Excerpt of Foreword by Kofi Annan: “Ten years have passed since a group of young editors published the original Rescue Mission: Planet Earth—a children’s version of Agenda 21. Agenda 21 is the blueprint for sustainable development adopted at the ‘Earth Summit’ in Rio de Janeiro in 1992. Rescue Mission was a wake-up call to ‘stop senseless war…[Read more]

This article presents a generic model for pricing financial derivatives subject to counterparty credit risk. Both unilateral and bilateral types of credit risks are considered. Our study shows that credit risk should be modeled as American style options in most cases, which require a backward induction valuation. To correct a common mistake in the…[Read more]

This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show…[Read more]

This paper presents an analytical model for valuing interest rate swaps, subject to bilateral counterparty credit risk. The counterparty defaults are modeled by the reduced-form model as the first jump of a time-inhomogeneous Poisson process. All quantities modeled are market-observable. The closed-form solution gives us a better understanding of…[Read more]

The one-side defaultable financial derivatives valuation problems have been studied extensively, but the valuation of bilateral derivatives with asymmetric credit qualities is still lacking convincing mechanism. This paper presents an analytical model for valuing derivatives subject to default by both counterparties. The default-free interest…[Read more]

This article presents a new model for valuing financial contracts subject to credit risk and collateralization. Examples include the valuation of a credit default swap (CDS) contract that is affected by the trilateral credit risk of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing.…[Read more]

The incremental risk charge (IRC) is a new regulatory requirement from the Basel Committee in response to the recent financial crisis. Notably few models for IRC have been developed in the literature. This paper proposes a methodology consisting of two Monte Carlo simulations. The first Monte Carlo simulation simulates default, migration, and…[Read more]

Mit dem Begriff der Kunstvermittlung wird Politik gemacht und er wird mit gegenläufigen Verständnissen verknüpft. Das Buch “Was heißt hier Vermittlung?” arbeitet heraus, dass die Bedeutungskonkurrenz bereits im Streitbegriff der Vermittlung angelegt ist. Der unternommene Gang durch sozialhistorische und philosophische Begriffsgeschichten wird mit…[Read more]

Selbstbeschreibungen der Kunstpädagogik greifen oft auf binäre Logiken zurück – sei es, um eindeutige Ein- und Ausgrenzungen vornehmen zu können oder um spannungsvolle Zweierverhältnisse zum Ausgangspunkt kunstpädagogischer Überlegungen zu machen. Kunstpädagogische Komplexität ist ein Angebot, das sich neben solche Logiken stellt, wirbt dafür, Kun…[Read more]

Early seventeenth century lute improvisation — a phrase that by its mere utterance may cause debates full of uncertainties, fears and fantasies. What is proper improvisa-tion? How did they do it 360 years ago? In this article I seek to revive a systematic prac-tice of teaching ornamentation and improvisation from the Renaissance scholars — i.e…[Read more]

What happens when a classical music instrument performance course at a Norwegian state university study programme is assessed for quality following a standardized procedure? The article explores frictions and negotiations between managerial quality assurance and classical music performance education in a contextual sense, focusing particularly on…[Read more]

Tout comme la compréhension, en France, des raisons (politiques et sociales), qui ont amené les Etats-Unis à « changer les règles du jeu capitaliste » est rarement connue, sinon comprise, le basculement de l’université américaine vers l’entreprise, profondément lié aux causes du changement économique susmentionné, est tout aussi méconnu. Son ex…[Read more]

The research paper is based on analysis of annual report of PMPKL and its key competitors, published articles on Pakistan tobacco industry and interview of PMPKL Representatives.
Due to time and resource constraints, the study has focused on tobacco cigarettes only. For both PMPKL and its competitors. Therefore, all the evaluations and results…[Read more]

It has long been thought that the optimum environment in which to teach Early Years and Year 1 is a large, open-plan classroom with access to outdoor space. The accepted theory that young children require a large amount of indoor and outdoor space to learn effectively through creative teaching and child-initiated creative experiences has been…[Read more]

The first building in Geneva designed to house an international organization, the Centre William Rappard has played host to the International Labour Office since it first opened its doors in 1926, and later to the General Agreement of Tariffs and Trade secretariat and to the World Trade Organization. “Centre William Rappard: Home of the World…[Read more]

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk,…[Read more]

The following investigation has the main purpose to reconstruct the social and institutional work development by Doctor Arturo Uslar Pietri in the camp of Venezuelan education during the historic time that should be to live. Uslar Pietri practiced educational as a vocational way in diverse moments of his life, outstanding like Professor in…[Read more]

This essay analyzes from the perspective of historical revisionism the Communism during the first half of the twentieth century, based on the specialized historiography. It is part of the analysis of Communism as an ideology, system and use of political violence and it is compared with Nazism. In both, Nazism and Communism, similar features are…[Read more]

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization adhering to bankruptcy laws. As such, the model can…[Read more]

The essay is an analytical critique of the Citizenship (Amendment) Act by deconstructing it in regards to a wide range of legal (national and international), political and moral issues. I argue how the CAA finds itself at odds with some of the founding principles of our democracy, and also fails to serve as a citizenship law under accepted customs…[Read more]