Loss Models: From Data to Decisions
Author: Gordon E Willmot
Written by three renowned authorities in the actuarial field, Loss Models, Third Edition upholds the reputation for excellence that has made this book required reading for the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) qualification examinations. This update serves as a complete presentation of statistical methods for measuring risk and building models to measure loss in real-world events. It provides over 400 exercises that have appeared on previous SOA and CAS examinations, as well as Intriguing examples from the fields of insurance and business.
Features of the Third Edition include:
- Extended discussion of risk management and risk measures, including Tail-Value-at-Risk
- Maintains an approach to modeling and forecasting that utilizes tools related to risk theory, loss distributions, and survival models
- Expanded coverage of copula models and their estimation
- New sections on extreme value distributions and their estimations
- All data sets are available on the book’s FTP site
Loss Models, Third Edition is an essential resource for students and aspiring actuaries who are preparing to take the SOA and CAS preliminary examination. It is a must-have reference for professional actuaries, graduate students in the actuarial field, and anyone who works with loss and risk models in their everyday work.
Allianz Global Risk Report
...gives the reader a good insight.
Booknews
This applied textbook for students of actuarial science focuses on the loss process: the outflow of cash due to the payment of benefits. The authors discuss models for the amount of loss for a single claim, a number of payments, and aggregate loss. They also describe credibility theory and long-term models. The text does not assume substantial knowledge of insurance systems, but does assume a solid background in mathematical statistics and calculus. Annotation c. by Book News, Inc., Portland, Or.
Read also At Home With Carolyne Roehm or Between Meals
Hospitality Financial Accounting
Author: Agnes L DeFranco
Updated with the latest developments in the accounting and hospitality fields, Hospitality Financial Accounting, Second Edition covers the basics of financial accounting and then walks you through analyzing financial statements and dealing with the daily issues you’ll face on the job. In this Second Edition, the authors have provided engaging new coverage and features that includes new case studies, an expanded section on ethics, new “Accounting in Action” vignettes, applied exercises, and new coverage of casinos, spas, and purveyors.
Table of Contents:
Chapter 1. Hospitality Accounting in Action.1 New Feature Story on the importance of accurate and ethical financial accounting in today's business world.
2 New international insight on Chinese accounting policies.
3 New an insight feature on e-business.
4 The accounting cycle is now introduced in this chapter.
5 New discussion of accounting and financial management in hotels, restaurants, clubs and spas.
6 Detailed coverage on the Uniform Systems of Accounts.
7 Updated and revised end-of-chapter problems.
Chapter 2. Accounting Principles.
1 New Feature Story on the matching principle and how it relates to stockholders' wealth.
2 New business insight on a gaming casino.
3 Step-by-step illustration of an expanded accounting equation.
4 Updated and revised end-of-chapter problems.
Chapter 3. The Recording Process.
1 Feature Story on the real world of accounting.
2 Additional reinforcement of the accounting cycle.
3 Updated and revised end-of-chapter problems.
Chapter 4. Adjusting the Accounts.
1 Feature Story on why adjustments are crucial in providing accurate accounting information.
2 New insight feature on exceptionally large outlays by companies on advertising.
3 New ethics insight on earnings reporting.
4 Updated and revised end-of-chapter problems.
Chapter 5. Completing the Accounting Cycle.
1 Updated Feature Story on Rhino's Foods, Inc. about educating employees the financial health of thecompany as a motivational tool.
2 Transparency in-lays illustrate the information flow of a worksheet.
3 Updated and revised end-of-chapter problems.
Chapter 6. Financial Statements.
1 Feature Story on how adequate cash flow can make or break a business.
2 New illustration on the relationship between the income statement and the balance sheet.
3 New chart of net income and cash from operations from five restaurants and five hotel companies.
4 Updated and revised end-of-chapter problems.
Chapter 7. Financial Statement Analysis.
1 This is a new chapter to the Second Edition.
2 Feature Story on Brinker International is used as an illustration of financial ratios.
3 Added in a small independent restaurant is provided an example for statement analyses and ratios comparison.
4 A Summary of Ratios table is included to group important concepts together.
5 Landry's Restaurants, Inc.'s data is used as a demonstration problem.
Chapter 8. Accounting for Merchandising Operations in Hospitality.
1 New Feature Story on e-commerce.
2 New insight feature on sales returns.
3 New ethics insight in the wake of Enron.
4 Updated and revised end-of-chapter problems.
Chapter 9. Inventories and Cost of Goods Calculation.
1 New Feature Story on inventory valuation.
2 Updated detailed examples and calculations are used to illustrate all methods of inventory valuation.
3 Extensive discussion on the effects on errors in the inventory valuation process.
4 Updated and revised end-of-chapter problems.
Chapter 10. Internal Control and Cash.
1 Feature Story on cash control in a coffee shop.
2 New insight feature on fraud.
3 New insight feature on computer fraud.
4 New insight feature on results reported by the Association of Certified Fraud Examiners.
5 Updated and revised end-of-chapter problems.
Chapter 11. Payroll.
1 New Feature Story on managing payroll.
2 New regulations in the Fair Labor Standards Act, including websites.
3 Now includes Sample Form 8027 Employer's Annual Information Return of Tip Income and Allocated Tips .
4 Now includes Sample Form 4070 Employee's Report of Tips to Employer .
5 8% tip allocation calculation is illustrated.
6 Updated and revised end-of-chapter problems.
Chapter 12. Accounting for Receivables and Payables.
1 New Feature Story on credit card financing.
2 New insight feature on guests and city ledgers.
3 New insight feature on credit card usage by consumers.
4 New insight feature on the interest rate.
5 New insight feature on hotels and notes receivables.
6 Updated and revised end-of-chapter problems.
Chapter 13. Long-term and Intangible Assets.
1 New Feature Story on the building of a luxury spa Trellis at the Houstonian.
2 New insight feature of depreciation practices.
3 New illustrations of depreciation calculations.
4 New insight feature of Internet use in the hospitality industry and domain name disputes.
5 Updated and revised end-of-chapter problems.
Chapter 14. Sole Proprietorships, Partnerships, and Corporations.
1 Updated Feature Story on McDonald's growth and its continued success in the quick service industry.
APPENDIX A: Specimen Financial Statements.
1 PepsiCo is the feature financial statements in this new edition..
APPENDIX B: Subsidiary Ledgers and Special Journals.
1 The information on Subsidiary Ledgers and Special Journals is now an appendix to the text.
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