Valuation Perspectives and Decompositions for Variable Annuities with GMWB riders

The guaranteed minimum withdrawal benefit (GMWB) rider, as an add on to a variable annuity (VA), guarantees the return of premiums in the form of peri- odic withdrawals while allowing policyholders to participate fully in any market gains. GMWB riders represent an embedded option on the account value with a fee structure that is different from typical financial derivatives. We consider fair pricing of the GMWB rider from a financial economic perspective. Particular focus is placed on the distinct perspectives of the insurer and policyholder and the unifying relationship. We extend a decomposition of the VA contract into components that reflect term-certain payments and embedded derivatives to the case where the policyholder has the option to surrender, or lapse, the contract early.Comment: 18 pages, proof of Lemma A.1 expanded for clarit

Interactive digital signal processor

The Interactive Digital Signal Processor (IDSP) is examined. It consists of a set of time series analysis Operators each of which operates on an input file to produce an output file. The operators can be executed in any order that makes sense and recursively, if desired. The operators are the various algorithms used in digital time series analysis work. User written operators can be easily interfaced to the sysatem. The system can be operated both interactively and in batch mode. In IDSP a file can consist of up to n (currently n=8) simultaneous time series. IDSP currently includes over thirty standard operators that range from Fourier transform operations, design and application of digital filters, eigenvalue analysis, to operators that provide graphical output, allow batch operation, editing and display information

Latest results from the PHOBOS experiment

Over the past years PHOBOS has continued to analyze the large datasets obtained from the first five runs of the Relativistic Heavy Ion Collider (RHIC) at Brookhaven National Laboratory. The two main analysis streams have been pursued. The first one aims to obtain a broad and systematic survey of global properties of particle production in heavy ion collisions. The second class includes the study of fluctuations and correlations in particle production. Both type of studies have been performed for a variety of the collision systems, covering a wide range in collision energy and centrality. The uniquely large angular coverage of the PHOBOS detector and its ability to measure charged particles down to very low transverse momentum is exploited. The latest physics results from PHOBOS, as presented at Quark Matter 2008 Conference, are contained in this report.Comment: 9 pages, 9 figures, presented at the 20th International Conference on Ultra-Relativistic Nucleus-Nucleus Collisions, "Quark Matter 2008", Jaipur, India, Feb.4-10, 200

CVcat: an interactive database on cataclysmic variables

CVcat is a database that contains published data on cataclysmic variables and related objects. Unlike in the existing online sources, the users are allowed to add data to the catalogue. The concept of an ``open catalogue'' approach is reviewed together with the experience from one year of public usage of CVcat. New concepts to be included in the upcoming AstroCat framework and the next CVcat implementation are presented. CVcat can be found at http://www.cvcat.org.Comment: 5 pages A&A Latex, 4 figures, accepted for publication in A&

High p_T Triggered Delta-eta,Delta-phi Correlations over a Broad Range in Delta-eta

The first measurement of pseudorapidity (Delta-eta) and azimuthal angle (Delta-phi) correlations between high transverse momentum charged hadrons (p_T > 2.5 GeV/c) and all associated particles is presented at both short- (small Delta-eta) and long-range (large Delta-eta) over a continuous pseudorapidity acceptance (-4<Delta-eta<2). In these proceedings, the various near- and away-side features of the correlation structure are discussed as a function of centrality in Au+Au collisions measured by PHOBOS at sqrt(s_NN)=200 GeV. In particular, this measurement allows a much more complete determination of the longitudinal extent of the ridge structure, first observed by the STAR collaboration over a limited eta range. In central collisions the ridge persists to at least Delta-eta=4, diminishing in magnitude as collisions become more peripheral until it disappears around Npart=80.Comment: 5 pages, 2 figures, presented at the 20th International Conference on Ultra-Relativistic Nucleus-Nucleus Collisions, "Quark Matter 2008", Jaipur, India, February 4-10, 2008. Full author list included and typo corrected in equation

Biochemical and clinical response after umbilical cord blood transplant in a boy with early childhood-onset beta-mannosidosis.

BACKGROUND: Deficiency in the enzyme β-mannosidase was described over three decades ago. Although rare in occurrence, the presentation of childhood-onset β-mannosidase deficiency consists of hypotonia in the newborn period followed by global development delay, behavior problems, and intellectual disability. No effective pharmacologic treatments have been available. METHODS: We report 2-year outcomes following the first umbilical cord blood transplant in a 4-year-old boy with early childhood-onset disease. RESULTS: We show restoration of leukocyte β-mannosidase activity which remained normal at 2 years posttransplant, and a simultaneous increase in plasma β-mannosidase activity and dramatic decrease in urine-free oligosaccharides were also observed. MRI of the brain remained stable. Neurocognitive evaluation revealed test point gains, although the magnitude of improvement was less than expected for age, causing lower IQ scores that represent a wider developmental gap between the patient and unaffected peers. CONCLUSION: Our findings suggest that hematopoietic cell transplant can correct the biochemical defect in β-mannosidosis, although preservation of the neurocognitive trajectory may be a challenge

Towards practice-based studies of HRM: an actor-network and communities of practice informed approach

HRM may have become co-terminus with the new managerialism in the rhetorical orthodoxies of the HRM textbooks and other platforms for its professional claims. However, we have detailed case-study data showing that HR practices can be much more complicated, nuanced and indeed resistive toward management within organizational settings. Our study is based on ethnographic research, informed by actor-network theory and community of practice theory conducted by one of the authors over an 18-month period. Using actor-network theory in a descriptive and critical way, we analyse practices of managerial resistance, enrolment and counter-enrolment through which an unofficial network of managers used a formal HRM practice to successfully counteract the official strategy of the firm, which was to close parts of a production site. As a consequence, this network of middle managers effectively changed top management strategy and did so through official HRM practices, coupled with other actor-network building processes, arguably for the ultimate benefit of the organization, though against the initial views of the top management. The research reported here, may be characterized as a situated study of HRM-in-practice and we draw conclusions which problematize the concept of HRM in contemporary management literature

Coloring translates and homothets of a convex body

We obtain improved upper bounds and new lower bounds on the chromatic number as a linear function of the clique number, for the intersection graphs (and their complements) of finite families of translates and homothets of a convex body in \RR^n.Comment: 11 pages, 2 figure

An exploration of concepts of community through a case study of UK university web production

The paper explores the inter-relation and differences between the concepts of occupational community, community of practice, online community and social network. It uses as a case study illustration the domain of UK university web site production and specifically a listserv for those involved in it. Different latent occupational communities are explored, and the potential for the listserv to help realize these as an active sense of community is considered. The listserv is not (for most participants) a tight knit community of practice, indeed it fails many criteria for an online community. It is perhaps best conceived as a loose knit network of practice, valued for information, implicit support and for the maintenance of weak ties. Through the analysis the case for using strict definitions of the theoretical concepts is made