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Is the Demand for Corporate Insurance a Habit? Evidence of Organizational Inertia from Directors' and Officers' Insurance

Boyer, M. Martin - Centre Interuniversitaire de Recherche en Analyse des … - 2004

Of the many fundamental questions left unanswered in finance, one relates to corporate risk management practices. My contention in this paper is that managerial habits and organizational inertia play an important role in the decision to purchase corporate insurance and engage in risk management...

Persistent link: https://www.econbiz.de/10005100630

Is the Demand for Corporate Insurance a Habit? Evidence from Directors' and Officers' Insurance

Boyer, M. Martin - Centre Interuniversitaire de Recherche en Analyse des … - 2003

Of the many fundamental questions left unanswered in finance, one relates to corporate risk management practices. It is still relatively unclear what are the reasons that motivate risk neutral corporations to manage their idiosyncratic risk. Our contention in this paper is that corporate...

Persistent link: https://www.econbiz.de/10005101048

Consumption with Habit Formation

Seckin, Aylin - Centre Interuniversitaire de Recherche en Analyse des … - 2000

In a representative-agent model of intertemporal consumption-saving with stochastic income and habit formation, we have shown that precautionary savings observed in the data cannot be attributed only to income uncertainty, but also to the time-non-separability of preferences. We have found that,...

Persistent link: https://www.econbiz.de/10005168994

Consumption with Liquidity Constraints and Habit Formation

Seckin, Aylin - Centre Interuniversitaire de Recherche en Analyse des … - 2000

In an intertemporal consumption-saving model with uncertainty, liquidity constraints and habit formation, we have shown that habits can be a cushion against liquidity constraints by pushing even the impatient individual towards a choice of lower level of consumption. Dans un modèle...

Persistent link: https://www.econbiz.de/10005168998

Habit Formation: A Kind of Prudence?

Seckin, Aylin - Centre Interuniversitaire de Recherche en Analyse des … - 2000

In this paper we have examined the relationship between habit formation and Kimball's concept of prudence. Using first, Kimball's two-period model we have shown that habit formation leads to a larger prudence premium and greater precautionary saving, provided that the individual has decreasing...

Persistent link: https://www.econbiz.de/10005169019

Consumption-Leisure Choice with Habit Formation

Seckin, Aylin - Centre Interuniversitaire de Recherche en Analyse des … - 2000

In an intertemporal consumption-leisure choice model with wage uncertainty, and habit-forming consumption, we have shown that, consumption and leisure do move in opposite directions, consistent with the observed pro-cyclicy of aggregate hours worked. Dans un modèle intertemporel de consommation...

Persistent link: https://www.econbiz.de/10005273016

Habit Formation with Recursive Preferences

Seckin, Aylin - Centre Interuniversitaire de Recherche en Analyse des … - 2000

In the literature of financial economics, there has not been introduced yet a model which is capable of explaining at the same time high risk premium and low risk-free rate. Mehra and Prescott (1985) have found that it requires implausibly high levels of risk aversion on the part of the...

Persistent link: https://www.econbiz.de/10005273025

Partage des coûts et tarification des infrastructures - Partage des coûts dans l'entreprise et incitations

Boyer, Marcel; Moreaux, Michel; Truchon, Michel - Centre Interuniversitaire de Recherche en Analyse des … - 2003

In order to choose the proper size of an infrastructure and to save as much as possible on investment costs, it is necessary for the responsible party (the Centre in the language of this report) to have access to information that is typically known only by some agents or partners who may use...

Persistent link: https://www.econbiz.de/10005079446

L'Inspection des installations dangereuses; les expériences aux États-Unis et en France

Marcellis-Warin, Nathalie de; Peignier, Ingrid; … - Centre Interuniversitaire de Recherche en Analyse des … - 2003

credible so that the installations could see incentives to be in compliance with the regulation. Inspection is generally … carried out by the government who sets up the regulation. We have highlighted some economic incentives in order that the most …

Persistent link: https://www.econbiz.de/10005100455

Male-Female Productivity Differentials: The Role of Ability and Incentives

Paarsch, Harry J.; Shearer, Bruce S. - Centre Interuniversitaire de Recherche en Analyse des … - 2004

We consider the response to incentives as an explanation for productivity differences within a firm that paid its …: one due to differences in ability and the other due to differences in the response to incentives. We apply this … that individuals do react differently to incentives. However, while the women in our sample reacted slightly more to …

Persistent link: https://www.econbiz.de/10005100605

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