bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Classical Farmstead Revisited. Activity Differentiation based on a Ceramic Use-Typology
Authors: Winther-Jacobsen Kristina 
Published: June 2011

This article explores some recent developments in the investigations of isolated rural settlements, and the methodologies to elicit differences and similarities among the Vari and the Dema houses and the class of sites identified as farmsteads by intensive surveys by the Laconia Rural Sites Project. In particular, the article discusses the ceramic use-typology pioneered by T.M. Whitelaw as an analytical tool for the study of artefactual variability of the surface assemblage related to activity differentiation, and a more detailed use-typology developed for the Troodos Archaeological and Environmental Survey Project (TAESP) in Cyprus, which is based not only on the morphology and surface treatment of a vessel, but on all the physical properties of the pottery including fabric, manufacturing techniques, and style. The consideration of a wider range of physical properties is especially important when working with pottery from surveys, because specific shapes can only be ascribed to a small proportion of potsherds, while the TAESP methodology allows the inclusion of a much larger proportion of material.Το άρθρο αυτό εξετάςει ορισμένες πρόσφατες εξελίξεις στην έρευνα απομονωμένων αγροτνκών οικισμών και τις μεθόδους που έχουν χρησιμοποιηθεί για την επισήμανση διαφορών και ομοιοτήτων μεταξύ των οικιών στη Βάρη και το Δέμα και των θέσεων εκείνων που έχουν αναγνωριστεί ως αγροκτήματα από εντατικές επιφανειακές έρευνες για λογαριασμό του ‘Προγράμματος Αγροτικών Θέσεων Λακωνίας’. Πιο συγκεκριμένα, το άρθρο συςητά την χρήση-τυπολογία της κεραμεικής που αναπτύχθηκε από τον T.M. Whitelaw ως εργαλείο έρευνας για τη μελέτη της ποικιλομορφίας του υλικού αρχαιολογικών συνόλων που προέρχονται από επιφανειακές έρευνες και σχετίζονται με τη διαφοροποίηση δραστηριοτήτων. Επίσης συζητά την πιο λεπτομερή χρήση-τυπολογία που αναπτύχθηκε από το ‘Αρχαιολογικό και Περιβαλλοντικό Πρόγραμμα Επιρανειακής Ερευνας Τροόδους’ (TAESP) στην Κύπρο. Η μεθοδολογία ιου TAESP δεν βασίζεται μόνο στην μορφολογία και την επεξεργασία της επιφάνειας ενός αγγείου, αλλά και σε όλες τις άλλες φυσικές ιδιότητες της κεραμεικής όπως την κεραμεική ύλη, τις τεχνικές παραγωγής και την τεχνοτροπία. Η εξέταση μιας ευρύτερης σειράς φυσικών ιδιοτήτων είνοα ιδιαίτερα σημαντική για τη μελέτη της κεραμεικής από επιφανειακές έρευνες, καθώς συγκεκριμένα σχήματα μπορούν να αποδοθούν μόνο σε έναν αναλογικά μικρό αριθμό οστράκων, ενώ με τη μεθοδολογία του TAESP ένα αναλογικά μεγαλύτερο ποσοστό κεραμεικής μπορεί να συμπεριληφθεί σε αντίστοιχες μελέτες.
A New Gold Myrtle Wreath from Central Macedonia in the Collection of the Archaeological Museum of Thessaloniki
Authors: Tsigarida Bettina 
Published: June 2011

A gold myrtle wreath was acquired by the Jean Paul Getty Museum in 1993, and returned to Greece in 2007: it is now housed in the collection of the Archaeological Museum of Thessaloniki (inv. no. ΜΘ 24000). While its technical features and methods of manufacture have already been discussed in previous publications, this article focuses on provenance, dating, and comparisons. On the basis of a detailed structural analysis and parallels for this wreath, the author suggests Central Macedonia as its provenance and a date towards the end of the 4th century bc. This is the eighth myrtle wreath from this region, implying that this type was made in local workshops. The concluding section of this article offers a brief account of the use of wreaths in ancient Greece.Ένα χρυσό στεφάνι μυρτιάς, που αγοράστηκε από του Μουσείο γκεττύ το 1993, επιστράφηκε στην Ελλάδα το 2007 και συμπεριλήφθηκε στη συλλογή του Αρχαιολογικού Μουσείου Θεσσαλονίκης (ΜΘ 24000). Οι τεχνικές λεπτομέρειες και η μέθοδος κατασκευής του έχουν παρουσιαστεί σε σχετικές δημοσιεύσεις. Η παρούσα εργασία εξετάςει την προέλευση, τη χρονολόγηση και τη σύγκρισή του με άλλα παρόμοια χρυσά στεφάνια μυρτιάς. Βασισμένη στη λεπτομερή ανάλυση της δομής του αντικειμένου και στα παράλληλά του, η συγγραφέας προτείνει την Κεντρική Μακεδονία ως τόπο προέλευσής του και το χρονολογεί στα τέλη του 4ου αιώνα π.Χ. Είναι το όγδοο χρυσό στεφάνι μυρτιάς από την περιοχή αυτή υποδηλώνοντας ότι αυτός ο τύπος κατασκευαςόταν εκεί, σε τοπικά εργαστήρια. Στο τελευταίο τμήμα της εργασίας γίνεται σύντομη αναφορά στη χρήση των χρυσών στεφανιών στην αρχαία Ελλάδα.
Maximal entropy measures for certain partially hyperbolic, derived from Anosov systems
Authors: BUZZI J. , FISHER T. , SAMBARINO M. , VÁSQUEZ C. 
Published: June 2011

AbstractWe show that a class of robustly transitive diffeomorphisms originally described by Mañé are intrinsically ergodic. More precisely, we obtain an open set of diffeomorphisms which fail to be uniformly hyperbolic and structurally stable, but nevertheless have the following stability with respect to their entropy. Their topological entropy is constant and they each have a unique measure of maximal entropy with respect to which periodic orbits are equidistributed. Moreover, equipped with their respective measure of maximal entropy, these diffeomorphisms are pairwise isomorphic. We show that the method applies to several classes of systems which are similarly derived from Anosov, i.e. produced by an isotopy from an Anosov system, namely, a mixed Mañé example and one obtained through a Hopf bifurcation.
On the computation of the Picard group for K3 surfaces
Authors: ELSENHANS ANDREAS-STEPHAN , JAHNEL JÖRG 
Published: June 2011

AbstractWe present a method to construct examples of K3 surfaces of geometric Picard rank 1. Our approach is a refinement of that of R. van Luijk. It is based on an analysis of the Galois module structure on étale cohomology. This allows us to abandon the original limitation to cases of Picard rank 2 after reduction modulo p. Furthermore, the use of Galois data enables us to construct examples that require significantly less computation time.
The Management of Risks in Banking
Authors: Allan J.N. , Booth P.M. , Verrall R.J. , Walsh D.E.P. 
Published: June 2011

ABSTRACTThis paper takes an overview of the various financial risks which need to be managed in banking. It then looks in detail at the specific areas of operational risk, market risk and pricing loans. A cash flow model is then developed, which takes explicit account of the various financial factors which should influence the interest rate charged. The model is applied to price loans with various features. The results of the model are shown, and weaknesses in the model and possible areas for further work indicated.
The Fayrest Inne (Staple Inn Reading 1998)
Authors: Sparrow Reader – Charles 
Published: June 2011

ABSTRACTAs part of the 150th anniversary celebrations of the actuarial profession, the link between Gray's Inn and Staple Inn is being renewed with the appointment by Gray's Inn of a Reader, who will give an annual lecture at Staple Inn as a contribution to legal and actuarial education.The first reading for some 300 years gives an outline of the history of Staple Inn, from its origin in the fourteenth century as a ‘Staple’, a customs house for wool, later becoming an Inn of Chancery of one of the four Inns of Court, Gray's Inn. It was in the Inns of Chancery that training was given to law students. The progression of English law and of the training of law students are outlined, particularly how they affected Staple Inn and its subordinate relationship to Gray's Inn. The eventual loosening of the ties between the Inns of Court and the Inns of Chancery, the end of the involvement of Staple Inn with the legal profession, and the coming of the Institute of Actuaries to Staple Inn are all described.
Address by the President of the Faculty of Actuaries
Authors: Low Cuthbert Whyte Fraser 
Published: June 2011

ABSTRACTPresidential Addresses are an opportunity to survey the actuarial landscape, and this one is no exception. The pace of change and scope of work undertaken by actuaries since the President qualified is commented upon. Many of the current and future issues are also aired, from bonus rates and pensions mis-selling to stakeholder pensions and long-term care. Regulation, in a number of areas, is also reviewed. The regular topics of education, examinations and continuous professional development also feature.
A Crisis of Longer Life: Reforming Pension Systems
Authors: Daykin C.D. , Lewis D. 
Published: June 2011

ABSTRACTSocial security pension schemes around the world are facing a number of problems, of which demographic ageing is the most commonly discussed. This paper provides an overview of expected future demographic developments in European Union and some other OECD countries, and evaluates some of the range of solutions which have been, or are being, considered to address this and other problems facing social security in the late 1990s, drawing on examples from OECD countries, from Latin America and from central and eastern Europe. Consideration is given to the possibilities for increasing the level of funding in social security pension schemes or developing funded complementary pension schemes.
The Methodology of Actuarial Science
Authors: Pemberton J.M. 
Published: June 2011

ABSTRACTThis paper considers actuarial science within the context of the framework provided by the formal study of scientific method. A review of key points of recent developments within the methodology (study of method) of science and the methodology of economics is presented. A characterisation of actuarial science and its methods is then developed using as inputs the United Kingdom actuarial education syllabus and recent work of the profession, most notably Bellet al., (1998). The methods of actuarial science are then considered within the framework provided by formal methodology to propose an articulation of the methodology of actuarial science. This methodology is explored in relation to that of other sciences, and some of the implications and opportunities for actuarial science which arise from this investigation are identified. The paper concludes that actuarial science has a distinctive and potentially powerful empirical method of applied approximation. This methodological analysis is intended, in part, to add to the momentum of the programme concerned with furthering the use of actuarial methods within broader spheres (eg Nowellet al., 1996).
A Continuous Performance Investigation of Selected United Kingdom Equities
Authors: Clarkson R.S. 
Published: June 2011

ABSTRACTThis paper extends and develops the strategy investment approach first described in a paper to the 1997 Investment Conference of the Faculty and Institute of Actuaries. Selected constituents of the FTSE-100 Index are partitioned each month into groups of ten in terms of relative attractiveness as estimated by a utility function involving expected earnings growth over the following twelve months and prospective price-earnings ratio. The relative performances of these monthly cohorts of selections are then calculated at monthly intervals using principles similar to those used in mortality rate investigations. The mean values and the underlying variability of these relative performances suggest that the strategy investment approach provides a very powerful and consistent framework for successful equity share selection. Finally, the outline of a fundamental preferences model for performance relative to an equity market index is put forward as a possible replacement for the Capital Asset Pricing Model as the basic theoretical framework for equity share returns.
Pension Fund Valuations and Market Values
Authors: Head S.J. , Adkins D.R. , Cairns A.J.G. , Corvesor A.J. , Cule D.O. , Exley C.J. , Johnson I.S. , Spain J.G. , Wise A.J. 
Published: June 2011

ABSTRACTThe traditional approach to United Kingdom pension fund valuations is to use an off-market approach to valuing assets and liabilities. This approach has been called into question for a number of reasons, such as changes to the taxation of U.K. share dividends and a growing understanding and appreciation of the key principles of financial economics. This paper looks at the history of the traditional approach and focuses on the drivers for change. We compare the properties of various methods that take assets into the balance sheet at market value against the traditional valuation method. Our principal aim throughout has been to produce a paper that is practical and helpful to pension scheme actuaries.
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

ABSTRACTThis paper addresses one of the fundamental issues faced by offices in the transacting of with-profits business, namely, the provision of equity-related performance along with maturity guarantees that increase over the lifetime of the policy. The approach commonly followed of using capital to cover the office's investment mismatch risk is considered from an individual policy viewpoint, and, through stochastic modelling, the degree of security represented by different reserve levels identified. An alternative approach using derivatives to provide similar levels of security is then presented and the range of policy proceeds resulting from the two methods compared. While it is recognised that the latter approach may have limited application in practice, the ideas presented could form the basis of a new approach to pricing guarantees under with-profits business that would be consistent with the pricing of current derivative-backed guaranteed products.
The Prospect of Mortality: England and Wales and the United States of America, 1962–1989
Authors: Murphy M.J. 
Published: June 2011

ABSTRACTForecasts of mortality are included in official population projections. The methodology and performance of British mortality forecasts is reviewed and compared with those of the United States of America in the quarter century up to 1989. The results are found to have been surprisingly poor when compared, for example, with the more widely-criticised fertility component; similar conclusions hold for other developed countries. Although the methodology has become more sophisticated over the years by using detailed information on cause of death and cohort-based approaches, this has not led to obviously better forecasts, and the time period at which the forecasts are made is more important than the method used. The particular importance of mortality assumptions in determining projected numbers of elderly people discussed.
Should Projections of Mortality Improvements be Subject to a Minimum Value?
Authors: Baxter S. D. 
Published: June 2011

ABSTRACTProjections of future mortality typically used for funding pension scheme liabilities assume that future year-on-year decreases in mortality rates will slow rapidly, and that there is very limited potential for further decreases at the oldest ages. This paper considers the consistency of such projections with current trends in life expectancy. Particular focus is paid to whether future mortality should be subject to a minimum level of improvement to reflect general advances in medicine. Care is taken to exclude the additional increases in longevity arising from a concentration of positive health factors amongst the generation who are currently experiencing the ‘cohort effect’.If historic trends continue into the future, then period life expectancy from age 65 in England & Wales will increase at 26 days p.a. for women and 41 days p.a. for men, with additional increases arising from the ‘cohort effect’. This is a faster rate of period increase in life expectancy than embedded in the interim cohort projections. One way to ensure that actuarial projections keep pace with the population trend is to subject projections to a minimum level of (geometric) improvement of at least 11/4% p.a. for men and 3/4% p.a. for women, at all older ages and in all future years.Consideration is given to the possible impact of differences between the socio-economic profile of England & Wales and the membership of the pension schemes to whom the projections will be applied ultimately. This paper also highlights that the application of a single minimum value, independent of time and age, simplifies a more complex underlying pattern, but that minimum improvements of 11/4% p.a. for males and 3/4% p.a. for females represent an average of historic improvements in mortality seen in England & Wales.The paper includes a survey of the history of the low levels of mortality seen currently. The survey includes some discussion on the potential for future improvements and considers topical issues, such as the potential impact of obesity on life expectancy projections (and, in turn, the minimum value applied to improvements).The financial impact of subjecting projections of mortality improvement to a minimum value is quantified.
Two-Dimensional Mortality Data: Patterns and Projections
Authors: Richards S. J. , Ellam J. R. , Hubbard J. , Lu J. L. C. , Makin S. J. , Miller K. A. 
Published: June 2011

ABSTRACTPatterns and trends in late-life mortality are of growing financial importance. The growth in pension liabilities, both public and private, are of crucial interest to governments, insurers and companies with defined benefit pension schemes. This paper explores the patterns in international mortality data, and draws important lessons for actuaries in the United Kingdom.
The Lloyd's Reinsurance to Close Process
Authors: Hindley D.J. , Allen M. , Czernuszewicz A.J. , Ibeson D.C.B. , McConnell W.D. , Ross J.G. 
Published: June 2011

ABSTRACTGeneral insurance syndicates at Lloyd's are required to obtain a Statement of Actuarial Opinion (SAO) in relation to their solvency reserves. This paper focuses on the reinsurance to close (RITC) process at Lloyd's, which is not currently subject to such opinions although some Lloyd's syndicates choose to obtain informal opinions from actuaries in relation to RITC. The paper analyses the current RITC process and suggests two types of opinion that actuaries could provide in relation to RITC. We also consider briefly financial condition opinions for Lloyd's syndicates. The International Accounting Standards Committee (IASC) published their issues paper on insurance accounting during the drafting of this paper, and we include some consideration of the application of the IASC's fair value concept to the future claim liabilities of Lloyd's syndicates. Lloyd's may be subject to unprecedented changes in the next few years, and we therefore consider the effect of these potential changes both on the existing actuarial solvency opinions and on our suggested opinions in relation to RITC. Our aim is to carry out an objective analysis of this unique reserving process and to offer suggestions as to how actuaries might add value to the process, taking into account how Lloyd's might change in future. Because of these changes, much of the paper has direct application to non-Lloyd's insurance companies.
Address by the President of the Faculty of Actuaries: A Learning Profession
Authors: Kingston Thomas David 
Published: June 2011

ABSTRACTThis Presidential Address is a call to arms for the profession. It outlines many areas in which we could be major contributors if we are prepared to undertake the necessary research, discussion and seminar work. In covering the historical landscape of actuarial work, emphasis is placed on looking to the future in life assurance, pensions and investment. Education, public interest and marketing are all covered in the context of what we need to do and the need to get it done sooner rather than later. Our future, and that of the Faculty, is again opened up for debate to ensure that we remain objectively focussed.
Hedge Funds
Authors: Caslin J. J. 
Published: June 2011

ABSTRACTThe paper opens by showing how certain types of hedge funds can reduce the risk and increase the return on a traditional balanced managed fund. One of the key characteristics of such a hedge fund is that it has a low correlation with the balanced managed fund. The paper puts forward a new way of explaining correlation so that it can be more readily understood, and suggests methods of analysis for dealing with the fact that correlation is unstable. Volatility correlation is also examined because of its importance in reducing the risk of a portfolio.An outline of the characteristics and risks of three types of hedge funds, namely, long/short equity, convertible arbitrage and merger arbitrage, together with some questions investors might put to prospective hedge fund managers is given in Section 5.Some of the very basic statistical analysis techniques used in assessing the past performance of hedge funds are given in Section 6. Considerable emphasis is put on the need to examine daily return data as an insight into the quality of the manager's IT systems, his risk management, evidence of smoothing of returns, and to gain access to a higher number of data points for assessing the repeatability of performance.An entire section of the paper is devoted to gaining a clear understanding of a prospective hedge fund manager's volatility management strategy because of its importance in the context of the fee structure of hedge funds and its importance for assessing the ability of a hedge fund to reduce the risk and increase the returns of a balanced managed fund.Funds of hedge funds are examined in the final section, and the section concludes that large sophisticated institutional investors may wish to create a portfolio of hedge funds rather than invest in a fund of hedge funds.
Market Consistent Valuation of Life Assurance Business
Authors: Sheldon T. J. , Smith A. D. 
Published: June 2011

ABSTRACTIn recent years there has been a trend towards market consistent valuation in those institutions for which actuaries have responsibilities. The larger United Kingdom with-profits insurance companies are now preparing realistic balance sheets, both for internal purposes and also at the request of the Financial Services Authority. International accounting standards have been moving to a fair value approach. Pension fund accounting under FRS 17 has also moved in this direction.In this paper we examine the reasons for the adoption of market consistent valuation and discuss some of the commercial implications and corporate valuation. We consider the methods and assumptions which can be used to develop market consistent valuations of cash flows typically encountered in the liabilities of financial institutions, together with some of the problems inherent in the calibration of models used for the valuation of these cash flows. The volatility assumption is crucial to the valuation of options and guarantees, and we discuss the relationship between historical and implied volatility.While most insurance companies initially adopted formulae to value their with-profits guarantees, several offices are now using a Monte Carlo simulation approach for their realistic balance sheets. The Monte Carlo approach enables allowance to be made for management discretion in bonus and investment policy, as well as policyholder actions. However, in many cases it is possible to develop analytical formulae for cash flows approximating those payable under insurance contracts.The valuation formulae have implications for the hedging of embedded guarantees. The authors discuss the construction of hedges for financial risks in with-profits funds, the separate perspectives of policyholders and shareholders, possible funds in which to hold hedging instruments, limitations of capital market hedging tools and the effect of taxation on hedge effectiveness.