Law / LL.D. / The contract of insurance is one of the more frequently concluded commercial contracts. The premium which is undertaken in terms of an insurance contract is one of the essential features of the insurance contract. Notwithstanding the obvious importance of the role of the premium and the legal aspects surrounding it, it has in the past often received but scant treatment in insurance-law materials. In this thesis it is shown that there exist a number of aspects regarding the premium which are unclear and in need of careful scrutiny. In the case of certain other aspects (regarding the premium), although there is certainty as to their contents it is necessary to identify and (re-)define their place in the broader scheme of the insurance law. The study commences with an investigation into the historical development of the concepts of "insurance" and "premium". This is followed by a study of the relevant principles of Roman-Dutch law. A comparative study is made of the law in a number of countries, namely, the Netherlands, Belgium, England and Australia. The position in South African law is also considered. An introductory study is made regarding those concepts in South African indigenous law which are insurance-like. Finally, a number of conclusions are drawn and recommendations are made in respect of a selection of aspects regarding the premium which are unclear. These aspects concern the nature of the premium; the question whether "premiumless" or "free" insurance is legally possible; the question whether the parties may agree to insure at a "reasonable premium"; the protection of the insured in the case of the non­ payment of the premium; the receipt of the premium by the broker; the return of the premium where the insured has acted fraudulently; the legal tenability of the practice of insuring the premium; the possibility that the contribution in terms of some concepts of our indigenous law may resemble the premium; and finally, the analogous method as a source of law to extend and broaden the pool of legal principles applicable to the insurance contract.

<p>The market risk premium is one of the most important parameters in finance. Its value and the ways to calculate a risk premium for the market is a widely debated subject. This thesis examines numerous ways of calculating a risk premium for the Swedish market with regard to how good an estimation they make of a real risk premium. Estimations based on historical periods ranging from 20 to 85 years is calculated as well as a premium based on forward-looking estimates. The real risk premium is solved out for a selection of companies and an index with the help of CAPM. An examination of these estimates leads to the conclusion that historical estimates of a risk premium may be outdated. The implication of this is that more effort should be put into examining a risk premium based on forward-looking estimates. In this context a thorough analysis of fundamentals should be added into the calculation.</p>

The market risk premium is one of the most important parameters in finance. Its value and the ways to calculate a risk premium for the market is a widely debated subject. This thesis examines numerous ways of calculating a risk premium for the Swedish market with regard to how good an estimation they make of a real risk premium. Estimations based on historical periods ranging from 20 to 85 years is calculated as well as a premium based on forward-looking estimates. The real risk premium is solved out for a selection of companies and an index with the help of CAPM. An examination of these estimates leads to the conclusion that historical estimates of a risk premium may be outdated. The implication of this is that more effort should be put into examining a risk premium based on forward-looking estimates. In this context a thorough analysis of fundamentals should be added into the calculation.

This thesis uses synthetically created variance swaps on VIX futures to quantify the variance risk premium in VIX options. The results of this methodology suggest that the average premium is -3.26%, meaning that the realized variance on VIX futures is on average less than the variance implied by the swap rate. This premium does not vary with time or the level of the swap rate as much as premiums in other asset classes. A negative risk premium should mean that VIX option strategies that are net credit should be profitable. This thesis tests two simple net credit strategies with puts and calls, and finds that the call strategy is profitable while the put strategy is not.

Law / LL.D. / The contract of insurance is one of the more frequently concluded commercial contracts. The premium which is undertaken in terms of an insurance contract is one of the essential features of the insurance contract. Notwithstanding the obvious importance of the role of the premium and the legal aspects surrounding it, it has in the past often received but scant treatment in insurance-law materials. In this thesis it is shown that there exist a number of aspects regarding the premium which are unclear and in need of careful scrutiny. In the case of certain other aspects (regarding the premium), although there is certainty as to their contents it is necessary to identify and (re-)define their place in the broader scheme of the insurance law. The study commences with an investigation into the historical development of the concepts of "insurance" and "premium". This is followed by a study of the relevant principles of Roman-Dutch law. A comparative study is made of the law in a number of countries, namely, the Netherlands, Belgium, England and Australia. The position in South African law is also considered. An introductory study is made regarding those concepts in South African indigenous law which are insurance-like. Finally, a number of conclusions are drawn and recommendations are made in respect of a selection of aspects regarding the premium which are unclear. These aspects concern the nature of the premium; the question whether "premiumless" or "free" insurance is legally possible; the question whether the parties may agree to insure at a "reasonable premium"; the protection of the insured in the case of the non­ payment of the premium; the receipt of the premium by the broker; the return of the premium where the insured has acted fraudulently; the legal tenability of the practice of insuring the premium; the possibility that the contribution in terms of some concepts of our indigenous law may resemble the premium; and finally, the analogous method as a source of law to extend and broaden the pool of legal principles applicable to the insurance contract.

El presente proyecto de investigación consiste en el desarrollo del negocio Chamu Chamu. Este proyecto trata de una línea premium de salsa de ají charapita con Camu Camu y Granada. Este trabajo nos permite ver la viabilidad que tiene este proyecto en corto, mediano y a largo plazo a través de las distintos estudios ejecutados en Lima metropolitana para personas entre 25 a 55 años de edad del nivel socioeconómico A y B. Es por ello que se pudo evidenciar que el público objetivo desea experimentar el poder captar en su paladar un nuevo sabor de salsa de ají para que pueda acompañar a sus platos favoritos. Sin embargo, esta necesidad no se puede satisfacer en los distintos puntos de venta como mercados, ferias, tiendas físicas, los cuales no tienen este tipo de producto lo que causa una insatisfacción en los consumidores. Al desarrollar este proyecto se realizó distintas entrevistas online, encuestas, marketing digital en redes sociales. Realizando una investigación a fondo sobre el mercado de ajíes para poder llevar a cabo este trabajo. / This research project consists of the development of the Chamu Chamu business. This project is about a premium line of chili pepper sauce with Camu Camu and Granada. This work allows us to see the viability of this project in the short, medium and long term through the different studies carried out in metropolitan Lima for people between 25 and 55 years of age of socioeconomic level A and B. That is why it was evident that the target audience wants to experience being able to capture a new flavor of chili sauce on their palates so that they can accompany their favorite dishes. However, this need cannot be satisfied in the different points of sale such as markets, fairs, physical stores, which do not have this type of product, which causes dissatisfaction in consumers. When developing this project, various interviews online, surveys, digital marketing on social networks were carried out. Carrying out research on the chili pepper market in order to carry out this work. / Trabajo de investigación

En la actualidad, los usuarios de cuentas premium en plataformas de streaming suelen buscar con quien compartir sus cuentas para ahorrar en costos, sin embargo, no encuentran las personas indicadas para compartir el servicio, o si ya pertenecen a un grupo una problemática común es que los demás usuarios se demoren en pagar sus cuotas, generando incomodidad, estrés y peleas entre todos los miembros. Nuestro proyecto se hizo con la finalidad de desarrollar un servicio que soluciona la problemática de los usuarios de plataformas streaming. Por tales motivos ofrecemos una solución que es Cuenta Plus, una plataforma que reúne los requisitos más solicitados por el público objetivo determinado y que se adapta a las necesidades de los clientes de la era digital que son cada vez más exigentes. Asimismo, la plataforma ofrece una opción formal y segura a los clientes y de esta manera compite directamente con las ofertas informales y limitadas que existen en el mercado. En el desarrollo del proyecto se determinó el modelo de negocio, el público objetivo, las proyecciones de crecimiento de la empresa, los costos en los que se debe incurrir, las utilidades, el valor del negocio, entre otros aspectos, necesarios para la viabilidad de la empresa Cuenta Plus. / "Nowadays, Premium account users on streaming platforms often search with whom to share their accounts to save on costs, however, they do not find the right people to share the service, or if they already belong to a group, a common problem is that other users delay in paying their dues, generating discomfort, stress and fights among all the members. Our project was made in order to develop a service that solves the problems of streaming platform users. For these reasons we offer a solution, Cuenta plus, a platform that meets the requirements most requested by the determined target audience and that adapts to the needs of customers in the digital age, who are increasingly demanding. Furthermore, the platform offers a formal and secure option to clients and thereby competes directly with the informal and limited offers that exist in the market. In the development of this project many subjcts were determined: the business model, the target audience, the growth projections of the company, the costs to be incurred, the profits, the value of the business, among other aspects, necessary for the viability of the company Cuenta plus." / Trabajo de investigación

Equity risk premium is a financial variable that is surrounded by mystery. Starting from the almost 30 year old equity premium puzzle caused by considerations that equity premium values which are observable in past data imply an implausibly high risk aversion to more recent statements that equity premium does not exist anymore. The purpose of this paper is to find out more about the traits and characteristics of equity risk premium, its current status and interactions of its values across international markets by conducting data analysis on mature equity markets using optimal methods as suggested in academic literature. This paper attempts to clear some of the confusion regarding equity premiums by analyzing equity excess returns in the mature equity markets of France, Germany, Sweden, United Kingdom and USA from 1970 to 2012. It is concluded that equity premium follows a mean reverting process however in short-term and mid-term its values can be volatile and in March 2000 there might have been a structural break. The obtained current equity premium values are significantly higher than zero. At the same time they are lower than popularly used values that are based on longer periods of past data. The paper also finds out that equity premiums in different countries are highly correlated not only due to shared global influence but also due to some direct causality relationships between them, most of which are positive. A panel data analysis is conducted as well to test the explanatory power of some macroeconomic and financial variables on the equity risk premium values and it is concluded that risk-free rate and unemployment rate have some explanatory power for equity risk premium values. This paper manages to clear a part of the mystery that surrounds the equity risk premium.

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