Class of 2011 Abstract / OBJECTIVES: To assess the risk and return of publicly traded health insurance companies from 1986 through 2010. METHODS: Risk and return was assessed on these companies by identifying them with SIC 6231 and 6234 (Accident and Health Insurance and Medical Service Plans) along with their presence on the CRSP database. Risk and return was analyzed via alpha and beta for SIC 632x, which were calculated utilizing the CAPM, Fama-French 3 Factor and Carhart 4 Factor econometric models. Risk and return was further assessed by calculating a Sharpe ratio along with determining annualized mean excess return and volatility for SIC 632x and the overall market. Lastly, cumulative price paths for both SIC 632x and the overall market were calculated and a Monte Carlo simulation analysis in Matlab and Microsoft Excel was run to simulate 6500 portfolios to compare risk to return ratios for SIC 632x over the time period of 1986-2010 versus the time period of 2006-2010. RESULTS: Overall, 110 companies were identified with SIC 6321 and 6234 and 7938 observations were made. The results were reported in a cross sectional format with five time periods of five years each (1986-1990, 1991-1995, 1996-2000, 2001-2005, and 2006-2010 respectively). The descriptive statistics showed that SIC 632x had a higher rate of return than the overall market (1.21±14.15 compared to 0.88±4.49; however, they also had greater risk (0.89±14.15 vs 0.57±4.48). The CAPM model captured an overall alpha value of 0.44 while the 3 Factor model provided an overall alpha of -0.20 and the 4 Factor model provided an overall alpha of 0.31. The 4 Factor model had the highest overall r-squared value of 0.16. The overall annualized mean excess return was greater for SIC 632x than the overall market (10.71% vs 6.80%) while the volatility was also greater (20.30% vs 16.17%). Additionally, the Sharpe ratio was calculated and was greater overall for SIC 632x than the overall market (0.53 vs 0.42). Graphically, cumulative asset price paths were illustrated for both SIC 632x and market-based portfolios along with a mean variance efficient frontier for the SIC 623x portfolio set during the time periods of 1986-2010 and 2006-2010. These figures showed increased return for SIC 632x compared to the overall market while illustrating increasing risk and return rate trends for SIC 632x within the sector itself. CONCLUSION: Publicly traded companies providing accident and health insurance and medical service plans possess securities that have potentially higher returns but potentially higher risk relative to the overall market. Furthermore, the findings via the alpha, Sharpe ratio and Efficient Frontier simulation illustrated that the overall market provides a similar risk to return ratio compared to that of the analyzed companies in this study.

The average funding status for eleven southern state pension plans used by teachers as of 2005 is 86%, which translates into over a $40 billion shortfall. Employing Monte Carlo simulation, this study projects the expected future funding status along with confidence intervals for each of these states over the next 10 years. Projections suggest the average underfunding will remain virtually the same based on current state pension contributions and asset allocations. However, if underlying pension asset returns fail to meet expectations due to high funding risk, the average underfunding could fall to 73%, a shortfall of over $150 billion.

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I live in a place out of balance, surrounded by a society based on youth and a climate-controlled 68 degrees. The cities are one of extreme scales and of a homogenous nature. The Seasons pass by with no clue except for maybe a change in our wardrobes. The social side of our human condition presses itself on us until our individuality is crushed or until we go numb. Alternatively, we can spiral in to our uniqueness while growing more and more delinquent of the responsibility owed to the whole. Corporate Icon Skyscrapers, Oppressive Anonymous Housing Blocks, and MacDonald Kings will continue to exist and are not necessarily evil in and of themselves, but they must be balanced out with portals back to our souls and doorways out of the profane and into the sacred. Statement of Intent Our cities, in their present state, can be seen to correspond to the mythical model of chaos: the condition of undifferentiated formless modality. Through an act of will, we can recreate the center and regenerate our ties to the greater whole of which we are part: nature. The object of this project is to create a microcosm that through the observation and experience of calculated phenomenas, recreates the link between an individual and the macrocosm of nature. If the world is to be lived in, it must be founded — and no world can come to birth in the chaos of the homogeneity and relativity of profane space" Mixcea Eliade The Sacred and The Profane / Master of Architecture

A lodge at Crowder's Mountain provides the opportunity through which to investigate the contextual relationship between a natural undisturbed site and the introduction of a man-made environment. responsible design should instill a ‘sense of place’ by addressing the special forces within each site. in search of this ‘sense of place’ my efforts involve the development and integration of forms, materials, and spaces which are generated directly from the physical and qualitative characteristics of the site. / Master of Architecture

Typescript (photocopy). / Digitized by Kansas State University Libraries

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Typescript (photocopy).

Typescript (photocopy). / Digitized by Kansas Correctional Industries