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By Mary Hardy

Compliment for InvestmentGuarantees

"In addition to being a necessary and cutting edge addition to the literature on threat administration of equity-linked assurance, this publication offers a uniquely transparent demonstration of utilizing various measures in a really functional context. an effective way of revealing actuaries tips on how to ‘mind their playstation and Qs’!" —Boris Brizeli significant and leader Operations Officer GE Insource constrained

"This is an incredibly good written and complete booklet in order to be worthwhile for either practitioners and graduate scholars. It presents a distinct synthesis of strategies and instruments in econometrics, monetary engineering, and simulation utilized to questions of basic value in insurance." —Dr. Andrew Cairns Reader in monetary and Actuarial arithmetic Heriot-Watt college

"Investment promises becomes the reference e-book of selection for either actuaries and non-actuaries alike operating within the box of promises linked to equity-linked items. The e-book presents a superb stability among thought and perform during contrasting actuarial modeling and alternative pricing idea as utilized to promises on equity-linked products." —Larry M. Gorski lifestyles Actuary Illinois division of assurance

"Professor Hardy moves the ideal stability among conception improvement and sensible demonstration, supplying insights to either rookies and skilled practitioners. Her entire therapy of possibility modeling of funding promises will gain actuaries and monetary engineers alike, permitting every one to appreciate greater the character and administration of fairness publicity. really readable, funding promises is a useful source for coverage and monetary pros operating with equity-linked coverage and annuity products." —Geoffrey H. Hancock valuable Mercer threat, Finance & assurance Consulting

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2 Monthly total returns and annual volatility, S&P 500 long series. 3 Monthly total returns and annual volatility, TSE 300 1956–2000. 4 Monthly total returns and annual volatility, S&P 500 1956–2000. 1 Means, standard deviations, and autocorrelations of log returns. 4, we use monthly data for all estimates. The values in parentheses are approximate 95 percent confidence intervals for the estimators. 77. 1 shows that the two series are very similar indeed, with both indices experiencing periods of high volatility in the mid-1970s, around October 1987, and in the late 1990s.

2 Monthly total returns and annual volatility, S&P 500 long series. 3 Monthly total returns and annual volatility, TSE 300 1956–2000. 4 Monthly total returns and annual volatility, S&P 500 1956–2000. 1 Means, standard deviations, and autocorrelations of log returns. 4, we use monthly data for all estimates. The values in parentheses are approximate 95 percent confidence intervals for the estimators. 77. 1 shows that the two series are very similar indeed, with both indices experiencing periods of high volatility in the mid-1970s, around October 1987, and in the late 1990s.

3. 1. The entries for the two long series use annual data for the TSE index, and monthly data for the S&P index. For 1 Now superseded by the S&P/TSX-Composite index. The log-return for some period is the natural logarithm of the accumulation of a unit investment over the period. a. 1 Annual total returns and annual volatility, TSE 300 long series. 2 Monthly total returns and annual volatility, S&P 500 long series. 3 Monthly total returns and annual volatility, TSE 300 1956–2000. 4 Monthly total returns and annual volatility, S&P 500 1956–2000.

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