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The 25th annual seminar of the European Library Automation Group (ELAG) was held in Prague in June 2001. This report provides an overview of the papers presented, including those describing relevant developments in the Czech Republic, those covering the theme of the seminar (the integration and linking of electronic resources), as well as papers on the functional requirements for bibliographic records (FRBR). Workshops are a key feature of ELAG seminars and the paper also reports on those held during the 2001 meeting.

The purpose of this article is to investigate the impact of counterparty risk on the basis risk of industry loss warranties as well as on reinsurance with and without collateral under different dependence structures. The authors additionally compare the solvency and Sharpe ratio for different premium loadings and contract parameters.

The authors propose a model framework extension to account for the counterparty risk of risk transfer arrangements. Copulas are used to also take into account non-linear dependencies between risk factors, and Monte Carlo simulation is employed to derive numerical results and to conduct sensitivity analyses.

The authors show that the impact of counterparty risk is particularly pronounced for higher degrees of dependencies and tail dependent losses, i.e. in cases of basis risk levels that appear low if counterparty risk is not considered. With respect to counterparty risk management, the authors find that already partial collateralization limits counterparty and basis risk to more acceptable levels.

The study results are particularly relevant to practitioners, as insurers may not only underestimate the “true” basis risk of index-linked instruments, but also the effect of counterparty risk of reinsurance contracts along with the consequences for solvency and profitability.

The authors extend existing literature by allowing for the (partial) default of industry loss warranties and reinsurance under different dependence structures. Furthermore, the authors include profitability in addition to risk considerations. The interaction effects between counterparty risk and the basis risk of index-based alternative risk transfer instruments are largely unstudied, despite their considerable relevance in practice.

The purpose of this paper is to identify criteria and examples of good practice in heritage management within the specific field of UNESCO industrial heritage sites. The paper is part of a transfer-of-knowledge project between Humboldt Universität and the Zollverein Foundation (Stiftung Zollverein), responsible for the heritage management of the UNESCO Zollverein site.

The study employed document analysis, interviews, expert discussions and application to the field.

First, a systematization, termed the Good Practice Wheel, shows eight criteria that must be considered for good practice in heritage management. Second, indicators of good practice, discussed in the academic field, can be embedded in the suggested systematization and provide further details of how to evaluate good practice. Third, the Zollverein case shows that the systematization can be applied to practice.

The study offers a systematization to identify and discuss good practice.

The practical implication is to understand better how to turn the demands of UNESCO into opportunities.

The Good Practice Wheel includes social aspects, within community engagement and the criterion of sustainability.

To date, this represents the only such systematic approach to identify and implement good practice in heritage management, specifically relevant for UNESCO industrial heritage sites.