This paper provides the first empirical assessment of the impact of life expectancy assumptions on the liabilities of private U.S. defined benefit (DB) pension plans. Using detailed actuarial and financial information provided by the U.S. Department of Labor, we construct a longevity variable for each pension plan and then measure the impact of varying life expectancy assumptions across plans and over time on pension plan liabilities. The results indicate that each additional year of life expectancy increases pension liabilities by about 3 to 4 percent. This effect is not only statistically highly significant but also economically: each year of additional life expectancy would increase private U.S. DB pension plan liabilities by as much as $84 billion.
Credit rating agencies face a difficult trade-off between delivering both accurate and stable ratings. In particular, its users have consistently expressed a preference for rating stability, driven by the transactions costs induced by trading when ratings change frequently. Rating agencies generally assign ratings on a through-the-cycle basis whereas banks' internal valuations are often based on a point-in-time performance, that is they are related to the current value of the rated entity's or instrument's underlying assets. This paper compares the two approaches and assesses their impact on rating stability and accuracy. We find that while through-the-cycle ratings are initially more stable, they are prone to rating cliff effects and also suffer from inferior performance in predicting future defaults. This is because they are typically smooth and delay rating changes. Using a through-the-crisis methodology that uses a more stringent stress test goes halfway toward mitigating cliff effects, but is still prone to discretionary rating change delays.
This paper builds on recent research by Fender and Mitchell (2009) who show that if financial institutions securitize loans, retaining an interest in the equity tranche does not always induce the securitizer to diligently screen borrowers ex ante. We first determine the conditions under which this scenario becomes binding and further illustrate the implications for capital requirements. We then propose an extension to the existing model and also solve for optimal retention size. This also allows us to capture feedback effects from capital requirements into the maximization problem. Preliminary results show that equity tranche retention continues to best incentivize loan screening.
Ray Abreu just met his forever guy: a handsome New York detective who's a cool, hot piece of man candy. But someone — or something — else is after Ray, and he’s not used to losing. He's killer. And he'll redefine the meaning of forever.
An exploration of the new science behind our most underappreciated sense and why we need to harness the power of touch for our health and well-being. Every day, we use our sense of touch to navigate the world. A handshake, a pat on the shoulder, a hug—all essential touches that make up our daily lives. In Touch Matters, Professor Michael Banissy brings together diverse scientific insights from the world's largest study on touch with takeaways on how to enhance your levels of touch for a happier, healthier life. The book explains why touch is essential to our well-being, the role it plays in our relationships, friendships, in the bedroom, workplace, in team activities such as sports, and much more. Banissy's latest research explores: Our "touch personalities" Touch starvation How touch defines our relationships and self-esteem The impact of touch on our physical and mental health This is a fascinating window into one of our most important and basic senses and how to harness its power. FEATURES ORIGINAL RESEARCH FROM "THE TOUCH TEST": Touch Matters is based on one of Banissy's most recent projects—the Touch Test—a science and broadcast collaboration with the BBC and Wellcome Collection. This project explored attitudes and experiences of touch via the world's largest contemporary survey on the topic, public exhibitions, and a series of broadcast programs focused on the topic of touch that received worldwide attention. The project had approximately 40,000 participants from 113 countries. OFFERS GUIDANCE ON COMMUNICATING AND CONNECTING IN OUR DAILY AND PROFESSIONAL LIVES: As we return to office work and live in a world where touch has become loaded with meaning, this book will help people understand how important touch is and the role it plays in every aspect of our lives, from relationships and friendships to the workplace and team activities and much more. Perfect for: Readers interested in science, psychology, and self-help Fans of James Nestor's Breath, Marc Brackett's Permission to Feel, Bill Bryson's The Body, Mark Miodownik's Stuff Matters Adults and parents of children resuming in-person activities including going back to the office, returning to school, traveling, and socializing Those interested in learning more about the science of touch, touch starvation, and how important touch is to child/human development People struggling with depression or anxiety around physical contact
New York writer Ray Abreu could deal with getting fired from his job. He could even accept the fact that after looking longer than he was willing to admit, he still hadn't found Mr. Right.
Soon to be a major motion picture starring Jim Parsons, this is a “heartbreaking but often surprisingly hilarious memoir” (People) about the lessons, love, and laughter of the fourteen years a respected TV columnist shared with his late husband before he succumbed to cancer. Perfect for fans of Bettyville and No Happy Endings. For over a decade, TV fans have counted upon Michael Ausiello’s insider knowledge to get the scoop on their favorite shows and stars. From his time at Soaps In Depth and Entertainment Tonight to his influential stints at TV Guide and Entertainment Weekly to his current role as cofounder of the wildly popular website TVLine, Michael has established himself as the go-to expert when it comes to our most popular form of entertainment. What many of his fans don’t know, however, is that while his professional life was in full swing, Michael had to endure the greatest of personal tragedies: his longtime boyfriend, Kit Cowan, was diagnosed with a rare and very aggressive form of neuroendocrine cancer. Over the course of eleven months, Kit and Michael did their best to combat the deadly disease, but Kit succumbed to his illness in 2015. In this heartbreaking and darkly hilarious memoir, Michael tells the story of his harrowing and challenging last year with Kit while revisiting the thirteen years that preceded it, and how the undeniably powerful bond between him and Kit carried them through all manner of difficulties—always with laughter front and center in their relationship. “Engrossing, poignant, tragic, and hilarious” (Jenny Lawson, #1 New York Times bestselling author), Spoiler Alert: The Hero Dies is “a story about love and loss, joy and heartbreak. And in the midst of personal turmoil, we learn that bravery comes in many forms” (The Washington Post).
Speeches and columns Michael Clayton wrote for the mayor of New Orleans, scripts for television shows, interviews and profiles of celebrities, book and film reviews, news stories written for newspapers in Las Vegas, New Orleans and Los Angeles, as well as material Clayton wrote for stand-up comedians, and social commentary Clayton published throughout the United States...THE WORKS!!!
A provocative, personal, and useful look at boyhood, and a radical plea for rethinking masculinity and teaching young men to give and receive love “Surprising . . . [Black’s] tone is so lovely, his empathy so clear . . . Black’s writing is modest, clear, conversational . . . corny, maybe. But helpful. Like a dad.”—The New York Times Book Review With hope and with humor, Michael Ian Black skillfully navigates the complex gender issues of our time and delivers a poignant answer to an urgent question: How can we be, and raise, better men? Part memoir, part advice book, and written as a heartfelt letter to his college bound son, A Better Man offers up a way forward for boys, men, and anyone who loves them. Comedian, writer, and father Black examines his complicated relationship with his own father, explores the damage and rising violence caused by the expectations placed on boys to “man up,” and searches for the best way to help young men be part of the solution, not the problem. “If we cannot allow ourselves vulnerability,” he writes, “how are we supposed to experience wonder, fear, tenderness?”
The story begins in New York City, a mysterious bond forms among four blonde women, linking their fates in ways they never imagined. Follow Ava, Soni, Madison, and Natalie as they escape a web of secrets, danger, and unexpected connections. The story begins with Ava Martinez, caught in a difficult situation, her life hanging in the balance. Little does she know, her fate is intertwined with three other women who share much more than just hair color As they come together, their lives are forever changed. From the streets of Chinatown to the glittering lights of Times Square, join these fearless women on a journey filled with twists and turns. With each step, they uncover clues, confront their fears, and forge unbreakable bonds. As the mystery deepens, Ava, Soni, Madison, and Natalie must race against time to discover the truth. Along the way, they'll discover the power of friendship, the strength of unity, and the courage to face their darkest secrets. "All Blondes Live in Manhattan" is a captivating tale of adventure, suspense, and the enduring power of sisterhood.
Michael Koryta's Envy the Night is the 2008 winner of the Los Angeles Times Book Prize for best mystery/thriller. In the seven years since he learned that his U.S. marshal father lead a double life as a contract killer--and committed suicide to avoid prosecution--Frank Temple III has mostly drifted through life. But when he learns that Devin Matteson, the man who lured his father into the killing game only to later give him up to the FBI, is returning to the isolated Wisconsin lake that was once sacred ground for their families, it's a homecoming Frank can't allow. Frank finds Matteson's old cabin occupied by a strange, beautiful woman and a nervous man with a gun. But when a pair of assassins arrives on their heels, he knows Matteson can't be far behind. The wise move would be to get out of town--but that doesn't feel right. After all, contract killer or not, Frank's father was at heart a teacher. And his son was an excellent student....
From best-selling author Michael Grant comes the highly anticipated, terrifying, and mind-bending second book in the BZRK trilogy. The entire BZRK cell—including Noah and Sadie—has been left in pieces after the last round of battle with the Armstrong Twins, conjoined brothers who plot to rob mankind of its free will. Vincent's mind is shattered, and his memories hold dangerous secrets—secrets that Lear, BZRK's mysterious leader, will stop at nothing to protect. Meanwhile, Bug Man has taken control of the President's brain, but playing with sanity is a dangerous game. The consequences can spiral way out of control, and the Armstrong Twins are not people Bug Man can afford to disappoint. The nano is as terrifying, exhilarating, and unpredictable as ever. But the wall of secrets that surrounds it is cracking. What will it reveal? And once the dust has settled, who will be sane enough to find out?
The world's most exclusive detective agency opens a new office-in Australia! With the best detectives in the business, cutting edge technology and offices around the globe, there is no investigation company quite like Private. Now, at a glittering launch party overlooking the iconic Opera House, Private Sydney throws open its doors. Craig Gisto and his newly formed team have barely raised their glasses, however, when a young Asian man, blood-soaked and bullet-ridden, staggers into the party, and what looks like a botched kidnapping turns out to be a whole lot more. Within days the agency's caseload is full. But it is a horrific murder in the wealthy Eastern Suburbs and the desperate search for a motive that stretches the team to the limit. Stacy Friel, friend of the Deputy Commissioner of NSW Police, isn't the killer's first victim-and as the bodies mount up she's clearly not the last . . .
Two evangelicals who “prefer saviors who weren’t crucified” teach Trump supporters how to channel their inner Orange in this savagely funny satire disguised as a self-help book. First lesson: There’s no gold at the end of the Golden Rule. “A barbed send-up...filled with satirical glee!” —KIRKUS REVIEWS “What Would Donald Do?” A client is about to lose a promotion to an African-American. Another can’t get her daughter to lose weight. “What would Donald do?” ask the evangelical gurus, as they coach their clients into behaving like America’s wealthiest hemorrhoid. “Lies are unborn facts.” A nerdy client wants help filling out the profile on his dating app. A boob-honking client competes against a woman for CEO. Our Trump Whisperers show them how to go Tourette’s with the truth and ignore their conscience when it clangs like an Amber Alert. “You have a Christian duty to insult everyone.” Laugh through the rage. Find out why Trump supporters made this America’s #1 Returned Book! * Afterword by the winner of the 2016 presidential election, Vladimir Putin. RAVE REVIEWS FROM THE WHITE HOUSE! “I prefer books that weren’t published.” -- Donald Trump “If I had a sense of humor this book would’ve made me laugh!” -- Sarah Huckabee Sanders “Luckily, I’m a reptile so this book didn’t get under my skin.” -- Stephen Miller “What’s satire?” -- Kanye West
Studies show that one in four young adults claim no formal religious affiliation, and church leaders have long known that this generation is largely missing on Sunday morning. Hundreds of thousands of "church leavers" have had a mentor and pastor, however, in Michael Spencer, known to blog readers as the Internet Monk.
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