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The Joint Estimation of Term Structures and Credit Spreads

Houweling, Patrick; Hoek, Jaap; Kleibergen, Frank - Tinbergen Institute - 1999

We present a new framework for the joint estimation of the default-free government term structure and corporate credit spread curves. By using a data set of liquid, German mark denominated bonds, we show that this yields more realistic spreads than traditionally obtained spread curves that...

Persistent link: https://www.econbiz.de/10005209449

How to measure Corporate Bond Liquidity?

Houweling, Patrick; Mentink, Albert; Vorst, Ton - Tinbergen Institute - 2003

We consider eight different measures (issued amount, coupon, listed, age, missing

Persistent link: https://www.econbiz.de/10005209522

Retirement with Perfect Insurance

Kula, Grzegorz - Tinbergen Institute - 2003

worker buys an insurance, which gives a constant income and retirement benefits in exchange for the total output. The level …

Persistent link: https://www.econbiz.de/10005144432

For Better and for Worse - How Unpaid Bride Wealth provides Security

Hoogeveen, Hans - Tinbergen Institute - 2000

advanced. The obligation to pay of bride wealth is seen as informal insurance which relies on the fact that bride wealth … insurance mechanisms, bride wealth qualifies as an important security enhancing institution: the arrangement covers nearly the … involved are large and the period of time during which the claims provide security long. Like any informal insurance …

Persistent link: https://www.econbiz.de/10005144474

Risk Pooling through Transfers in Rural Ethiopia

Pan, Lei - Tinbergen Institute - 2007

It is often assumed that transfers received from governments, nongovernment organizations (NGOs), friends and relatives help rural households to pool risk. In this paper I investigate two functions of transfers in Ethiopia: risk pooling and income redistribution. Unlike most of the literature...

Persistent link: https://www.econbiz.de/10005144479

Insurance and Information: Firms as a Commitment Device

Bovenberg, A.L.; Teulings, C.N. - Tinbergen Institute - 2001

contracts to crowd out implicit insurance, even though the latter yields higher welfare. Integrating the principal-agent and …

Persistent link: https://www.econbiz.de/10005144574

Dynamic Insurance and Adverse Selection

Janssen, Maarten C.W.; Karamychev, Vladimir A. - Tinbergen Institute - 2001

We take a dynamic perspective on insurance markets under adverse selection and study a generalized Rothschild and … accident occurs. We investigate the nature of dynamic insurance contracts by considering both conditional and unconditional … dynamic contracts. An unconditional dynamic contract has insurance companies offering contracts where the terms of the …

Persistent link: https://www.econbiz.de/10005136996

Better Safe than Sorry? Ex Ante and Ex Post Moral Hazard in Dynamic Insurance Data

Abbring, Jaap; Chiappori, Pierre-André; Zavadil, Tibor - Tinbergen Institute - 2008

This paper empirically analyzes moral hazard in car insurance using a dynamic theory of an insuree's dynamic risk (ex …

Persistent link: https://www.econbiz.de/10005137061

Risk Diversification by European Financial Conglomerates

Slijkerman, Jan Frederik; Schoenmaker, Dirk; Vries, … - Tinbergen Institute

We study the dependence between the downside risk of European banks and insurers. Since the downside risk of banks and insurers differs, an interesting question from a supervisory point of view is the risk reduction that derives from diversification within large banks and financial...

Persistent link: https://www.econbiz.de/10005137073

Risk Sharing in Labour Markets

Bigsten, Arne; Collier, Paul; Dercon, Stefan; … - Tinbergen Institute - 2003

insurance to employers: when firms are hit by temporary shocks the effect on profits is cushioned by risk sharing with workers …

Persistent link: https://www.econbiz.de/10005137118