{"content":[{"text":"Motivation \n Optimization Problems \n Utility loss caused by guarantees \n Discrete Trading and Transaction Costs \n Introduction and Motivation","bbox":{"left":0.036342,"top":0.005248,"width":0.455886,"height":0.169068}},{"text":"Portfolio Insurance Strategies \n Outline of the talk","bbox":{"left":0.523436,"top":0.029046,"width":0.21473200000000003,"height":0.046005000000000004}},{"text":"Increasing demand for insurance contracts which also serve as \n savings towards retirement","bbox":{"left":0.138258,"top":0.279694,"width":0.777514,"height":0.09024199999999999}},{"text":"Trade oﬀ between security of the retirement savings and \n participation in the market","bbox":{"left":0.138258,"top":0.39026,"width":0.708723,"height":0.09023900000000001}},{"text":"Solution provided to the insured:","bbox":{"left":0.138258,"top":0.500823,"width":0.41163799999999995,"height":0.04044899999999996}},{"text":"Payoﬀ of insurance linked to underlying investment strategy","bbox":{"left":0.207725,"top":0.599408,"width":0.6872100000000001,"height":0.03693999999999997}},{"text":"guaranteed interest rate","bbox":{"left":0.207725,"top":0.665304,"width":0.27353299999999997,"height":0.03693999999999997}},{"text":"Product design: basically structured insurance products and \n CPPI based products","bbox":{"left":0.138258,"top":0.782299,"width":0.752529,"height":0.09023899999999996}},{"text":"S. Balder and A. Mahayni","bbox":{"left":0.055042,"top":0.97352,"width":0.189904,"height":0.022208000000000006}},{"text":"How good are Portfolio Insurance Strategies?","bbox":{"left":0.578483,"top":0.97352,"width":0.33101099999999994,"height":0.022208000000000006}},{"text":"2/20","bbox":{"left":0.950351,"top":0.97352,"width":0.03499200000000002,"height":0.022208000000000006}}],"images_bbox":[{"left":0.0,"top":0.180064,"width":1.000455,"height":0.018374},{"left":0.107487,"top":0.290307,"width":0.016536,"height":0.022049},{"left":0.107487,"top":0.40055,"width":0.016536,"height":0.022049},{"left":0.107487,"top":0.510793,"width":0.016536,"height":0.022049},{"left":0.179145,"top":0.610012,"width":0.01378,"height":0.018374},{"left":0.179145,"top":0.676157,"width":0.01378,"height":0.018374},{"left":0.107487,"top":0.790075,"width":0.016536,"height":0.022049}],"images_bbox_not_text_overlap":[{"left":0.0,"top":0.180064,"width":1.000455,"height":0.018374},{"left":0.107487,"top":0.290307,"width":0.016536,"height":0.022049},{"left":0.107487,"top":0.40055,"width":0.016536,"height":0.022049},{"left":0.107487,"top":0.510793,"width":0.016536,"height":0.022049},{"left":0.179145,"top":0.610012,"width":0.01378,"height":0.018374},{"left":0.179145,"top":0.676157,"width":0.01378,"height":0.018374},{"left":0.107487,"top":0.790075,"width":0.016536,"height":0.022049}]}