bluuebunny/crossref_metadata_2025_split huggingface dataset:
Roman Knossos: Discovering the City through the Evidence of Rescue Excavations
Authors: Sweetman Rebecca J. 
Published: June 2011

Thus far, much of the analysis of Roman and Late Antique Knossos has been based on the material culture produced through research excavations such as the Villa Dionysus and the Unexplored Mansion. Such excavations provide a tantalizing view of select aspects of the community and city and are essential for an understanding of the chronology of much of the material culture. However, these excavations cannot provide a complete picture of the character and diachronic range of the entire city. To do so, it is necessary to turn to the hitherto unpublished rescue excavations undertaken in dispersed locations of the valley. These range from the many graves located on the slopes of the surrounding hills, to monumental architectural remains in the area to the east of the Villa Dionysus, and to mundane features such as cisterns and roads in the modern village. In this paper, within the context of the published Roman material and with a focus on mosaics and ceramics, the evidence of the rescue material is used to develop a better perception of the city and all its residents, including the layout in terms of administrative, residential, and industrial areas from the first to the seventh centuryad.Μέχρι σήμερα ένα μεγάλο μέρος της εξέτασης της Κνωσού κατά τη ρωμαϊκή περίοδο και την ύστερη αρχαιότητα έχει βασιστεί στα υλικά κατάλοιπα από συστηματικές ανασκαφές, όπως στην Έπαυλη του Διονύσου και την Ανευξερεύνητη Οικία. Αυτές οι ανασκαφές παρουσιάςουν μία δελεαστική όψη επιλεκτικών εκφάνσεων της κοινότητας και της πόλης. Επιπλέον είναι σημαντικές για την κατανόηση της χρονολόγησης ενός μεγάλου μέρους των υλικών καταλοίπων. Ωστόσο, δεν μπορούν να παρουσιάσουν μία συνολική εικόνα του χαρακτήρα και της διαχρονικής αλληλουχίας όλης της πόλης. Για να γίνει κάτι τέτοιο είναι απαραίτητο να στρέψουμε την προσοχή μας στο μέχρι σήμερα αδημοσίευτο υλικό των σωστικών ανασκαφών που έχουν πραγματοποιηθεί σε διάφορες θέσεις στην πεδιάδα. Αυτές οι ανασκαφές ποικίλλουν: από τους πολλούς τάφους στις πλαγιές των γειτονικών λόφων, στα μνημειακά αρχιτεκτονικά κατάλοιπα στην περιοχή ανατολικά της Έπαυλης του Διονύσου και τα κοινότοπα στοιχεία, όπως δεξαμενές και δρόμοι στο σύγχρονο χωριό. Στο άρθρο αυτό, μέσα στο πλαίσιο του δημοσνευμένου ρωμαϊκού υλικού και με έμφαση στα ψηφιδωτά και την κεραμεική, τα δεδομένα από το υλικό των σωστικών ανασκαφών χρησιμοποιούνται για την καλύτερη κατανόηση της πόλης και όλων των κατοίκων της συμπεριλαμβανομένης της διάρθρωσής της ως προς τις περιοχές διοίκησης, κατοίκησης και βιοτεχνικής παραγωγής από τον πρώτο μέχρι τον έβδομο αιώνα μετά Χριστόν.
Dimension of the generalized 4-corner set and its projections
Authors: BÁRÁNY BALÁZS 
Published: June 2011

AbstractIn the last two decades, considerable attention has been paid to the dimension theory of self-affine sets. In the case of generalized 4-corner sets (see Figure 1), the iterated function systems obtained as the projections of self-affine systems have maps of common fixed points. In this paper, we extend our result [B. Bárány. On the Hausdorff dimension of a family of self-similar sets with complicated overlaps. Fund. Math. 206 (2009), 49–59], which introduced a new method of computation of the box and Hausdorff dimensions of self-similar families where some of the maps have common fixed points. The extended version of our method presented in this paper makes it possible to determine the box dimension of the generalized 4-corner set for Lebesgue-typical contracting parameters.
Finite group actions on homologically peripheral 3-manifolds
Authors: IKEDA TORU 
Published: June 2011

AbstractWe generalize the notion of totally peripheral 3-manifolds to define homologically peripheral 3-manifolds. The homologically peripheral property survives canonical decompositions of 3-manifolds as well as it defines a sufficiently large class of 3-manifolds containing link exteriors. The aim of this paper is to study finite group actions on a homologically peripheral 3-manifold, which agree on the boundary, up to equivalence relative to the boundary. As an application, we generalize Sakuma's theorems on the uniqueness of symmetries of knots to the case of symmetries of links.
Multiattribute interaction design: An integrated conceptual design process for modeling interactions and maximizing value
Authors: Ehrich Andrew Baratz , Haymaker John Riker 
Published: June 2011

AbstractIntegrated design synthesizes combinations of options into alternatives that take advantage of interactions to maximize multidisciplinary value. As resources become further constrained, options become more numerous, and goals become increasingly complex, it is more critical and more challenging for design teams to find these integrated solutions. Theory proposes the integration of transformation, flow, and value views as necessary to support such integrated design. This paper develops requirements for these views that encourage flexible yet systematic integrated conceptual design processes. It then illustrates how these requirements are only partially satisfied by current design management systems, provides motivating case studies, and introduces a new framework, multiattribute interaction design (MAID), to fill this void by systematically guiding design teams to explicitly consider the potential interactions of options and the resulting value of design solutions. The paper defines the terms relevant to design space exploration and interactions. It then defines the MAID method and specifies metrics and a process for its validation. Initial laboratory charettes carry out first validations, illustrating evidence for how MAID can help integrate transformation, flow, and value views and lead teams of students to discover and record more interactions in a relatively short amount of time. The paper then lists future work required to further develop and validate MAID.
Future Financial Regulation: An Actuary's View
Authors: Fishman A.S. , Daldorph J.J. , Gupta A.K. , Hewitson T.W. , Kipling M.R. , Linnell D.R. , Nuttall S.R. 
Published: June 2011

ABSTRACTThis discussion paper was produced by a Working Party in April 1997 to put forward some possible ways of improving the United Kingdom financial regulatory process. It was written to contribute to the expected post General Election debate on this topic. Although the new Government announced plans in May 1997 for a new Securities and Investment Board (SIB) with statutory powers, this has not reduced the value of this discussion paper which raises some wider issues on methods of regulation.The paper excludes the supervision and regulation of banks, building societies, insurance companies and exchanges and concentrates on areas that directly affect the public on an ongoing basis. It looks at the expectations of the main parties involved in regulation, the theory and practice of regulation, opportunities and concerns, and concludes with a summary of key issues for discussion. The thrust of the paper is that self regulation should be replaced by statutory regulation and that the present ‘prescriptive’ regulatory process should be replaced by one based on ‘outcomes’ supported by guidance.
Report of the Fixed-Interest Working Group
Authors: Feldman K.S. , Bergman B. , Cairns A.J.G. , Chaplin G.B. , Gwilt G.D. , Lockyer P.R. , Turley F.B. 
Published: June 2011

ABSTRACTActuarial models of the market in conventional British Government Stocks, also known as the Gilt-Edged market, are reviewed and contrasted with the methods which have been developed, during the last twenty years, by financial economists.Following the Treasury's announcement in May 1995 (regarding the taxation of institutional bond holdings), the so-called ‘coupon effect’ has largely disappeared and gilt prices can now be fitted very closely by using the same simple discounting functions for both income and capital flows. A new model suitable for the calculation of yield indices is proposed and is contrasted with the model currently underlying the FTSE Actuaries Government Securities (FTSEAGS) Yield Indices. A number of new possible applications of the reformulated yield indices, such as forward pricing, asset/liability matching and stochastic simulation, are discussed. An analogous model for index-linked gilts leads to applications involving the forward market in the retail prices index.A survey of professional users of the FTSEAGS Indices is described, and a revised presentation for the published yield indices is suggested. A summary of current statutory references to the indices is presented.
Descriptive Bond-Yield and Forward-Rate Models for the British Government Securities' Market: [forms Part Of: Report of the Fixed-Interest Working Group, B.A.J. 4, II Pg.213–383]
Authors: Cairns A.J.G. 
Published: June 2011

ABSTRACTThis paper discusses possible approaches to the construction of gilt yield indices published by the Financial Times. The existing method, described by Dobbie & Wilkie (1978) splits bonds into high, medium and low-coupon bands and fits separate yield curves to each. This method has been identified as susceptible to ‘catastrophic’ jumps when the least-squares fit jumps from one set of parameters to another set of quite different values. This problem is a result of non-linearities in the least-squares formula which can give rise to more than one local minimum. A desire to remove the risk of catastrophic changes prompted this research, which is being carried out as part of the work of the Fixed Interest Working Group.Recent changes in the taxation of bonds has, further, prompted the need for a review of the yield indices. Significantly, since the announcement of the new tax regime, the old coupon effect has been removed. This has made the use of a single forward-rate curve appropriate for the first time.A particular form of forward-rate curve is proposed as the basis for a revision of the gilt yield indices. This curve appears to give a significantly better fit than the present yield–curve model. It is also argued that the risk of catastrophic jumps has been reduced significantly.
Aspects of Pricing in the London Market
Authors: Sanders D.E.A. , Hitchcox A.N. , Manjrekar R. 
Published: June 2011

ABSTRACTActuaries have become increasingly involved in general insurance, and in particular, in the London Market. This paper examines the management of the pricing process in the context of the London Market, and deals with concepts such as profit testing, risk and reward, and setting underwriting targets. The key area covered is the communication of a strategy in a meaningful way that can be controlled at the operating level.
Continuing Care Retirement Communities — Attractive to Members, But What About Sponsors?
Authors: Humble R.A. , Ryan D.G. 
Published: June 2011

This paper is concerned with the development and operation of Continuing Care Retirement Communities (CCRCs). The paper examines the financial structure of a CCRC, being developed by the Joseph Rowntree Housing Trust, and describes a population model utilising transition probabilities to project care needs and financial performance.The paper then explores the possibility of commercial organisations becoming involved in this market, and examines the risks that such a venture would entail and the strategies that may be adopted to reduce these risks.
Traditional Pension Fund Valuation in a Stochastic Asset and Liability Environment
Authors: Wright I.D. 
Published: June 2011

Using the stochastic investment model proposed by Wilkie (1995) this paper simulates the progress of a specimen final salary pension scheme over a period of 25 years. Salary experience over the projection period is also assumed to be stochastic. The specimen scheme is assumed to be stable during the projection period with respect to age, pensionable salary in real terms and past pensionable service.Regular deterministic valuations of the scheme are conducted during the projection period to determine the current level of funding of the scheme on both a discontinuance and an ongoing basis, and also to determine the future contribution rate required to meet the funding objective. The required contribution rate is calculated in accordance with the Inland Revenue surplus regulations and the Minimum Funding Requirement (MFR) introduced in the Pensions Act 1995.The effect on the level of funding (and, hence, on the size of the required contribution rate) of using different investment strategies and of varying the pace of funding, by adopting both a traditional prudent valuation basis and a more realistic valuation basis, are also explored.
Effective and Ethical Institutional Investment
Authors: Asher A. 
Published: June 2011

ABSTRACTThose with responsibility for the assets of institutional investors have a fiduciary duty to attempt to earn the best possible risk adjusted returns and to comply with ethical standards. A satisfactory resolution of these, and other, conflicting demands requires a coherent intellectual framework. Such a framework can be based on a traditional scheme that analyses the various components of profit in terms of the requirements of justice. The framework provides a basis for discussing the major challenges facing the institutional investors. These relate to their role in rational asset selection, effective corporate governance, job creation and the minimisation of environmental impact.
Address by the President of the Institute of Actuaries: Lessons from History
Authors: Thornton Paul Noel 
Published: June 2011

ABSTRACTThe Presidential Address celebrates the 150th anniversary of the Institute of Actuaries by recalling speeches and press comments from the time of its foundation in 1848, and goes on to draw parallels between the issues of the day and those facing the profession in 1998. Foremost of these, there is a continuing emphasis on the public interest; it remains important for the Institute to be a learned society, and educational requirements have continued to be a central part of the profession's activities. The need for the profession to become more deeply involved in investment research is identified. A particular issue highlighted in the address is the constraint placed on the profession's growth and breadth by heavy reliance on self-study; much greater involvement of the universities is recommended.In 1848, as in 1998, the potential for actuaries to use their skills in fields beyond life assurance was recognised, but the address notes that the opportunity to become involved in banking has never been properly grasped.The leading role of the United Kingdom in the international development of the actuarial profession has continued throughout the history of the Institute, and recent developments in the International Actuarial Association are noted.The need to educate clients and the wider public in what it is that actuaries do and how they go about it is the remaining major theme.The final section identifies some current issues needing urgent attention, including the need to influence the shape of national and international accounting standards.
Notes on the FT/S&P Actuaries World Indices: 1998 Constituent Changes
Authors: Brumwell J. C. H. 
Published: June 2011

ABSTRACTThis is the twelfth year of publication of the FT/S&P Actuaries World Indices. Equity Indices are now given for 29 countries, 15 regional groups and the World. Greece, Portugal (and the Eurobloc) were added in 1998, but Malaysia was ejected.
The Role and Responsibilities of Actuaries in the Defined Contribution Environment in the United Kingdom
Authors: Stocker M.A. , Dudley S.D. , Finlay G.E. , Fisher H.J. , Wood O. C. Harvey , Kemp M. H. D. , Lumb W. , Miles M. W. , Wasserman S.L. 
Published: June 2011

ABSTRACTThis paper takes an overview of the potential roles and responsibilities of pension scheme actuaries in the United Kingdom in relation to defined contribution (DC) schemes.First it summarises briefly the background to UK retirement provision and in particular the move to DC arrangements. The paper then compares and contrasts the pension scheme actuary's current role in both defined benefit (DB) and DC schemes. This is then developed to consider what further statutory roles there may be for actuaries in DC schemes.The paper challenges the profession to champion the public interest by seeking clarity and simplification, and finally considers the impact on actuarial employment.
Financial Services and Investment Markets in a Low Inflationary Environment
Authors: Nowell P.J. , Crispin J.R. , Iqbal M. , Margutti S.F. , Muldoon A. 
Published: June 2011

ABSTRACTA working party was set up in February 1999 by the Research Committee of the Life Board to consider the impact of a low inflationary environment on the financial services and investment markets with particular emphasis on companies conducting long-term insurance business.The working party has produced an interim report which reviews the causes of the present expectation of low inflation and discusses evidence from the past and the role of demographics. It considers issues surrounding the composition of the retail price index, appropriate economic assumptions and the impact on investment markets, including the effect of charges on net returns to savers. The position of long-term insurance business is then considered in more detail, looking at HM Treasury return consequences as well as disclosure and product design features. Finally, there are two investigations, the first looking at the effect of low inflation on the achieved profits derived from different product designs, and the second looking at the changes in ruin probability for a with-profits office associated with declining inflation.
Address by the President of the Faculty of Actuaries
Authors: Murray George Malcolm 
Published: June 2011

ABSTRACTThe Presidential Address covers various aspects of the actuarial profession; past, present and into the future. It considers mutual life companies and their current situation. There needs to be improved education in investment and more actuaries should be involved in this area. The codes of conduct and disciplinary procedures of the profession have to be kept under constant review. The international actuarial scene is of great importance, with mutual recognition of qualifications, the various groupings of actuaries and of actuarial associations world wide and the expansion of the profession into further countries all part of current activities. Various alternative options for the future of the profession in the U.K. are suggested.
Capital Projects
Authors: Lewin C.G. , Carne S.A. , de Rivaz N.F.C. , Hall R.E.G. , McKelvey K.J. , Wilkie A.D. 
Published: June 2011

ABSTRACTThe paper surveys the present state of knowledge about the appraisal and control of capital projects, and identifies the useful contribution which actuaries can make to the process.Relevant theoretical considerations are discussed, including the choice of appropriate discount rates for use by companies when screening proposals. It is recommended that discount rates should be lower than those commonly used. Some practical working methods are summarised and examples are given of how risk analysis can be carried out, for both simple and complex appraisals. Attention is drawn to the special ‘social’ considerations which may apply in the case of Government projects. The opportunities now opening up for joint ventures between the UK Government and private sector partners are examined, and it is concluded that proper sharing of costs and risks can facilitate arrangements which are acceptable to both sides.The paper concludes with a discussion of the procedures which companies can use to identify, appraise, control and monitor projects.
Asset Shares and their Use in the Financial Management of a With-Profits Fund
Authors: Needleman P.D. , Roff T.A. 
Published: June 2011

ABSTRACTThis paper describes current asset share techniques, examines alternative asset share philosophies and discusses practical issues associated with the calculations. Alternative approaches to smoothing payouts using asset shares are examined. A financial management framework is described which provides information on the financial position of a with-profits fund. A central part of the framework is the concept of risk-based capital. The factors to be considered in determining risk-based capital are described and examples given of the possible capital needs of with-profits business.
Address by the President of the Institute of Actuaries. Raising Our Game
Authors: Dumbreck Nicholas John 
Published: June 2011

ABSTRACTThis Presidential Address considers what needs to be done to enable the United Kingdom actuarial profession to flourish in a more competitive environment. It addresses the need for continued modernisation of the actuarial skill-set, and the need to pay greater attention to the way we communicate our findings. The Address briefly reviews some of the recent changes to the regulation of life assurance in the U.K. before considering the role and structure of the professional body in the post-Morris era. It ends with some thoughts on developments in education and CPD.
Applying Survival Models to Pensioner Mortality Data
Authors: Richards S. J. 
Published: June 2011

ABSTRACTData from insurance portfolios and pension schemes lend themselves particularly well to the application of survival models. In addition to the traditional actuarial risk-rating factors of age, gender and policy size, we find that using geodemographic models based on postcode provides a major boost in explaining risk variation. Geodemographic models can be better than models based on pension size in explaining socio-economic variation, but a model using both is usually better still. Models acknowledging heterogeneity tend to fit better than models which do not. Finally, bootstrapping techniques can be used to test the financial applicability of a model, while weighting the model fit can be used to address concentration risk.
Pensions and Low Inflation
Authors: Meredith P.M.C. , Horsfall N.P. , Harrison J.M. , Kneller K. , Knight J.M. , Murphy R.F. 
Published: June 2011

ABSTRACTThis Working Party has considered the pensions implications of a prolonged period of low inflation. Experience in the United States of America suggests weaker correlation between equity and bond returns and greater overall volatility of returns. Without a further significant increase in the valuation of equities relative to their underlying economic activity, the cost of pensions will rise, possibly as much as doubling within the next 15 years. It follows that for defined contribution schemes and personal pensions, current contribution levels are likely to produce disappointing and generally inadequate results. Similarly, the costs of defined benefit promises will increase. Future defined benefit provision is also vulnerable to the mismatch of mainly equity assets with mainly fixed liabilities and is therefore difficult to control. Many practical issues of scheme design still reflect past inflation and need to be addressed.
Risk Budgeting in Pension Investment
Authors: Urwin R.C. , Breban S.J. , Hodgson T.M. , Hunt A. 
Published: June 2011

ABSTRACTThis paper extends the concept of investment efficiency from investment management structures to include strategic asset allocation and liability related issues. The concept of risk budgeting is developed. It represents a valuable way of incorporating risk and return information to produce more efficient investment decisions. Information ratio is a key measurement in the process, and it is concluded that the risk budget should be allocated based upon the marginal contribution to it for different sources of risk. Non-financial risk is also considered in terms of both governance and risk.