diversification within large banks and financial conglomerates. We discuss the limited value of the normal distribution based … of the risk distribution. This measure is estimated and indicates better diversification benefits for conglomerates …

models. We first show analytically how model specification impacts 'diversification benefits' for aggregated market and …

We study the possibility for international diversification of catastrophe risk by the insurance sector. Adopting the … argument that large insurance losses may be a `globalizing factor' for the industry, we study the dependence of geographically … distant insurance markets via equity returns. In particular, we employ conditional copula theory to model the bivariate …

the benefits of portfolio diversification for downside risk in case returns are normally distributed with the case of fat …

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

Availability of (partial) insurance mechanisms is arguably important for the decision of (riskaverse) workers to start … up a risky entrepreneurial venture. Using administrative data from Denmark, where unemployment insurance (UI) is … UI choice process. Results show that the causal effect of insurance on the probability of starting up a venture is …

insurance mechanisms, bride wealth qualifies as an importantsecurity enhancing institution: the arrangement covers nearly the …

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