ACTSC 221 Mathematics of Investment
The theory of rates of interest and discount; annuities and sinking funds with practical applications to mortgage and bond questions. Yield rates.
ACTSC 231 Mathematics of Finance
The theory of rates of interest and discount including the theoretical continuous case of forces of interest and discount. Annuities and sinking funds, including the continuous case. Practical and theoretical applications primarily to mortgages and bonds. Yield rates.
ACTSC 232 Introduction to Actuarial Mathematics
The economics of insurance, utility theory. Application of probability to problems of life and death. The determination of premiums for insurances and annuities in both the discrete and continuous case.
ACTSC 331 Life Contingencies 1
Net premium reserves. Multiple life functions and multiple decrement models.
ACTSC 363 Introduction to Casualty Insurance
What makes a risk insurable. The economics of insurance. The ratemaking process. An introduction to property/casualty loss reserving techniques. Intermediate pricing topics.
ACTSC 371 Corporate Finance 1
Time value of money. Introduction to corporate finance in a mathematical setting. Description and valuation of financial instruments, including stocks, swaps and options. Real options. Investment decisions. Capital budgeting and depreciation.
ACTSC 372 Corporate Finance 2
Investment decision using Markowitz and utility theory. Capital Asset Pricing Model. Arbitrage Pricing Theory. Market efficiency. Capital structure and dividend policy. Advanced topics.
ACTSC 431 Loss Models 1
Models for loss severity: parametric models, effect of policy modifications, tail behaviour. Models for loss frequency: (a, b, 0), (a, b, 1), mixed Poisson models; compound Poisson models, Aggregate claims models: moments and moment generating function: recursion. Classical ruin theory.
ACTSC 432 Loss Models 2
Credibility theory: limited fluctuation; Bayesian; Buhlmann; Buhlmann-Straub; empirical Bayes parameter estimation; statistical inference for loss models; maximum likelihood estimation; effect of policy modifications; model selection.
ACTSC 433 Analysis of Survival Data
The Mathematics of Survival Models, some examples of parametric survival models. Tabular survival models, estimates from complete and incomplete data samples. Parametric survival models, determining the optimal parameters. Maximum likelihood estimators, derivation and properties. Product limit estimators, Kaplan-Meier and Nelson-Aalen. Practical aspects.
ACTSC 445 Asset-Liability Management
Duration analysis and immunization. Interest rate derivative securities and their application in asset-liability management. Stochastic approaches to risk management.
ACTSC 446 Mathematical Models in Finance
Mathematical techniques used to price and hedge derivative securities in modern finance. Modelling, analysis and computations for financial derivative products, including exotic options and swaps in all asset classes. Applications of derivatives in practice.
ACTSC 453 Basic Pension Mathematics
Theory and practice of pension plan funding. Assumptions, basic actuarial functions and population theory applied to private pensions. Concepts of normal costs, supplemental liability, unfunded liability arising from individual accrued benefit and projected benefit cost methods.
ACTSC 455 Advanced Life Insurance Practice
Cash flow projection methods for pricing, reserving and profit testing; deterministic, stochastic and stress testing; pricing and risk management of embedded options in insurance products; mortality and maturity guarantees for equity-linked life insurance.
ACTSC 462 Casualty Insurance
Individual risk rating. Risk classification in property/casualty insurance. Minimum bias techniques. Pricing for increased limits. Reinsurance, Expense issues.
ACTSC 471 Advanced Corporate Finance
This course will cover various topics in advanced Corporate Finance, including real options, inventory models and management, corporate governance, asymmetric information and signalling, agency theory and corporate incentives.