L'objectif de cette thèse est de fournir à la banque Audi un outil à jour sur les façons de calculer le capital requis par Bâle pour certains risques financiers présents dans le portefeuille de la banque. La régulation internationale est en développement continu : des nouvelles approches sont proposées afin de couvrir au mieux les risques du marché et du secteur bancaire. Les crises financières récentes étaient à la base de ces réformes. De plus, la Banque Audi opère sur des marchés qui présentent des caractères spécifiques qu'il faut prendre en considération lors du calcul du capital requis. Cette thèse se concentre sur le risque de taux d'intérêt dans le livre de négociation de la banque, le risque de contrepartie et précisément l'ajustement d'évaluation de crédit tout en incorporant l'impact de la corrélation entre la qualité du crédit de la contrepartie et l'exposition prévue envers cette même contrepartie. La première partie de cette thèse traite de la nouvelle méthodologie suggérée par Bâle sur le Trading Book : Fundamental Review of the Trading Book. Le risque de taux d'intérêt est particulièrement analysé en utilisant la méthode standard, Sensitivity Based Approach (SBA), et des méthodes plus 'traditionnelles' de valeur à risque tout en utilisant différents modèles tels que Generalized Auto Regressive Conditional Heteroscedasticity (GARCH), l'Analyse en Composantes Principales (ACP), l'Analyse en composantes indépendantes (ACI) et la version dynamique du modèle de taux de Nelson Siegel (DNS). Une application sur des portefeuilles d'obligations zéro coupons de différentes devises permet d'identifier la diversification des résultats entre les marchés stables européens (comme la France), moins stables (exemple Etats-Unis) et les marchés émergents (tel la Turquie). La deuxième partie est consacrée au risque de Contrepartie. Récemment, un nouveau capital est requis par les normes de Bâle afin de couvrir ce genre de risque. En 2014, la méthode est publiée : Standardized Approach for Counterparty Credit Risk (SA-CCR). On applique cette méthode sur différents types de produits dérivés afin de comparer le capital demandé par cette approche à celui obtenu par les modèles internes. Les modèles internes incorporent les estimations historiques ainsi que les projections futures du marché tout en se basant sur des modèles bien connus tels que Vasicek et GARCH. Plusieurs structures de hedging sont mises en place afin de mesurer l'impact de chacune sur les deux montants de capitaux requis (sous la méthode standard ou l'IMM). L'effet sur des produits en EUR et USD reflété que le modèle interne demande 80% du capital standard quand aucune stratégie de hedging n'est mise en place. Par contre, le hedging semble être beaucoup plus favorisé par le modèle standard que le modèle interne. La troisième partie est toujours sur le risque de Contrepartie, mais se focalise sur l'ajustement d'´évaluation de crédit (CVA). Ce sujet ne faisait pas partie des capitaux requis sauf récemment. A cause de son grand impact durant les récentes crises financières. Dès lors, si une opération avec des produits dérivés ne passe pas par une central clearing houses, un capital pour le CVA est requis. Dans ce travail, on détaille les méthodes acceptées par Bâle afin de calculer ces capitaux et on les compare entre elles. La comparaison se fait en se basant sur des portefeuilles de swap de taux d'intérêts avec, comme contreparties, différents pays d'Investment Grade. Cet article incorpore en plus l'impact de la corrélation entre la détérioration de la qualité de la contrepartie et l'augmentation de l'exposition prévue avec cette contrepartie connue sous le nom de WrongWay Risk : des modèles de correction d'erreurs (ECM) sont mis en place afin de déterminer ce lien. Les résultats permettent de montrer l'importance d'utiliser les CDS des contreparties et non de se limiter à leur note (Investment Grade ou pas)... / This thesis aims at providing Bank Audi with an updated tool to understand and investigate in given risk types encountered in their portfolios and the way Basel suggests computing their capital charges. International regulator is constantly changing and modifying previously used approaches to enhance the reflection of the market and banking sector risks. The recent financial crisis played a major role in these reforms, in addition the situation of Bank Audi and the markets it is operating in, represent certain specifications that should be accounted for. The work handles interest rate risk in the trading book, Counterparty Credit Risk faced with derivatives along a closer look on the Credit Valuation Adjustment topic and the incorporation of Wrong Way Risk. The first part discusses the new Fundamental Review of the Trading Book: focusing on the general interest rate risk factor, the paper compared Basel’s Sensitivity Based Approach (SBA) capital charge to more traditional approaches of VaR using several models such as Generalized Auto Regressive Conditional Heteroscedasticity (GARCH), Principal Components Analysis (PCA), Independent Components Analysis (ICA) and Dynamic Nelson Siegel. Application on portfolios with zero coupon bonds of different sovereigns revealed the divergence in results between stable markets (such as France and Germany), less stable (such as the USA) and emergent markets (such as Turkey). The second part is dedicated to the Counterparty Credit Risk. A new capital charge methodology was proposed by Basel and set as a standard rule in 2014: the Standardized Approach for Counterparty Credit Risk (SA-CCR). Applying this approach on different derivatives portfolios, we compared it to internal models. The internal methodologies incorporated historical estimations and future projections based on Vasicek and GARCH models. Different hedging cases were investigated on EUR and USD portfolios. The impact of each hedging technique and the difference between IMM and the standardized methods were highlighted in this work: without hedging, the internal approach amends 80% of the standardized capital whereas, in general, the hedging is encouraged more under the standardized approach relatively to its capital reduction under the internal model. The third part remains a part of the Counterparty Credit Risk however, the main focus in this work is the Credit Valuation Adjustment. This topic was neglected in terms of capital charge earlier but due to its important impact is now incorporated as a capital charge amended when no central clearing is put in place when dealing with derivatives. We focus on the regulatory approaches of capital computation, comparing both accepted approaches based on portfolios of interest rate swaps held with investment grade sovereigns. An incorporation of the Wrong Way Risk is another addition in this work: using Error Correction Models we were able to reflect the impact of the correlation between the exposure and the credit quality of the investment grade sovereign we are dealing with. Based on such results, a suggestion of a re-calibrated standardized approach is in place to encourage the use of the CDS as an indicator of the credit quality of the counterparty and not its grade (investment or not) as followed by the new Basel regulations

Det blir alltmer vanligt med vegetarisk och vegansk kost i Sverige. Många väljer bort kött- och mejeriprodukter på grund av miljöaspekter men även för att främja djurens rättigheter. Mänskliga rättigheter är ett ämne som diskuteras bland annat i politiken, i skolan och på universiteten. Relationen mellan djurens rättigheter och mänskliga rättigheter diskuteras dock inte i lika hög grad, och hur vi ser den relationen varierarmellan olika personer. Jag tror att i princip ingen anser att andra arter än vi människor är moraliskt obetydliga men de allra flesta anser nog att vi människor är, i moralens ögon, viktigare. Hur relationen mellan människors och djurens rättigheterser ut har nog få funderat över i ingående detalj och med denna uppsats hoppas jag att vi kan få en tydligare bild av detta. / Vegetarian and vegan diets are becoming more common in Sweden. Many dismiss meat and dairy products due to environmental aspects and also in favor of animal rights. Human rights is a topic often discussed in politics, in school and at universities. The relationship between animal rights and human rights however are not discussed to the same extent, and how we envision that relationship varies greatly between different people. I believe that there are few who think that other species than humans are completely morally insignificant but the vast majority of people however probably believe that we humans are, in the eyes of morality, at least more important. I imagine there are few who have considered how the relationship between human and animal rights look in great detail and with this essay I hope that we can get a clearer picture of that relationship.

<p>ABSTRACT</p><p>Title: First steps towards successful recruitment – A study about a small Swedish firm’s recruitment strategy</p><p>Course: Bachelor Dissertation - Leadership</p><p>Authors: Filip Agby, Damir Macanovic and Thomas Mennerdahl</p><p>Advisor: Anders Billström</p><p>Key Words: Recruitment in small firms, recruitment strategy, wrong fit recruitment, HRM, right staff</p><p>Problem enunciation: What pros and cons could the choice of recruitment strategy mean for a small Swedish firm. </p><p>Purpose: The purpose of this thesis is to give recruiters a better understanding of how a small Swedish company could use different recruitment strategies, together with systematic preparations, to affect the experienced recruitment result. Another purpose is to study if earlier mentioned international research about small firms’ recruitment strategies is applicable to a small Swedish firm.</p><p>Theoretical framework: The section initiates by introducing the reader to the subject through describing Human resource management with a focus on recruitment. Then we point out the importance of systematic preparations prior to recruiting. Thereafter we present five common recruitment strategies. The chapter ends with reasoning about successful recruitment and wrong fit recruitment.</p><p>Method: We have used a qualitative approach to gather profound data for the study.</p><p>Empirical perspective: The empirical framework presents the fallout of the interviews we had with the studied company.</p><p>Conclusion: Our study implies that earlier international research about the challenges in small firms’ recruitment is applicable to our studied firm. The study also demonstrates that our firm have had and has a lack of resources, structure and discipline which is pointed out by the researchers. Particularly the neglection of systematic preparations, which increases the risk of wrong fit recruitment. Our result also shows that the firm uses advertising, network recruitment, recruitment firms and recruiting through the own website. Network recruitment was earlier considered to be fitting when the staffing requirement was very high and speed was of importance. Recruitment firms were on the other hand considered to have many valueable advantages and tended to generate successful recruitments.</p>

ABSTRACT Title:First steps towards successful recruitment – A study about a small Swedish firm’s recruitment strategy Course: Bachelor Dissertation - Leadership Authors: Filip Agby, Damir Macanovic and Thomas Mennerdahl Advisor: Anders Billström Key Words: Recruitment in small firms, recruitment strategy, wrong fit recruitment, HRM, right staff Problem enunciation: What pros and cons could the choice of recruitment strategy mean for a small Swedish firm. Purpose: The purpose of this thesis is to give recruiters a better understanding of how a small Swedish company could use different recruitment strategies, together with systematic preparations, to affect the experienced recruitment result. Another purpose is to study if earlier mentioned international research about small firms’ recruitment strategies is applicable to a small Swedish firm. Theoretical framework:The section initiates by introducing the reader to the subject through describing Human resource management with a focus on recruitment. Then we point out the importance of systematic preparations prior to recruiting. Thereafter we present five common recruitment strategies. The chapter ends with reasoning about successful recruitment and wrong fit recruitment. Method:We have used a qualitative approach to gather profound data for the study. Empirical perspective:The empirical framework presents the fallout of the interviews we had with the studied company. Conclusion: Our study implies that earlier international research about the challenges in small firms’ recruitment is applicable to our studied firm. The study also demonstrates that our firm have had and has a lack of resources, structure and discipline which is pointed out by the researchers. Particularly the neglection of systematic preparations, which increases the risk of wrong fit recruitment. Our result also shows that the firm uses advertising, network recruitment, recruitment firms and recruiting through the own website. Network recruitment was earlier considered to be fitting when the staffing requirement was very high and speed was of importance. Recruitment firms were on the other hand considered to have many valueable advantages and tended to generate successful recruitments.

Thesis (Ph.D.)--University of Wyoming, 2008. / Title from PDF title page (viewed on June 24, 2009). Includes bibliographical references (p. 52-58).

Den kvalitativa studien syftar till att undersöka subjektiva upplevelser om rekryteringsprocessen och eventuella felrekryteringar. Med dagens teknik, den nya generationen påväg in till arbetsmarknaden och den nyligen passerade pandemin är det nu mer än någonsin viktigt att hitta rätt person till rätt plats och position. Vi ville med studien få en djupare förståelse från en rekryterares och rekryterande chefs perspektiv kring utmaningarna med just detta och hur konsekvenserna av en felrekrytering kan upplevas. I den teoretiska referensramen redovisas både ett objektivt och ett subjektivt perspektiv. Det objektiva förhållningssättet som rekryteringsprocessen präglas av och det subjektiva perspektivet i och med de psykologiska fenomenen som intervjuareffekterna. Studiens metod har utförts genom en kvalitativ ansats genom ett empiriskt material som samlats in i form av 8 intervjuer. Målgruppen har bestått av personer som idag arbetar med rekrytering och gjort sedan minst 1 år tillbaka. Intervjuerna har spelats in, efter respondenternas godkännande, och transkriberats. Intervjuerna har sedan analyserats enligt tematisk analysmetod. Studiens syfte besvaras genom våra tre presenterade frågeställningar. Resultatet pekar på upplevda utmaningar med sammanställning av kravprofil, första urvalet och intervjuer under rekryteringsprocessen. Då slutsatserna baseras på subjektiva upplevelser och känslor har resultatet varierat, trots det har respondenterna beskrivit snarlika upplevelser. Konsekvenser av felrekrytering har upplevts som omfattande och har påverkat organisationen negativt i såväl ett ekonomiskt perspektiv som organisatoriskt.

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Orientador: Carlos Roberto Padovani / Banca: Adriano Wagner Ballarin / Banca: Flávio Fekkari Aragon / Banca: José Carlos Martinez / Banca: Marie Oshiiwa / Resumo: Aspectos teóricos relacionados à Análise Discriminante Multivariada - Linear e Quadrática - foram discutidos, por meio de um extenso levantamento histórico da função discriminante, com seus primórdios no trabalho de Fisher e sua posterior evolução, enfocando o intenso desenvolvimento das técnicas classificatórias discriminantes com o advento dos computadores. Foi dada ênfase aos softwares estatísticos desenvolvidos para PC, que realizam a análise discriminante, e que representam uma grande contribuição para pesquisadores e usuários desta técnica. Considerando a dificuldade existente quanto a aplicativos computacionais acessíveis a pesquisadores da área de ciências agrárias, elaborou-se um programa que realiza a análise discriminante quadrática com as respectivas freqüências de classificação correta, bem como o manual explicativo do usuário. Verificou-se que a função discriminante quadrática trata de um procedimento bastante útil nas ciências agrárias, como, por exemplo, em estudos nas áreas de solos, cultivos diversos (soja, milho, cana de açúcar, pupunha, braquiária, frutas), criação de animais e classificação e seleção de madeiras; porém, subutilizada frente à dificuldade de programas computacionais de fácil manuseio e acesso a pesquisadores das áreas aplicadas. Os procedimentos estudados e discutidos foram ilustrados com exemplos de aplicação, utilizando dados experimentais agronômicos de espécies de Girassóis e Eucalyptus, submetidos ao aplicativo desenvolvido. / Abstract: A large historical study of the discriminant function has allowed a discussion on theoretical aspects related to the Multivaried Discriminant Analysis - Linear and Quadratic, showing its past in the work of Fisher and its later evolution, emphasizing the wide development of classificatory discriminant techniques with the happening of the computers, and specific statistic softwares which practice the discriminant analysis, representing a big contribution to researches and users of this technique. Considering the difficulty in relation to accessible softwares to researches of the agrarian area, a software which performs a linear and quadratic discriminant analysis was built with its frequencies of correct classification, as well as an explicative manual to users. The quadratic discriminant was studied as being a very useful process in agrarian sciences. Some examples of this usefulness is in studies of the ground, diversified cultivation (soybean, corn, sugarcane, pejibaye, brachiaria decumbens fruits), animal creation and wood selection, and classification; however, misused in relation to the difficulties of easy handing and access to researchers of applied areas. The studied and discussed procedures were illustrated with applications, using agronomic experimental data of Sunflower and Eucalyptus, submitted to developed software. / Doutor

Usage of financial measurements that address the default probability of counterparties have been market practice for some time. Quantifying counterparty credit risk is usually done through the credit value adjustment which adjusts the value from a risk-free value to a risky value. When quantifying the credit value adjustment there is an important assumption that the financial exposure (value) and probability of counterparty default are independent variables. Wrong-way risk implies a relationship where exposure and probability of default are increasing together. It is an unfavourable relationship since as a party stands to gain more the probability of the counterparty not being able to pay also increase. When removing the independency assumption, the quantification of the credit value adjustment becomes more complex and there are several different methodologies with the aim to quantify CVA without the independency assumption. This paper analyses different methods of quantification and discusses different potential mitigators of wrong-way risk. But also, a case study searching for potential wrong-way exposures at a Swedish investment bank. The case study considers whether the exposures could potentially be influenced by wrong-way risk through stress tests on different value adjustments. The stress tests change the value adjustment and in turn imply wrong-way movements. At an investment bank that work towards minimizing risk it would be surprising to find large wrong-way risk exposures. But there are some interesting observations which could be deemed as wrong-way movements and would be interesting for the bank to investigate. Overall for the bank, wrong-way risk exposure cannot be claimed as significant. Conclusions involve modelling approach I deem the most useful in a perspective of calibration methodology, computer efficiency and deviation. Also, some suggestion of further development of this paper. / Under en tid har användning av finansiella mått som inkluderar motpartskreditrisk varit marknadsstandard. Kreditvärdesjustering används för att kvantifiera motpartskreditrisk och justerar värdet från ett riskfritt till ett värde som inkluderar motpartskreditrisk. När man justerar värdet används ett viktigt antagande som säger att den finansiella exponeringen (värdet) samt sannolikheten att motparten inte uppfyller sina förpliktelser är oberoende variabler. Felvägsrisk implicerar ett förhållande där exponeringen och sannolikheten att motparten inte kan uppfylla sina förpliktelser ökar tillsammans. Det är ett ofördelaktigt förhållande eftersom när en part kan tjäna mer ökar sannolikheten att motparten inte kan betala. När oberoende-antagandet tas bort blir kvantifieringen mer komplex, men det finns flera olika metoder som kvantifierar kreditvärdesjusteringen utan oberoende-antagandet. Denna uppsats analyserar olika kvantifieringsmetoder och diskuterar olika metoder för att minimera felvägsrisk. Uppsatsen innehåller även en fältstudie med syfte att hitta felvägsrisk bland exponeringarna hos en svensk investeringsbank. Fältstudien överväger huruvida exponeringarna eventuellt kan vara influerade av felvägsrisk genom att stressa olika mått för värdejustering. Stresstesterna påverkar värdejusteringen som i sin tur kan implicera felvägsrisk. Hos en svensk investeringsbank vars arbete involverar att minimera risk hade det varit förvånande att hitta stora exponeringar med felvägsrisk. Men det finns vissa observationer som tycks påvisa ofördelaktiga förhållanden som tyder på felvägsrisk. Dessa observationer skulle vara intressant för banken att se över utifrån den potentiella felvägsrisken. Överlag för banken kan jag inte påstå att exponeringen av felvägsrisk är signifikant. Slutsatserna involverar vilken modelleringsmetod som jag anser är mest användbar utifrån kalibrering, dataeffektivitet och potentiell avvikelse. Samt några förslag på vidare utveckling av denna rapport.