-driven dynamics as in the fields of vehicles, aircrafts, robots, electric drives and complex power electronics equipments. Moving to the field of logic control, typical for industrial manufacturing automation, the design and verification process is approached in a completely different way, usually very “unstructured”. No clear distinction between functions and implementations, between functional architectures and technological architectures and platforms is considered. Probably this difference is due to the different “dynamical framework”of logic control with respect to analog/digital control. As a matter of facts, in logic control discrete-events dynamics replace time-driven dynamics; hence most of the formal and mathematical tools of analog/digital control cannot be directly migrated to logic control to enlighten the distinction between functions and implementations. In addition, in the common view of application technicians, logic control design is strictly connected to the adopted implementation technology (relays in the past, software nowadays), leading again to a deep confusion among functional view and technological view. In Industrial automation software engineering, concepts as modularity, encapsulation, composability and reusability are strongly emphasized and profitably realized in the so-calledobject-oriented methodologies. Industrial automation is receiving lately this approach, as testified by some IEC standards IEC 611313, IEC 61499 which have been considered in commercial products only recently. On the other hand, in the scientific and technical literature many contributions have been already proposed to establish a suitable modelling framework for industrial automation. During last years it was possible to note a considerable growth in the exploitation of innovative concepts and technologies from ICT world in industrial automation systems. For what concerns the logic control design, Model Based Design (MBD) is being imported in industrial automation from software engineering field. Another key-point in industrial automated systems is the growth of requirements in terms of availability, reliability and safety for technological systems. In other words, the control system should not only deal with the nominal behaviour, but should also deal with other important duties, such as diagnosis and faults isolations, recovery and safety management. Indeed, together with high performance, in complex systems fault occurrences increase. This is a consequence of the fact that, as it typically occurs in reliable mechatronic systems, in complex systems such as AMS, together with reliable mechanical elements, an increasing number of electronic devices are also present, that are more vulnerable by their own nature. The diagnosis problem and the faults isolation in a generic dynamical system consists in the design of an elaboration unit that, appropriately processing the inputs and outputs of the dynamical system, is also capable of detecting incipient faults on the plant devices, reconfiguring the control system so as to guarantee satisfactory performance. The designer should be able to formally verify the product, certifying that, in its final implementation, it will perform itsrequired function guarantying the desired level of reliability and safety; the next step is that of preventing faults and eventually reconfiguring the control system so that faults are tolerated. On this topic an important improvement to formal verification of logic control, fault diagnosis and fault tolerant control results derive from Discrete Event Systems theory. The aimof this work is to define a design pattern and a control architecture to help the designer of control logic in industrial automated systems. The work starts with a brief discussion on main characteristics and description of industrial automated systems on Chapter 1. In Chapter 2 a survey on the state of the software engineering paradigm applied to industrial automation is discussed. Chapter 3 presentes a architecture for industrial automated systems based on the new concept of Generalized Actuator showing its benefits, while in Chapter 4 this architecture is refined using a novel entity, the Generalized Device in order to have a better reusability and modularity of the control logic. In Chapter 5 a new approach will be present based on Discrete Event Systems for the problemof software formal verification and an active fault tolerant control architecture using online diagnostic. Finally conclusive remarks and some ideas on new directions to explore are given. In Appendix A are briefly reported some concepts and results about Discrete Event Systems which should help the reader in understanding some crucial points in chapter 5; while in Appendix B an overview on the experimental testbed of the Laboratory of Automation of University of Bologna, is reported to validated the approach presented in chapter 3, chapter 4 and chapter 5. In Appendix C some components model used in chapter 5 for formal verification are reported.

Creative process in globally distributed teams: a study of new product development in Volvo

With the business environments no longer confined to geographical borders, the new wave of digital technologies has given organizations an enormous opportunity to bring together their distributed workforce and develop the ability to work together despite being apart (Prasad & Akhilesh, 2002). resupposing creativity to be a social process, the way that this phenomenon occurs when the configuration of the team is substantially modified will be questioned. Very little is known about the impact of interpersonal relationships in the creativity (Kurtzberg & Amabile, 2001). In order to analyse the ways in which the creative process may be developed, we ought to be taken into consideration the fact that participants are dealing with a quite an atypical situation. Firstly, in these cases socialization takes place amongst individuals belonging to a geographically dispersed workplace, where interpersonal relationships are mediated by the computer, and where trust must be developed among persons who have never met one another. Participants not only have multiple addresses and locations, but above all different nationalities, and different cultures, attitudes, thoughts, and working patterns, and languages. Therefore, the central research question of this thesis is as follows: “How does the creative process unfold in globally distributed teams?” With a qualitative approach, we used the case study of the Business Unit of Volvo 3P, an arm of Volvo Group. Throughout this research, we interviewed seven teams engaged in the development of a new product in the chassis and cab areas, for the brands Volvo and Renault Trucks, teams that were geographically distributed in Brazil, Sweden, France and India. Our research suggests that corporate values, alongside with intrinsic motivation and task which lay down the necessary foundations for the development of the creative process in GDT.

Teoria e prassi del product placement. Il caso dei film contemporanei per adolescenti (ITA/USA 2006-2010)

Through this research I have tried to demonstrate how the evolution of the newest marketing strategies - that work towards engaging relationships with consumers, thus building an emotional connection between the brand and the user- can be considered as a response to the evolution of young audiences and consumers. More specifically, I have analized product placement as a cultural and social phenomena above all, and not only as an economical one, thus demonstrating all the social and cultural practices that this tool implies. The approach I have chosen to do so, is historical-analytical, particularly focusing on the evolution of the society and of the consumer, especially for what teenagers (both as audiences and as consumers) are concerned.

The influence of career histories on team perfomance in new product development: a study of the video game industry

The purpose of this research is to contribute to the literature on organizational demography and new product development by investigating how diverse individual career histories impact team performance. Moreover we highlighted the importance of considering also the institutional context and the specific labour market arrangements in which a team is embedded, in order to interpret correctly the effect of career-related diversity measures on performance. The empirical setting of the study is the videogame industry, and the teams in charge of the development of new game titles. Video games development teams are the ideal setting to investigate the influence of career histories on team performance, since the development of videogames is performed by multidisciplinary teams composed by specialists with a wide variety of technical and artistic backgrounds, who execute a significant amounts of creative thinking. We investigate our research question both with quantitative methods and with a case study on the Japanese videogame industry: one of the most innovative in this sector. Our results show how career histories in terms of occupational diversity, prior functional diversity and prior product diversity, usually have a positive influence on team performance. However, when the moderating effect of the institutional setting is taken in to account, career diversity has different or even opposite effect on team performance, according to the specific national context in which a team operates.

Der irische Buchmarkt

Der irische Buchmarkt als Teil des englischsprachigen Buchmarktes ist stark von der Geschichte des Landes geprägt. Die Fremdbestimmung im Rahmen des Commonwealth unterdrückte eine eigenständige Verlagslandschaft bis weit ins 20. Jahrhundert hinein. Mit der Unabhängigkeit des irischen Staates stieg die Anzahl der Verlage langsam aber stetig an. In den 70er Jahren kam die irische Verlagslandschaft zu einem fast explosionsartigen Erblühen. Die Gründung des Verlegerverbandes Clé war einer von vielen Schritten, um den nationalen Buchmarkt von der Dominanz britischer Bücher in Buchhandlungen und Bibliotheken zu emanzipieren. Die Nachfrage nach Irish-Interest-Titeln ist im Inland hoch. Britische Verlage hatten bis dato diesen Bedarf übersehen, und so füllten irische Verlage diese Nische. Die Einführung eines von Großbritannien unabhängigen Lehrplans führte zur Etablierung eines eigenständigen Schulbuchmarktes, inklusive Lehrwerke zur irischen Sprache bzw. Titel auf Irisch. Irische Verlage sind in ihrem Programm größtenteils breit aufgestellt und selten spezialisiert. Sie sind erstaunlich häufig unabhängige mittelständische Unternehmen. Nur wenige Verlage sind staatlich geführt oder gehören ausländischen Konzernen an. Auch der stationäre Buchhandel ist überwiegend eigenständig, da die – vor dem Wirtschaftsboom wenig kaufkräftige - Republik von den expandierenden britischen Buchhandelsketten vernachlässigt wurde. Erst nach dem Wirtschaftsboom und dem damit verbundenen soziokulturellen Wandel von einer traditionellen Agrar- hin zu einer modernen Informationsgesellschaft stiegen die Umsätze mit Büchern stark an. Sobald der Buchmarkt eine nennenswerte wirtschaftliche Größe erreichte, eröffneten britische Buchhandlungen Filialen in irischen Städten. Sie vermochten jedoch nicht, die Sortimentsvielfalt der irischen Buchhandelslandschaft zu zerstören. Die fehlende Buchpreisbindung ist keine Bedrohung der Titelvielfalt, da Handelsformen wie Buchclubs, Supermärkte und Internethandel – die mit teils aggressivem Preismarketing arbeitenden Nebenmärkte – hier nur eine Randexistenz führen. In diesem Fall wandelt sich die geringe (Umsatz-) Größe und damit Attraktivität des Buchmarktes zum Vorteil. Die staatliche Kulturförderung ist ein bedeutender Beitrag zum Verlegen von Literatur, die wirtschaftlich gerechnet keine Daseinsberechtigung hätte. Irische Verleger mit relativ geringem Budget sind nicht in der Lage, solche unökonomischen Titel mit dem finanziellen Erfolg eines Bestsellers in Mischkalkulation aufzufangen. Hier greift die staatliche Unterstützung. Die Subventionierung von Titeln über die irischen Sprache bzw. von Literatur auf Irisch führte zur Herausbildung eines Marktsektors, der vor der Staatsgründung nicht existierte. Die Übersetzungsförderung verstärkt die Verbreitung von bis dato unbekannter irischer Literatur im Ausland und stimuliert das Lizenzgeschäft. Die aktuelle staatliche Kulturpolitik setzt ihren Schwerpunkt auf Marketing, PR sowie Nachfolgeregelung und fördert so nachhaltig statt bloß in Form einer kurzlebigen Titelsubvention. Eine noch mehr in die Zukunft gerichtete Förderung würde genauso wie die Unterstützung von Fortbildungsmaßnahmen zu besseren wirtschaftlichen Rahmenbedingungen führen. Auch wenn die nationale Verlagsszene im Aufschwung begriffen ist, befindet sich der irische Buchmarkt insgesamt in fester Hand der britischen Verlagsproduktion. Der britische Buchmarkt mit seinen multinationalen und finanzkräftigen Verlagen lebt vom Export. Aus Sicht von Großbritannien ist heutzutage der Nachbar Irland, einst Teil des britischen Buchmarktes, einer der besten Kunden. Dieser Aspekt bezieht sich nicht nur auf die langjährig entwickelten Handelsbeziehungen. In kulturellen Aspekten orientiert sich Irland stark am britischen Vorbild: Ein britischer Bestseller wird fast immer auch ein Bestseller in Irland. Lediglich Irish-Interest-Titel durchbrechen diesen Automatismus. Während Irish Interest im Inland hohe Umsätze vorweist, sind diese Titel im Ausland lediglich ein Nischenprodukt. Zusätzlich müssen irische Verlage außerhalb des Landes mit britischen und US-amerikanischen Verlagen in Konkurrenz treten, die ebenfalls Irish-Interest-Titel für die irische Diaspora anbieten. Es besteht daher nur eine geringe Chance, erfolgreich am globalen englischsprachigen Buchmarkt mitzuwirken. Bis dato haben Versuche, dem irischen Buchmarkt durch Export zu Umsatzwachstum zu verhelfen, keinen nennenswerten Erfolg gebracht. Lediglich auf dem Gebiet der populären Literatur und in Form von Kooperationen mit britischen Verlagskonzernen vermögen irische Verlage, am internationalen Buchhandel teilzuhaben.

Patent Strategies and R&D in Complex Product Industries

The study aims at providing a framework conceptualizing patenting activities under the condition of intellectual property rights fragmentation. Such a framework has to deal with the interrelated problems of technological complexity in the modern patent landscape. In that respect, ex-post licensing agreements have been incorporated into the analysis. More precisely, by consolidating the right to use patents required for commercialization of a product, private market solutions, such as cross-licensing agreements and patent pools help firms to overcome problems triggered by the intellectual property rights fragmentation. Thereby, private bargaining between parties as such cannot be isolated from the legal framework. A result of this analysis is that policies ignoring market solutions and only focusing on static gains can mitigate the dynamic efficiency gains as induced by the patent system. The evidence found in this thesis supports the opinion that legal reforms that aim to decrease the degree of patent protection or to lift it all together can hamper the functioning of the current system.

Brand formative design - development and assessment of product design from a future, brand and consumer perspective

With this dissertation research we investigate intersections between design and marketing and in this respect, which factors do contribute that a product design becomes brand formative. We have developed a Brand Formative Design (BFD) framework, which investigates individual design features in a holistic, comparable, brand relevant, and consumer specific context. We discuss what kinds of characteristics contribute to BFD but also illuminate how they should be applied and examine: rnA holistic framework leading to Brand Formative Design. Identification and assessment of BFD Drivers. The dissection of products into three Distinctive Design Levels. The detection of surprising design preferences. The appropriate degree of scheme deviation with evolutionary design. Simulated BFD development processes with three different products and the integration of consumers. Future oriented objectification, comparability and assessment of design. Recommendations for the management of design in a brand specific context. Design is a product feature, which contributes significantly to the success of products. However, the development of new design contains challenges. Design can hardly be objectified; many people have an opinion concerning the attractiveness of new products but cannot formulate their future preferences. Product design is widely developed based on intuition, which can be difficult for the management of design. Here the concept of Brand Formative Design can provide a framework which contributes to structure, objectify, develop and assess new evolutionary design in brand and future relevant contexts, but also integrates consumers and their preferences without restricting creativity too much.

Wound stimulation by growth-arrested human keratinocytes and fibroblasts: HP802-247, a new-generation allogeneic tissue engineering product

HP802-247 is a new-generation, allogeneic tissue engineering product consisting of growth-arrested, human keratinocytes (K) and fibroblasts (F) delivered in a fibrin matrix by a spray device.

Quantitative repeated open application testing with a rinse-off product in methyldibromo glutaronitrile-sensitive patients: results of the IVDK

While the use of methyldibromo glutaronitrile (MDBGN) in leave-on products is clearly associated with high sensitization or elicitation risk, such a clear-cut relation could be questioned with regard to rinse-off products.

Autologous stem cell transplantation: leukapheresis product has anti-angiogenic effects in vivo correlating with neutrophil-derived VEGFR1

High-dose chemotherapy (HDC) followed by autologous stem cell transplantation (ASCT) is used for the treatment of hemato-oncologic malignancies. In this study, we measured the effect of HDC/ASCT on plasma concentrations of antiangiogenic soluble vascular endothelial growth factor receptor 1 (sVEGFR1) and of leukapheresis products (LP) and patient serum on chick chorioallantoic (CAM) angiogenesis.