Solvency II is the new European Union (EU) legislation which will replace the capital adequacy regime for the insurance industry. Considering that the banking sector has experienced a similar change through the different Basel Accords (Basel), there is an opportunity for the insurance industry before The results indicate similar distortions between developing countries while the major driver behind the cost of capital for developing countries is equity market volatility, and not credit risk as might have been expected. Finally, the fourth research problem relates to another objective of financial regulations: to reflect the risks that financial institutions face. The risk sensitivities of economic and regulatory capital for credit risk are investigated empirically using a dynamic optimisation model in one of the first studies of its kind. Results show that economic capital is a superior risk measure to regulatory capital from a systemic- and institution-specific risk perspective. This, along with calls to strengthen Pillar 2 disciplines following the financial crisis, leads to a suggestion that economic capital could be considered as a Pillar 1 capital requirement, replacing the current forms of Pillar 1 regulatory capital. the implementation of Solvency II to learn from the weaknesses and shortcomings in Basel to ensure that the design of Solvency II will, as far as possible, compensate for these. The financial crisis of 2007 to 2010 highlighted certain weaknesses and shortcomings of Basel and there is accordingly an opportunity for the insurance industry to learn from these deficiencies and to strengthen Solvency II to help prevent similar events in the insurance industry. This thesis investigates these weaknesses in Basel in an attempt to determine the extent to which these are inherently included in Solvency II. The first research problem of this thesis examines these weaknesses in Basel and relates them back to Solvency II to determine which, and to what extent, some of them may have been included in Solvency II. The second research problem leads from the first and critically explores an objective of financial regulations, namely to provide financial institutions with equal competitive conditions (the so-called ‘level playing field’) from a regulatory perspective. To achieve this objective, there is an implicit assumption that the cost of capital between countries is equal. Investigation into the cost of capital between both developed and developing countries using a modified weighted average cost of capital model indicates that the cost of capital between developed and developing countries differs and that regulations based on capital requirements tend to favour developed countries. This means that current financial regulations cannot achieve this objective as intended. The third research problem investigates the cost of capital between various developing countries to determine firstly whether similar competitive distortions exist among such countries, while secondly exploring the drivers behind the cost of capital in such countries through linear regression analyses. / PhD (Risk Management), North-West University, Potchefstroom Campus, 2013

Solvency II is the new European Union (EU) legislation which will replace the capital adequacy regime for the insurance industry. Considering that the banking sector has experienced a similar change through the different Basel Accords (Basel), there is an opportunity for the insurance industry before The results indicate similar distortions between developing countries while the major driver behind the cost of capital for developing countries is equity market volatility, and not credit risk as might have been expected. Finally, the fourth research problem relates to another objective of financial regulations: to reflect the risks that financial institutions face. The risk sensitivities of economic and regulatory capital for credit risk are investigated empirically using a dynamic optimisation model in one of the first studies of its kind. Results show that economic capital is a superior risk measure to regulatory capital from a systemic- and institution-specific risk perspective. This, along with calls to strengthen Pillar 2 disciplines following the financial crisis, leads to a suggestion that economic capital could be considered as a Pillar 1 capital requirement, replacing the current forms of Pillar 1 regulatory capital. the implementation of Solvency II to learn from the weaknesses and shortcomings in Basel to ensure that the design of Solvency II will, as far as possible, compensate for these. The financial crisis of 2007 to 2010 highlighted certain weaknesses and shortcomings of Basel and there is accordingly an opportunity for the insurance industry to learn from these deficiencies and to strengthen Solvency II to help prevent similar events in the insurance industry. This thesis investigates these weaknesses in Basel in an attempt to determine the extent to which these are inherently included in Solvency II. The first research problem of this thesis examines these weaknesses in Basel and relates them back to Solvency II to determine which, and to what extent, some of them may have been included in Solvency II. The second research problem leads from the first and critically explores an objective of financial regulations, namely to provide financial institutions with equal competitive conditions (the so-called ‘level playing field’) from a regulatory perspective. To achieve this objective, there is an implicit assumption that the cost of capital between countries is equal. Investigation into the cost of capital between both developed and developing countries using a modified weighted average cost of capital model indicates that the cost of capital between developed and developing countries differs and that regulations based on capital requirements tend to favour developed countries. This means that current financial regulations cannot achieve this objective as intended. The third research problem investigates the cost of capital between various developing countries to determine firstly whether similar competitive distortions exist among such countries, while secondly exploring the drivers behind the cost of capital in such countries through linear regression analyses. / PhD (Risk Management), North-West University, Potchefstroom Campus, 2013

La présente thèse de doctorat analyse les rapports entre les classes sociales et l'éducation de base formelle au Brésil. Afin d'examiner les effets de la classe sociale dans les résultats scolaires des jeunes Brésiliens, nous avons opté pour une méthodologie quantitative, en utilisant la base de données d'évaluation du système d'éducation de base (SAEB), tenue en 2013. Le Saeb évalue les compétences des élèves en les mathématiques et les Portugais, tous les deux ans, en plus de produire des questionnaires contextuels sur les conditions de vie des étudiants, sur les conditions de scolarisation et le travail des enseignants. Les statistiques descriptives utilisées, l'analyse de la correspondance, l'analyse de la variance (ANOVA) et la régression linéaire multiple, ce dernier étant l'axe majeur de ces analyses avec les modèles de tout le Brésil et pour chaque région spécifique. A titre d'hypothèse, nous considérons que la reproduction des inégalités de classe sociale passe par l'éducation formelle, dans la mesure où la classe sociale influe sur la performance scolaire. En sociologie, les classes sociales peuvent être définis et étudiés de différentes manières. En général, il s´agit d´une catégorie utilisée pour décrire des groupes sociaux avec une contribution similaire des ressources économiques, que ce soit dans le domaine des revenus, la consommation ou la position dans les rapports de matériel de production (Suite)Ces perspectives économiques est poursuivie par d'autres interprétations. les classes sociales peuvent être considérés aussi comme des positions relatives dans l'espace social, marqué par la possession de différents types de capitaux, dont la médiation avec les pratiques et les modes de la vie culturelle réside dans des dispositions intégrées depuis l'enfance. Ainsi, opérationnaliser le concept de classe de deux façons: d'abord, de la construction des strates de bureaux de biens de consommation, une approche économique, le classement des couches de la plus haute (“A”) aux plus vulnérables (“D/E”); puis on sélectionne des différents indicateurs de possession du capital économique et le capital culturel, les deux principaux capitaux dans les sociétés modernes, selon la théorie de Pierre Bourdieu. Les résultats empiriques ont montré la persistance des effets de la classe sociale dans l'élaboration de la performance scolaire, bien que coexistant avec les effets des variables de scolarité, carrière individuelle et caractère éducatif. Enfin, nous réfléchissons sur les possibilités théoriques de la recherche pour comprendre comment l'école fonctionne entre la reproduction des inégalités de classe et de la production culturelle ou la transmission des connaissances. / A presente tese de doutorado analisa as relações entre as classes sociais e a educação formal básica no Brasil. Com o objetivo de examinar os efeitos da classe social no desempenho educacional dos jovens brasileiros, optamos pela metodologia quantitativa, através da base de dados do Sistema de Avaliação da Educação Básica (Saeb), realizado em 2013. O Saeb avalia as proficiências dos estudantes em Matemática e Língua Portuguesa, de dois em dois anos, além de produzir questionários contextuais sobre as condições de vida dos alunos, sobre as condições da escolarização e de trabalho dos professores. Utilizamos a estatística descritiva, a análise de correspondência, a análise de variância (ANOVA) e a regressão linear múltipla, sendo essa última o eixo principal das análises, com modelos para todo o Brasil e para cada região específica. Como hipótese, consideramos que a reprodução das desigualdades de classe passa pela educação formal, na medida em que a classe social afeta o desempenho escolar. Na Sociologia, classes sociais podem ser definidas e pesquisadas de diferentes maneiras. Em linhas gerais, trata-se de uma categoria empregada para designar grupos sociais dotados de um aporte semelhante de recursos econômicos, seja na esfera da renda, do consumo ou da posição nas relações de produção material Essa perspectiva econômica é perseguida por interpretações alternativas. Classes sociais podem ser pensadas, também, enquanto posições relativas no espaço social, marcadas pela posse de diferentes tipos de capital, cuja mediação com as práticas culturais e os estilos de vida reside em disposições incorporadas desde a infância. Dessa forma, operacionalizamos o conceito de classe de duas maneiras distintas: primeiro, a partir da construção de estratos de posse de bens de consumo, numa abordagem econômica, hierarquizando os estratos do mais alto (“A”) ao mais vulnerável (“D/E”); depois, selecionamos diferentes indicadores da posse de capital econômico e de capital cultural, os dois principais capitais nas sociedades modernas, conforme a teoria de Pierre Bourdieu. Os resultados empíricos demonstraram a persistência dos efeitos da classe social na conformação dos rendimentos acadêmicos, ainda que coexistindo com os impactos das variáveis de escolarização, de trajetória individual e de caráter pedagógico. Por fim, refletimos sobre as possibilidades teóricas na busca por compreender como a escola atua entre a reprodução das desigualdades de classe e a produção cultural ou a transmissão de saberes. / The present doctoral thesis analyzes the relations between social classes and formal basic education in Brazil. In order to examine the effects of social class on the educational performance of young Brazilians, we opted for the quantitative methodology through the database of the Basic Education Assessment System (Saeb), carried out in 2013. Saeb assesses the students' proficiency in Mathematics and Portuguese Language every two years, and also produces contextual questionnaires about their living conditions, besides the conditions of schooling and teachers' work. We used descriptive statistics, correspondence analysis, analysis of variance (ANOVA) and multiple linear regression, which is the main axis of the analysis, bringing models for the whole country and for each specific region. As a hypothesis, we consider that the reproduction of class inequalities reaches the formal education, as the social class affects school performance. In Sociology, social classes can be defined and researched in different ways. In general terms, it is a category used to designate social groups endowed with a similar provision of economic resources, either in the sphere of income, consumption or position in the relations of material production. The economic perspective is pursued by alternative interpretations Social classes can also be thought of as relative positions in social space, marked by the possession of different types of capital, whose mediation with cultural practices and lifestyles resides in dispositions embodied since childhood. Thus, we operationalize the concept of class in two different ways: first, from the construction of strata of consumer goods, in an economic approach, hierarchizing the strata from the highest ("A") to the most vulnerable ("D/E"); we then selected different indicators of the possession of economic capital and cultural capital, the two main capitals in modern societies, according to Pierre Bourdieu's theory. The empirical results showed the persistence of the social class's effects on the conformation of academic performance, although it coexists with the impacts of variables of schooling, individual pathway and pedagogical character. Finally, we reflect on the theoretical possibilities in the search for understanding how the school acts in a space between the reproduction of class inequalities and cultural production or knowledge transmission.

La présente thèse de doctorat analyse les rapports entre les classes sociales et l'éducation de base formelle au Brésil. Afin d'examiner les effets de la classe sociale dans les résultats scolaires des jeunes Brésiliens, nous avons opté pour une méthodologie quantitative, en utilisant la base de données d'évaluation du système d'éducation de base (SAEB), tenue en 2013. Le Saeb évalue les compétences des élèves en les mathématiques et les Portugais, tous les deux ans, en plus de produire des questionnaires contextuels sur les conditions de vie des étudiants, sur les conditions de scolarisation et le travail des enseignants. Les statistiques descriptives utilisées, l'analyse de la correspondance, l'analyse de la variance (ANOVA) et la régression linéaire multiple, ce dernier étant l'axe majeur de ces analyses avec les modèles de tout le Brésil et pour chaque région spécifique. A titre d'hypothèse, nous considérons que la reproduction des inégalités de classe sociale passe par l'éducation formelle, dans la mesure où la classe sociale influe sur la performance scolaire. En sociologie, les classes sociales peuvent être définis et étudiés de différentes manières. En général, il s´agit d´une catégorie utilisée pour décrire des groupes sociaux avec une contribution similaire des ressources économiques, que ce soit dans le domaine des revenus, la consommation ou la position dans les rapports de matériel de production (Suite)Ces perspectives économiques est poursuivie par d'autres interprétations. les classes sociales peuvent être considérés aussi comme des positions relatives dans l'espace social, marqué par la possession de différents types de capitaux, dont la médiation avec les pratiques et les modes de la vie culturelle réside dans des dispositions intégrées depuis l'enfance. Ainsi, opérationnaliser le concept de classe de deux façons: d'abord, de la construction des strates de bureaux de biens de consommation, une approche économique, le classement des couches de la plus haute (“A”) aux plus vulnérables (“D/E”); puis on sélectionne des différents indicateurs de possession du capital économique et le capital culturel, les deux principaux capitaux dans les sociétés modernes, selon la théorie de Pierre Bourdieu. Les résultats empiriques ont montré la persistance des effets de la classe sociale dans l'élaboration de la performance scolaire, bien que coexistant avec les effets des variables de scolarité, carrière individuelle et caractère éducatif. Enfin, nous réfléchissons sur les possibilités théoriques de la recherche pour comprendre comment l'école fonctionne entre la reproduction des inégalités de classe et de la production culturelle ou la transmission des connaissances. / A presente tese de doutorado analisa as relações entre as classes sociais e a educação formal básica no Brasil. Com o objetivo de examinar os efeitos da classe social no desempenho educacional dos jovens brasileiros, optamos pela metodologia quantitativa, através da base de dados do Sistema de Avaliação da Educação Básica (Saeb), realizado em 2013. O Saeb avalia as proficiências dos estudantes em Matemática e Língua Portuguesa, de dois em dois anos, além de produzir questionários contextuais sobre as condições de vida dos alunos, sobre as condições da escolarização e de trabalho dos professores. Utilizamos a estatística descritiva, a análise de correspondência, a análise de variância (ANOVA) e a regressão linear múltipla, sendo essa última o eixo principal das análises, com modelos para todo o Brasil e para cada região específica. Como hipótese, consideramos que a reprodução das desigualdades de classe passa pela educação formal, na medida em que a classe social afeta o desempenho escolar. Na Sociologia, classes sociais podem ser definidas e pesquisadas de diferentes maneiras. Em linhas gerais, trata-se de uma categoria empregada para designar grupos sociais dotados de um aporte semelhante de recursos econômicos, seja na esfera da renda, do consumo ou da posição nas relações de produção material Essa perspectiva econômica é perseguida por interpretações alternativas. Classes sociais podem ser pensadas, também, enquanto posições relativas no espaço social, marcadas pela posse de diferentes tipos de capital, cuja mediação com as práticas culturais e os estilos de vida reside em disposições incorporadas desde a infância. Dessa forma, operacionalizamos o conceito de classe de duas maneiras distintas: primeiro, a partir da construção de estratos de posse de bens de consumo, numa abordagem econômica, hierarquizando os estratos do mais alto (“A”) ao mais vulnerável (“D/E”); depois, selecionamos diferentes indicadores da posse de capital econômico e de capital cultural, os dois principais capitais nas sociedades modernas, conforme a teoria de Pierre Bourdieu. Os resultados empíricos demonstraram a persistência dos efeitos da classe social na conformação dos rendimentos acadêmicos, ainda que coexistindo com os impactos das variáveis de escolarização, de trajetória individual e de caráter pedagógico. Por fim, refletimos sobre as possibilidades teóricas na busca por compreender como a escola atua entre a reprodução das desigualdades de classe e a produção cultural ou a transmissão de saberes. / The present doctoral thesis analyzes the relations between social classes and formal basic education in Brazil. In order to examine the effects of social class on the educational performance of young Brazilians, we opted for the quantitative methodology through the database of the Basic Education Assessment System (Saeb), carried out in 2013. Saeb assesses the students' proficiency in Mathematics and Portuguese Language every two years, and also produces contextual questionnaires about their living conditions, besides the conditions of schooling and teachers' work. We used descriptive statistics, correspondence analysis, analysis of variance (ANOVA) and multiple linear regression, which is the main axis of the analysis, bringing models for the whole country and for each specific region. As a hypothesis, we consider that the reproduction of class inequalities reaches the formal education, as the social class affects school performance. In Sociology, social classes can be defined and researched in different ways. In general terms, it is a category used to designate social groups endowed with a similar provision of economic resources, either in the sphere of income, consumption or position in the relations of material production. The economic perspective is pursued by alternative interpretations Social classes can also be thought of as relative positions in social space, marked by the possession of different types of capital, whose mediation with cultural practices and lifestyles resides in dispositions embodied since childhood. Thus, we operationalize the concept of class in two different ways: first, from the construction of strata of consumer goods, in an economic approach, hierarchizing the strata from the highest ("A") to the most vulnerable ("D/E"); we then selected different indicators of the possession of economic capital and cultural capital, the two main capitals in modern societies, according to Pierre Bourdieu's theory. The empirical results showed the persistence of the social class's effects on the conformation of academic performance, although it coexists with the impacts of variables of schooling, individual pathway and pedagogical character. Finally, we reflect on the theoretical possibilities in the search for understanding how the school acts in a space between the reproduction of class inequalities and cultural production or knowledge transmission.

La présente thèse de doctorat analyse les rapports entre les classes sociales et l'éducation de base formelle au Brésil. Afin d'examiner les effets de la classe sociale dans les résultats scolaires des jeunes Brésiliens, nous avons opté pour une méthodologie quantitative, en utilisant la base de données d'évaluation du système d'éducation de base (SAEB), tenue en 2013. Le Saeb évalue les compétences des élèves en les mathématiques et les Portugais, tous les deux ans, en plus de produire des questionnaires contextuels sur les conditions de vie des étudiants, sur les conditions de scolarisation et le travail des enseignants. Les statistiques descriptives utilisées, l'analyse de la correspondance, l'analyse de la variance (ANOVA) et la régression linéaire multiple, ce dernier étant l'axe majeur de ces analyses avec les modèles de tout le Brésil et pour chaque région spécifique. A titre d'hypothèse, nous considérons que la reproduction des inégalités de classe sociale passe par l'éducation formelle, dans la mesure où la classe sociale influe sur la performance scolaire. En sociologie, les classes sociales peuvent être définis et étudiés de différentes manières. En général, il s´agit d´une catégorie utilisée pour décrire des groupes sociaux avec une contribution similaire des ressources économiques, que ce soit dans le domaine des revenus, la consommation ou la position dans les rapports de matériel de production (Suite)Ces perspectives économiques est poursuivie par d'autres interprétations. les classes sociales peuvent être considérés aussi comme des positions relatives dans l'espace social, marqué par la possession de différents types de capitaux, dont la médiation avec les pratiques et les modes de la vie culturelle réside dans des dispositions intégrées depuis l'enfance. Ainsi, opérationnaliser le concept de classe de deux façons: d'abord, de la construction des strates de bureaux de biens de consommation, une approche économique, le classement des couches de la plus haute (“A”) aux plus vulnérables (“D/E”); puis on sélectionne des différents indicateurs de possession du capital économique et le capital culturel, les deux principaux capitaux dans les sociétés modernes, selon la théorie de Pierre Bourdieu. Les résultats empiriques ont montré la persistance des effets de la classe sociale dans l'élaboration de la performance scolaire, bien que coexistant avec les effets des variables de scolarité, carrière individuelle et caractère éducatif. Enfin, nous réfléchissons sur les possibilités théoriques de la recherche pour comprendre comment l'école fonctionne entre la reproduction des inégalités de classe et de la production culturelle ou la transmission des connaissances. / A presente tese de doutorado analisa as relações entre as classes sociais e a educação formal básica no Brasil. Com o objetivo de examinar os efeitos da classe social no desempenho educacional dos jovens brasileiros, optamos pela metodologia quantitativa, através da base de dados do Sistema de Avaliação da Educação Básica (Saeb), realizado em 2013. O Saeb avalia as proficiências dos estudantes em Matemática e Língua Portuguesa, de dois em dois anos, além de produzir questionários contextuais sobre as condições de vida dos alunos, sobre as condições da escolarização e de trabalho dos professores. Utilizamos a estatística descritiva, a análise de correspondência, a análise de variância (ANOVA) e a regressão linear múltipla, sendo essa última o eixo principal das análises, com modelos para todo o Brasil e para cada região específica. Como hipótese, consideramos que a reprodução das desigualdades de classe passa pela educação formal, na medida em que a classe social afeta o desempenho escolar. Na Sociologia, classes sociais podem ser definidas e pesquisadas de diferentes maneiras. Em linhas gerais, trata-se de uma categoria empregada para designar grupos sociais dotados de um aporte semelhante de recursos econômicos, seja na esfera da renda, do consumo ou da posição nas relações de produção material Essa perspectiva econômica é perseguida por interpretações alternativas. Classes sociais podem ser pensadas, também, enquanto posições relativas no espaço social, marcadas pela posse de diferentes tipos de capital, cuja mediação com as práticas culturais e os estilos de vida reside em disposições incorporadas desde a infância. Dessa forma, operacionalizamos o conceito de classe de duas maneiras distintas: primeiro, a partir da construção de estratos de posse de bens de consumo, numa abordagem econômica, hierarquizando os estratos do mais alto (“A”) ao mais vulnerável (“D/E”); depois, selecionamos diferentes indicadores da posse de capital econômico e de capital cultural, os dois principais capitais nas sociedades modernas, conforme a teoria de Pierre Bourdieu. Os resultados empíricos demonstraram a persistência dos efeitos da classe social na conformação dos rendimentos acadêmicos, ainda que coexistindo com os impactos das variáveis de escolarização, de trajetória individual e de caráter pedagógico. Por fim, refletimos sobre as possibilidades teóricas na busca por compreender como a escola atua entre a reprodução das desigualdades de classe e a produção cultural ou a transmissão de saberes. / The present doctoral thesis analyzes the relations between social classes and formal basic education in Brazil. In order to examine the effects of social class on the educational performance of young Brazilians, we opted for the quantitative methodology through the database of the Basic Education Assessment System (Saeb), carried out in 2013. Saeb assesses the students' proficiency in Mathematics and Portuguese Language every two years, and also produces contextual questionnaires about their living conditions, besides the conditions of schooling and teachers' work. We used descriptive statistics, correspondence analysis, analysis of variance (ANOVA) and multiple linear regression, which is the main axis of the analysis, bringing models for the whole country and for each specific region. As a hypothesis, we consider that the reproduction of class inequalities reaches the formal education, as the social class affects school performance. In Sociology, social classes can be defined and researched in different ways. In general terms, it is a category used to designate social groups endowed with a similar provision of economic resources, either in the sphere of income, consumption or position in the relations of material production. The economic perspective is pursued by alternative interpretations Social classes can also be thought of as relative positions in social space, marked by the possession of different types of capital, whose mediation with cultural practices and lifestyles resides in dispositions embodied since childhood. Thus, we operationalize the concept of class in two different ways: first, from the construction of strata of consumer goods, in an economic approach, hierarchizing the strata from the highest ("A") to the most vulnerable ("D/E"); we then selected different indicators of the possession of economic capital and cultural capital, the two main capitals in modern societies, according to Pierre Bourdieu's theory. The empirical results showed the persistence of the social class's effects on the conformation of academic performance, although it coexists with the impacts of variables of schooling, individual pathway and pedagogical character. Finally, we reflect on the theoretical possibilities in the search for understanding how the school acts in a space between the reproduction of class inequalities and cultural production or knowledge transmission.

保險法第146條之4規範國外投資總額最高不得超過各該保險業資金45%，而2014年修正增列保險業依保險法規定投資於國內證券市場上市或上櫃買賣之外幣計價股權或債券憑證之投資金額，可不計入其國外投資限額。且因我國市場長期處於低利環境，壽險業即大量以台幣作為融資貨幣買入國外高利率環境下之標的貨幣進行利差交易，本研究擬以經濟資產模型進行資產與負債之模擬，衡量壽險公司的經濟資本與清償風險。 依據現行壽險公司資金運用決定投資之標的，並以Cox-Ingersoll-Ross (1985)模型模擬國內外短期利率，在無拋補利率平價說下建立匯率模型，以Heston (1993)隨機過程描述資產的變化，並考量壽險公司投資策略決定投資比率，再加入資產之相關性進行模擬；以與壽險公司投資連結之利率變動型年金為商品，加入各項風險因子進行負債價值模擬，諸如死亡率、解約率等因子；資產與負債皆在風險中立測度下以蒙地卡羅法進行模擬10,000次，探討公允價值下壽險公司之清償能力。 而現行清償能力指標為資本適足比率，但此標準下尚無法完整考慮各風險之相關性，本研究除考量資本適足比率中風險資本總額，亦加入經濟資本進行分析，可得以下結果： I.現行RBC風險資本總額介於VaR 99.5%與95%所計算之經濟資本間。 II.當匯率波動度與國外投資比例增加時，經濟資本亦將顯著增加。 III.隨國外債券投資比例增加，風險資本總額增加之幅度亦會加速成長。 IV.利率變動型年金商品宣告利率之擬定將顯著影響公司面臨之違約風險。 / The amendment of Article 146-4 of Insurance Act extended the overseas investment ceiling in 2014 that the International Bond was not included to be counted in overseas investment. Since we have been suffering from the low interest rate for a long time, life insurance industry often uses carry trade to enlarge their earnings. In this paper, the investment targets are chosen on the basis of the current life insurance industry. We simulate the short-term interest rate based on Cox-Ingersoll-Ross (1985) model, establish the exchange rate model by Uncovered Interest Rate Parity, and use Heston (1993) model to simulate stochastic process of assets. Then we consider the life insurance industry’s investment strategy to determine the investment ratio and also import the asset correlation into our models. The interest sensitive annuity policies we used to evaluate the liabilities are linked with life insurance companies’ investment. Some risk factors are also been considered, such as mortality, surrender rate and other factors. Through Monte Carlo simulations by 10,000 times, we analysis the life insurance companies’ solvency under risk neutral measurement by using Risk-Based Capital and Economic Capital. The results show that： I.Risk-Based Capital is between Economic Capital calculated by VaR 99.5% and 95%. II.When the volatility of exchange rate and overseas investment ratio increase, the Economic Capital will also increase significantly. III.With the increase in the proportion of foreign bond investment, the increase in the Risk-Based Capital will accelerate the growth. IV.The declaring interest rate of interest sensitive annuity policy will significantly affect the default risk faced by the life insurance company.

Syfte: Syftet med denna studie är att undersöka hur Hammarby Fotboll utövar socialt entreprenörskap genom Spontanfotboll. Detta bidrar med viktig kunskap om hur socialt entreprenörskap praktiseras. Studien visar ett exempel på hur Riksidrottsförbundets policyer påverkar idrottsföreningars arbete med inkludering och att nå vissa grupper i samhället.  Metod: Studien grundar sig i kvalitativ induktiv metod, vilket innebär att materialet samlas in först och analyserar för att sedan skapa teori, modell eller förklaring. Materialet har samlats in genom semistrukturerade kvalitativa intervjuer, en fallstudie samt dokumentanalys.  Teori: Studiens teoretiska perspektiv är Pierre Bourdieus fält och kapitalbegrepp samt CSR och socialt entreprenörskap.  Resultat och slutsatser: Att arbeta med socialt entreprenörskap handlar om att kunna tillfredsställa sociala behov som samhället står inför. Genom Samhällsmatchens (Hammarby Fotbolls avdelning för social entreprenörskap) initiativ Spontanfotboll erbjuder de ungdomar en kostnadsfri aktivitet där de kan spela fotboll under helgkvällar istället för att vara ute under vintermörkret. Detta skapar en meningsfull fritid för ungdomarna där de inte är ute sena kvällar i riskfyllda miljöer, vilket leder till att det upplevs lugnare i området under de tider Spontanfotboll bedrivs. Att använda sig av lokala ledare som leder aktiviteten har visat sig funka bra för Samhällsmatchen. De använder de lokala ledarna för att marknadsföra aktiviteten och når de lokala invånarna mer effektivt samtidigt som de ger ett första jobb för ungdomarna. Detta skapar en trygghet och legitimitet för Spontanfotboll. Resultaten visar hur socialt entreprenörskap kan praktiseras i en av Sveriges största idrottsföreningar, samt tillvägagångssätt för att påverka ungdomars idrottsdeltagande positivt. Studiens slutsats är att Samhällsmatchen och Hammarby Fotboll initiativ Spontanfotboll är framgångsrikt för att de är medvetna om sin roll i lokalsamhället, värnar om de lokala invånarna, samarbetar med lokala aktörer och tillfredställer sociala behov. / Purpose: The purpose of this study is to investigate how Hammarby Football practices social entrepreneurship through Spontanfotboll. This contributes important knowledge about how social entrepreneurship is practiced. The study shows an example of how the Swedish Sports Confederation's policies affect athletic clubs' work with inclusion and reaching certain groups in society. Methodology: The study is based on a qualitative inductive method. The material has been collected through semi-structured qualitative interviews, a case study and document analysis. Theory: The study's theoretical perspective is Pierre Bourdieu's concept of field and capital. as well as CSR and social entrepreneurship. Results and Conclusions:  Working with social entrepreneurship is about being able to satisfy social needs that society faces. Through Samhällsmatchen's (Hammarby Football's department for social entrepreneurship) initiative Spontanfotboll, young people are offered a free activity where they can play football during weekend evenings instead of being out in the winter darkness. This creates a meaningful free time for the young people where they are not out late at night in risky environments, which leads to a safer feeling in the area during the times Spontanfootball is played. Using local leaders who lead the activity has proven to work well for Samhällsmatchen. They use the local leaders to promote the activity and reach the local residents more effectively while providing a first job for young people. This creates a feeling of security and legitimacy for Spontanfotboll. The results show how social entrepreneurship can be practiced in one of Sweden's largest athletic clubs, as well as approaches to positively influence young people's sports participation. The study's conclusion is that Samhällsmatchen and Hammarby Football ́s initiative Spontanfotboll are successful because they are aware of their role in the local community, they care for the local residents, cooperate with local actors and satisfy social needs.

In order to ensure solvency, financial institutions must evaluate their credit risk exposure and determine how much economic capital is required to hold as a cushion. This thesis compares three factor models, namely Asymptotic Single Risk Factor (“ASRF”), Inter-sector and Intra-sector factor models and evaluates how their different characteristics affect the economic capital outcomes. The thesis also investigates how these outcomes are affected when assuming asset dependency through a Student's-$t$ copula. Focus will also be put on how different types and levels of asset correlation affect the models' credit risk results. We use a fictitious loan portfolio consisting of 138 Swedish firms with equity data from between 2007 and 2019 in order to calculate asset correlations and economic capital. Our main findings are that the asset correlations severely impact the outcomes of the credit risk models and that practitioners must calibrate and stress test their models regularly with respect to how correlations vary between different firms. The thesis also finds that using copulas for credit portfolios provides more conservative risk outcomes but makes the models less sensitive to correlation level input. / För att finansiella institutioner ska försäkra sig om att vara solventa måste de utvärdera sin exponering mot kreditrisk och därmed avgöra hur mycket ekonomiskt kapital de behöver hålla som buffert. Denna uppsats jämför tre faktormodeller vid namn Asymptotic Systematic Risk Factor (“ASRF”), Inter-sektor, och Intra-sektor med syfte att undersöka hur deras olika karaktärsdrag påverkar estimaten för ekonomiskt kapital. Vi utvärderar även hur utfallen påverkas av införandet av copula-beroende mellan portföljtillgångarna. Fokus kommer även att läggas på hur olika typer och nivåer av korrelation mellan bolag påverkar de olika modellernas kreditriskutfall. Vi använder oss av en fiktiv låneportfölj bestående av 138 svenska bolag med aktieprisdata mellan 2007 och 2019 för att beräkna korrelationer och ekonomiskt kapital. Uppsatsens främsta resultat pekar på att korrelationerna har en väldigt stor påverkan på det ekonomiska kapitalet och att analytiker rekommenderas att kontinuerligt kalibrera och stresstesta sina modeller med avseende på hur korrelationerna kan skilja sig mellan olika bolag. Vi fann även att copula-beroende gav mycket mer konservativa utfall, det vill säga ett högre ekonomiskt kapital, men var mindre känslig för korrelationsnivåerna mellan bolagen i portföljen.

Syftet med denna studie var att undersöka och få en djupare förståelse för hur elever upplever att vårdnadshavare inverkar på elevernas gymnasieval. Samt utforska på vilket sätt eleverna utifrån deras kulturella bakgrunder liknar varandra samt vilka olikheter som finns dom emellan. Sex stycken kvalitativa intervjuer genomfördes på två olika grundskolor med elever i årskurs 9 med olika bakgrunder. Till hjälp av analysarbetet användes tidigare forskning inom ämnet men även teorierna från Pierre Bourdieu om habitus, klass och kapitalformer samt Hodkinson och Sparkes Careership teori. Resultatet visar att eleverna blir påverkade av sina vårdnadshavare i stor utsträckning. Det visar skillnader elevgrupperna emellan men också likheter kring definitionen av begreppet påverkansfaktor vilket i detta fall varit vårdnadshavares påverkan till största del. I analys och resultatdelen påvisas det även att eleverna blivit mera påverkade av sina vårdnadshavare än vad dom själva ville erkänna. / The purpose of this study was to investigate and gain a deeper understanding for how students feel that guardians affects the student’s choice of upper secondary school. As well as explore in which way the students, based on their cultural backgrounds, are similar and what differences there are between them. 6 qualitative interviews were conducted at two different primary schools with students in year 9 who have different backgrounds. With the help of the analysis work, previous research was used within the subject but also the theories from Pierre Bourdieu on habitus, class and forms of capital as well as Hodkinson and Sparke’s careership theory. The result largely show that the students are influenced by their guardians to a large extent. But that there are differences between the student groups but also similarities around the definition of the concept of influence factor, which in these cases has been guardian’s influence for the most part. The study also shows that students are more affected than they thought they were.

Cette thèse a été réalisée, entre autres, grâce à une subvention reçue du Fonds de recherche du Québec – Société et culture et de son partenaire le ministère de l’Éducation, du Loisir et du Sport (MELS) Les analyses contenues dans cette thèse ont été réalisées au Centre interuniversitaire québécois de statistiques sociales (CIQSS), membre du Réseau canadien des centres de données de recherche (RCCDR). Les activités du CIQSS sont rendues possibles grâce à l’appui financier du CRSHC, des IRSC, de la FCI, de Statistique Canada, du FRQSC ainsi que de l’ensemble des universités québécoises qui participent à leur financement. Les idées exprimées dans ce texte sont celles des auteurs et non celles des partenaires financiers. / Ce travail explore le phénomène social que sont l’élaboration et la variation des aspirations scolaires réalistes chez les finissants du secondaire tout au long de leurs études, soit sur une période de huit années. L’idée est de faire ressortir les fac-teurs en jeu, en se référant aux deux concepts sociologiques d’importance dans le milieu de l’éducation que sont l’habitus de Pierre Bourdieu et la rationalité de Ray-mond Boudon. En somme, cette thèse explore dans quelle mesure les facteurs liés à au parcours de l’élève (base de référence pour un calcul rationnel) et à l’héritage so-cioculturel (habitus) peuvent intervenir sur l’élaboration des aspirations scolaires dites réalistes et la variation des aspirations. Les analyses ont été effectuées en deux temps. La première consiste en une régression logistique pour l’analyse transversale selon les données de l’enquête au-près des jeunes en transition (EJET). Analyse qui avait pour intention de faire ressor-tir les principaux facteurs qui interviennent lors de l’élaboration d’une aspiration sco-laire chez les élèves canadiens qui sont à la fin de leurs études secondaires. Par la suite, une seconde analyse a été faite, toujours avec les données d’EJET, afin de poser un regard longitudinal sur ce phénomène afin de prendre connaissance des facteurs qui interviennent tout au long de leur parcours; pour ce faire une régression d’estimation d’équation généralisée a été effectuée. Les résultats tendent à suggérer que l’élève exécute bel et bien un calcul ra-tionnel pour l’élaboration et la variation des aspirations scolaires réalistes, mais un calcul qui est, avant tout, influencé par l’habitus, surtout selon le niveau d’études des parents (capital culturel institutionnalisé). Par ailleurs, ce calcul rationnel serait da-vantage influencé par la moyenne générale déclarée lors des études au secondaire et lors des premières années à la suite des études secondaires. Ainsi peut-on dire que l’élaboration et la variation d’une aspiration scolaire réaliste se conçoivent sur la base d’un héritage culturel et d’un parcours scolaire constitués d’un ensemble d’expériences scolaires récentes, qui pourrait se conceptualiser sous « la rationalité en habitus ». / This thesis investigates the social phenomenon of the elaboration and adjustment of realistic educational aspirations for high school graduates during the ten-year period preceding graduation. Its aim is to determine which factors most affect realistic edu-cational aspirations in the light of two major sociological concepts: Pierre Bourdieu’s concept of habitus and Raymond Boudon’s concept of rationality. In short, this thesis explores the manner in which factors linked to educational experience (the baseline for rational calculating) and to sociocultural heritage (habitus) may affect the cons-truction of so-called realistic educational aspirations and their adjustment The analyses are done in two distinct parts. The first part consists of logistic regres-sion analysis using cross-sectional data drawn from the Youth in Transition Survey (YITS). The aim of this analysis is to identify the main factors that enter into consid-eration during the construction of educational aspirations for Canadian students ap-proaching high school graduation. The second part, also using YITS data, examines this phenomenon with a longitudinal perspective in order to identify which factors affect aspirations throughout Canadian students’ educational experience. This is done using generalized estimating equations (GEE) regression. The results show that young students, predictably, use rational calculation when con-structing and adjusting realistic educational aspirations, but also that such a calcula-tion is highly influenced by the habitus, especially by the parents’ education level (institutionalized cultural capital). Moreover, the students’ calculation proves to be significantly constrained, when assessing the risks of following different educational aspirations, by the self-reported overall high school average and additional grades in the first years of a postsecondary studies.