Europe Equity Research
24 March 2016
Neutral
Zalando
ZALG.DE, ZAL GR
Price: 29.48
CMD key takeaways: building a platform for growth
Price Target: 29.00
This week Zalando hosted a CMD, focusing on the
Europe Equity Research
10 November 2014
Initiation
Neutral
Zalando
ZALG.DE, ZAL GR
Price: 18.30
Initiating coverage with Neutral recommendation and
21.80 price target
Price Target: 21.80
Zalando is th
individual claims can be subject to a reinsurance agreement, either
proportional or excess of loss. The individual risk model considers the
payments made under each policy (risk) separately. The risks
represented by a Poisson process. Solution The events in this case are
occurrences of claim events (ie accidents, fires, thefts etc) or claims
reported to the insurer. The parameter represents the ave
portfolio. It may be helpful to think of this as a model of part of a
motor insurance portfolio. The policies in the whole portfolio have
been subdivided according to their values for rating factors s
( ) = d fx f x dx f x . Since the left hand side of (2.7) is the same as the
derivative with respect to t of logG(s, t), (2.7) can be integrated to find
that: log ( ) ( ) Gs t ts cs ( , ) = 1 + where
Tables, where the parameter is lt . This will be proved by deriving and
solving a differential-difference equation. For a fixed value of 0 t >
and a small positive value of h , condition on the number
nn ( ) ( ) [ ( ) ( )] ( ) + = 1 + (2.4) and this identity holds for n =
1,2,3,. Now divide (2.4) by h , and let h go to zero from above to get
the differentialdifference equation: 1 ( ) [ ( ) ( )] n n
policyholder in this part of the portfolio is equally likely to be a good
driver or a bad driver but that it cannot be known whether a
particular policyholder is a good driver or a bad driver. Solutio
calculate the skewness by subtraction either. Page 32 CT6-08: Risk
models (2) IFE: 2010 Examinations The Actuarial Education
Company Solution 8.3 W is the random variable: W X MX M = > | ie
the reinsu
practical situations, finding an exact value for the probability of ruin is
impossible. In some cases there are useful approximations to ( ) u ,
even if calculation of an exact value is not possible.
portfolio. Then N has a Poisson distribution with parameter 0.4n and S
can be written: S = i N = 1 (Xi + Yi) where cfw_ X Y i ii + = 1 is a
sequence of independent and identically distributed random
insurer pays net of reinsurance. But: ( ) ( ) ( ) 375 ES S ES ES -= - = R R m
So the expected profit is 62 5. , and the percentage reduction in the
expected profit (which was 100 without reinsurance)
briefly review the key areas of Part 2, or maybe re-read the summaries
at the end of Chapters 5 to 8. Question and Answer Bank You should
now be able to answer the questions in Part 2 of the Question
] var[ ] TYY Y = + + 1 2 500 " Since [ ] EY q i i = m and 2 2 var[ ] (1 ) Yq q
q ii i i = +- s m , we have: 500 1 [ ] m = = i i ET q 500 500 2 2 1 1 var[ ]
(1 ) s m = = =+ - i ii i i T q qq since the
an insurance company becoming ruined. In Section 3 we will introduce
the adjustment coefficient, a parameter associated with risk, and
Lundbergs inequality. Section 4 considers the effect of changing
; b = 100 Show that the company must sell at least 884 policies in a
year to be at least 99% sure that the premium income will exceed the
claims and expenses outgo. (ii) Now suppose that the values of
M t tT tC C C CC C From the information given in the question, since
Ci has a compound Poisson distribution it has moment generating
function: ( ) exp ( ( ) 1) exp 0.02( ( ) 1) = -= - [ ] [ ] C iX X i
compound Poisson processes 2.1 Introduction In this section some
assumptions will be made about the claim number process, N t t l q ( )
0 , and the claim amounts, Xi i l q = 1. The claim number proces
compound Poisson distribution. CT6-08: Risk models (2) Page 35 The
Actuarial Education Company IFE: 2010 Examinations Now the
variance of I S is given by 2 var( )I S m = m , where 2 2 m EY = ( ) , and
Page 19 The Actuarial Education Company IFE: 2010 Examinations
3.4 Variability in claim numbers and claim amounts and parameter
uncertainty This section contains two more examples. The first is a
rath
compound Poisson distribution and so: [] ( ) E R E S np = = l l i l l l s = +
= + + 2 2 2 22 2 2 2 1 var [ ] ( ) ( var[ ] [ ] ) ( )( expcfw_ ) R ES S ES i ii p sn s
n Example Each year an insurance co
BIBLIOGRAPHY
Munsie, S. (2012). Continuing professional development- a unified approach. Journal Australian
Surveyor: 39 (1), 34-43
RESEARCH OBJECTIVE
To examine the different facets of CPD.
THEMES/VA
Hall, L. (2008). Harmonizing international qualifications of accountants- step toward reciprocity in a
global profession. Journal of Accounting and Finance Research: 12(5), 1-15
RESEARCH OBJECTIVE
Thi
Bibliography
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(2016).More than
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proposed new
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for professional
accountants.
Accounting
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Paisey, C, Paisey, N,
Ta
Bibliography
Research Objective
Chen, Y, Chuang, B, Lee, C
(2008). The association
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professional education
and financial
performance of public
accounting firms. The
This study invest
BIBLIOGRAPHY
Berg, M.(2007). Continuing professional development- the IFAC position 1. Journal Accounting Education:
16 (4), 319-327
RESEARCH OBJECTIVE
To know the requirements to maintain and develop
Concordia University College of Alberta
Master of Information Systems Security Management (MISSM) Program
7128 Ada Boulevard, Edmonton, AB
Canada T5B 4E4
A Conceptual Framework for the Prevention and
2016-17 Internal Control Questionnaire and Assessment
Bureau of Financial Monitoring and Accountability
Florida Department of Economic Opportunity
September 15, 2016
107 East Madison Street
Caldwell B
SIMPLE RISK MODEL
Types of Controls
A Vulnerability is a
defect in a process,
system, application or
other asset that
creates the potential
for loss or harm.
Vulnerabilities are
measured primarily
thr