...tRESEARCH ON LAPSE IN LIFE INSURANCE WHAT HAS BEEN DONE AND WHAT NEEDS TO BE DONE? MARTIN ELING MICHAEL KOCHANSKI WORKING PAPERS ON RISK MANAGEMENT AND INSURANCE NO. 126 EDITED BY HATO SCHMEISER CHAIR FOR RISK MANAGEMENT AND INSURANCE DECEMBER 2012 Research on Lapse in Life Insurance—What Has Been Done and What Needs to Be Done? Martin Eling, Michael Kochanski This version: 2012/12/23 _________________________________________________________________________________________ Abstract The intention of this paper is to review research on lapse in life insurance and to outline potential new areas of research in this field. We consider theoretical lapse rate models as well as empirical research on life insurance lapse and provide a classification of these two streams of research. More than 50 theoretical and empirical papers from this important field of research are reviewed. Challenges for lapse rate modeling, lapse risk mitigation techniques, and possible trends in future lapse behavior are discussed. The risks arising from lapse are of high economic importance. As such, lapsation is of interest not only to academics, but is also highly relevant for the industry, regulators, and policymakers. JEL classification: G22; G28 Keywords: Lapse; Surrender; Lapse Modeling; Life Insurance _________________________________________________________________________________________ 1. Introduction Today’s insurance policies allow policyholders to choose among...
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...attitudes, religion, educational level and job tenure. This report will talk about the benefits and drawbacks of Diversity Management, including the recommendation for the company. Recently multinational companies have been seen evidently that integrated workforce has become one of the most important points considered in many companies’ business strategy (Marquise et al. 2008; Boxhall & Macky 2009). There are a lot of benefits from launching the diversity management program in both individual and organization performance (GAO, 2005). As for individuals, the issue of inequality between genders and races creates dissatisfaction and repeated turnover, which could be reduced by handling the diversification in the company efficiently (Cox & Smolinski, 1994; Cox & Blake, 1991). Not only do individuals obtain benefits...
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...Jang (2007), the very first objective of business is to satisfy customers, and in turn, have them repurchase. Food quality is one of the most important reasons that we repeatedly patronize a certain restaurant because after all is said and done, the fundamental reason of going to restaurants is to have meals. Therefore, food quality has received by far more attention from researchers than any other elements of restaurants (Jang, Ha, & Silkes, 2009), and their efforts have been continued on to investigate which factors affect customers’ satisfaction in the restaurant business using various measurements. When it comes to food quality, freshness, taste, and food presentation were the most critical in terms of satisfying customers (Kim, Ng, & Kim, 2009), and another study done by Namkung and Jang (2007) found that food presentation and taste were found to be the most significant...
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...Human Resource Management Review 19 (2009) 117–133 Contents lists available at ScienceDirect Human Resource Management Review j o u r n a l h o m e p a g e : w w w. e l s ev i e r. c o m / l o c a t e / h u m r e s Diversity in organizations: Where are we now and where are we going? Lynn M. Shore ⁎, Beth G. Chung-Herrera, Michelle A. Dean, Karen Holcombe Ehrhart, Don I. Jung, Amy E. Randel, Gangaram Singh Institute for Inclusiveness and Diversity in Organizations, Department of Management, College of Business Administration, San Diego State University, 5500 Campanile Drive, San Diego, CA 92182, USA a r t i c l e i n f o Keywords: Diversity Inclusiveness a b s t r a c t A great deal of research has focused on workforce diversity. Despite an increasing number of studies, few consistent conclusions have yet to be reached about the antecedents and outcomes of diversity. Likewise, research on different dimensions of diversity (e.g., age, race, gender, sexual orientation, disability, and culture) has mostly evolved independently. Therefore, the purpose of this review is to examine each of these dimensions of diversity to describe common themes across dimensions and to develop an integrative model of diversity. © 2008 Elsevier Inc. All rights reserved. While the term “workforce diversity” is commonly used in scholarly articles as well as in the popular press, the focus and scope of the research is both varied and broad. Until recently, most studies...
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...Journal of Organizational Behavior, J. Organiz. Behav. 32, 1062–1083 (2011) Published online 7 September 2010 in Wiley Online Library (wileyonlinelibrary.com) DOI: 10.1002/job.724 Diversity and organizational innovation: The role of employee involvement YANG YANG1* AND ALISON M. KONRAD2 Management Department, the Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, U.S.A. Department of Organizational Behavior, Richard Ivey School of Business, U. of Western Ontario, London, Ontario, Canada 2 1 Summary This study examined the interactive effects of workplace diversity and employee involvement on organizational innovation. Using a sample of 182 large Canadian organizations, we found a three-way interaction between level of employee involvement, variation in involvement, and racioethnic diversity on innovation. In organizations with high levels of employee involvement, high variation in involvement was associated with higher involvement levels among racioethnic minorities, resulting in a stronger association between diversity and innovation. Furthermore, the association between White employee involvement and innovation was significantly more positive under the condition of high involvement among racioethnic minority group members. Thus, ensuring high levels of involvement among members of historically marginalized racioethnic groups enhances the innovation effects of employee empowerment systems. Copyright # 2010 John Wiley & Sons, Ltd. Keywords: gender...
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...The Effects of Self-Management on the Progression of Chronic Kidney Disease Keywords: Chronic kidney disease, self-management, patient education, end-stage renal disease The Effects of Self-Management on the Progression of Chronic Kidney Disease Kidney disease is one of the leading causes of death in the United States and was the 8th leading cause in 2010 (Arialdi M. Miniño, 2012). Approximately 20 million U.S. adults who are over 20 years of age have chronic kidney disease (CKD), and most of them are unaware of their condition ("CDC, National chronic kidney disease "). This number continues to grow every year due to an increase in the incidence of hypertension, diabetes, obesity, and the aging population. CKD can develop into end-stage renal disease (ESRD) rapidly without intervention, and the only treatment currently available is renal replacement therapy or kidney transplant. The cost of treating those in the United States with ESRD in 2009 was approximately $40 billion dollars, and this cost continues to grow each year ("National Kidney and Urologic Diseases Information Clearinghouse (NKUDIC) "). Moreover, patients who develop kidney disease pay an even higher price with their life. Studies have shown that CKD is associated with a higher rate of cardiovascular disease as well as all other related mortalities (Kurth, de Jong, Cook, Buring, & Ridker, 2009). An adult with CKD is 16-40 times more likely to die before reaching ESRD than an...
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...Business Ethics Term Paper Women in Power Women are not making it to the top of any profession anywhere in the world. The percentage of women in corporate governance remains low in comparison to men. The evidence presents itself through numbers. There are 190 heads of state, only nine are women. The percentage of women who are at positions such as chief executive officers, senior executives, and board members is significantly low in large, publicly-held companies. Women are not only underrepresented in the United States but all around the globe. Multiple surveys were conducted by the Pew Research Center concluding the general finding that “according to the majority of Americans, women are every bit as capable of being good political leaders as men and the same can be said about their ability to dominate the corporate boardroom.” Yet, 43 percent of women are held to higher standards in regards to top executive business positions and 38% of women in regards to high political offices. What causes the absence of women leaders in corporate governance? Do the causes follow ethical guidelines? Looking at the Pew Research Center survey, a major reason that more women are not in top executive business positions is because they are healed to higher standards than men and many businesses are not ready to hire women for top executive positions. A minor reason is that family responsibilities get in the way of women committing time to run a major corporation, women do...
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...Int. J. of Human Resource Management 18:11 November 2007 1895– 1916 The global integration of diversity management: a longitudinal case study Aulikki Sippola and Adam Smale Abstract Whilst the extant diversity management literature has provided a comprehensive array of theoretical frameworks and empirical studies on how organizations can and have approached the management of a diverse workforce, the same cannot be said about the literature on diversity in an international setting. Indeed, from a diversity management perspective we know surprisingly little about how multinational firms are responding to the increasing globalization of their workforce. This study seeks to contribute to this underresearched area through an in-depth longitudinal case study of TRANSCO, a well-known European MNC, which has been attempting to integrate diversity management globally throughout its worldwide operations. Adopting a Finnish host-country perspective, the study investigates what TRANSCO has been integrating, how it has tried to facilitate this and the challenges that have arisen throughout the process. The results indicate that TRANSCO has committed a considerable amount of resources to the global diversity management integration process, reflected in the myriad of integration mechanisms utilized. In terms of their integration strategy, it was evident that TRANSCO was able to achieve global consistency at the level of diversity philosophy, but was forced to rely on a more multi-domestic...
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...European Journal of Operational Research 203 (2010) 539–549 Contents lists available at ScienceDirect European Journal of Operational Research journal homepage: www.elsevier.com/locate/ejor Invited Review Research on warehouse design and performance evaluation: A comprehensive review Jinxiang Gu a, Marc Goetschalckx b,*, Leon F. McGinnis b a b Nestle USA, 800 North Brand Blvd., Glendale, CA 91203, United States Georgia Institute of Technology, 765 Ferst Dr., Atlanta, GA 30332-0205, United States a r t i c l e i n f o a b s t r a c t This paper presents a detailed survey of the research on warehouse design, performance evaluation, practical case studies, and computational support tools. This and an earlier survey on warehouse operation provide a comprehensive review of existing academic research results in the framework of a systematic classification. Each research area within this framework is discussed, including the identification of the limits of previous research and of potential future research directions. Ó 2009 Elsevier B.V. All rights reserved. Article history: Received 5 December 2005 Accepted 21 July 2009 Available online 6 August 2009 Keywords: Facilities design and planning Warehouse design Warehouse performance evaluation model Case studies Computational tools 1. Introduction This survey and a companion paper (Gu et al., 2007) present a comprehensive review of the state-of-art of warehouse research. Whereas the latter focuses on warehouse...
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...07133031 qi yang | Literature review Report | Course: Procurement &Contract Management BMGT43670Term: Jan 2012 semesterProfessor: David Staunton Student: Qi yang Student No: 07133031 Date: 20 March 2012 | “I the undersigned confirm that the work submitted here is entirely my own work, and that any work of others which is included has been properly referenced and acknowledged according to normal academic guidelines.” Table of Contents Abstract 2 Introduction 4 Why procure 4 How procure 8 Defining and initiating the contract 8 Planning the procurement 10 The tendering process and choosing the contractor 11 Finalizing and monitoring the contract 12 Conclusion 13 Reference 14 Abstract There has been a noticeable increase in the number of studies directed at explicating the drivers of procurement’s success in all kinds of industry and government agency. Since the fierce competition of market, there is high requirement not only for the speed of product and service desired, but also the quality of commercialization. So the procurement has come and is essentially delivering value through all kinds of relationships. This report shows why procurement is desired urgently and how the procurement process works. Procurement is the process of acquiring outside service through soliciting and evaluating proposals and establishing a contractual agreement which includes monitoring project work for conformance to the contract and closing...
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...Abstract Gleevec is heralded as a savior drug for cancer research. Created by the rational drug design model, Gleevec targets the tyrosine kinase enzyme in CML patients.[10] By targeting and binding to the active sites of the cancerous cells, Gleevec denaturizes them, preventing the spread of the disease.[10] Gleevec has been FDA approved to be administered to patients diagnosed with chronic myelogenous leukemia and also patients with gastrointestinal stromal tumors.[6] Although, this treatment has also been proved to aid in other fields of medicine, ranging from treating other types of cancers to delaying tumor growth to therapy for diabetes and even to cancer treatment in pets.[5,6,8,9] However, for Gleevec to have been made other cell targeted drugs had to be made before it. And just as those drugs paved the way for Gleevec, Gleevec is paving the way for even more cancer treatments to be made. Introduction and Background The official war on cancer began when President Richard Nixon declared that this was the next big thing in the history of the United States. He compared the battle and potential cure of cancer to the process of landing on the moon. However, the battle against cancer has proved to be much more difficult. But there is progress being made. In 2003, 556,902 people in the United States died from cancer.[11] However, in 2002, 557,271 people in the United States died from cancer.[11] Even though the difference of deaths was not that great, this was still...
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...Jeff Hardy IST210 Lab 1. 6/26/09 1. Create a data dictionary for Upper Coastal University Registration System Table Name |Attribute Name |Contents |Type |Format |Required |PK or FK |FK Referenced Table | |Course |course_id call_id course_name credits |Course ID Call ID Course name Credits |numeric varchar varchar numeric(1) |999 XXXXXXX Xxxxxxxx 9 |Y |PK | | |Course Section |c_sec_id course_id term_id sec_num f_id c_sec_day c_sec_time_start c_sec_time_end loc_id max_enrl |Course Section ID Course ID Term ID Section # Faculty ID Course Section Day Course Section start time Course Section end time Location ID Maximum enrollment |numeric numeric numeric(1) numeric(1) numeric varchar datetime datetime numeric numeric |999 999 9 9 999 XXXXX yyyy-mm-dd 00:00:00:000 yyyy-mm-dd 00:00:00:000 999 999 |Y Y Y Y Y |PK FK FK FK FK | Course Term Faculty Location | |Enrollment |s_id c_sec_id grade |Student ID Course Section ID Grade |numeric numeric char(1) |999 999 X |Y Y |FK FK |Student Course Section | |Faculty |f_id f_last f_first f_mi loc_id f_phone f_rank f_pin |Faculty ID Faculty last name Faculty first name Faculty middle initial Location ID Faculty phone # Faculty ranking Faculty PIN |numeric varchar(20) varchar(20) char(1) numeric varchar(10) varchar(4) ...
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...www.sciedu.ca/jms Journal of Management and Strategy Vol. 1, No. 1; December 2010 Managing Justly Across Cultures: The Problem of Fairness in International Business Rolf D. Dixon (Corresponding author) Weber State University 3802 University Circle, Ogden, Utah 84408, USA Tel: +1-(801)-626-7542 E-mail: rddixon@weber.edu Cam Caldwell University of Georgia G-2 Brooks Hall, Athens, GA 30602-6256, USA Tel: +1-(318)-446-0129 E-mail: camcaldw@uga.edu Apichai Chatchutimakorn College of Business, McNeese State University Kayla Gradney College of Business, McNeese State University Kochakan Rattanametangkul McNeese State University katekochakan@yahoo.com Received: September 14, 2010 Abstract The aim of this paper is to examine the relationships between organizational justice and the factors that characterize cultural differences. This paper begins by briefly summarizing the nature of organizational justice and by identifying how justice is perceived. Hofstede’s five factors of cultural dimension model, which he developed in his seminal 1980 research on national cultures, is utilized to present characteristics of cultural differences. Ten propositions are then offered which relate to organizational justice and differences in cultural perspectives. These propositions suggest specific management approaches that organizational leaders can adopt to be more effective in dealing with employees from respective cultures. This paper concludes by identifying the importance of understanding...
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...An old ancient Chinese proverb says, “Women hold up half the Earth.” The corporate world is on the forefront of believing these words. Women of the world today are being acknowledged as the key to economic success. Organizations all over the globe are learning the opportunities of opening up to diversity and adding women to their boardrooms. Ignoring talent in half the population is not the best method for an organization to create a successful and effective board. Urban Outfitters Inc. has not always been a top contender in the diverse corporate world. In this report, we will investigate how Urban Outfitters Inc. reluctantly took a step in the direction of updating the faces of their executive boardroom. We will discuss the challenges and changes gender diversity in the corporate work world meets. We will look at meaningful observations of board effectiveness in the boardroom and the workforce. Introduction Boardroom diversity is highly advocated by companies and investors. Boardrooms hold the main responsibility to ensure human talent planning coincides with developing policies and procedure concerning diversity and diversity issues within an organization. Boardrooms need talent management and ultramodern thinking to build company revenue. Organizations use warm and fuzzy words about diversity, yet only give lukewarm responses in practices. Diversity was sighted as a legal issue in the past; now organizations are opening up to accepting that diversity is not a...
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...University of Florence Faculty of Economy Master’s Degree in Bank, Insurance and Financial Markets Thesis in Applied Statistics for Banks and Insurances Credit Risk Models: Single Firm Default and Contagion Default Analysis Supervisor: P rof essor Fabrizio Cipollini Student: Marco Gambacciani Academic Year 2009/2010 Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Structural Models 1.1 Terminal Default . . . . . . . . . . . . 1.2 First Passage Models . . . . . . . . . . 1.2.1 The Black and Cox’s Model . . 1.2.2 Longstaff and Schwartz’s Model 1.2.3 Leland and Toft’s Model . . . . 1.2.4 Zhou’s Model . . . . . . . . . . 1.2.5 Random Threshold Model . . . 2 5 5 11 11 15 19 24 30 35 36 39 41 45 48 50 51 56 67 76 77 79 79 82 83 84 94 114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Modelli reduced form 2.1 Approach With An Homogenous Poisson Process . . 2.2 Approach With a Non-Homogenous Poisson Process 2.3 Approach with a Cox’s Process . . . . . . . . . . . . 2.4 Bond and Spread Valuation . . . . . . . . . . . . . . Models For The Correlation Between Defaults 3.1 Bottom-Up Models . . . . . . . . . . . . . 3.1.1 Structural Apporach . . . . . . . . 3.1.2 Intensity Models Approaches . . . 3.1.3 Approaches with...
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