This paper examines whether independent modesof distribution can act as effective externalmonitors of managerial action. Becauseindependent agents are owners of the clientlist, control of an essential cash-generatingasset is concentrated in the hands of informedpurchasers. A consequence of this...

The cost of direct and independent distribution in the UK life insurance sector over the period 1990-1997 is examined. This is a novel contribution to the literature that until now has focused almost solely on distribution in the non-life sector. Unlike the non-life sector the distribution of...

This paper explores agency problems associated with mutual and joint stock organizational forms. It examines whether the independent mode of distribution acts as a governance factor that reduces principal-agent and principal-principal costs. By analyzing a 1990-1997 panel of life insurance...

This paper investigates the determinants of consumption for one of the fastest growing financial products in Asia. We find evidence that increased provision of civil rights and political stability leads to an increase in life insurance provision. However, by utilizing various estimation...

This article recognizes the highly differentiated nature of UK mortgages. Applying hedonic pricing models in the generation of interest quality adjusted indices this study would suggest the need for a 0.24 percentage point increase in the retail price index (RPI) (which, at an average RPI of 3%,...

A substantial number of companies now operate long‐term incentive schemes as a means of motivating executive directors to improve corporate financial performance and thus align their interests more closely with those of the company’s shareholders. This paper presents an empirical study of...