Suchergebnisse

Examines NATO's Partnership for Peace (PfP) program between member and non-member countries, and the new Euro-Atlantic Partnership Council (EAPC). Some emphasis on NATO peacekeeping operations (IFOR and SFOR) in Bosnia-Herzegovina.

AbstractIn this paper, we devise a stochastic asset–liability management (ALM) model for a life insurance company and analyze its influence on the balance sheet within a low-interest rate environment. In particular, a flexible procedure for the generation of insurers' compressed contract portfolios that respects the given biometric structure is presented, extending the existing literature on stochastic ALM modeling. The introduced balance sheet model is in line with the principles of double-entry bookkeeping as required in accounting. We further focus on the incorporation of new business, i.e. the addition of newly concluded contracts and thus of insured in each period. Efficient simulations are obtained by integrating new policies into existing cohorts according to contract-related criteria. We provide new results on the consistency of the balance sheet equations. In extensive simulation studies for different scenarios regarding the business form of today's life insurers, we utilize these to analyze the long-term behavior and the stability of the components of the balance sheet for different asset–liability approaches. Finally, we investigate the robustness of two prominent investment strategies against crashes in the capital markets, which lead to extreme liquidity shocks and thus threaten the insurer's financial health.

This study investigates adolescents' situational passionate experiences, defined as states of strong commitment and intense affect. We examine the extent to which experiencing passion was specific to situations versus individual differences, and explore which activities are likely to elicit adolescents' passion. Using longitudinal experience sampling method (ESM) data from a representative sample of 996 adolescents (54.6% females) in three cohorts (6th, 8th, and 10th grade at baseline), we examine whether adolescents' frequency of passionate experiences remained stable across 2 years. Results of multilevel analyses revealed that situational determinants accounted for 80% of variance in passion, while 20% were due to characteristics of the person that remained stable across 1 week of ESM assessment. An adolescent's percentage of passionate experiences among all observed experiences remained stable across 2 years in rank order and mean level.