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Una comparación de medidas de riesgo financieroDíaz Cáceres, Alejandra 06 1900 (has links)
Seminario para optar al título de Ingeniero Comercial,Mención Administración / Hoy en día, la información actualizada es una prioridad para todo ámbito empresarial, donde aquella institución que no está dispuesta a innovar constantemente en aprendizaje, adaptación a las necesidades del cliente y tecnología, va quedando atrás y tiene alta probabilidad de dejar de existir totalmente. Lo mismo ocurre en el ámbito de las instituciones financieras, donde si no adoptan las últimas regulaciones, son multados por las fiscalizadoras; si no tienen buenos sistemas de información, caen en ineficiencias en las operaciones; y si no utilizan los últimos avances en las mediciones de riesgo, tendrán más pérdidas que aquellas instituciones que sí resguardan de manera adecuada sus inversiones.
Es por esto que se vuelve relevante el analizar las últimas medidas de riesgo, para que las empresas que manejan distintos portafolios, ya sea de inversión o como cobertura para otros activos financieros, sepan cómo cubrirse de la volatilidad del mercado y así disminuir la posible pérdida frente a malas circunstancias.
En este trabajo, se analiza la principal medida de riesgo Value-at-Risk, y se compara con la nueva medida Déficit Esperado, que se está colocando por sobre las demás medidas, al cumplir una serie de propiedades que la vuelven más eficiente y óptima al estimar posibles pérdidas.
Se encuentra que la principal diferencia entre ambas medidas, es que el Déficit Esperado calcula un riesgo mayor que el del VaR al utilizar un coeficiente de estimación mayor, por lo que es más conservador; pero que frente a circunstancias normales de mercado, como es el caso del mercado chileno, los activos no son altamente volátiles y el portafolio no tendrá posibles pérdidas mayores a las esperadas, por lo que la estimación del VaR es suficiente como análisis de riesgo. En casos donde el portafolio contenga activos muy volátiles, se recomienda el uso del Déficit Esperado y siempre a un nivel de confianza del 99% en ambas medidas.
La estructura del trabajo consiste en: una revisión bibliográfica sobre ambos temas; seguida de las definiciones teóricas y matemáticas de ambas medidas de riesgo, con las críticas al VaR y el por qué no es una medida de riesgo coherente; luego, se realiza una evidencia empírica para analizar estas medidas empíricamente, aplicada a las acciones pertenecientes al IPSA del mercado chileno a través de los últimos tres años; y se termina concluyendo los resultados y la conveniencia de las medidas
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Investment Analysis: Evaluating the Loss and Risk of a Stocks and Options PortfolioInfantino, Shanna 02 May 2012 (has links)
With the ripples in the financial markets and economic stresses that occur around the world today, it would be beneficial to have some insight into the tools that help investors learn about the riskiness of their portfolios. At what value is one's portfolio in danger of being completely wiped out? We aim to further the understanding of values such as these and give an assessment of some risk measures by investing in an interactive portfolio, as well as estimating the values at risk and expected shortfalls of this portfolio.
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Investment Analysis: Evaluating the Loss and Risk of a Stocks and Options PortfolioShah, Azuri 02 May 2012 (has links)
With the ripples in the financial markets and economic stresses that occur around the world today, it would be beneficial to have some insight into the tools that help investors learn about the riskiness of their portfolios. At what value is one's portfolio in danger of being completely wiped out? We aim to further the understanding of values such as these and give an assessment of some risk measures by investing in an interactive portfolio, as well as estimating the values at risk and expected shortfalls of this portfolio.
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Mr. Mom: Stay-at-Home Fathers, Parenting, and MasculinityColbert, Cara Elizabeth January 2010 (has links)
Thesis advisor: Shawn McGuffey / This paper provides a look into the lives of 13 stay-at-home fathers. This qualitative, exploratory study conducted in-depth interviews with 13 men who defined themselves as stay-at-home fathers. Respondents were obtained through convenience sampling. Fathers were from several major metropolitan U.S. cities, from New York, Los Angeles, Boston, to Washington, D.C. All respondents were white, middle- to upper-middle class males. This study aims to analyze gender through the theories of “doing gender” (West and Zimmerman, 1987) and structuralism (Risman, 1998). This paper argues that what dictates an individual to become a successful parent is not sex or a biological desire, but structural and situational demands. Due to financial reasons and time availability, these men were able to commit the time and energy needed to become a full-time parent. This paper also analyzes the different ways in which men construct masculinity when taking on an untraditional role. Stay-at-home fathers emphasize physical activity, sports, and a lack of emotional connection as a way of maintaining and constructing masculinity. This paper concludes that gender is not only socially constructed, but also that gender is constructed within the structural demands of the situation. Although stay-at-home fathers still find ways to construct masculinity, their stories demonstrate that they are just as capable as women to rise up to the challenges of full-time parenting. In conclusion, this study argues that good parenting knows no gender, and that government policies and programs should advocate for all different family structures. / Thesis (BA) — Boston College, 2010. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Sociology Honors Program. / Discipline: Sociology.
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Riscos de mercado na comercialização de energia: uma abordagem via complementação energética e gestão de portfólio de projetos, considerando a mitigação de incertezas da geração eólica. / Market risks in energy trading: an approach via energy management and project portfolio completion, considering the mitigation of uncertainties of wind generation.Tamashiro, Andre Takeshi 15 May 2014 (has links)
No setor elétrico brasileiro as fontes renováveis de energia têm se tornadas atrativas do ponto de vista do investidor devido não só aos incentivos de política de governo, como também por exibirem uma elevada competitividade, além da sinergia proveniente da complementariedade energética entre essas fontes. Por outro lado,a tomada de decisão de investimento em empreendimentos de geração tem se caracterizado cada vez mais como um processo complexo e arriscado, devido à potencial perda financeira decorrente de um fluxo de caixa bastante irregular, fundamentalmente em função da interação no mercado de curto prazo. Este trabalho descreve o problema e a solução para um investidor caracterizado por sua aversão ou apetite ao risco otimizando os recursos com restrição de risco (VaR, CVaR mesclado com conceito do CFaR). Os resultados mostram que para parâmetros usuais que condicionam o risco financeiro, tais como,(i) a taxa de investimento, (ii) preço de contrato de venda e (iii) custo de investimento, o modelo busca a solução para a melhor alocação de investimento, representada por um portfólio ótimo de projetos, respeitando limites fixados para o montante a ser investido e o risco financeiro correspondente. De forma geral, a conceituação da medida de aversão a risco e sua implementação no modelo de otimização desenvolvido permitiram obter resultados robustos para o tipo de problema abordado e a diversidade de situações analisada a partir de estudos de caso. / Brazilian electricity sector in renewable energy sources has become attractive from the investor point of view not only because of government policy incentives, but also to exhibit a high competitiveness beyond energy synergy from the complementarity between energy sources. However, the decision making of investments in generation capacity has come to characterize a complex and risky process, because of the potential financial loss resulting from a highly irregular cash flow, mainly due to the interaction in the short-term market. This paper describes the problem and solution for the risk averse investor optimizing financial resources constrained risk (VaR, CVaR merged with the concept CFaR). The results show that for the risk factors, as for instance, investment rate, sales price and cost of investment contract, the model responds within the limits of tax risks. In general, the concept of measure of risk aversion and its implementation in the optimization model developed is shown robust to the type of problem addressed.
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Riscos de mercado na comercialização de energia: uma abordagem via complementação energética e gestão de portfólio de projetos, considerando a mitigação de incertezas da geração eólica. / Market risks in energy trading: an approach via energy management and project portfolio completion, considering the mitigation of uncertainties of wind generation.Andre Takeshi Tamashiro 15 May 2014 (has links)
No setor elétrico brasileiro as fontes renováveis de energia têm se tornadas atrativas do ponto de vista do investidor devido não só aos incentivos de política de governo, como também por exibirem uma elevada competitividade, além da sinergia proveniente da complementariedade energética entre essas fontes. Por outro lado,a tomada de decisão de investimento em empreendimentos de geração tem se caracterizado cada vez mais como um processo complexo e arriscado, devido à potencial perda financeira decorrente de um fluxo de caixa bastante irregular, fundamentalmente em função da interação no mercado de curto prazo. Este trabalho descreve o problema e a solução para um investidor caracterizado por sua aversão ou apetite ao risco otimizando os recursos com restrição de risco (VaR, CVaR mesclado com conceito do CFaR). Os resultados mostram que para parâmetros usuais que condicionam o risco financeiro, tais como,(i) a taxa de investimento, (ii) preço de contrato de venda e (iii) custo de investimento, o modelo busca a solução para a melhor alocação de investimento, representada por um portfólio ótimo de projetos, respeitando limites fixados para o montante a ser investido e o risco financeiro correspondente. De forma geral, a conceituação da medida de aversão a risco e sua implementação no modelo de otimização desenvolvido permitiram obter resultados robustos para o tipo de problema abordado e a diversidade de situações analisada a partir de estudos de caso. / Brazilian electricity sector in renewable energy sources has become attractive from the investor point of view not only because of government policy incentives, but also to exhibit a high competitiveness beyond energy synergy from the complementarity between energy sources. However, the decision making of investments in generation capacity has come to characterize a complex and risky process, because of the potential financial loss resulting from a highly irregular cash flow, mainly due to the interaction in the short-term market. This paper describes the problem and solution for the risk averse investor optimizing financial resources constrained risk (VaR, CVaR merged with the concept CFaR). The results show that for the risk factors, as for instance, investment rate, sales price and cost of investment contract, the model responds within the limits of tax risks. In general, the concept of measure of risk aversion and its implementation in the optimization model developed is shown robust to the type of problem addressed.
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The Relationship Between Final Grades and Tutoring Methods of At-risk College FreshmenRuss, Valeria A. 01 January 2015 (has links)
Without academic intervention, such as tutoring, at-risk students may not pass their courses. This study examined differences between the final grades of at-risk students and tutoring methods, such as self-determined tutoring, academic advisor scheduled tutoring, group tutoring, one-to-one tutoring, peer tutoring, and professional tutoring. This study drew from cognitive learning theory and humanistic theory for its conceptual framework. A quantitative, ex post facto research design was used. Archived data supplied by the Registrar's Office and the Academic Enrichment Coordinator included records of 95 male and female students conditionally enrolled at Methodist University in the Academic Enrichment Program during the 2007 to 2009 academic years. The results of an independent samples t test determined there was a significant difference between final grades of students who had self-determined tutoring compared to those who had academic advisor determined tutoring. Results of a one-way analysis of variance determined there were significant differences in final grades of students who received group tutoring compared to one-to-one tutoring and peer tutoring compared to professional tutoring. The preliminary results raised questions of the importance of tutor status in a group or one-to-one setting. A post hoc analysis using a paired-samples t test revealed a statistically significant difference in final grades of students in group settings but not in one-to-one settings. The results of this study offer the potential for positive social change to those in higher education by advancing the understanding of how to support and provide intervention programs, such as tutoring for at-risk students, in order to reduce their risk of academic failure during college.
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Exploring communication patterns within and across a school and associated agencies to increase the effectiveness of service to at-risk individualsScott, Donald January 2005 (has links)
The significant standpoint in this study was that schools’ key role was to educate and yet this process would be severely impeded when a student receiving the education was at-risk. Agencies external to the school provide support in various forms to these individuals with the view of decreasing their at-risk status, thus providing an environment conducive to learning. Communication was posited to be a fundamental process essential to the provision of support and education to these at-risk individuals. The conceptual framework in this study acknowledged the complexity of school and organisational environments and was founded upon four key theoretical perspectives; organisational communication theory; a psychological orientation provided by Maslow’s hierarchy of needs; a social reconstructionist perspective; and constructs underpinning at-risk status causal factors. This research study sought to identify communication patterns existing within a selected school, and between the school (in this case) and associated agencies that were supporting the at-risk individuals. The results of this study, derived from in-depth interviews and questionnaires with agency personnel and school staff, demonstrated that although formal patterns of communication did exist they were inefficient and cumbersome. Formal patterns of communication were subsidiary to informal networks between colleagues. In this study, the school was frequently excluded from informal and formal agency communication patterns. Intra-agency and intra-school communication patterns were characterised by a top-down orientation with administrators tending to control the flow of information. A major finding was that there were considerable barriers to developing more effective communication patterns. / The greatest impediment to communication was case workers’ fear of breaching the Commonwealth Privacy Act 1988, even when dealing with such serious issues as children’s safety. Other less serious, but still substantial barriers, included agency territorialism, poor marketing of services, and individuals’ biases against particular support agencies. A surprising finding was that case workers’ and educators’ conceptualisations of the causal factors which contribute to an at-risk status were well aligned. The family factors, which included drug addicted, alcoholic, violent, criminal, disinterested and/or neglectful parents, problematic siblings, and coming from an English-as-a-second-language background were deemed to have the most significant influence towards creating an at-risk status. School-based factors such as stressed, intolerant, inexperienced, and/or non-supportive teachers, an inadequate and/or violent school environment, and a lack of individualised support were deemed to have the least impact on developing an at-risk status. As a result of this research a model has been proposed which outlines the creation of a State Support Brokerage Authority whose mandate would be to centralise, coordinate, and ensure quality of service to at-risk individuals across the state. This body would utilise a technological solution to enhance and coordinate the communication patterns between all potential stakeholders to facilitate appropriate and timely interventions.
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Behaviour of high strength steel columns at elevated temperaturesChen, Ju, January 2007 (has links)
Thesis (Ph. D.)--University of Hong Kong, 2007. / Title proper from title frame. Also available in printed format.
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"...det är ett jobb liksom. Där utbildningen blir en konsekvens". : En intervjustudie om AT-läkares vardag i StockholmHallgren, Malin January 2006 (has links)
<p>AbstractInledningsvis beskrivs vad AT-tjänst i Sverige innehåller, samt grundläggandearbetsmiljömässiga omständigheter för AT-läkare. Bakgrunden tar upp teori om"den goda organisationen", motivation och stress, samt lagar och föreskrifter enligtSocialstyrelsen och Socialtjänstlagen. Syftet med uppsatsen är att belysa hur ATläkarnaser på sin arbetssituation i Stockholm, hur de formar sina yrkesroller ochhur de kan påverka sin situation. Sex studier från Sverige och andra länder tas uppgällande AT-läkare el. motsvarande, bl.a. gällande upplevd kompetens,receptförskrivande och känslan av att ge negativa besked. Intervjuer genomfördesmed åtta respondenter från SöS, DS och KS vilka spelades in och transkriberades.Dessa analyserades med hjälp av OpenCode. I resultatet framkommer tioparametrar; obehag, stress, behov, ansvar, kompetens, coping/agerande,jargong/kultur, bemötande/kommentarer, feedback samt handledning, vilka belysesmed citat från intervjuerna. Resultatet ger bland annat att respondenterna kännerobehag i situationer där de känner sig ensamma eller kommunikationen ärförsvårad, samt att ett ökat behov av handledning och ett mer individuelltbemötande finns. Stressupplevelser är vanliga liksom osäkerhet om den egnakompetensen. Önskemål om en mer valfri AT-tjänst framkommer.</p>
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