4,166 research outputs found
Giovanni Gentile, L'attualismo (volume a cura di E. Severino, Bompiani, Milano 2014)
No full textLa recensione discute la interpretazione che di questi scritti filosofici di Gentile fornisce Emanuele Severino nella sua introduzione. La lettura diretta dei testi, in verità, mostra come la categoria fondamentale di Gentile sia l'uno- tutto che si traduce nella visione di uno Stato Etico totalizzante che esclude la possibilita' della coesistenza di una molteplicità di orientamenti culturali e politici
Economic capital management for insurance companies
No full textThe loss ratio (LR) for insurance companies is defined as the ratio of incurred claims and earned premiums for a specified class of insurance (CoI). The company may estimate then its capital requirement for that particular CoI by using value at risk (VaR) or conditional VaR (CVaR) of the LR distribution at a specified probability value. The overall objective of the company is to evaluate the aggregate capital requirement through a weighted sum of marginal capital requirements for all the classes of insurance. Nevertheless, this procedure may tend to over-estimate the aggregate capital requirement because it does not take into consideration the real dependence among the different classes of insurance. In other words, perfect dependence does not allow considering diversification effects
Economic capital management for insurance companies using conditional value at risk and a copula approach
No full textThe loss ratio (LR) for insurance companies is defined as the ratio of incurred claims and earned premiums for a specified class of insurance (CoI). The company may estimate then its capital requirement for that particular CoI by using Value at Risk (VaR) or conditional VaR (CVaR) of the loss ratio distribution at a specified probability value. The overall objective of the company is to evaluate the aggregate capital requirement through a weighted sum of marginal capital requirements for all the classes of insurance. Nevertheless, this procedure may tend to over-estimate the aggregate capital requirement because it does not take into consideration the real dependence amongst the different classes of insurance. In other words, perfect dependence does not allow considering diversification effects. In this paper, we present a model which permits to take into consideration real correlations of the several CoIs. Thanks to copula functions, we are able to generate (by Monte Carlo simulations) correlated loss ratios with known marginal distributions. This approach is described through a numerical example that used data collected from some of the most important Italian non life insurance companies. We show then the diversification benefit thus obtained. We conclude the paper building an efficient frontier on the plane LR - CVaR; the efficient frontier may be considered a useful tool to manage the global company risk
Advanced operational risk modelling for banks and insurance companies
No full textThe aim of this paper is to measure operational risk in financial institutions when historical data are available starting from a fixed threshold.
To quantify the operational risk we apply the Loss Distribution Approach (LDA), a frequency/severity approach widely used in the actuarial models. Risk measures like Value at Risk (VaR) and Expected Shortfall (ES) are used for determining the risk capital necessary to cover the operational risk.
The dependence among the events in the operational risk management has been taken into account using copula functions. We employed for this purpose the Student copula, which is widely used in financial modelling.
Extreme Value Theory (EVT) has been used to model the right tail of the severity of loss distributions.
The Expectation and Maximization (EM) algorithm has been applied to estimate the parameters of the frequency and severity of loss distributions when only their left truncated distributions are available.
We conclude then with a numerical application of the proposed model which aims at evaluating the risk capital for a single financial institution. To this scope we have used, as empirical observations, the OpData® dataset supplied by OpVantage®. In order to estimate the risk capital, we calculate the Value at Risk of the simulated operational loss distribution
Le «buone letture». 2. Giovanni Casati
No full textIl saggio è costituito da due parti, la prima delle quali, dedicata alla fondazione della Federazione italiana delle biblioteche circolanti cattoliche, è stata pubblicata nel precedente numero dei «Nuovi Annali», XXVII (2013), pp. 137-163. In questa seconda parte viene delineata la figura intellettuale di Giovanni Casati, che diresse la «Rivista di letture» dal 1912 al 1944, trasformando il periodico della Federazione in una rivista impegnata nella divulgazione della cultura cattolica. A questo impegno militante Casati fece corrispondere un intenso programma editoriale, che trovò espressione nella pubblicazione di saggi letterari, di manuali e opere repertoriali.The study consists of two parts; the first is dedicated to the history of the Federazione italiana delle biblioteche circolanti cattoliche since its foundation (1904) up to 1912 and was published in the previous volume of the «Nuovi Annali », XXVII (2013), pp. 137-163. In this second part, the author outlines the intellectual figure of Giovanni Casati, who directed the «Rivista di letture» from 1912 to 1944, transforming the magazine of the Federation in a journal engaged in the spreading of Catholic culture. To this militant engagement Casati matched an intense publishing program, which found its expression in the publication of literary essays, manuals and reference works
Comico e tragico del diritto nella novellistica italiana: il novelliere di Giovanni Sercambi
No full textNelle novelle di età tardomedievale ed umanistica, a causa del loro carattere fortemente realistico, il diritto ha un posto importante, poiché rappresenta un elemento centrale e ineliminabile della vita della comunità. Il novelliere di Giovanni Sercambi da Lucca non fa eccezione, anche se l’autore non ha una cultura giuridica né s’interessa in modo specifico al diritto. Il presente saggio vuole analizzare sotto tale profilo queste novelle per verificare quale concezione del diritto emerge da esse e come la narrazione ne risulti arricchita.In the late medieval and humanistic novellas, owing to their very realistic character, the right is an important central and inevitable element in community life. Giovanni Sercambi’s novelliere is no exception even if the author lacks a legal culture, nor is specifically interested in right. This essay intends to analyze these novellas under this profile to verify what kind of right they consider and how the stories are enriched
Pricing structure opimization in mixed restricted/unrestricted fare environments
No full textIn recent years, many traditional practitioners of revenue management such as airlines or hotels were confronted with aggressive low-cost competition. In order to stay competitive, these firms responded by cutting down fare restrictions that were originally meant to fence off customer segments, that is to prevent highyield customers from buying down. For the corresponding markets, unrestricted fares were introduced whose essentially only distinctive feature is its price. Some markets, however, were unaffected and here restrictions could be maintained as it was the case for long-haul flights, for example. We develop choice-based network revenue management approaches for such a mixed fare environment that can handle both the traditional opening or closing of restricted fare classes as well as handling pricing of the unrestricted fares simultaneously. For any such unrestricted fare, we assume a fixed number of price points to choose from. It is natural to ask then how these price points shall be chosen. To that end, we formulate the problem as a dynamic program and approximate it with an efficient mixed integer linear program (MIP) that selects the best n, say, price points out of a potentially large set of price candidates for each unrestricted fare. We show both theoretically and practically that it is advantageous to recompute price points later in the booking horizon using our approach. Furthermore, additional insight is gained from the fact that the dual values associated with MIP provide an upper bound on the value of having an additional price point. Numerical experiments illustrate the quality of the obtained price structure and that computational effort is relatively low given that we need to tackle the large-scale MIP with column generation techniques where each column pricing problem itself is NP-hard
Role of cardiovascular imaging in cardiac resynchronization therapy: A literature review
No full textCardiac resynchronization therapy (CRT) is an established treatment in patients with symptomatic drug-refractory heart failure and broad QRS complex on the surface ECG. Despite the presence of either mechanical dyssynchrony or viable myocardium at the site where delivering left ventricular pacing being necessary conditions for a successfulCRT, their direct assessment by techniques of cardiovascular imaging, though feasible, is not recommended in clinical practice by the current guidelines. Indeed, even though there is growing body of data providing evidence of the additional value of an image-based approach as compared with routine approach in improving response to CRT, these results should be confirmed in prospective and large multicentre trials before their impact on CRT guidelines is considered
Bird presence vegetation complexity data in Melbourne, Australia. Data created in 2018 by Giovanni Carrabs.
No full textBird presence and vegetation complexity data from Melbourne, Australia. Data created for a university thesis project and publication in 2018. Author: Giovanni Carrabs.</p
Chapter Atto biografo di Giovanni Gualberto
No full textThe paper examines the Vita s. Iohannis Gualberti by Atto, reconstructing its genesis and fortune. Probably the author wrote this hagiography when he was abbot and before becoming bishop of Pistoia. He re-elaborated the Life of the saint by Andrea of Strumi, adapting it to a changed historical and ecclesiastical context. The text was successful among the Vallombrosan Order and it was used by later hagiographers to create epitomes and rewritings of the Life of Giovanni Gualberto
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