An ef®cient modeling technique for multibody systems, which extends the concept of natural coordinates with closed kinematic loops is presented. By establishing a local coordinate system in each body a system with constant mass matrix is set up. The propagation of topological information into the model leads to the application of a block-oriented rational Cholesky decomposition of the system matrix. The overall algorithm shows linear complexity in the number of bodies for systems with a constant number of kinematic loops. To handle rank-de®cient constraint Jacobians arising from loop closing conditions the concept of constraint partitioning during decomposition is outlined. Restriction of the partitioning decision based on the topology information minimizes the monitoring effort and avoids disadvantages experienced in other partitioning methods. Numerical results for the 6-bar-mechanism proof the algorithm to run ef®ciently with projection stabilized index-1 integration methods.
2009),"The insurance distribution systems and efficiency in the property-casualty insurance industry", Managerial Finance, Vol. 35 Iss 8 pp. 670-681 http:// dx.If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this paper is to transfer the concept of market-consistent embedded value (MCEV) from life to non-life insurance. This is an important undertaking since differences in management techniques between life and non-life insurance make management at the group level very difficult. The purpose of this paper is to offer a solution to this problem. Design/methodology/approach -After explaining MCEV, the authors derive differences between life and non-life insurance and develop a MCEV model for non-life business. The model framework is applied to a German non-life insurance company to illustrate its usefulness in different applications. Findings -The authors show an MCEV calculation based on empirical data and set up an economic balance sheet. The value implications of varying loss ratios, cancellation rates, and costs within a sensitivity analysis are analyzed. The usefulness of the model is illustrated within a value-added analysis. The authors also embed the MCEV concept in a simplified model for an insurance group, to derive group MCEV and outline differences between local GAAP, IFRS and MCEV. Practical implications -The analysis provides new and relevant information to the stakeholders of an insurance company. The model provides information comparable to that provided by embedded value models currently used in the life insurance industry and fills a gap in the literature. The authors reveal significant valuation difference between MCEV and IFRS and argue that there is a need for a consistent MCEV approach at the insurance-group level. Originality/value -The paper presents a new valuation technique for non-life insurance that is easy to use, simple to interpret, and directly comparable to life insurance. Despite the growing policy interest in embedded value, not much academic attention has been given to this methodology. The authors hope that this work will encourage further discussion on this topic in academia and practice.
This paper compares different performance metrics used for value-based management in life and non-life insurance business. The goal is to find a consistent basis for performance measurement at the insurance group level. This is important since management techniques used in non-life insurance, such as economic value added and risk-adjusted return on capital, are at first sight very different from those used in life insurance, that is, an analysis of market-consistent embedded value earnings, thus making management difficult at the group level. This paper aims to compare and contrast these concepts and to show that all approaches can be unified under a single consistent framework, and that all present residual cash flow concepts that can be linked under the residual income valuation theory.
The Sarbanes-Oxley Act (SOX) has not only had tremendous impact on the U.S corporate governance system, but also on other countries with companies subject to SOX. The paper analyzes the major direct impacts of SOX on the European Union (EU) and Germany as a Member State. The focus of the analysis is on rules concerning external corporate governance instruments, i.e. the auditing professions’ oversight, auditors’ independence and auditing standards. Additionally, the paper investigates whether the contemporary regulatory activities in the EU and Germany concerning external corporate governance can be explained as indirect institutional consequences of SOX. Although the EU Commission says for the record that it has an own long-term strategy of modernizing corporate governance, the paper demonstrates that several rules of SOX quite obviously served as a model for the EU regulatory activities. The same phenomenon can be observed for the new German regulations of external corporate governance
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