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AbstractI study dynamic hedging for variable annuities under basis risk. Basis risk, which arises from the imperfect correlation between the underlying fund and the proxy asset used for hedging, has a highly negative impact on the hedging performance. In this paper, I model the financial market based on correlated geometric Brownian motions and analyze the risk management for a pool of stylized GMAB contracts. I investigate whether the choice of a suitable hedging strategy can help to reduce the risk for the insurance company. Comparing several cross-hedging strategies, I observe very similar hedging performances. Particularly, I find that well-established but complex strategies from mathematical finance do not outperform simple and naive approaches in the context studied. Diversification, however, could help to reduce the adverse impact of basis risk.

Induction machines are among the most widely used electrical-to-mechanical converters in electric drives. Their advantageous robustness and simplicity goes hand-in-hand with complicated control. A converter with a suitable control algorithm is needed in order to withdraw maximum power and dynamics from the drive. In recent times, control methods such as those based on DTC and sliding mode methods have come to the forefront, due to their robustness and relative simplicity.In the field of power converters, new converter topologies are emerging with improved efficiency that pushes the operation limits of the drive. This paper focuses on the development of a control of this kind of strategy for an induction machine fed from a matrix converter.

Sie verliert dadurch ihren gesetzlichen Vertreter und damit die Möglichkeit, am Rechtsverkehr teilzunehmen, der Geschäftsbetrieb kommt zwangsläufig zum Erliegen. Um die Schwierigkeiten dieser Situation zu minimieren, kann die GmbH für eine Übergangszeit vom Gericht einen Notgeschäftsführer bestellen lassen. Da die Notgeschäftsführung gesetzlich nicht geregelt ist, gibt es in diesem Zusammenhang zahlreiche Streitfragen. Von den Voraussetzungen einer Bestellung über die konkreten Befugnisse des Notgeschäftsführers und seine Vergütung bis hin zur Beendigung des Amtes ist Vieles ungeklärt. Der Autor untersucht - dem zeitlichen Ablauf einer Notgeschäftsführung folgend - alle verfahrensrechtlichen und materiell-gesellschaftsrechtlichen Einzelfragen und entwirft ein stimmiges Lösungskonzept, das den Umgang mit dieser Rechtsfigur in der Praxis erleichtert

Longer life expectancy and low fertility rates increase the share of elderly among the population of most industrialized countries. This demographic change affects the economy and the society and is most likely to proceed in the future. Therefore, policy makers and families need to be aware of the implications associated with an aging population. One particularly great challenge comes with the rising number of fragile elderly people, for which most countries are currently unable to provide sufficient care solutions. Germany, for instance, is facing a constantly rising share of people in need that mostly receive informal care from friends and family. Public support promotes these informal care arrangements (§3 SGB XI) and endorses care receivers to remain in their domestic environment. Even though such informal care arrangements are preferred by most families, caregiving can have a large impact on the caregiver's life. Policy makers need to measure and incorporate these outcomes in order to provide suitable aid for caring families and, thereby, ensuring sustainable and dignified population aging. This dissertation consists of three academic papers and contributes to the topic in several ways: the first paper reviews the recent literature on the effects of informal caregiving on the caregiver and, thereby, assesses the opportunity costs associated with informal care provision. Further, we evaluated the methodology that is commonly used and identify certain risk groups as well as arrangements that are particularly burdensome. The second paper takes a specific look at the subjective well-being of caregivers in Germany and analyzes effects associated with providing care. In contrast to most prior studies, the paper uses large population-based longitudinal data, accounts for unobserved heterogeneity, and estimates the relationship with different methodologies. The paper further values well-being losses monetarily, which allows a comparison to formal care alternatives. The third paper provides new insights on individual selection behavior in the market for supplemental health insurances. This is an increasingly popular way to insure against long-term care needs, a risk not fully covered despite a statutory long-term care insurance. Private insurance markets are fragile in the presences of asymmetric information and, therefore, might not be a sustainable solution to cover the increasing risks of an aging society. We developed an innovative approach to disentangle different selection behaviors in a heterogeneous sample and identify asymmetric information exemplarily for the market of supplemental dental insurance, despite no risk-coverage correlation for the aggregated sample.

BACKGROUND: The large increase in numbers of refugees and asylum seekers in Germany and most of Europe has put the issue of migration itself, the integration of migrants, and also their health at the top of the political agenda. However, the dynamics of refugee health are not yet well understood. From a life-course perspective, migration experience is associated with various risks and changes, which might differ depending on the socioeconomic status (SES) of refugees in their home country. The aim of this paper was to analyze the relationship between pre-migration SES and self-reported health indicators after migration among Syrian refugees. Specifically, we wanted to find out how their SES affects the change in health satisfaction from pre- to post-migration. METHODS AND FINDINGS: We used data from the 2016 refugee survey, which was part of the German Socio-Economic Panel (GSOEP). Although cross-sectional by design, this survey collected information referring to the current situation as a refugee in Germany as well as to their situation before migration. Using a sample of 2,209 adult Syrian refugees who had entered Germany between 2013 and 2016, we conducted a cross-sectional and a quasi-longitudinal (retrospective) analysis. The mean ± SD age was 35 ± 11 years, with 64% of the participants being male. Our results showed a positive association between pre-migration self-reported SES and several subjective health indicators (e.g., health satisfaction, self-reported health, mental health) in the cross-sectional analysis. However, the quasi-longitudinal analysis revealed that the socioeconomic gradient in health satisfaction before migration was strongly attenuated after migration (SES-by-time interaction: −0.48, 95% CI −0.61 to −0.35, p < 0.001; unstandardized regression coefficients, 5-point SES scale and 11-point health outcome scale). Similar results were produced after controlling for sociodemographic characteristics, experiences during the migration passage, and the current situation in Germany. A ...