We present an approach for exact maximum likelihood estimation of parameters from univariate and multivariate autoregressive fractionally integrated moving average models with Gaussian errors using the Expectation Maximization (EM) algorithm. The method takes advantage of the relation between...

Purpose – The purpose of this research is examine the development of livestock mortality insurance, and associated challenges, in order to provide an improved understanding regarding the operation of livestock mortality insurance. Design/methodology/approach – In a many countries, livestock...

Purpose – China frequently suffers from weather-related natural disasters and weather risk is recognized as a source of wide-spread systemic risk throughout large swaths of China. During these periods farmers' crops are at risk and for a largely poor population few can afford the turmoil to...

Purpose – The purpose of this paper is to explain the factors affecting farmers’ willingness to purchase weather index insurance for crops in China, in the Province of Hainan, and to also provide additional background information on weather index insurance. Design/methodology/approach – A...

Purpose – The purpose of this research is examine the development of livestock mortality insurance, and associated challenges, in order to provide an improved understanding regarding the operation of livestock mortality insurance. Design/methodology/approach – In a many countries, livestock...

Purpose – The purpose of this paper is to explain the factors affecting crop insurance purchases by farmers in Inner Mongolia, China. Design/methodology/approach – A survey of farmers in Inner Mongolia, China, is undertaken. Selected variables are used to explain crop insurance purchases,...

In recent years, the International Accounting Standards Board (IASB) and its International Financial Reporting Standards (IFRSs) have made great strides toward achieving global accounting convergence. Various countries, including Japan and Canada, are either adopting or converging their national...

We investigate the impact of model uncertainty on hedging longevity risk with index-based derivatives and assessing longevity basis risk, which arises from the mismatch between the hedging instruments and the portfolio being hedged. We apply the bivariate Lee-Carter model, the common factor...