Actuarial Mathematic, Second Edition by Browers Gerber Hickman PDF

By Browers Gerber Hickman

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1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review 48(3), 261-297. Modigliani , F. H. Miller. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review 53, 433-443. M. (1998). Is Paul v. Virginia dead? In: The Fair Value of Life Insurance Liabilities. Kluwer Academic Publishers, Boston. E. Thorlacius. (1989). Arbitrage-free pricing of interest-rate contingent claims. TSA 41,231-265. R (1997). Two paradigms for the market value of liabilities.

Models are needed both to supplement areas in which insufficient information is available and to enable a decision-maker to better understand the dynamics of financial conditions and effects. In fact, information is a key element because the less that is known, the greater the uncertainty, the wider the likely range between bid and asked price and in turn risk. A model is often used to develop estimates of value. A mathematical model is a depiction of reality expressed in mathematical terms. Actuaries study the cash flows reflecting the real world, rather than an idealized world.

This put gives the insurer the option to put the assets back to the policyholders, and its value is reflected in both MVD and MVL. The riskier the investment strategy, the more valuable this put is. If the firm has significant franchise value, the value of this put is greatly diminished. Still another factor causing a liability valuation to depend on investment strategy is whenever the liability cash flow is defined in terms of the assets that fund them. This should not preclude us from valuing an insurer by discounting liability cash flow directly.

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Actuarial Mathematic, Second Edition by Browers Gerber Hickman

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