This paper examines equity market responses to workplace homicides. Although previous research has examined the demographic, behavioral, and loss control aspects of workplace violence, as well as stock price reactions to large, non-operating losses, this is the first study to jointly consider...

We examine the efficiency of fraternal insurers as compared to mutual and stock insurers in the U.S. life insurance industry. We test the hypothesis of equal efficiency across fraternal, mutual, and stock insurers. We find that mutual and stock insurer technology is dominant for producing the...

We present a European call option that is defined on a pension annuity insurance contract. This option gives the holder of the contract the opportunity to buy a pension annuity benefit for a given (strike) price at the age of retirement or any other age. Thus instead of contributed monthly...

This paper examines equity response to the occurrence of large non operating losses. As with previous studies, significant negative abnormal returns are detected around the occurrence of large losses. The paper extends the literature by examining issues not previously investigated. For a subset...

Variable annuities have become increasingly important in retirement plans. This paper provides an examination of the investment performance of variable annuities for the period year-end 1973 to year-end 1988. Returns, risk, and selectivity measures are analyzed for the sample of annuities, for...

This paper presents the results of an analysis of the relative efficiency of mutual and stock life insurance companies. "Efficiency" is defined in terms of accounting-based measures of risk and return. Following a review of previous comparisons of the performance of mutual and stock financial...

This article examines undistributed cash flow before and after life insurance company demutualizations. Theory argues that free cash flow should be lower on a relative basis under the stock form of organization as the incentives, control, and bond opportunities are greater than under the mutual...

Contrary to the plethora of critical articles recently appearing in both the popular and business press, this carefully controlled investigation of 49 stadium- and arena-naming-rights agreement announcements provides striking evidence that such sponsorships can significantly enhance the stock...