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Jan Karman
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Jan Karman
Last revised: September 2016

Migration and migrants

International migration is a major factor of demographic and social change and for an increasing number of countries, international migration has become the most important factor of population growth. As a result European populations are becoming more diverse than ever before. Our research focuses both on migration flows in a macro perspective to better understand European migration patterns, as well as on migrant behavior at the micro level. Emphasis is put on the demographic and socio-economic position of migrants and the demographic dynamics in migrant families, applying the life course approach to complete the wealth of studies on the structural and cultural position of migrants. See more







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Otium cum dignitate


Actuarial & Financial Information Systems
Middelburg - The Netherlands

The Price of Bonds
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Valuation of bond prices is a big thing at Wall Street and at investment departments of every institutional investor, like insurance companies, pension funds, etc. Buying bonds entitles one to receiving the principal at a given date, plus the contractual interest payments, i.e. coupons.
This, being called the cashflow, has a value, depending on quite a few parameters. which include the principal, the contractual interest rate, frequency of coupons (usually 2), redemption scheme (at once, linear, annuity, etc), date of closure, date of (starting) redemption and maturity date.
The technique of determination of prices of bonds is known as "Mathematics of Finance" or "Mathematics of Investment"
The general formula x = H + iL can be considered from different view points:
  - sum of present values of redemption and intrest
  - price as deviation from par, i.e. the present value
     of the difference between interest rate and yield
  - price related to a non-repayable loan; here the
     formulae will always show up as: i/r + ..., since i/r is
     the price of a non-repayable loan.
Type (3) is the most practical one for calculations, since it only needs flat annuities, rather than incremental or decremental ones, like needed in Type (1) and (2), and which I used for the functions in the K-script. Further it's an interesting (mathematical) exercise to express a given formula from one type into another.
E.g. the price of an annuity is easy: an(i)/an(r). But expressing this in one of type (1) for example, means headaches!

My music
 Recent Compositions
 Genevan Psalter
 My harpsichord
YouTube
Grand Fugue
Élégie, played by Célia Conzŕlez
Actuarial & financial applications:
 Actuarial Factors
 Annuity Loan
 Graduation of Mortality
 Profit & Loss in Stocks
 The Price of Bonds
 Annuďteitslening
 Afronding van sterftetafels
 Bevolkingsstatistiek
 Huishoudboekje
 Ausgleichung von Sterbetafeln
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Art:
Art Gallery Orsmaal
De Vleeshal Middelburg