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The Public-Private Sector Risk-Sharing in the French Insurance "Cat. Nat. System"""

Marcellis-Warin, Nathalie de; Michel-Kerjan, Erwann - Centre Interuniversitaire de Recherche en Analyse des … - 2001

Twenty years ago, the French created a so far unique insurance scheme to cover damages due to natural catastrophes. This so-called ''Cat-Nat system'' combines private insurance industry, a state-guaranteed public reinsurance and the Treasury. We provide a simple game-theoretic model which seems...

Persistent link: https://www.econbiz.de/10005100783

The Survival and Success of Canadian Penny Stock IPOs

Carpentier, Cécile; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2009

We analyze the survival and success of a large sample of Canadian penny stock initial public offerings (IPOs), launched mostly by small and unprofitable firms from 1986 to 2003. The failure rate of these IPOs is lower than the one observed in the U.S. for larger IPOs, probably because of lax...

Persistent link: https://www.econbiz.de/10005101053

Risk, Timing and Overoptimism in Private Placements and Public Offerings

Carpentier, Cécile; L'Her, Jean-François; Smith, Stephan - Centre Interuniversitaire de Recherche en Analyse des … - 2007

We examine whether risk, timing or mispricing hypotheses can explain the underperformance of private and public equity issuers, in Canada, where both categories share several common characteristics. Adding an investment risk factor to the TFPM reduces, but does not eliminate, the...

Persistent link: https://www.econbiz.de/10005100594

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

Career Concerns of Top Executives, Managerial Ownership and CEO Succession

Boyer, M. Martin; Molina, Hernan Ortiz - Centre Interuniversitaire de Recherche en Analyse des … - 2004

We model the portfolio decisions by managers with career concerns in a context where ownership of the firm's stock can … affect the outcome of promotion contests. In addition to their utility from wealth, such managers derive utility from the … monetary and non-monetary benefits (prestige) of running a corporation. Our theory predicts that top managers competing for the …

Persistent link: https://www.econbiz.de/10005100819

Directors' and Officers' Insurance and Shareholders' Protection

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

Corporate directors are liable for the corporation's actions as well as their own. Strangely, and by far, the most likely plaintiffs in a lawsuit against corporate directors are the shareholders who appointed them in the first place. As a result, directors often require protection so that their...

Persistent link: https://www.econbiz.de/10005100862

The Value of Real and Financial Risk Management

Boyer, Marcel; Boyer, M. Martin; Garcia, René - Centre Interuniversitaire de Recherche en Analyse des … - 2005

We characterize a firm as a nexus of activities and projects with their associated cashflows. Production and operations activities and real risk management activities distribute cashflows over states of nature and time periods, leading to a transformation possibility frontier similar to a...

Persistent link: https://www.econbiz.de/10005100941

Commercial Bankruptcy and Financial Reorganization in Canada

Martel, Jocelyn - Centre Interuniversitaire de Recherche en Analyse des … - 1994

The paper examines a micro data set of 417 commercial bankruptcies and 393 financial reorganizations field in Canada during the period 1977-87. Descriptive statistics from the data are used to characterize the0501n features of the bankruptcy process in Canada. Firms in bankruptcy or in...

Persistent link: https://www.econbiz.de/10005168993

More on the Impact of Bankruptcy Reform in Canada

Martel, Jocelyn - Centre Interuniversitaire de Recherche en Analyse des … - 1994

The0501n objective of the new Bankruptcy Act (Bill C-22) is to promote the use of financial reorganization in order to increase the chances of survival of businesses that are experiencing financial difficulties and, as a consequence, to save jobs. Data from a sample of 417 commercial...

Persistent link: https://www.econbiz.de/10005168996

Signaling in Financial Reorganization: Theory and Evidence from Canada

Martel, Jocelyn - Centre Interuniversitaire de Recherche en Analyse des … - 1995

This article proposes a signaling model of financial reorganization in which the firms use the provisions of the reorganization proposal, in particular the split between short term cash and deferred payments, to signal their viability to uninformed unsecured creditors. The empirical analysis...

Persistent link: https://www.econbiz.de/10005169011