bluuebunny/crossref_metadata_2025 huggingface dataset:
Language, Metaphor, and Chalcedon: A Case of Theological Double Vision
Authors: Need Stephen W.
Published: June 2011

The question of how human language functions in relation to God constitutes one of the most difficult problems in Christian theology. I contend that Christian notions of language about God should be constructed in light of christology, since both are concerned with the relationship between the human and the divine. Northrop Frye, drawing on the poetry and thought of William Blake, speaks of the importance of “the double vision of a spiritual and a physical world simultaneously present” in understanding how religious language works. This fundamental quality of double vision or tension characterizes the relationship between the human and the divine both in language about God and in christology. In this article I shall examine several aspects of the relationship between the human and the divine: first, the basic problem of theological language as discussed by George Lindbeck; second, the notion of theological language as metaphorical, as discussed by Sallie McFague; and third, christology as found in the Chalcedonian definition of Christian faith. I shall conclude that it is appropriate to construct notions of language about God in light of Chalcedonian christology.
“Think of the Lilies” and Prov 6:6–11
Authors: Jones John N.
Published: June 2011

Among the best-known of Jesus sayings is the “worry” saying of Q (Luke 12:22–31):

“Therefore,” [Jesus] said to his disciples, “I bid you put away anxious thoughts about food to keep you alive and clothes to cover your body. Life is more than food, the body more than clothes. Think of the ravens: they neither sow nor reap; they have no storehouse or barn; yet God feeds them. You are worth far more than the birds! Is there a man among you who by anxious thought can add a foot to his height? If, then, you cannot do even a very little thing, why are you anxious about the rest?
A Response to John D. Eigenauer
Authors: Steenburg David
Published: June 2011

John D. Eigenauer's article elucidates chaos theory and its implications well. Four problems, however, lead to a basic misunderstanding of my original article. First, he tends to construe my use of “random” in its strongest sense. Second, he does so because he sees my discussion as simply extending a nebulous and metaphoric integration of chaos and order to a variety of dialectical opposites. Third, this interpretation misses the crux of my argument for the reconciliation of reductionism and humanism. Finally, he interprets my theological conclusion as an argument for creation that “commands” worship.
Laws of Leviticus 19
Authors: Carmichael Calum M.
Published: June 2011

The perplexing arrangement of the laws in Leviticus 19 invariably invites comment about their seeming lack of order. Scholars have used the miscellaneous character of the laws as evidence for their originating in different sources, times, and places, before finding a common location in Leviticus 19. Thinking that delineates source after source depends upon a misunderstanding of how lawgivers formulated biblical laws. A different picture emerges once one takes stock of a process of legal formulation; this process, which is deeply implanted in every part of the Pentateuch, accounts for the Pentateuch's unique integration of law and narrative.
Men Dreaming of Men: Using Mitch Walker's “Double Animus” in Pastoral Care
Authors: Culbertson Philip
Published: June 2011

In her recent book Backlash: The Undeclared War Against American Women, Susan Faludi pointed out the violence endemic to the Wild Man paradigm set forth in Robert Bly's Iron John:

For months, Bly has refused requests for an interview—his media interviews are largely with men—but today he accedes to a brief conversation over lunch. Between man-size bites of a sandwich, the poet says he bars women from most of his events because men need a sanctuary from a female-dominated world. “There's no place for the warrior in this country. The feminists have taken over from the Catholic priests.” And this is only the start of the female incursion. “I just see it getting worse and worse. Men will become more and more insecure, farther from their own manhood. Men will become more like women.…” What evidence does he have that all this is happening, or that feminism is actually turning men “soft”? The venerable poet flies into a sudden rage. “I don't need evidence. I have brains, that's how I know.”
Paul's Argumentation in Galatians 1–2
Authors: Vos Johan S.
Published: June 2011

In the Epistle to the Galatians, Paul directly addresses only the Galatian churches; through them, however, he is engaged in a polemic against rival missionaries who had influenced the churches with another gospel. If one intends to analyze Paul's argumentation in Galatians 1–2, it is necessary first to ask about the characteristics of these missionaries and their gospel. In the history of research, many different pictures of the opponents and their gospel have been drawn. These reconstructions result partly from the method of so-called mirror reading; this method infers the position of the opponents by reversing the negations and affirmations in Paul's argumentation. Recently and with good reason this method has been criticized. In my analysis I confine myself to what can be said with certainty about the opponents: First, the opponents shared with Paul the belief in Jesus as the messiah; otherwise Paul could not have termed their message a “gospel” (Gal 1:6). Second, for the opponents the gospel of Paul was incomplete, because it lacked part of the commandments of the covenant, particularly the commandment of circumcision as a prerequisite for full membership among the people of God (Gal 5:3–4; 6:12–13). Although Paul himself did not mention it, we can safely assume that on this point the opponents referred to scripture. Gen 17:10–11, for example, states clearly that without circumcision no one can be a member of the covenant.
Philosophical Obscurantism: Prolegomena to Hamann's Views on Language
Authors: Anderson Albert
Published: June 2011

The oracular writings of the “Christian Socrates” of the eighteenth century, Johann Georg Hamann (1730–1788), have attracted a number of important philosophers, theologians, and men of letters since the time of Immanuel Kant. Some insist that Hamann was a profound and heroic mystic, and some conclude that he was an impossible obscurantist. A figure of conspicuous protest against prevailing Enlightenment attitudes, Hamann's own views exhibit a strange alliance between religious (Lutheran) faith and sceptical (Humean) empiricism.
A New Ritual Calendar from Ugarit
Authors: Fisher Loren R.
Published: June 2011

The new mythological, magical, and liturgical texts which are published by M. Virolleaud inUgaritica Vare very important. I want to thank Professor Schaeffer for giving me the opportunity to work on these texts. One very important text from this group is text 612 (RS 24.249). M. Virolleaud thinks that we are missing about ten lines from the lower edge or the central portion of the text. This text is the most complete ritual calendar that we have from Ugarit for any one month. Texts 3 and 173 (in Gordon, UT) give us more than one month but they are also very fragmentary. Text 613 (RS 24.253) of the new texts is also a text that covers more than one month but it does not seem to use the same structure as the other texts. At any rate, I think that it is important to use text 612 as a basis for this study, and therefore at the outset I want to give my translation.
The Original Language of Pseudo-Philo's Liber Antiquitatum Biblicarum
Authors: Harrington Daniel J.
Published: June 2011

For all practical purposes, the lengthy and comprehensive essay of Leopold Cohn published in 1898 introduced Pseudo-Philo's Liber Antiquitatum Biblicarum to modern scholars. To demonstrate that the existing Latin text was a translation from the Greek, Cohn listed individual words presumably transliterated from the Greek (metra, holocaustomata, epomis, cataracte, eremus, etc.), noted that many biblical names were written according to their Greek forms (Abel, Enoc, Noe, Jesus, etc.), and pointed out a few LXX readings implying, as he thought, the use of the Greek Bible. However, on the basis of other names, the frequent use of et to join sentences, as well as the occurrence of idioms as et factum est, responderunt dicentes, etc., Cohn concluded that the work must have been originally written in Hebrew. While these considerations may have some indicative force, they do not really prove the point at issue. It is imperative, therefore, that we uncover more decisive proofs for determining the languages in which LAB has been transmitted.
External frontal sinusotomy and endoscopic repair of cerebrospinal fluid fistula in the posterior wall: preliminary report of a new technique
Authors: Das P Thulasi , Balasubramanian D
Published: June 2011

Introduction:

Cerebrospinal fluid rhinorrhoea is the abnormal leakage of cerebrospinal fluid into the nasal cavity. The posterior wall of the frontal sinus can be the site of such leakage. Traditionally, these leaks were repaired via external osteoplastic or neurosurgical approaches. Despite advances in instrumentation, it is difficult to manage superiorly or laterally placed defects endoscopically. We present a new technique of endoscopic repair of frontal sinus posterior wall defects, via access holes drilled in the anterior wall of the frontal sinus.

Study design:

Preliminary study involving patients presenting with frontal sinus cerebrospinal fluid leaks, with defects in the frontal sinus posterior wall, between 2006 and 2010.

Setting:

Patients were treated in a tertiary referral centre for nose and sinus diseases. Patient records were reviewed and analysed.

Results:

Nine patients underwent external frontal sinusotomy under endoscopic vision. Repair was successful in all cases, with no complications. Follow up ranged from three months to three years.

Conclusion:

External frontal sinusotomy and endoscopic repair is a simple, precise and cosmetically acceptable alternative to osteoplastic and major neurosurgical techniques for management of frontal sinus posterior wall defects. This new, previously undescribed technique enables otolaryngologists to play a role in managing such defects.
A Preliminary Investigation of Two Prehistoric Cave Sites in Southern Albania
Authors: Francis K.D. , Bescoby D.J. , Gjipali I.
Published: June 2011

In this article we describe the evaluation of two prehistoric sites situated within the coastal zone of south-western Albania, originally investigated by the Italian prehistorian Luigi Cardini in 1939. The first is a cave site in the town of Himara; the second a rock-shelter at Kanalit in the Acroceraunian Mountains to the north. Investigations at both locations revealed stratified evidence of prehistoric activity dating from the mid-Holocene. At Kanalit, an extensive lithic assemblage provided evidence for the exploitation of the adjoining coastal lowlands during the Mesolithic, while at Himara, a largely unbroken sequence of deposits records often intensive human activity at the cave from the Early Bronze Age. Radiocarbon dates have provided a significant independent chronological marker for Early/Middle Bronze Age horizons. The ceramic evidence indicates a predominance of local influences, the site not becoming part of wider trading networks until the late Iron Age, c. seventh to sixth centuries BC.

Σε αυτό το άρθρο πραγματευόμαστε τη σημασία δύο προϊστορικών θέσεων, οι οποίες βρίσκονται στην παράκτια ζώνη της ΝΔ Αλβανίας. Οι θέσεις αυτές είχαν αρχικά ερευνητεί από τον Ιταλό προϊστορικό αρχαιολόγο Luigi Cardini το 1939. Η πρώτη θέση αφορά ένα σπήλαιο στην πόλη της Χειμάρρας και η δεύτερη μία βραχοσκεπή, στη θέση Kanalit, στα Ακροκεραύνια όρη προς βορρά. Έρευνες στις δύο θέσενς αποκάλυψαν στρωματογραφημένες ενδείξεις προϊστορικής δραστηριότητας, που χρονολογούνται από το μέσο Ολόκαινο. Στη θέση Kanalit ένα ευρύ σύνολο λίθινων αντικειμένων παρέχει στοιχεία για την εκμετάλλευση των γειτονικών παράκτιων πεδινών περιοχών κατά τη Μεσολιτική περίοδο. Στο σπήλαιο της Χειμάρρας μία σειρά από αδιάσπαστες, στο μεγαλύτερο μέρος τους, αποθέσεις μαρτυρεί συχνά έντονη ανθρώπινη δραστηριότητα από την Πρώιμη Εποχή του Χαλκού. Οι ραδιοχρονολογήσεις παρέχουν ένα σημαντικό ανεξάρτητο χρονολογικό δείκτη για τους ορίζοντες της Πρώιμης/Μέσης Εποχής του Χαλκού. Η κεραμική φανερώνει την επικράτηση τοπικών επιρροών, με τη θέση αυτή να μην λαμβάνεν μέρος στα ευρύτερα εμπορικά δίκτυα πριν από την όψιμη Εποχή του Σιδήρου, περίπου τον 70 – 60 αιώνα π.Χ.
Prehistoric Laconia: A Note on the Location of the Site of Souroukla
Authors: Simpson R. Hope
Published: June 2011

In 1921, Carl Biegen found Mycenaean and other ancient sherds at a site then named Souroukla, near Skala in Laconia. William Coulson and others have mistakenly assumed that Souroukla is to be identified as Ayios Stephanos, the important site surveyed by the author in 1956 and later excavated by the British School under Lord William Taylour. The author here reveals that the true identity of Souroukla is the site of Skala: Ayios Nikolaos.

To 1921 ο Carl Biegen εντόπνσε μυκηναϊκά και άλλα αρχαία όστρακα στην τότε ονομαζόμενη θέση Σουρούκλα, κοντά στη Σκάλα Λακωνίας. Ο William Coulson και άλλοι μελετητές λανθασμένα υπέτεσαν ότι η θέση Σουρούκλα πρέπει να ταυτιστεί με τον Άγιο Στέφανο, μία σημαντική θέση, την οποία ερεύνησε επιφανειακά ο γράφων το 1955 και αργότερα ανεσκάφη από την Βρετανική Σχολή υπό τη διεύθυνση του Λόρδου William Taylour. Ο γράφων δείκνει στο παρόν άρθρο την ταύτιση της Σουρούκλας με τη θέση Σκάλα: Άγιος Νικόλαος.
East Greek Pottery in the Collection of the British School at Athens
Authors: Smith Tyler Jo
Published: June 2011

Among the antiquities in the collection of the British School, there are a few examples of East Greek pottery, including Wild Goat Style, Chian, Fikellura, and Clazomenian as well as a Rosette Bowl and a Bird Bowl. Following a summany of the British School's excavations and role at Naukratis, the site where much of this East Greek pottery was discovered, the objects from the collection are presented in both summary and catalogue form. An appendix is dedicated to an Attic polychrome phiale mesomphalos, which, although not East Greek, shares many technical and stylistic features with some East Greek wares, and was originally identified as Vroulian. It is briefly considered in relation to East Greek and Archaic pottery.

Μεταξύ των αρχαιοτήτων της συλλογής της Βρετανικής Σχολής, υπάρχουν ορισμένα παραδείγματα ανατολίζουσας ελληνικής κεραμικής, στα οποία περιλαμβάνοντοα δείγματα του ρυθμού των Αιγάγρων, της Χίου, των Φικελλούρων, των Κλαζομενών, καθώς επίσης και δύο ανοικτά αγγεία με διακόσμηση ρόδακα και πτηνών αντίστοιχα. Μετά από μία σύνοψη των ανασκαφών και του ρόλου της Βρετανικής Σχολής στη Ναύκρατι, τη θέση όπου ανακαλύφθηκε μεγάλο μέρος αυτής της ανατολίζουσας ελληνικής κεραμικής, τα ευρήματα της συλλογής παρουσιάζονται σε σύνοψη και σε κατάλογο. Ένα παράρτημα είναι αφιερωμένο σε μία αττική πολύχρωμη μεσόμφαλη φιάλη, η οποία αν και δεν ανήκει στον ανατολίζοντα ρυθμό, μοιράζεται αρκετά τεχνικά και στυλιστικά χαρακτηριστικά με ορισμένα ανατολίζοντα ελληνικά αγγεία. Η φιάλη αυτή είχε αρχικά ταυτιστεί ως αγγείο τύπου Βρουλιάς. Εν συντομία θεωρείτοα ότι έλκει στοιχεία από την ανατολίζουσα ελληνική και αρχαϊκή κεραμική.
On cocycle superrigidity for Gaussian actions
Authors: PETERSON JESSE , SINCLAIR THOMAS
Published: June 2011

We present a general setting to investigate 𝒰fin-cocycle superrigidity for Gaussian actions in terms of closable derivations on von Neumann algebras. In this setting we give new proofs to some 𝒰fin-cocycle superrigidity results of S. Popa and we produce new examples of this phenomenon. We also use a result of K. R. Parthasarathy and K. Schmidt to give a necessary cohomological condition on a group representation in order for the resulting Gaussian action to be 𝒰fin-cocycle superrigid.
Some results on minimizers and stable solutions of a variational problem
Authors: FARINA ALBERTO , VALDINOCI ENRICO
Published: June 2011

We consider the functional in a periodic setting. We discuss whether the minimizers or the stable solutions satisfy some symmetry or monotonicity properties, with special emphasis on the autonomous case when F is x-independent. In particular, we give an answer to a question posed by Victor Bangert when F is autonomous in dimension n≤3 and in any dimension for non-zero rotation vectors.
K3 surfaces with non-symplectic involution and compact irreducibleG2-manifolds
Authors: KOVALEV ALEXEI , LEE NAM-HOON
Published: June 2011

We consider the connected-sum method of constructing compact Riemannian 7-manifolds with holonomyG2developed by the first named author. The method requires pairs of projective complex threefolds endowed with anticanonicalK3 divisors and the latterK3 surfaces should satisfy a certain ‘matching condition’ intertwining on their periods and Kähler classes. Suitable examples of threefolds were previously obtained by blowing up curves in Fano threefolds.

In this paper, we give a large new class of suitable algebraic threefolds using theory ofK3 surfaces with non-symplectic involution due to Nikulin. These threefolds arenotobtainable from Fano threefolds as above, and admit matching pairs leading to topologically new examples of compact irreducibleG2-manifolds. ‘Geography’ of the values of Betti numbersb2,b3for the new (and previously known) examples of irreducibleG2manifolds is also discussed.
Two Linnik-type problems for automorphic L-functions
Authors: LIU JIANYA , QU YAN , WU JIE
Published: June 2011

Let m ≥ 2 be an integer, and π an irreducible unitary cuspidal representation for GLm(), whose attached automorphic L-function is denoted by L(s, π). Let {λπ(n)}n=1∞ be the sequence of coefficients in the Dirichlet series expression of L(s, π) in the half-plane ℜs > 1. It is proved in this paper that, if π is such that the sequence {λπ(n)}n=1∞ is real, then the first sign change in the sequence {λπ(n)}n=1∞ occurs at some n ≪ Qπ1 + ϵ, where Qπ is the conductor of π, and the implied constant depends only on m and ϵ. This improves the previous bound with the above exponent 1 + ϵ replaced by m/2 + ϵ. A result of the same quality is also established for {Λ(n)aπ(n)}n=1∞, the sequence of coefficients in the Dirichlet series expression of −(L′/L)(s, π) in the half-plane ℜs > 1.
Alternate but Do Not Swim: A Test for Executive Motor Dysfunction in Parkinson Disease
Authors: Falchook Adam D. , Decio Danilo , Williamson John B. , Okun Michael S. , Malaty Irene A. , Rodriguez Ramon L. , Heilman Kenneth M.
Published: June 2011

The objective of this study is to learn if participants with Parkinson disease (PD), when compared to normal controls, are impaired in making simultaneous but independent right and left hand movements. Participants were tested with Luria's Alternating Hand Postures (AHP) test and modified AHP tests. Twelve PD participants without dementia and twelve matched controls were assessed for their ability to perform the parallel AHP test (both hands remaining in the same coronal plane) and with modifications of this test into swimming (alternative arm extension with finger extension and arm flexion with finger flexion) and reverse swimming (alternative arm extension—finger flexion and arm flexion—finger extension) movements. The participants with PD were significantly impaired when performing the parallel and the reverse swimming movements AHP tests, but not impaired on the swimming movements AHP test. Swimming movements may be phylogenetically and ontogenetically more primitive and not as heavily dependent on frontal-basal ganglia networks; thus performance of swimming movements during the parallel AHP test may decrease this test's sensitivity. (JINS, 2011, 17, 702–708)
A Review of Term-Structure Models and Their Applications: [forms Part Of: Report of the Fixed-Interest Working Group, B.A.J. 4, II Pg.213–383]
Authors: Chaplin G.B.
Published: June 2011

The literature on ‘Term-Structure Models’ is extensive with many contributions from financial economists over the last twenty years. This paper reviews examples of term-structure models from different categories (‘equilibrium’, ‘evolutionary’ and ‘descriptive’) with particular emphasis on their intended application. The Vasicek (one-factor equilibrium), Richard (two-factor), and Hull & White (evolutionary) models are discussed in some detail.

The paper reviews a particular class of descriptive polynomial models which is flexible and in widespread use both in the academic and the practitioner community. The model is cast in terms of forward rates, applied to the gilt market, and techniques are used to determine how many terms in the polynomial expansion are statistically required in order to describe the market accurately. The model is a linear model of forward and spot rates and is stable; this allows the calculation of risk measures for each bond which give a superior approach, in principle, to portfolio hedging.

Selection of model should be driven by its application. If the objective is a reasonably accurate description of the curve and, by implication, an accurate indication of yields which can be obtained in the market, then a model which fits the market accurately is preferable. The ‘descriptive’ approach is therefore most appropriate in this context.
Investment Returns and Inflation Models: Some Australian Evidence
Authors: Sherris M. , Tedesco L. , Zehnwirth B.
Published: June 2011

The development of stochastic investment models for actuarial and investment applications has become an important area of interest to actuaries. This paper reports the application of some techniques of modern time series and econometric analysis to Australian inflation, share market and interest rate data. It considers unit roots, cointegration and state space models. Some of the results from this analysis are not reflected in the published stochastic investment models.
The Need for Theory in Actuarial Economic Models
Authors: Huber P.P. , Verrall R.J.
Published: June 2011

This paper addresses the fundamental issues in the construction and use of actuarial economic models, with specific reference to those described in the UK literature. Two approaches are considered: an empirical approach and a theoretical approach using financial economics. Although empirical testing is essential, the difficulties associated with it should not be underestimated. A theoretical framework can be used to limit the impact of these difficulties. However, economic modelling is further complicated by the lack of a reliable and comprehensive theoretical framework. This suggests that economic models are always likely to be inaccurate and consequently actuarial judgement is likely to be indispensable.
The Regulatory Role of the Actuary
Authors: Daykin C.D.
Published: June 2011

The actuary has played a role in regulation in the United Kingdom since 1819. More recently, in 1974, the Appointed Actuary system was introduced for life insurance companies, backed by strong professional guidance. Derivatives of the Appointed Actuary concept have been implemented in a number of other countries. Meanwhile, in the UK, defined benefit occupational pension schemes are now required to appoint a Scheme Actuary, who has a statutory whistle-blowing role under the Pensions Act 1995. A number of statutory roles for pension actuaries were in place prior to this. In general insurance, Lloyd's syndicates are now required to obtain an actuarial opinion on the end of year provisions, as part of the Lloyd's market regulatory structure, and friendly societies must obtain an actuarial opinion on their technical provisions once every three years. This paper reviews some of the different regulatory roles of the actuary in the UK, draws some comparisons with the situation in other countries, considers the strengths and weaknesses of the present situation and invites debate and discussion on the way forward in order to optimise the contribution which the profession can make to the public interest in the field of regulation.
On Numerical Evaluation of Finite Time Survival Probabilities
Authors: Dickson D.C.M.
Published: June 2011

In this paper we review three algorithms to calculate the probability of ruin/survival in finite time for the classical risk model. We discuss the computational aspects of these algorithms and consider the question of which algorithm should be preferred.
Notes on the FTSE Actuaries Share Indices (United Kingdom Series) in 1999
Authors: Brumwell J.C.H.
Published: June 2011

Consolidation of the FTSE Actuaries Share Indices in real time; internationalisation of the industry classification system; end of ‘gross’ yields.
Introduction to the British Actuarial Journal
Authors: Murray Malcolm , Daykin Christopher
Published: June 2011

The launch of a new journal is an exciting event for the promoters, fraught with uncertainty. Will the readers like it? Will there be enough readers? Will authors write for it? Will it last? Will the promoters achieve their ends?
Address by the President of the Faculty of Actuaries. Respecting the Past, Creating the Future
Authors: Ritchie John Stewart Russell
Published: June 2011

This Presidential Address is delivered towards the end of the 150th anniversary year of the Faculty of Actuaries, and is timed to coincide with the International Actuarial Association and Groupe Consultatif holding meetings in Edinburgh. It deals with the growing globalisation of the Profession, reviews the key developments arising out of the Morris Review and the implications of current changes. It then moves on to examine communication and the role the Profession can play with the media. A comparison between actuarial practice in life and pensions follows, with suggestions for a closer alignment between pension expectation and pension reality. Comment is made about the prospects for healthy life expectancy. Finally, the relationship between the Faculty and the Institute of Actuaries is debated, and a consultation with Faculty members is launched.
Assessment of Target Capital for General Insurance Firms
Authors: Hitchcox A. N. , Hinder I. A. , Kaufman A. M. , Maynard T. J. , Smith A. D. , White M. G.
Published: June 2011

Capital and cost of capital form a bridge between the insurance firm and the financial markets. The term capital is used in various ways. In current parlance, economic capital is frequently used to mean capital calculated using a risk-based measure which is independent of the regulatory requirements. In this paper we discuss the concept of target capital, where the firm takes account of three different approaches to risk appetite: regulatory capital plus a buffer; rating agency views; and the views of shareholders, where they make commitments to customers and wish to protect franchise value. We describe how, when blending these views, the firm needs to understand the trade-offs between too high and too low amounts of capital, with reference to the double taxation burden, insurance gearing (leverage of premiums to capital ratio), and the impact of the firm's credit rating on maximising franchise value. We then discuss the main drivers of the cost of capital, which we define as the required total return on the market value of the firm, as determined by reference to the opportunity cost of alternative investments of equivalent risk. We explain that, because the stock market value of the firm is not the same as the capital held inside the firm, the cost of capital derived from external studies cannot be directly applied to internal measures of target return such as return on equity (ROE); it is necessary to translate between the two measures. We separate the risk of the firm between the investment risk and the insurance risk. We describe the frictional costs of investing in an insurance firm, and explain the role of parameter and model risk arising from the uncertainty of the future claim costs of the firm. We describe the findings of two studies of the actual historical stock market returns of United States P&C companies. One of them suggests that applying the Fama-French model produces higher and more accurate cost of capital estimates than the capital asset pricing model (CAPM) method. This is explained by linking the price to book ratio to the costs of financial distress, which are particularly important for general insurance firms, given the influence of insurance strength ratings from the rating agencies. Finally, we attempt to estimate the risk load required in premiums to compensate investors for the elements of cost of capital which we have described, in a way that combines the financial economic approaches to insurance target returns with the traditional actuarial approaches to assessing the risks in the insurance business.
Credit Derivatives. Prepared by the Derivatives Working Party of the Faculty and Institute of Actuaries
Authors: Muir M. J. , Chase A. , Coleman P. S. , Cooper P. , Finkelstein G. S. , Fulcher P. , Harvey C. , Pereira F. R. , Shamash A. , Wilkins T. J. D.
Published: June 2011

This paper was written by the Derivatives Working Party, a permanent working party of the Life Research Committee of the Institute and Faculty of Actuaries. Our aim is to consider how life assurers may use, or may wish to use, derivatives, and if their use is unduly constrained, e.g. by regulation. This paper focuses on credit derivatives. We provide an overview of the credit derivatives market, and the strong growth in this market over recent years. We then focus on the two main traded credit derivative instruments — Credit Default Swaps (CDSs) and Collateralised Debt Obligations (CDOs). We explain how these instruments work and are priced, and clarify some of the more complex topics involved, such as the settlement of CDSs, basis risk and the relevance of implied correlation in pricing CDOs. We then consider how life insurers could make use of credit derivatives, for example to provide more efficient investment management in taking exposure to credit risk, or to hedge credit exposures, and consider the regulatory implications of so doing. Finally, in the Appendix, we discuss the credit spread puzzle, and the existence or otherwise of a liquidity premium in corporate bond spreads, with implications for the valuation of illiquid liabilities.
The Challenge of Solvency II. Lecture to the Faculty of Actuaries
Authors: Van Hulle K.
Published: June 2011

INTRODUCTION

The third Lecturer to the Faculty of Actuaries is Mr Karel Van Hulle. He is a lawyer by training, and is Head of Unit at the European Commission (Directorate-General ‘Internal Market and Services’), which he joined in 1984, after having served for eight years with the Belgian Banking Commission.

He was subsequently Head of Unit for Accounting Standards, Head of Unit for Financial Reporting and Company Law and Head of Unit for Accounting and Auditing. In that capacity he was closely involved with harmonisation in the fields of accounting, auditing and company law, both at European Union level and internationally, and served as the Commission's observer with the International Accounting Standards Committee. He was Secretary of the High Level Group of Experts on Company Law, which prepared the Commission's 2003 Action Plan on Company Law.

Since November 2004 he has been Head of the Insurance and Pensions Unit. In this function, his main responsibility is the preparation of the new solvency regime for insurance and reinsurance companies (Solvency II).
Pricing and Risk Capital in the Equity Release Market
Authors: Hosty G. M. , Groves S. J. , Murray C. A. , Shah M.
Published: June 2011

Although equity release market sales have been flat since 2003, the market has seen significant developments in terms of product flexibility, with greater levels of guarantees and drawdown schemes, in particular, leading to the reduction in average case sizes. All things being equal, products should have become more expensive for consumers, but the competitive environment which has driven product innovation has also resulted in lower product margins. This is all good for the consumer, but it is increasingly difficult for providers to reach target returns on capital, and this is deterring some prospective new entrants. One of the purposes of this paper is to investigate the profitability of typical schemes in the market at present, and so to address the question of whether competition has forced the market to function at non-profitable levels. In doing this, the paper also provides a benchmark for existing providers and potential new entrants, against which they can check the reasonableness of their own assumptions. We will aim to provide a rational pricing methodology, which can be adopted by any organisation active in the market, and we hope that this can support the market as it expands over the coming years. In order to produce a set of cohesive results, we have modelled a range of potential outcomes using a pricing basis which we consider to be broadly ‘average’. While we would encourage providers to compare our results with their own pricing assumptions, and to ensure that they are satisfied as to the reasons for any differences, there is a health warning, as our results should only be used as a check in this regard. If our ‘averages’ are suitable for use by some providers, then this is just co-incidence. In practice providers should adapt the assumptions made to suit their own product features, target market, expense profile and appetite for risk.
Enterprise Risk Management from the General Insurance Actuarial Perspective
Authors: Tripp M. H. , Chan C. , Haria S. , Hilary N. , Morgan K. , Orros G. C. , Perry G. R. , Tahir-Thomson K.
Published: June 2011

The authors have reviewed over 60 texts on the subject of Enterprise Risk Management (ERM). In this paper they set out a summary of ERM based on three of those sources, selected for their relevance and breadth of view. The paper observes that the approaches described vary widely in nature. A separate ‘on-line” source is provided, which summarises key readings from the 60 texts. Combining findings from these texts with the authors' own experiences, the paper suggests some best practice checklists, designed to enable organisations to take stock of their current ERM frameworks. It discusses other aspects of ERM for practitioners, including extreme events, opportunity management and the link with corporate strategy. The paper looks at immediate and longer-term implications for actuaries in the United Kingdom, and then poses questions about future professional development and education. It suggests an emerging role for the ‘ERM actuary’, and, finally, it suggests future work to progress the development of ERM and the actuaries' role.
The Concept of Investment Efficiency and its Application to Investment Management Structures
Authors: Hodgson T.M. , Breban S.J. , Ford C.L. , Streatfield M.P. , Urwin R.C.
Published: June 2011

Investment efficiency is a function of the risk, return and total cost of an investment management structure, subject to the fiduciary and other constraints within which investors must operate. Institutional investors implement their investment policies through investment management structures. In this paper the aim is to enhance the investment management structure by broadening the financial objectives, by recognising the effect of behavioural issues and by incorporating governance constraints. We therefore suggest that investment efficiency should be considered as a combination of financial efficiency and non-financial efficiency.

Modern portfolio theory had a revolutionary effect on portfolio construction. In the same way, we believe that investment management structures should be constructed in a more disciplined and quantitative manner. In this paper we outline the quantitative and qualitative methods by which these structures can be developed. The proposed new framework for designing investment management structures seeks to optimise net information ratios while simultaneously recognising the level of regret risk facing fiduciaries, minimising non-financially-productive behavioural biases and taking account of the resources available to the fiduciary to monitor these structures.
A Market-Based Approach to Pricing With-Profits Guarantees
Authors: Hare D.J.P. , Dickson J.A. , McDade P.A.P. , Morrison D. , Priestley R.P. , Wilson G.J.
Published: June 2011

The text of this paper, together with the abstract of the discussion held by the Faculty of Actuaries on 15 November 1999, are printed in British Actuarial Journal, 6, I, 143-213.
Securitisation and Other Financing Options Available to Life Companies
Authors: Sanders A.J.
Published: June 2011

Until relatively recently life companies generally met their capital needs either from internal resources or by means of equity capital provided by shareholders. However, the financial pressures on life operations have led to more innovative alternatives being used. In response to these pressures different forms of capital support from reinsurers, banks or other group funds or companies have been developed. In April 1998 National Provident Institution (NPI) became the first life company to issue bonds to investors secured on the future profits expected to arise from part of its existing life business. This paper discusses: financing options available to life companies; the terms of NPI's securitisation; the relative merits of different financing and capital management alternatives; alternative forms of capital support; the implications for policyholders and their interests; and actuarial issues arising from the different forms of financing.
The Actuary and the Law (Staple Inn Reading 2000)
Authors: Brennan L.
Published: June 2011

The lecture discusses the issue of actuarial evidence in personal injury cases, and how the courts have been diffident towards actuarial evidence and the utility and importance of actuarial expertise. Until recently lawyers have not understood the ways in which actuaries work with probabilities. The lecture then shows that now the law has adopted actuarial thinking in several significant ways, and in particular in damages and personal injury cases. The discount rate for calculating the multiplier for future loss is discussed, as is the new area of risk assessment and conditional fees. Lawyers need actuarial help where appropriate, and both face the daily problem of applying the laws of probability to human activity.
Notes on the FTSE World Index Series: 1999 Constituent Changes
Authors: Brumwell J.C.H.
Published: June 2011

1999 was the thirteenth year of publication of the World Index series. A change of name reflects the purchase by FTSE International of the stakes owned by Goldman Sachs & Co. and Standard & Poor's. No changes were made in the range of countries covered during the year, but it was agreed that from mid-2001 the series would be adjusted to reflect the available free floats of constituents' shares.
Address by the President of the Institute of Actuaries: Communication, Culture and Companionship
Authors: Clark Peter Nigel Stuckey
Published: June 2011

The Presidential Address relates events which occurred during significant years in the life of the President with matters relevant to the Institute, past, present and still to come, and with what was written by previous Presidents. It considers actuarial education, and specially its links with universities, and then comments on the President's career as a life actuary.

The role of the Appointed Actuary is discussed, and also what an actuary is and does. The international actuarial perspective is covered through a description of the Groupe Consultatif and of the President's other international involvement, especially with Africa. Other subjects covered include with-profits contracts, the dispersion of actuaries throughout England and Wales, the role of the actuary in today's changing world, the relationship between the Institute and the Faculty, and the role of the President. Finally, the President looks forward to what actuaries might be and do in the future.
The Realistic Reporting of With-Profits Business. Reference Paper for the Discussion
Authors: Hare D. J. P. , Craske G. , Crispin J. R. , Desai A. J. , Dullaway D. W. , Earnshaw M. A. , Frankland R. , Jordan G. A. , Kerr M. G. , Manley G. M. , McKenzie J. L. , Rae R. A. , Saker M. C.
Published: June 2011

This paper was written at the request of the Life Research Committee of the United Kingdom Actuarial Profession's Life Board. It concerns the valuation of U.K. with-profits business, with particular attention to the market-consistent ‘realistic reporting’ basis currently being used in the U.K. by the regulator, the Financial Services Authority (FSA). The paper surveys recent regulatory activity concerning the development and introduction of the new valuation approach, and puts it into the context of a survey of alternative methodologies, both deterministic and stochastic. The particular issues arising when considering prudential solvency are discussed, and various approaches are reviewed and compared with market consistent methods. Numerical examples are given, which demonstrate potential issues (regarding comparability and consistency) with the FSA's proposed approach — in particular the sensitivity of results to model calibration. The authors support the FSA's move to a stochastically-based framework for solvency measurement, but highlight some issues which need to be taken into account.
Funding Defined Benefit Pension Schemes
Authors: Cowling C. A. , Gordon T. J. , Speed C. A.
Published: June 2011

This paper puts the case for the Actuarial Profession revising and tightening its standards on actuarial funding advice in relation to United Kingdom occupational pension schemes. We critique current actuarial practice and advocate principles for measuring solvency and providing funding advice. In particular, we advocate that funding targets should be clearly and unambiguously related to scheme solvency. The paper also covers optimal investment strategy, treatment of the ‘company covenant’ when giving funding advice and governance issues relating to pension schemes.
Funding Defined Benefit Pension Schemes
Authors: Cowling C. A. , Gordon T. J. , Speed C. A.
Published: June 2011

The text of this paper, together with the abstract of the discussion held by the Institute of Actuaries on 25 October 2004, are printed in British Actuarial Journal, 11, I, 63-131.
Risk Management in a Fair Valuation World
Authors: Kemp M. H. D.
Published: June 2011

This paper considers the impact that the current trend towards fair valuation of assets and liabilities is likely to have on risk measurement and management practices within the financial services industry. The paper analyses the different sorts of risks faced by organisations such as asset managers, pension funds, banks and insurers, and seeks to identify how their approach to the measurement and management of these sorts of risks might change as fair valuation becomes more entrenched. It argues that what it describes as traditional ‘time series’ based risk measurement is likely to be progressively displaced over time by a greater emphasis on what the paper refers to as ‘derivative pricing’ (or ‘fair value’ or ‘market consistent’) based risk modelling. It comments on the trend towards liability driven investment. The paper focuses on ‘financial’ risks (market, credit, liquidity and, more generally, asset/liability risk) rather than ‘operational’ risks, whilst noting that the dividing line between the two can be open to interpretation. Insurance risk is seen as in some respects straddling both camps.
Bias in Select Mortality Investigations
Authors: Chadburn R.G.
Published: June 2011

The bias inherent in select mortality investigations where data are grouped by coincident or non-coincident rate intervals is analysed and compared. The key to the bias is shown to be the particular patterns of non-uniform ‘exposure frequency’ inherent in each method. It is shown that the bias using the non-coincident rate intervals is sensitive to a non-uniform distribution of new entrants by age, while the use of coincident rate intervals is sensitive to making appropriate assumptions regarding the distribution of policy anniversaries over life-time, p(s). Under both methods a significant proportion of the bias is retained after graduation. It is shown that non-coincident rate intervals may be preferred where p(s) is unknown, as in the CMI Bureau's investigations, while coincident rate intervals would be preferred where p(s) is known and taken into account in deriving the age for the estimated rates.
An Actuarial Survey of Statistical Models for Decrement and Transition Data, III. Counting Process Models
Authors: Macdonald A.S.
Published: June 2011

Counting processes and their compensators are introduced at a heuristic level. The martingale property of stochastic integrals with respect to a compensated counting process leads to moment estimates and asymptotic normal distributions for statistics arising in multiple state, non-parametric and semi-parametric models. The place of survival models in actuarial education is discussed.
The Globalisation of Actuarial Education
Authors: Brown R.L.
Published: June 2011

It is, indeed, an honour and pleasure to write a guest editorial for British Actuarial Journal. The guidelines stated that my topic could be ‘education’, so, as a lifelong educator (whether any students became educated is another matter), I have chosen that topic as my focus.
Family Fortunes — A Guide to Saving for Retirement
Authors: Cooper D. R.
Published: June 2011

The paper investigates the level and incidence of saving required in order to maintain the standard of living that a household experiences whilst of working age into retirement. In order to do this, a model has been constructed that follows the income and expenditure of a household, allowing for tax and social security, as well as changing family circumstances. The model can be used to explain how a household should save in order to achieve a given standard of living in retirement.

The author concludes that the usual message, to save a fixed proportion of income throughout a working lifetime, is at best not helpful and at worst could lead to a lower standard of living over the household's lifetime. People can and should manage the timing of their saving and borrowing in order to achieve optimum incomes.
Corporate Diversity and the Provision of Financial Services
Authors: Guijarro P. , Hare D. J. P.
Published: June 2011

The text of this paper, together with the abstract of the discussion held by the Faculty of Actuaries on 18 February 2002, are printed in British Actuarial Journal, 8, IV, 643-704.
Operation of the Capital Market Under Entity Specific Pricing
Authors: Jenkins T. C.
Published: June 2011

The paper introduces a setting in which each business in an economy faces considerable uncertainty about the cost of providing its service and therefore needs risk capital to give consumers confidence in its solvency. The paper then explores the operation of the capital market under conditions where businesses charge for this service dependability by setting an entity specific profit margin.

This entity specific profit margin is associated with an optimal, arbitrage-free investment portfolio for investors and, as they optimise their portfolios, generates a market equilibrium. Under these conditions it is shown that the entity specific risk premium for investors is the same as the premium for non-diversifiable risk relative to the market portfolio. This reconciles an entity specific approach with the capital asset pricing model, and in this setting would allow the use of the former without having to explicitly take the latter into consideration.

A consequence of this is that entity specific pricing and valuation are fair in such an setting and, for example, the fair value accounting of insurance liabilities can be performed on an entity specific basis.