During the last two decades there has been an explosion in the number of complex financial instruments that are traded on the financial markets. Naturally, being able to value the increasing number of traded complex financial instruments has an academic interest. Such valuation methods are, however, certainly not only of interest to academics. For agents on the financial markets, it is of crucial importance to be able to assess the value of new exotic securities. This is equally true for financial services firms that construct and promote the instruments, borrowers that sell the products for the financing of their activities and investors that buy the products. Many new financial instruments have attributes that make Contingent Claims Analysis (CCA) superior to other currently known valuation methods. CCA is a technique for determining the price of an asset whose payoffs depend upon the evolution of one or more underlying state variables. One problem that often arises when this framework is used is that it is not possible to find a closed-form solution for the price. Numerical methods must therefore be relied on. Furthermore, in many cases and especially in cases where there is more than one underlying state variable, which many complex financial instruments require for accurate valuation, numerical methods become computationally laborious. Hence, research concerning and development of efficient numerical methods that can be used in the CCA context is important. This dissertation consists of four different papers (papers A to D). Paper A provides discussion of the process of financial innovation. A lengthy appendix is attached to paper A. In this appendix, more thn 100 more or less complex financial instruments are described briefly. Papers B to D have a common theme, which is valuation of complex financial instruments with the help of CCA and numerical methods. The research task of paper B is to answer a question that has unclear status in academic literature. The question is "How do errors (or different modelling choices) in boundary conditions affect solutions when the implicit finite difference method is used?". In papers C and D, numerical methods which can be used to price financial instruments with several underlying state variables are developed and tested. The methods in paper C are finite difference methods, and the method in paper D is a lattice (or tree) approach. / Diss. Stockholm : Handelshögsk.

Thesis (LL. M.)--University of Toronto, 2004. / Adviser: Anthony Duggan.

Zugleich: Diss. regensburg, 2008. / Literaturverz.

Technical provisions represent the liabilities of the insurance company to its clients. In contrast to other liabilities the exact volume of technical provisions is not predetermined. This thesis is focused on technical provisions in non-life insurance, mainly on claims provisions, that are the most significant type of provisions in non-life classes of business. The aim is to analyse methods leading to the estimate of the value of ultimate claims arising from insurance events, that happened during the given time period. Claims provision is the part of ultimate claims, that has not already been paid. The speciality of some insurance classes as well as several factors, that may influence the correct estimate of claims provisions, are also analysed. The goal of this thesis is to present various possible ways, how to deal with these factors in order to prevent distortions of the estimate of ultimate claims. Finally the evaluation of the exactness of estimates and consequences, that the incorrect estimate may cause, are presented.

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As consumers walk through the grocery store they encounter a vast range of products. In this setting information printed on food packages play a role in consumer decision making. One way of influencing consumer behaviour is by using package panels where detailed communication claims can be placed. This study investigates the effect of package communication claims on propensity to switch brand through quantitative research design. Variations among consumer of private label brands versus consumers of name brands are also investigated. Results show that package communication claims have an effect on consumer propensity to switch brand, however there are differences depending on type of claims. Environmental packaging claims have a negative effect on propensity to switch while nutritional claims do not have a significant effect. Production process claims and product origin claims both have a positive effect on consumer propensity to switch and is thus more favourable for brands to use. Furthermore, package communication claims have a larger positive effect on propensity to switch among consumers of private label brands than among consumers of name brands. Since there is a lack of research in the area of package communication this thesis contribute by proving that packages have an effect on consumer behaviour and argues for further research in this area.

This bachelor thesis has been conducted after having personally observed and becoming interested in the HIV response in Kenya. The aim of the study is to assess the capability of Kenya’s AIDS Strategic Framework (KASF) based on Susan James perspective on rights as enforceable claims. It will do so by answering the question; ”what understanding of humans right to highest attainable standard of health is expressed in KASF? In order to do so, James’ conditions and circumstances have served as the foundation to an abductive study which seek to assess KASF from a different perspective. ! The study is primarily based on Kenya’s AIDS Strategic Framework (KASF) and Susan James’ (2003) article “Rights as enforceable claims”. The results and conclusions are reinforced by the use of other supporting documents to KASF and official reports and surveys. ! The results presented in this qualitative study of KASF concludes that some community groups are portrayed as stronger claim-holders than others, with some groups almost being excluded. Furthermore, this thesis establishes that the access to the highest attainable health is hindered by obligation-holders own emotional dispositions as well as institutional limitations.

A dissertation presented to the Faculty of Health, Durban University of Technology, for the Masters Degree in Technology: Chiropractic, 2009. / Background: The International Classification of Diseases (ICD) provides codes to classify diseases in such a manner, that every health condition is assigned to a unique category. Some of the most common diagnoses made by chiropractors are not included in the ICD-10 coding system, as it is mainly medically orientated and does not accommodate these diagnoses. This can potentially lead to reimbursement problems for chiropractors in future and create confusion for medical aid schemes as to what conditions chiropractors actually diagnose and treat. Aim: To determine the level of compliancy of chiropractors, in South Africa, to the ICD-10 coding procedure and the factors that may influence the use of correct ICD-10 codes. As well as to determine whether the ICD-10 diagnoses chiropractors commonly submit to the medical aid schemes, reflect the actual diagnoses made in practice. Method: The study was a retrospective survey of a quantitative nature. A self-administered questionnaire was e-mailed and posted to 380 chiropractors, practicing in South Africa. The electronic questionnaires were sent out four times at two week intervals for the duration of eight weeks; and the postal questionnaires sent once. A response rate of 16.5% (n = 63) was achieved. Raw data was received from the divisional manager of the coding unit of Discovery Health (Pty) Ltd. in the form of an excel spreadsheet containing the most common ICD-10 diagnoses made by chiropractors in South Africa, for the period June 2006 to July 2007, who had submitted claims to the Medical Scheme. The spreadsheet also contained depersonalised compliance statistics of chiropractors to the ICD-10 system from July 2006 to October 2008. SPSS version 15 was used for descriptive statistical data analysis (SPSS Inc., Chicago, Ill, USA). Results: The age range of the 63 participants who responded to the questionnaire was 26 to 79 years, with an average of 41 years. The majority of the participants were male (74.6%, n = 47). KwaZulu-Natal had 25 participants (39.6%), Gauteng 17 (26.9%), Western Cape 12 (19%), Eastern Cape four (6.3%), Free State and Mpumalanga two (3.1%) each and North West one (1.5%). The mean knowledge score for ICD-10 coding was 43.5%, suggesting a relatively low level of knowledge. The total percentage of mistakes for electronic claims was higher for both the primary and unlisted claims (3.93% and 2.18%), than for manual claims iv (1.57% and 1.59%). The total percentage of mistakes was low but increased marginally each year for both primary claims (1.43% in 2006; 1.99% in 2007; 2.33% in 2008) and unlisted claims (0% in 2006; 2.61% in 2007; 3.07% in 2008). CASA members were more likely to be aware of assistance offered, in terms of ICD-10 coding through the medical schemes and the association (p = 0.131), than non-members. There was a non-significant trend towards participants who had been on an ICD-10 coding course (47.6%; n = 30), having a greater knowledge of the ICD-10 coding procedures (p = 0.147). Their knowledge was almost 10% higher than those who had not been on a course (52.4%; n = 33). Most participants (38.1%; n = 24) did not use additional cause codes when treating cases of musculoskeletal trauma, nor did they use multiple codes (38.7%; n = 24) when treating more than one condition in the same patient. Nearly 70% of participants (n = 44) used the M99 code in order to code for vertebral subluxation and the majority (79.4%; n = 50) believed the definition of subluxation used in ICD-10 coding to be the same as that which chiropractors use to define subluxation. According to the medical aid data, the top five diagnoses made by chiropractors from 2006 to 2007 were: Low back pain, lumbar region, M54.56 (8996 claims); Cervicalgia, M54.22 (6390 claims); Subluxation complex, cervical region, M99.11 (2895 claims); Other dorsalgia, multiple sites in spine, M54.80 (1524 claims) and Subluxation complex, sacral region, M99.14 (1293 claims). According to the questionnaire data, the top five diagnoses (Table 4.24) were: Lumbar facet syndrome, M54.56 (25%); Lumbar facet syndrome, M99.13 (23.3%); Cervical facet syndrome, M99.11 (21.7%); Cervicogenic headache, G44.2 (20%) and Cervicalgia, M54.22 (20%). Conclusion: The sample of South African chiropractors were fairly compliant to the ICD-10 coding system. Although the two sets of data (i.e. from the medical aid scheme and the questionnaire) regarding the diagnoses that chiropractors make on a daily basis correlate well with each other, there is no consensus in the profession as to which codes to use for chiropractic specific diagnoses. These chiropractic specific diagnoses (e.g. facet syndrome) are however, the most common diagnoses made by chiropractors in private practice. Many respondents indicated that because of this they sometimes use codes that they know will not be rejected, even if it is the incorrect code. For more complicated codes, the majority of respondents indicated that they did not know how to or were not interested in submitting the correct codes to comply with the level of specificity required by the medical aid schemes. The challenge is to make practitioners aware of the advantages of correct coding for the profession.

published_or_final_version / Statistics and Actuarial Science / Master / Master of Philosophy

Asthma is a prevalent chronic disease with high health care utilization and excessive costs. Adherence to asthma long-term controller medications is one of the key drivers to improve asthma management. The purpose of this study was to investigate how patient characteristics and medication regimens, including adherence, impact asthma-related outcomes, which was represented by the use of quick-relief medications: oral corticosteroids (OCSs) and short-acting [beta]2-agonists (SABAs). Texas Medicaid prescription claims from July 1, 2008 to August 31, 2010 were retrospectively analyzed. Patients aged 5-63 years with a primary diagnosis of asthma (ICD-9 code 493) and four or more prescription claims for any asthma medication in one year (persistent asthma) were included. The primary outcomes were adherence to asthma long-term controller medications estimated by Proportion of Days Covered (PDC) and asthma control defined by the number of OCS and SABA claims. A total of 32,172 patients were included in the study. The majority of the patients were on monotherapy (58.9%), with leukotriene receptor antagonists (LTRAs) being most commonly prescribed (65.6%). Among patients on combination therapy (41.1%), fixed dose combinations of inhaled corticosteroids (ICSs) plus long-acting β-agonists (LABAs) were most commonly prescribed (51.9%). Mean (±SD) adherence to controller therapy was 32.2% (±19.7). Patients on LTRAs were 7.7% more adherent compared to patients on ICS therapy, and patients on fixed dose combination therapy were 4.5% more adherent compared to patients on concurrent therapy, while controlling for covariates (age, gender, race, number of non-study medications) (p<0.0001). The likelihood of having 6 or more claims for SABA in one year was significantly higher for adherent (PDC≥50%) patients (p<0.0001). However, the likelihood of OCS use was significantly higher for nonadherent (PDC<50%) patients compared to those who were adherent (p<0.0001). In conclusion, adherence to long-term controller medications was low among patients with asthma. Healthcare providers should emphasize adherence to controller therapy among patients with asthma. Being adherent is critical in prevention of asthma exacerbations requiring OCS use. As frequent SABA use signals poor asthma control, healthcare providers and patients (both adherent and nonadherent) should be educated/re-educated about SABA inhaler use. / text