Bounds of Adj-TVaR Prediction for Aggregate Risk

In financial and insurance industries, risks may come from several sources. It is therefore important to predict future risk by using the concept of aggregate risk. Risk measure prediction plays important role in allocating capital as well as in controlling (and avoiding) worse risk. In this paper, we consider several risk measures such as Value-at-Risk (VaR), Tail VaR (TVaR) and its extension namely Adjusted TVaR (Adj-TVaR). Specifically, we perform an upper bound for such risk measure applied for aggregate risk models. The concept and property of comonotonicity and convex order are utilized to obtain such upper bound.Keywords: Coherent property, comonotonic rv, convex order, tail property, Value-at-Risk (VaR).

The Problem of Property: Local Histories and Political-Economic Categories in British India

This essay considers—as an integrated space of discursive practices—disputes over proprietary titles in an obscure locality, debates over the authentic “Indian” proprietary form in British India, and a conceptual recasting of political-economic categories in Britain, over the first half of the nineteenth century. It argues that “property” was produced by this space as a marker of political power/sovereignty, its “indigenous/Indian” form being construed as a field of dispersed, contested, and plural rights. Positing this conceptualization of property as immanent in governance and political economy, this essay questions the dominant historiographic consensus that indigenous social forces aborted all attempts of the Company’s government to introduce a coherent property regime.

Does Unconventional Gas Require Unconventional Ownership? An Analysis of the Functionality of Ownership Frameworks for Unconventional Gas Development

The implementation of a responsive and coherent property framework, capable of effectively supporting the progression of a rapidly expanding unconventional gas industry is proving to be a complex and intricate process for many countries. The theory of mineral ownership that underpins any regulatory framework represents its point of departure. It is increasingly clear that the problems associated with the expansion of unconventional gas development have challenged both private and state based models. This article examines how the core principles that form the foundation for land and mineral ownership in both the United States and Australia have responded to the rapid expansion of the unconventional gas industry. The conventional inertia associated with institutionalized property frameworks has meant that the frameworks are largely resistant to external change. Hence, whilst the transformation that has occurred in the energy industries following the advent of unconventional gas development has been remarkable, ownership frameworks have struggled to cope. Many principles that evolved in a period when unconventional gas was inconceivable are now proving ill-equipped and non-responsive to the new energy environment. This Article argues that the stasis that afflicts ownership frameworks has precluded many of the conventional principles from adapting to meet the needs of this new energy revolution. This has generated an increasing imperative, in both the United States and Australia, to develop and implement legislative initiatives that revise or alter the way in which the schema of orthodox ownership principles applies to unconventional gas. Focused legislative development will promote adaptable, consistent, and structured principles, which in turn will allow ownership frameworks to respond to the operational demands of a new energy era.

The Effect of Grain Size and Strain Rate on the Tensile Ductility of Bulk Nanostructured Metals and Alloys

The nanostructured metals and alloys are under intensive research worldwide and being developed into bulk forms for application. While these new materials offer record-high strength, their ductility is often inadequate and sometime rendering them unusable. Besides tailoring the nanostructure to achieve coexisting high strength and high ductility, to uncover the coherent property of this material is also important. This article reviews the recent researches finished in our lab. A set of nanostructured metals and alloys were synthesized by a direct current electrodeposition technique, and the effect of grain size and strain rate on the mechanical properties stressing on tensile ductility was systemically studied by tensile test at room temperature.

The property theory of Lord Kames (Henry Home)

Lord Kames (Henry Home) (1696–1782) was a well-known jurist, philosopher and judge in the Scottish Enlightenment, whose writings on aesthetics and literary criticism, especially, were very significant in the eighteenth century and later, not only in Britain and the United States, but also in France and Germany. His works on law and legal history were important mainly during his lifetime, but at least one aspect of his legal writings deserves special attention today: his concept of property, which he never stated as one comprehensive theory. Nevertheless, it pervades most of his work. This article seeks to extract and piece together, from a number of his legal and non-legal works, the elements of this quite original property theory which comprises legal-doctrinal, philosophical-theoretical, historical, sociological and psychological, aesthetic-moral and economic aspects. Together these elements can be restated as a surprisingly coherent property system, which may enrich discussions in modern property theory.