Reinsurance is a mechanism the insurance industry uses to spread the risk it assumes from policyholders. Through reinsurance, the industry's losses are absorbed and distributed among a group of companies so that no single company is overburdened with the financial responsibility of offering...

Little in the scholarly economics literature is directed specifically to the performance of stable value funds, although they occupy a leading place among retirement investment vehicles. They are currently offered in more than one-third of all defined contribution plans in the USA, with more...

• We offer the first empirical exploration of fixed indexed annuity returns based upon actual contracts that were sold and actual interest that was credited.• Annuity returns have been competitive with alternative portfolios of stocks and bonds.• Their design has limited the downside...

Since I circulated a working paper (coauthored with Kabir Dutta) entitled “Scenario Analysis in the Measurement of Operational Risk Capital: A Change of Measure Approach” on the Wharton Financials Institutions Center website in March of 2010, many different questions have been received...

The Pension Benefit Guaranty Corporation (PBGC)'s Pension Insurance Modeling System (PIMS) model has taken on the Herculean task of modeling in detail and under many scenarios the cash outflows associated with the pension obligations they have assumed. This paper's comments are focused almost...

There is a paucity of academic literature on stable value funds, although they occupy such a prominent place among retirement investment vehicles. They are offered in roughly one half of all defined contribution plans in the USA, with over $640 billion dollars worth of assets under management....

The primary purpose of this article is to provide courts with an important new tool for applying the correct probability distribution to a given legal question. In areas as diverse as criminal prosecutions and civil lawsuits alleging securities fraud, courts must assess the relevance and...