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Efficiency of Insurance Firms with Endogenous Risk Management and Financial Intermediation Activities
Cummins, J. David; Dionne, Georges; Gagné, Robert; … - Centre Interuniversitaire sur le Risque, les Politiques … - 2006
test how risk management and financial intermediation activities create value for insurers by enhancing economic efficiency …. Insurer cost efficiency is measured relative to an econometric cost function. Since the prices of risk management and … cost efficiency. The econometric results show that both activities significantly increase the efficiency of the property …
Persistent link: https://www.econbiz.de/10005795976
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Economic Effects of Risk Classification Bans
Dionne, Georges; Rothschild, Casey G. - Centre Interuniversitaire sur le Risque, les Politiques … - 2014
classification may reduce informational asymmetry-induced adverse selection and improve insurance market efficiency. It may also have …
Persistent link: https://www.econbiz.de/10010786402
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Determinants of Insurers’ Performance in Risk Pooling, Risk Management, and Financial Intermediation Activities
Dionne, Georges; Gagné, Robert; Nouira, Abdelhakim - Institut d'Économie Appliquée, HEC Montréal (École … - 2007
Corporate finance theory predicts that firms’ characteristics affect agency costs and hence their efficiency. Cummins … et al (2006) have proposed a cost function specification that measures separately insurer efficiency in handling risk …. Independent agents and high capitalization reduce the cost efficiency of risk pooling. Certain characteristics such as being a …
Persistent link: https://www.econbiz.de/10005489858
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Determinants of Insurers' Performance in Risk Pooling, Risk Management, and Financial Intermediation Activities
Dionne, Georges; Gagné, Robert; Nouira, Abdelhakim - Centre Interuniversitaire sur le Risque, les Politiques … - 2007
Corporate finance theory predicts that firms' characteristics affect agency costs and hence their efficiency. Cummins … et al. (2006) have proposed a cost function specification that measures separately insurer efficiency in handling risk …. Independent agents and high capitalization reduce the cost efficiency of risk pooling. Certain characteristics such as being a …
Persistent link: https://www.econbiz.de/10005015328
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Should we Abandon the Intermediation Approach for Analyzing Banking Performance?
Fortin, Mario; Leclerc, Andre - Département d'économique, Faculté d'administration - 2007
that measures of banking efficiency and productivity are biased when there is an incomplete coverage of assets and …
Persistent link: https://www.econbiz.de/10005467351
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A Generalized Index of Fractionalization
BOSSERT, Walter; D’AMBROSIO, Conchita; LA FERRARA, Eliana - Centre Interuniversitaire de Recherche en Économie … - 2008
The goal of this paper is to contribute to the economic literature on ethnic and cultural diversity by proposing a new index that is informationally richer and more flexible than the commonly used ‘ethno-linguistic fractionalization’ (ELF) index. We characterize a measure of diversity among...
Persistent link: https://www.econbiz.de/10008617082
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Pair-Based Decomposable Inequality Measures
Mussard, Stéphane - Département d'économique, Faculté d'administration - 2010
Four axioms are introduced in order to characterize the family of pair-based decomposable inequality measures, which is embraced in the class of weakly decomposable inequality measures. Three axioms, namely, normalization by pairs, aggregation by pairs, and decomposition by pairs enable the...
Persistent link: https://www.econbiz.de/10008727328
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A Generalized Index of Fractionalization
BOSSERT, Walter; D’AMBROSIO, Conchita; LA FERRARA, Eliana - Département de Sciences Économiques, Université de … - 2008
The goal of this paper is to contribute to the economic literature on ethnic and cultural diversity by proposing a new index that is informationally richer and more flexible than the commonly used ‘ethno-linguistic fractionalization’ (ELF) index. We characterize a measure of diversity among...
Persistent link: https://www.econbiz.de/10005545777
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The Alleviation of Coordination Problems through Financial Risk Management
BOYER, Marcel; BOYER, Martin M.; GARCIA, René - Centre Interuniversitaire de Recherche en Économie … - 2010
We characterize a firm as a nexus of activities and projects with their associated cashflow distributions across states of the world and time. With specialized managers intent on maximizing firm value, we show that such a representation leads to a transformation possibility frontier between the...
Persistent link: https://www.econbiz.de/10008617033
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Risk Classification in Insurance Contracting
Dionne, Georges; Rothschild, Casey G. - Centre Interuniversitaire sur le Risque, les Politiques … - 2011
Risk classification refers to the use of observable characteristics by insurers to group individuals with similar expected claims, compute the corresponding premiums, and thereby reduce asymmetric information. An efficient risk classification system generates premiums that fully reflect the...
Persistent link: https://www.econbiz.de/10009369377