Economics - Theses
Permanent URI for this collection
Search Results
1 - 4 of 4
-
ItemInitial capital and margins required to secure a Japanese life insurance policy portfolio under stochastic interest rates( 2002-09)During the last decade several Japanese life insurance companies failed mainly due to interest losses. In fact, interest rate risk dominates mortality risk for a portfolio of business in force. When the interest rates are modelled as random variables, the yields on bonds are the sum of expected short spot rates and a risk premium for random bond prices. However, in our study, we assume a risk-neutral environment, i.e. zero risk premiums. As tools to deal with stochastic interest rates, various interest rate term structure models are considered. The Vasicek model, the Heath-Jarrow-Morton (hereafter “HJM”) approach and Cairns’ model are explained in detail. The history and nature of the very low interest rate environment in Japan is described in line with the monetary policy framework of the central bank. An unusual interest rate movement in the very low interest rate environment is identified. A modified HJM approach and Cairns’ model are chosen in our study. Cairns’ model is used to graduate the initial yield curve. The HJM approach with a specific volatility function and modified to deal with very low interest rates is used for simulating subsequent developments of the initial yield curve. After the introduction of various concepts needed to investigate a life insurance policy portfolio, we prepare for simulation by collecting information and by fitting parameters to market observations. The Yen swap curve is chosen as a base yield curve. The simulation results show how much initial capital and/or margins are needed in order to avoid the ruin of a portfolio.
-
ItemPlaying and fun in the workplace( 2012)This thesis examines the equivocal outcomes of fun in the workplace and establishes that playing and fun in the workplace can be investigated within three schools of thought: the developmental school, the interactionist school, and the political school. Drawing on the literature of workplace fun, appraisal theory, and service employee management literature, a model has been developed. The model consists of four core elements. First, the model uses the contingency approach and establishes that workplace fun may lead to both positive and negative employee emotions depending on contextual factors. The framework suggests some potentially important contextual factors at the individual, group and organisational level. Second, the model differentiates between fun as an episodic activity and fun as a climate. Third, I contribute to the appraisal theory of emotions by explaining how episodic emotions are provoked as a result of fun activities. Fourth, I consider the emotions that service employees display to customers, suggesting that positive or negative emotions of service employees that are caused by fun activities can influence customer satisfaction.
-
ItemAn exploration of the model of reciprocal determinism in aged care environments( 2010)Introduction: Once dementia progresses to the later stages, behavioural and psychological symptoms of dementia (BPSD) can be prevalent. Many aged care workers have limited training and education in managing BPSD. This often impacts negatively on the quality of care provided to residents, and outcomes for the staff, including increased stress and job dissatisfaction, leading to turnover and subsequent staff shortages. One of the latest Australian government initiatives aimed at addressing many of the issues influencing resident and staff outcomes, is the Dementia Behaviour Management Advisory Services (DBMAS). This study evolved from the evaluation of the DBMAS. The evaluation was atheoretical; often the case in health care research and evaluation. Applying a theoretical model to understand the factors prevailing in aged care environments is needed. Aim: To explore the model of reciprocal determinism in aged care environments. Reciprocal determinism proposes there is a dynamic interaction between (a) personal factors, (b) environmental factors, and (c) behaviour; all factors can influence, and be influenced, by the other factors. Methodology: Involved combining two key sources of data: (i) literature relating to the application of the model of reciprocal determinism in work environments; (ii) secondary analysis of data from a client survey evaluating the DBMAS. The structured survey sought information relating to resident BPSD, effect of BPSD on staff, services provided by the DBMAS, and the impact of those services on residents (BPSD, quality of life), and staff (including skills, confidence, stress). The survey was administered (over the telephone) by the researcher. RACFs were selected on the basis that staff had used the services of the DBMAS in their jurisdiction, within August to November, 2008. At the end of the data collection period (December 2008), 137 respondents (82.5%) of 166 eligible RACFs had participated. Analysis of data primarily involved a series of cross-tabulations, where Chi sq and Fisher’s Exact tests were used to examine possible associations between various factors. Results: The literature indicates the model has not been applied in aged care environments; however, elements of the model have been examined. For example, staff self-efficacy/confidence, and stress (personal factors), resident behaviour, staff training and education (environmental factors), staff turnover (behaviour). Existing models capture many of the factors operating within aged care environments. These models were developed using an inductive approach, where the data lead the development of the theory, whereas the model of reciprocal determinism adopted a deductive approach, where social cognitive theory guided its development. The model of reciprocal determinism has proved useful when exploring other work environments, including organisational safety culture. Data collected from the client survey, provided support for possible associations between different factors within the model. For example, (i) the DBMAS intervention (environmental) was significantly positively associated with staff personal factors (skills p = .023; confidence p = .001; stress p = .002), particularly if the level of services was medium or high; (ii) the DBMAS intervention was reported to be successful in reducing the most difficult resident BPSD (environmental) to manage; (iii) improvements in staff personal factors were significantly associated with staff behaviour (skills X care time p = .000; confidence X care time p = .002; stress X care time p = .000), and (skills X absenteeism p = .020; confidence X absenteeism p = .033; stress X absenteeism p = .002). Conclusion: Overall, results were supportive of the model’s utility. Suggestions of its ability to provide insights and innovative methods for intervention design, management, and research/evaluation are provided. Although the study is exploratory, and should be viewed from a hypotheses generating perspective, this heuristic model has considerable value for focussing on the “bigger picture”, and not analysing various aspects within aged care, in isolation.
-
ItemAn analysis of international lean plant manufacturing practices and performance( 2010)Lean manufacturing is an integrated system that is intended to maximize the performance of the production and delivery processes in providing customer value while minimizing waste. Lean is an ongoing philosophy of continuous improvement with operational and performance dimensions. This research project had the primary aim to conduct an international analysis of actual lean manufacturing practices to determine the extent these practices have been adopted and how they may influence plant performance. An international study of lean manufacturing will assist in the better understanding of the evolving nature of lean by providing a global perspective and analysis of actual lean practices, contextual factors and their relationship to plant performance. Lean has a dynamic nature and may mean different things to different firms. The underlying elements and principles of lean can be adapted to local conditions by managers to meet individual circumstances. In recent years there have been a number of studies of lean manufacturing techniques and how they have been applied at the firm level for different industries in numerous countries. Few studies have analyzed multiple industries across a number of countries. An understanding how actual lean practices influence plant performance and which practices have the greatest impact on particular areas of plant performance may assist managers to better allocate resources in response to competitive priorities. The importance of operations management at the plant level in implementing lean practices to build capabilities is of continuing interest. The influence of seven actual practices identified as lean indicators on the performance dimensions of quality, cost, flexibility and delivery was examined. The impact of four contextual factors, plant size, equipment age, investment in new equipment, and international ownership was assessed. The analysis considered whether lean plants have characteristically better performance than No-Lean plants and the implications of different levels of commitment to lean on plant performance. The study used data from the Global Manufacturing Research Group dataset covering 1295 plants across twenty two countries.