The fifth international workshop on Finance, Insurance, Probability and Statistics

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Rutgers University is hosting the 5-th workshop on Finance, Insurance, Probability, and Statistics between June 25 to 27, 2015. With the current global economic environment, the proliferation of complex insurance and risk management products, and modern information technologies and data collection and processing capability, the importance of using probability and statistics theory and methods in discovering efficient financial instruments that accelerate instead of damage economic development, in understanding and measuring risk, and in develop effective insurance and risk management tools have never been greater. The needed interdisciplinary research not only require close collaboration and cross-fertilization between diverse academic fields in probability, statistics, finance and actuary science, but also require close collaboration and deep understanding between academic communities, industry experts, and government regulators in a truly interdisciplinary approach. The IMS sponsored workshop series on Finance, Probability and Statistics was started in 2011, under the leadership of Professors Tze L. Lai (Stanford University), Philip Protter (Columbia University) and Xin Guo (University of California-Berkeley). The goal of the workshop was to bring together leading academic experts, practitioners and junior researchers, which will highlight important contributions to mathematical and computational finance made through the use of statistics and probability. Rutgers University and Columbia University are co-hosting the 5-th workshop in this series on June 25 to 27, 2015. The 2015 workshop has added 'insurance' to its scheme and has renamed the series IMS sponsored workshop on Finance, Insurance, Probability and Statistics (IMS-FIPS 2015). It is also co-sponsored by International Chinese Statistical Association, Korean International Statistical Association, Global Association of Risk Professionals, Financial and Risk Modeling Institute, Stanford University, and International Association for Quantitative Finance. The conference has planned six plenary sessions, 13 invited sessions and 4 contributed sessions. The NSF award provides financial support exclusively to junior faculty members and graduate students who may not have funding to attend the conference. The funding supports travel, lodging and registration fee to approximately 15 to 20 junior participants.The NSF supported conference allows exchange of ideas, research results, potential problems among academic researchers and industry practitioners on the current development of mathematics, probability and statistics in the applications of finance and insurance. Such an exchange promotes further research in the area and advance the theory, method and application of probability and statistics related to finance and insurance. The NSF supported conference has broad impacts in advancing the advance the theory, method and application of probability and statistics related to finance and insurance, hence enhancing the society's ability to maintain an efficient financial market, to effectively manage risk and to promote economic development. The fund is exclusively used to support junior and minority researchers to attend the conference, who may not have funding otherwise to participate the conference.