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We study an optimal investment problem under a joint limited expected relative loss and portfolio insurance constraint with a general random benchmark. By making use of a static Lagrangian method in a complete market setting, the optimal wealth and investment strategy can be fully determined along with the existence and uniqueness of the Lagrangian multipliers. Our numerical demonstration for various commonly used random benchmarks shows a trade-off between the portfolio outperformance and underperformance relative to the benchmark, which may not be captured by the widely used Omega ratio and its utility-transformed version, reflecting the impact of the benchmarking loss constraint. Furthermore, we develop a new portfolio performance measurement indicator that incorporates the agent’s utility loss aversion relative to the benchmark via solving an equivalent optimal asset allocation problem with a benchmark-reference-based preference. We show that the expected utility performance is well depicted by looking at this new portfolio performance ratio, suggesting a more suitable portfolio performance measurement under a limited loss constraint relative to a possibly random benchmark.
Health workforce development is essential for achieving the goals of an effective health system, as well as establishing national Health Emergency and Disaster Risk Management (Health EDRM).
Study Objective:
The objective of this Delphi consensus study was to identify strategic recommendations for strengthening the workforce for Health EDRM in low- and middle-income countries (LMIC) and high-income countries (HIC).
Methods:
A total of 31 international experts were asked to rate the level of importance (one being strongly unimportant to seven being strongly important) for 46 statements that contain recommendations for strengthening the workforce for Health EDRM. The experts were divided into a LMIC group and an HIC group. There were three rounds of rating, and statements that did not reach consensus (SD ≥ 1.0) proceeded to the next round for further ranking.
Results:
In total, 44 statements from the LMIC group and 34 statements from the HIC group attained consensus and achieved high mean scores for importance (higher than five out of seven). The components of the World Health Organization (WHO) Health EDRM Framework with the highest number of recommendations were “Human Resources” (n = 15), “Planning and Coordination” (n = 7), and “Community Capacities for Health EDRM” (n = 6) in the LMIC group. “Policies, Strategies, and Legislation” (n = 7) and “Human Resources” (n = 7) were the components with the most recommendations for the HIC group.
Conclusion:
The expert panel provided a comprehensive list of important and actionable strategic recommendations on workforce development for Health EDRM.
Agriculture plays a central role in providing food security and essential goods globally. Producers must consider and manage risk to ensure that the production system and its associated individuals are capable of enduring unexpected and disruptive events. Analyzing the different types of risk and accompanying uncertainties that growers experience can be essential to better reflect and understand the realities of their circumstances, but these concepts are not always accounted for in the adoption process. Drawing on the importance of risk and uncertainty, this study aims to assess the different types of risk and uncertainties involved in the risk decision-making process of the processed raspberry industry, where plastic mulch is a new production technique. Semi-structured interviews were conducted with participants involved in the use, research, outreach, manufacturing, and distribution of plastic mulch, specifically polyethylene (PE) mulch and soil-biodegradable mulch (BDM). Findings indicate that risk can be present in various forms including production, price, and hidden risks, with production and price risks being the most significant to all participants. When accounting for overall risk, PE mulch was considered riskier to industry representatives but less risky to growers and most research and outreach specialists. BDM was considered risky due to the uncertainties about durability, degradability, and the unknown impacts on the environment if BDM fragments do not degrade readily. The application of PE mulch and/or BDM can be beneficial for the raspberry production systems but will require time for additional research and effort to disseminate information to a wider agricultural audience.
The concept and application of resilience have been significantly expanded in the last three decades and the term is being used more and more broadly to represent a large-scale multi-disciplinary and comprehensive approach to both natural and human-related coastal issues associated with rising sea level, increased storm frequency and intensity, and human stressors. This chapter reviews the relevant findings from the recent global climate-change reports and introduces the resilience of barrier–inlet systems. In terms of the natural system, the survival of the very landform under the condition of accelerating sea-level rise is discussed via a conceptual model or a couple of numerical models. The resiliency of the human–natural barrier–inlet environment is far more complicated than just the natural system. The concepts and complicated framework outlined in the recent NRC (National Research Council) and USGCRP (US Global Climate Research Program) reports are reviewed, and illustrated with two case studies.
As the pace of climate change accelerates, the impacts of a warming world become more evident and more inevitable. Climate change multiplies and compounds stresses on human and natural systems and amplifies the risk and implications of slow- and sudden-onset disasters worldwide. Some of these risks can be avoided. Some can be alleviated. Some, however, may now or soon be unescapable. The risk continuum is shaped by the degree to which the international community mobilizes to mitigate emissions, to facilitate adaptation, and to prepare for climate-related impacts that cannot be eased or eliminated. The less we do to mitigate, adapt, and prepare, the more acute the risks of climate change become, especially in the global south and especially for already-vulnerable communities. With average global temperatures currently on track to exceed the 2°C target, climate change is expected to multiply the number of people susceptible to poverty, undermine food security, intensify heat and water stress, and increase the risks of fires, storms, flooding, landslides, and infectious and parasitic diseases. In this world of amplified risk, the lines between natural disasters and climate-related disasters blur. Even as these lines blur and the demand for improved coordination grows, critical institutional and legal disjunctions remain. Focusing on the Warsaw Mechanism for Loss & Damage, this chapter examines evolving efforts to construct a more effective and equitable rule of law and institutional framework at the intersection of climate change and disaster law.
Climate change has dramatically increased the frequency and severity of disasters including hurricanes, floods, wildfires, droughts, and pandemics. In a globally connected economy, climate-change fueled disasters disrupt supply chains and upend markets, affecting corporations no matter where they are located. From a risk-management perspective, however, climate change is just another external threat to hedge against, no different in principle than the risk that interest rates might rise or that an economic downturn could reduce the demand for a corporation’s products or services. Thus, corporations have reason to address the problem of climate change, but only to the extent that corporations can thereby produce value for their shareholders. This chapter argues, to the contrary, that climate change should trigger a compliance response. Unlike risk management, a compliance-based approach would require corporations to internalize the problem of climate change and to give it priority over competing considerations.
This chapter analyses the regulatory framework of bankers’ remuneration in the UK in response to the problems in the pre-GFC practice. It first summarises the ideological change among regulators and academics with respect to the regulation of bankers’ remuneration and concludes that maintaining financial stability and protecting the public interest are the primary objectives. The chapter then discusses the initiatives implemented by the UK banking regulators, including deferral, clawback, malus and risk-adjusted performance metrics, which are aimed at guiding banks to reform their incentive mechanisms by extending the assessment period of performance assessment and applying risk-adjusted and stability-oriented indicators. It also discusses the EU bankers’ bonus cap and the opposite stance of the UK regulators to its implementation.
Health and Safety within the perioperative area present unique challenges in terms of managing the unique hazards and risks that staff and patients can be exposed to. Hazards from lasers, electrical equipment, chemicals, moving and handling, exposure to noxious vapours and gases are just some of the common environmental risks staff are exposed to on a daily basis. This chapter focuses on putting some of the legislation and guidance into the perioperative context. One of the primary aims of the chapter is to foster a culture of appropriate risk assessment and safe practice which will reduce or minimise errors.
In current clinical practices, there exist very few methods that allow patients to be truly engaged in violence risk assessment and management. This may hinder an individual’s experience of basic psychological needs; autonomy, competence, and relatedness.
Objectives
To describe patients’ ideas on how they would develop current violence risk assessment and management practices.
Methods
The data collection took place as part of a larger project in one PICU unit specialized in the treatment of patients with psychosis and violent behavior in Finland. Individual interviews were conducted with patients (n=13) and were guided to focus on the development of violence risk assessment and management. The data were analyzed using inductive content analysis.
Results
Patients’ ideas focused on themes related to developing patient engagement and violence risk management methods. Developing patient engagement involved noticing patient’s individuality and collaboration between a patient and staff: for instance, by shared risk assessment and individualized risk management. Developing violence risk management methods included themes about providing alternative risk management methods and developing nursing staff’s work. Suggestions were, for example, related to providing ways how to calm down, having meaningful activities during treatment days, and ensuring the realization of patient’s rights.
Conclusions
Patients having treatment in the PICU unit have clear and concrete ideas on how violence risk assessment and management methods could be developed further. These findings indicate, that patients need to be given a more active role in their care and thus ensure that basic psychological needs are promoted. Funding by Academy of Finland (316206 ) and TYKS foundation.
People seeking asylum have particular needs that affect what kind of interventions will help, and how they should be offered.
The chapter first considers unmet physical health needs and the interconnectedness of physical and mental health. The role of medication for mental health difficulties is then reviewed, with detailed attention to the choice of medication, and to the practical and psychological context of prescribing.
The authors consider when formal psychological therapy may be helpful, looking at the factors common to all therapies, and at the specific options available. NET, EMDR, trauma focussed CBT and expressive, creative and body-based therapies are reviewed, together with a discussion of other forms of therapy.
Interventions for post-migration difficulties may be both the most acceptable and the most effective. The range of these interventions is considered, including the provision of medical evidence in an asylum claim. Risk management is reviewed, with attention to safety planning, minimising the harms of immigration detention, managing the threat of removal, and preventing destitution.
A notable part of psychiatry is prevention. Our job, as psychiatrists, is not only to treat mental disorders, but also to prevent them. Treating mothers in postnatal period reducing the negative consequence of depression for child development, for example. General adult psychiatrists face the challenge of having patients, who receive psychiatric health care, while also planning to have a child. Many professionals may find themselves in a situation, when they feel clueless on what to advise regarding pharmacotherapy and realistic expectations on having a child. The presentation will focus on some crucial topics. What should counselling include when planning pregnancy, highlighting differences among first and second or further children. Potentials risks and harms on the fetus / new-born baby will be introduced with emphasis on pharmacological/chemical agents, infectious effects and social, relational and family stressors. What the guidelines are for Covid-19 vaccination and pregnancy. Relative and absolute contraindications of planned pregnancy will be discussed. The crucial question of artificial/therapeutic abortion; are there any psychiatric conditions, when a psychiatrist can/should suggest it? The advantage and knowledge of perinatal mental health guideline papers, bio-ethical aspects will be discussed, along with the consequences of untreated mental illness. Advantage of breastfeeding and an up-to-date view on what should be psychiatrists’ aim will be introduced. Why is it inevitable to cooperate with GPs, obstetric- and gynecology colleagues and further medical professionals? The essential aspect and advantages of involving fathers and extended family members in this approach also will be explained.
Paediatric patients with tracheostomies are a vulnerable group. During the coronavirus disease 2019 pandemic, healthcare workers can be anxious about viral transmission from secretions and aerosols emerging from the open airway. This paper aims to share a systematic approach to decrease staff exposure and optimise care of these patients.
Methods
Three documents were developed: a generic tracheostomy management plan detailing troubleshooting; a personalised management plan with customised recommendations; and a guide for tracheostomy tube change to minimise aerosol production.
Results
The plan was distributed to 31 patients (age range, 11 months to 17 years) including 23 (74.2 per cent) with uncuffed tubes and 9 (29 per cent) on long-term ventilation. There have been 10 occasions in which the plan was utilised and influenced management.
Conclusion
A structured approach to emergency presentations during the coronavirus disease 2019 pandemic may safeguard paediatric patients from unnecessary manipulation of their tracheostomy tube, minimise viral exposure and allow provision of expeditious care.
The alveolar hydatid disease, also known as alveolar echinococcosis, of humans is certainly one of the most dangerous zoonoses worldwide. The disease is caused by Echinococcus multilocularis – the fox tapeworm. Red foxes (Vulpes vulpes) are currently counted as the most important carriers (reservoirs) of E. multilocularis in the Northern Hemisphere. The possible routes of infection of E. multilocularis to humans are complex and still require research. Until now, it has been unknown whether E. multilocularis eggs can be moved by wind at all. This analysis shows, based on calculations, that E. multilocularis eggs can be transported by wind. Using a mathematical model, flight distances depending on wind speed and take-off heights are calculated for dense and less dense (coniferous) forest areas. The results – differentiated for seasons and as overall average – are based on mean values of wind speeds which were measured over a ten-year period in an experimental forest stand in the Solling (Germany). Due to their rate of descent, wind-related spreading of E. multilocularis eggs is possible. The average flight distance covered by E. multilocularis eggs in forest areas, depending on their starting altitude and wind speed, is between approximately 1.3 m and approximately 17 m. From the mathematical point of view, the wind factor can definitely be seen as one of the multiple vectors associated with environmental contamination by E. multilocularis eggs. Consequently, the possible wind-borne spread of E. multilocularis eggs poses an infection risk to humans that should be considered and requires further research.
To ensure optimal resource allocation in technology demonstration projects, the evaluation of demonstrators of various maturity, scale, and nature has to be carried out. Most of the existing approaches focus on risk assessment or projected financial return; the need for a tool supporting multi-facet projects evaluation has been identified. This paper presents R2L framework based on three major criteria, defined in detail: Leap Potential, Learning, and Risk. The framework was applied to a real flight-test demonstrator project during workshops in a major aerospace company.
The objectives and scope of a construction project is defined in the early design stage, the fuzzy front-end. This stage is crucial for project risk management and success, but traditional risk management tend to focus on operational risk in later design stages. This action research study leverages co-design methodology and the project management actuality perspective to tailor a risk management process for the fuzzy front-end of construction projects in a large client organization. The co-design process help enchance stakeholder value perception of the designed solution.
In Chapter 4, we shift the focus of our analytical framework to the effect of natural disasters on subsidiary-level foreign direct investments by multinational corporations (MNCs). in this chapter we conceptually examine how natural disasters, compared to industrial disasters and terrorist attacks, shape MNCs foreign market entry and expansion. We also investigate whether MNC subsidiary-level investment is more likely to decrease in response to specific types of natural disasters that result in a higher number of fatalities. In addition, we also elaborate on how country institutional governance characteristics (i.e., regulatory quality, rule of law, democratic freedoms, political stability, and corruption levels) moderate the relationship between disasters and MNC subsidiary-level investment.
In Chapter 8, we empirically examine the research questions conceptually discussed in Chapter 5: Are MNCs able to gain experiential advantages from managing during natural disasters that enable them to enter and expand into other countries experiencing similar risks? And how do MNCs’ experiences with natural disasters compare to those associated with terrorist attacks and technological disasters? We used a panel dataset with 57,500 observations from 106 European Global Fortune 500 MNCs and their subsidiaries operating across 109 countries during a seven-year period, 2001-2007. We find that experience with high-impact natural disasters (as well as terrorist attacks, and technological disasters) can be leveraged for expansions into an existing host country but not for initial entry into other countries experiencing similar high-impact disasters. We also find that experience with low-impact natural disasters does not appear to reduce the negative effect of disaster severity on expansion (or entry). A notable exception, experience with high impact floods does show a positive and significant moderating effect on the negative link between disaster severity and MNC entry. N14:N15
In Chapter 5, we continue to develop our conceptual framework describing how MNCs’ foreign subsidiary investments are affected by natural disasters. We do so by examining whether MNCs are able to gain experiential advantages from managing through low or high impact natural disasters that enable them to enter and expand into countries experiencing similar risks. We also conceptually discuss whether advantages accruing from MNCs’ subsidiary-level experience with natural disasters are greater than those from terrorist attacks or technological disasters. Discontinuous risks, such as natural disasters that are often difficult to anticipate or predict, have received little attention in the strategic management research. Much of the research in this area has focused on firms’ experience with continuous risks, risks that are steady and more predictable in a firm’s operating environment.
In Chapter 7, we empirically test the propositions and hypotheses developed in Ch. 4. Specifically, we examine whether natural disasters, compared to other industrial disasters and terrorist attacks, affect multinational corporations (MNCs) foreign subsidiary investment. We also analyze if this effect varies in response to different sub-types of natural disasters. Then, we test if stronger institutional environments moderate the relationship between disasters and foreign subsidiary-level investment. We test our hypotheses using a panel dataset that includes 31,285 observations from 71 European Fortune Global 500 MNCs and their subsidiaries operating across 101 countries during the period 2001–2006. Our findings indicate that MNC foreign subsidiary investment is likely to decrease in response to severe terrorist attacks or technological disasters but not natural disasters, except for the case of windstorms and related water surges, the deadliest weather-related natural disasters. For natural disasters, the likelihood of MNC subsidiary-level disinvestment increased with higher host country democratic freedoms and decreased with higher host country’s regulatory enforcement quality.