This article offers a new interpretation of the coming of state ownership in aluminium-related big businesses in Norway. It shows that the Norwegian aluminium business of the late 1930s and the 1940s was undertaken by a Scandinavian business elite fully capable of filling capital requirements after the war. This elite had, however, entangled itself in the German war effort in Norway mainly by supporting the building of new aluminium plants under the German occupiers’ control. This left it morally vulnerable to the increasing emphasis during the war on aluminium as a strategic metal. The Allied war effort—especially evident in US attitudes—had come to see the cartelized aluminium industry of the 1930s as working against the national interest by impacting national production capacity in a negative way. The Allies bombed the major new plant in Norway in 1943, and after the war the US acted restrictively toward Norwegian capital assets in the US. By pursuing ownership after 1945, the Norwegian state performed strategic ownership roles in large corporations, thereby also protecting these entities from the possible wrath of the US against private owners.

This exploratory study set out to pilot use of a Risk Innovation approach to support the development of advanced biopreservation technologies, and the societally beneficial development of advanced technologies more broadly. This is the first study to apply the Risk Innovation approach — which has previously been used to help individual organizations clarify areas of value and threats — to multiple entities involved in developing an emerging technology.

Social Media did not invent poetry. But in some ways, it reinvented it. Much like the explosion of small journals in the modernist period, social media platforms have created interconnected networks of writers who share their own and others’ work, in real time, sometimes writing poems directly onto their Facebook pages or in the comment thread. This article introduces the Contemporary Ukrainian Poetry Archive, an interactive web platform, which catalogues Ukrainian poems posted to Facebook since 2013. The roughly 100 poets featured in this archive were either born in Ukraine or moved to Ukraine before 2014. The archive is multilingual, and organized by poet, theme, and language. It is also searchable by text string. This growing web resource enables and encourages scholars to engage with contemporary writing shared to social media.

Enlightenment values were a necessary adjunct to, although not solely responsible for, the Western legal tradition. This is because the Enlightenment produced a lens through which human relations could be viewed, and this perspective strongly influenced the invention of law in the West.1 Eastern Orthodoxy developed its own philosophical system without reference to Enlightenment values. The East's failure to engage with those values has resulted in a failure to find a common ‘language’ through which East and West can speak to one another. This inability to speak a common language places the Orthodox Church at a distinct disadvantage in its relations with the West, and has done for a very long time.

This manuscript introduces deep learning models that simultaneously describe the dynamics of several yield curves. We aim to learn the dependence structure among the different yield curves induced by the globalization of financial markets and exploit it to produce more accurate forecasts. By combining the self-attention mechanism and nonparametric quantile regression, our model generates both point and interval forecasts of future yields. The architecture is designed to avoid quantile crossing issues affecting multiple quantile regression models. Numerical experiments conducted on two different datasets confirm the effectiveness of our approach. Finally, we explore potential extensions and enhancements by incorporating deep ensemble methods and transfer learning mechanisms.

This study conducts an optimal surrender analysis of reverse mortgage (RM) loans offered to elderly homeowners as a financing option. Recent market evidence on borrower early surrenders has raised concerns about the marketability of RM products and their impact on the program viability. In this article, we derive the borrower optimal surrender strategy as a function of the underlying value of the home used as collateral for RM contracts with tenure payment option. Using a probabilistic approach to American option pricing, we present a decomposition result for the value of the contract as the sum of its European counterpart without the surrendering provision and an early exercise premium. The methodology allows policymakers to assess the financial incentive of their policy design, from which we explain the existing market evidence about borrower rational lapse by means of the resulting surrender boundary and reference probabilities.

This article outlines one way in which Joseph Ratzinger’s eschatology could contribute to reducing the risk humanity now creates to its own survival. Studies of ‘Existential Risk’ warn that hazards arising from Artificial Intelligence, Nuclear Weapons, Climate Change, and Engineered Pathogens require mitigation to safeguard the future of the human race from a calamitous end. Preventative measures, however, entail sacrifice, and there is no shortage of resistance to regulation of behaviours and technological development. Ethics of empathy, utility, and duties reach breaking point when stretched to overcome the temporal and moral gap between present agency and future well-being.

This article proposes that Ratzinger’s theology of history and commitment to eschatological realism offers an intertwined double benefit: his warning about the danger of conflating hope in God’s Kingdom with hope in a future world humanity could perfect for itself opens up the uniquely rich ground of a trans-historical hope in Jesus Christ, in which an impactful relationship of love for humanity’s future can put down roots today.

In this paper, we question the traditional independence assumption between mortality risk and financial risk and model the correlation between these two risks, estimating its impact on the price of different life insurance products. The interest rate and the mortality intensity are modelled as two correlated Hull and White models in an affine set-up. We introduce two building blocks, namely the zero-coupon survival bond and the mortality density, calculate them in closed form and perform an investigation about their dependence on the correlation between mortality and financial risk, both with theoretical results and numerical analysis. We study the impact of correlation also for more structured insurance products, such as pure endowment, annuity, term insurance, whole life insurance and mixed endowment. We show that in some cases, the inclusion of correlation can lead to a severe underestimation or overestimation of the best estimate. Finally, we illustrate that the results obtained using a traditional affine diffusive set-up can be generalised to affine jump diffusion by computing the price of the zero-coupon survival bond in the presence of jumps.