In this thesis, we try to provide a broad econometric analysis of a class of risk measures, distortion risk measures (DRM). With carefully selected functional form, the Value-at-Risk (VaR) and Tail-VaR (TVaR) are special cases of DRMs. Besides, the DRM also admits interpretation in the sense of non-expected utility type of preferences. We first provide a unified statistical framework for the nonparametric estimators of the DRMs in a univariate case. The asymptotic properties of both the DRMs and their sensitivities with respect to the parameters representing risk aversion and/or pessimism are derived. Moreover, the relationships between the VaR and TVaR are also investigated in detail, which, we hope, can shed new lights on the way passing one risk measure to another. Then, the analysis of DRMs are extended to a multi-dimensional framework, where the DRM is computed for a portfolio consisting of many primitive assets. Analogous to the mean-variance frontier analysis, we study the efficient portfolio frontier when both objective and constraint are replaced by the DRMs. We call this the DRM-DRM framework. Under a nonparametric setting, we propose three asymptotic test statistics for evaluating the efficiency of a given portfolio. Finally, we discuss the criteria used for evaluating models used to forecast the VaRs. More precisely, we propose a criterion which takes into account the loss levels beyond the VaRs.

In this thesis, we try to provide a broad econometric analysis of a class of risk measures, distortion risk measures (DRM). With carefully selected functional form, the Value-at-Risk (VaR) and Tail-VaR (TVaR) are special cases of DRMs. Besides, the DRM also admits interpretation in the sense of non-expected utility type of preferences. We first provide a unified statistical framework for the nonparametric estimators of the DRMs in a univariate case. The asymptotic properties of both the DRMs and their sensitivities with respect to the parameters representing risk aversion and/or pessimism are derived. Moreover, the relationships between the VaR and TVaR are also investigated in detail, which, we hope, can shed new lights on the way passing one risk measure to another. Then, the analysis of DRMs are extended to a multi-dimensional framework, where the DRM is computed for a portfolio consisting of many primitive assets. Analogous to the mean-variance frontier analysis, we study the efficient portfolio frontier when both objective and constraint are replaced by the DRMs. We call this the DRM-DRM framework. Under a nonparametric setting, we propose three asymptotic test statistics for evaluating the efficiency of a given portfolio. Finally, we discuss the criteria used for evaluating models used to forecast the VaRs. More precisely, we propose a criterion which takes into account the loss levels beyond the VaRs.

The primary purpose of the study was to quantify the parameters of successful agricultural producers. Through the use of the Financial and Risk Management (FARM) Assistance database, this study evaluated economic measures for row-crop producers, livestock producers and diversified producers (farms which can not be classified as primarily crop or livestock). The sample population for this study was agricultural producers (N=196) who had participated in the Texas Cooperative Extensions FARM Assistance program in the years 2002 to 2004. Financial performance was determined by several financial measures, such as net cash farm income, ending cash reserves, return on assets (ROA), equity growth and working capital. In addition, information gathered about the FARM Assistance clientele was used to examine the relationship between their demographic backgrounds and their financial success. SPSS was used to calculate frequencies, percentages, means, standard deviations, and administer one-way analysis of variance and independent sample t-test. The major findings of the study showed that the average age of the FARM Assistance participants was 51 years old. A large number of the participants (41.90%) in the FARM Assistance program had a Bachelor of Science degree. This study also revealed that the mean net cash farm income for the 196 operations was $91,970 with a range from negative $152,990 to $822,610. Row crop producers had a statistically significant higher ProScore index, net cash farm income, and net cash farm income per acre than livestock farms. Producers who started as farm employees had a statistically significant higher ProScore index than producers who started on their own, partnered with a family member, or those who selected other. Finally, producers who had fulltime, off farm employment had a statistically significant lower ProScore index than those producers who had part-time employment or those who did not have an off farm job.

Narrative measures derived from English and Russian tell and retell narrative language samples of 20 L1-Russian, L2-English bilingual adults were correlated with their overall, speaking and verbal proficiency self-ratings to verify the validity of the selfrating scale for both languages. In English, measures of fluency, productivity and grammaticality were moderately correlated with speaking proficiency self-ratings. Strength of correlations with tell versus retell narratives varied by category of narrative measure. For Russian, correlations were not significant due to ceiling effects in proficiency. The effects of modifications to narrative measures were considered, showing that correlations with temporal fluency and productivity increased as mazes and fillers were excluded, while correlations with grammaticality increased as article omission errors were excluded. Sources of variation in self-ratings and narrative measures are described, and recommendations are presented for an alternative narrative elicitation method. / text

Today, aviation security is at the forefront of public consciousness particularly when they think of their own personal safety. The dramatic and catastrophic attacks of 911, utilizing civil aviation resources has made the world view aviation security with a critical eye. It could be argued that the response by States and individual airports and airlines has been positive and rapid, however the effectiveness has been marginal. Many factors have been proffered as the reason, from ineffective conservative governments, out-dated equipment, old infrastructure to a traditional mind-set that does not always accept change. Due to the limited scope of this research paper, the author has chosen to concentrate on Corporate Governance and three associated principles, “ethics”, “accountability” and “oversight” to assess the effectiveness of aviation security. This theme was chosen because, in the 1990s the Hong Kong Government considered Corporate Governance was a key ingredients needed for a positive paradigm shift in the way aviation security was implemented at the Hong Kong International Airport (HKIA). Government and the public felt, that the management of the old “Kai Tak” airport in Kowloon prior to 1998 did not adequately consider Corporate Governance as a key ingredient to successful security resulting in long-standing misgivings about the airport’s ability to meet security requirements. Fortuitously for this research paper, HKIA was relocated from Kowloon to Lantau Island in 1998 and a new Government owned company Aviation Security Company Limited (AVSECO) was set up at that time to provide the security. The Government and the Board of Directors of AVSECO were able to learn from the weaknesses of the old airport and from the outset understood the need for a change in the way the security was provided at the airport. So spurred on by the imminent airport relocation and the establishment of a AVSECO at the new airport, the Government considered it was an ideal time to change the security philosophy and make the new company accountable through good corporate governance. With this background, the aim of this research paper is to review the standards and recommended practices set by the International Civil Aviation Organization (ICAO), which is a Specialized agency of the UN having the aim of safeguarding civil aviation against actual and threats of ‘unlawful interference to civil aviation’. To do this, there is a literature review and observations from within the aviation industry. This review found that the security measures implemented to enforce the standards and therefore counter the real and emerging threats has been poor throughout the world. The question the industry therefore needs to ask is “If all the experts of the world have joined together (through ICAO) to set the standards to mitigate the risk, why does the public still feel the measures are unrealistic or ineffective in most airports?” Also, “Why, when we know in theory what to do, is it that many airports still fail to stop the threats? “In order to solve this puzzle, the paper critically looks at the international standards and their global implementation. Then, utilizing HKIA as a case study, the paper discusses if good corporate governance is a key to the successful implementation of effective aviation security. The literature review and analysis of security data collected over the past 6 years at HKIA suggests that good Corporate Governance is in fact a key ingredient for effective security at airports. The limitations of this paper, only allows for the study of three principles of good corporate governance, namely ‘Oversight’, ‘Ethics’ and ‘Accountability’. It goes without saying that there are many other factors that can influence the success or otherwise of the implementation of effective aviation security – for example organizational culture, equipment employed, staff training, quality control, policies and procedures, to name just a few. The paper only discusses these other variables when they directly relate to the three chosen corporate governance principles at HKIA. To sum up, despite the effective promulgation of international standards, the related effectiveness of the implementation has varied greatly from airport to airport. Many variables, either independently or collectively can be the cause of failure. This paper concentrated only on how the introduction of corporate governance (particularly the three key principles) improved the way HKIA conducted business in relation to Aviation Security forever. The change to good corporate governance did not occur over night and has taken almost 15 years for effective management oversight, company ethics and accountability to become enshrined into the company philosophy. The data reviewed from HKIA, however, does suggest that the transformation has been dramatic and effective, showing that, when emphasized and enshrined into corporate culture, good Corporate Governance will increase the likelihood of success in the on-going fight against unlawful interference against civil aviation. / published_or_final_version / Politics and Public Administration / Master / Master of Public Administration

Blood safety is an issue of public health concern. Sensitive screening assays for excluding infectious donations have been widely adopted to reduce the risk of transfusion-transmitted infections, especially for hepatitis B virus (HBV), hepatitis C virus (HCV) and (human immunodeficiency virus) HIV infections. Even with sensitive screening assays, residual risk of undetectable infectious donations remains because donations may be made in the “window period” when the infection is present but difficult to detect with serological tests. Currently, serological screening tests are mainly used in China, rather than the more expensive and sensitive DNA based tests. From a public health perspective, choice of the screening test depends on overall cost-effectiveness, including assessment of the residual risk. To facilitate a full cost-effectiveness analysis, this review identifies the best residual risk estimating model in a Chinese setting. The search was conducted using databases including PubMed and ISI Web of Knowledge filtered by publication date, English language and accessibility of full text. Both exclusion and inclusion criteria were used for articles identification. Five papers on residual model estimation were retrieved. The blood donor profile in China was used to understand how these models differ and how these differences would affect their use and interpretation. This study identified the Michael P. Busch model as the optimal residual risk estimating model for Chinese blood banks’ to facilitate the cost-effectiveness assessment of a screening strategy in terms of achieving a balance of blood safety and cost. / published_or_final_version / Public Health / Master / Master of Public Health

published_or_final_version / abstract / toc / Asian Studies / Master / Master of Philosophy

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