Search results for "TF"
showing 10 items of 1652 documents
The Lightfield Microscope Eyepiece
2021
Lightfield microscopy has raised growing interest in the last few years. Its ability to get three-dimensional information about the sample in a single shot makes it suitable for many applications in which time resolution is fundamental. In this paper we present a novel device, which is capable of converting any conventional microscope into a lightfield microscope. Based on the Fourier integral microscope concept, we designed the lightfield microscope eyepiece. This is coupled to the eyepiece port, to let the user exploit all the host microscope’s components (objective turret, illumination systems, translation stage, etc.) and get a 3D reconstruction of the sample. After the optical design, …
Risk Management for Sovereign Financing within a Debt Sustainability Framework
2018
The mix of instruments used to finance a sovereign is a key determinant of debt sustainability through its effect on funding costs and risks. We extend standard debt sustainability analysis to incorporate debt-financing decisions in the presence of macroeconomic, financial, and fiscal risks. We optimize the maturity of debt instruments to trade off borrowing costs with refinancing risk. Risk is quantified with a coherent measure of tail risk of financing needs, conditional Flow-at-Risk. A constraint on the pace of reduction of debt stocks is also imposed, and we model the effect of debt stocks on the yield curve through endogenous risk and term premia. On a simulated economy, we show that t…
"Alliance Portfolio Diversity, Organizational Slack, and Firm Financial Performance"
2014
We investigate how the availability of slack influences a firm’s ability to deal with alliance portfolio diversity. Alliances with diverse partners provide access to a broader pool of complementary...
Asset and Liability Management for Insurance Products with Minimum Guarantees: The UK Case
2006
Abstract Modern insurance products are becoming increasingly complex, offering various guarantees, surrender options and bonus provisions. A case in point are the with-profits insurance policies offered by UK insurers. While these policies have been offered in some form for centuries, in recent years their structure and management have become substantially more involved. The products are particularly complicated due to the wide discretion they afford insurers in determining the bonuses policyholders receive. In this paper, we study the problem of an insurance firm attempting to structure the portfolio underlying its with-profits fund. The resulting optimization problem, a non-linear program…
The impact of systemic and illiquidity risk on financing with risky collateral
2015
Abstract Repurchase agreements (repos) are one of the most important sources of funding liquidity for many financial investors and intermediaries. In a repo, some assets are given by a borrower as collateral in exchange of funding. The capital given to the borrower is the market value of the collateral, reduced by an amount termed as haircut (or margin). The haircut protects the capital lender from loss of value of the collateral contingent on the borrower׳s default. For this reason, the haircut is typically calculated with a simple Value at Risk estimation of the collateral for the purpose of preventing the risk associated to volatility. However, other risk factors should be included in th…
Competition, risk taking, and governance structures in retail banking
2005
This paper investigates the extent to which the linkages between bank performance and governance structure affect deposits market competition and risk taking incentives when commercial banks compete with organizations with objectives different from profit maximization. These organizations include savings banks whose corporate and ownership structure yields an objective function that can incorporate labour expenses. It is found that such objective function enables the savings banks to capture a greater market share of bank deposits and to take on relatively less risk in their portfolio of investments. The empirical evidence from the Spanish retail banking sector documents these conclusions.
Institutional Contexts, the Management of Patent Portfolios, and the Role of Public Policies Supporting New EntrepreneurialVentures
2009
This chapter aims to increase our understanding of the relationships between firm strategies, the design of institutional contexts on behalf of public agents, and the stimulation of diffused entrepreneurship within the economic system. In particular, it analyzes the way in which firm patent portfolio management strategies may systematically hinder the emergence of entrepreneurial endeavors within the economic system and, on this basis, critically discusses how the acknowledgement of these interactions should influence the design of public policies at the economic system level. We argue that in economic contexts where intellectual property rights (IPR) are influential, large firms may intent…
Risk Management for Sovereign Debt Financing with Sustainability Conditions
2019
We develop a model of debt sustainability analysis with optimal financing decisions in the presence of macroeconomic, financial and fiscal uncertainty. We define a coherent measure of refinancing risk, and trade off the risks of debt stock and flow dynamics, subject to debt sustainability constraints and endogenous risk and term premia. We optimize both static and dynamic financing strategies, compare them with several simple rules and consol financing to demonstrate economically significant effects of optimal financing, and show that the stock-flow tradeoff can be critical for sustainability. We quantify the minimum refinancing risk and the maximum rate of debt reduction that a sovereign c…
CO2 Prices and Portfolio Management
2008
Since January 2005, the attention on European carbon markets has been increasing and thus the interest in studying the implications of the existence of two new assets in portfolio management. In this article we analyse both the characteristics of the EUAs Phase I and Phase II as a sole investment and the impact of including these two assets, considered separately, in a well-diversified portfolio. In order to control the problems of using historical returns, we have performed this analysis using as expected returns either historical returns or risk-adjusted returns. We find that, although the weights of EUAs are not too important when incorporating the EUAs in an optimal and well-diversified…
Projekts: Auto koplietošanas platformas izveide
2022
Maģistra darba tēma ir auto koplietošanas jeb carpooling uzņēmuma SIA Carpooly dibināšanas projekta izveide. Projekta ideja ir auto koplietošanas jeb carpooling uzņēmuma SIA Carpooly dibināšana, kas nodarbosies ar starpnieka funkciju auto koplietošanā iesaistīto pušu savešanā kopā. Uzņēmums nodrošinās virtuālu platformu savā mājaslapā un mobilajās aplikācijās, kur autovadītāji, kuri plāno veikt kādu noteiktu maršrutu, var publicēt savas brauciena detaļas un cilvēki, kuriem arī ir vēlme vai nepieciešamība veikt to pašu maršrutu un tajā pašā laikā, var caur mājaslapu rezervēt sēdvietu konkrētajā automobilī. Sēdvietu ir iespējams rezervēt apmaksājot brauciena vadītāja norādīto ceļojuma summu, …