Desinvesteringen bij Management Buy-Out’s

Pricing Buy-ins and Buy-outs

Pension buy-ins and buy-outs have become an important aspect of managing pension risk in recent years. As a step toward understanding these pension de-risking instruments, we develop models for pricing investment risk and longevity risk embedded in pension buy-ins and buy-outs. We also bring a contingent-claims framework to price credit risk of buy-in bulk annuities. Overall, our model can be u...

Entrepreneurial Orientation In Management Buy-Outs And The Contribution Of Venture Capital

This paper focuses on the development of entrepreneurial orientation (EO) after a management buy-out (MBO) and on the role played by venture capital firms in enhancing EO. It presents results of two exploratory case studies of divisional buy-outs with regard to their EO and the areas where the venture capital firm (VC) has been of greatest help. We discuss their contribution to elements of the ...

Cryptanalysis of Hiji-bij-bij (HBB)

In this paper, we show several known-plaintext attacks on the stream cipher HBB which was proposed recently at INDOCRYPT 2003. The cipher can operate either as a classical stream cipher in the “B mode” or as an asynchronous stream cipher in the “SS mode”. In the case of the SS mode, we present known-plaintext attacks recovering 128-bit key with the complexity 2 and 256-bit key with the complexi...

Inept drug supply management causing stock-outs.

Dynamics of a Time-outs Management System

A useful tool for distributed systems development is a time-outs manager. A time-outs manager is a software system that manages lists of “timeouts,” that is, objects that postpone a certain function call by a given amount of time. This feature may prove to be useful, as it allows transforming time-based events into nontime-based ones. A typical example is a time-out that on expiring sends an al...