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On the exposure of insurance companies to sovereign risk : portfolio investments and market forces
Düll, Robert; König, Felix; Ohls, Jana - 2015
risk. This paper focuses on the transmission of sovereign risk to insurance companies as some of the largest institutional … investors in the sovereign bond market. We use a firm level panel dataset that covers large insurance companies, banks and non … reflected in current insurance regulation (incl. upcoming Solvency II in Europe). …
Persistent link: https://www.econbiz.de/10011373080
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Interest rate risk and the Swiss solvency test
Eder, Armin; Keiler, Sebastian; Pichl, Hannes - 2013
In this paper, we present a new approach to measuring interest rate risk for insurers within the Swiss Solvency Test, which overcomes the shortcomings of the standard model. The standard model of the Swiss Solvency Test is based on more interest rate risk factors than are actually needed to...
Persistent link: https://www.econbiz.de/10010202889
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How is the low-interest-rate environment affecting the solvency of German life insurers?
Kablau, Anke; Weiß, Matthias - 2014
Life insurance companies are affected directly by the impact of the low-interestrate environment. To fulfil promised … funds requirements. This points to a potential solvency risk in the life insurance industry. …
Persistent link: https://www.econbiz.de/10010432256
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Wie wirkt sich das Niedrigzinsumfeld auf die Solvabilität der deutschen Lebensversicherer aus?
Kablau, Anke; Weiß, Matthias - 2014
Die Lebensversicherer sind von den Auswirkungen des Niedrigzinsumfelds unmittelbar betroffen. Damit sie die zugesicherten Garantien erfüllen können, müssen sie unter Umständen Eigenmittel aufwenden. Dies ist dann der Fall, wenn die von den Unternehmen festgelegte Überschussbeteiligung oder...
Persistent link: https://www.econbiz.de/10010432266
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Arbitraging the Basel securitization framework : evidence from German ABS investment
Efing, Matthias - 2015
This paper provides evidence for regulatory arbitrage within the class of assetbacked securities (ABS) based on individual asset holding data of German banks. I find that those banks operating with tight regulatory constraints pick the securities with the highest yield and lowest collateral...
Persistent link: https://www.econbiz.de/10011391709
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Securities trading by banks and credit supply : micro-evidence
Abbassi, Puriya; Iyer, Rajkamal; Peydró, José-Luis; … - 2015
We analyze securities trading by banks and the associated spillovers to the supply of credit.Empirical analysis has been elusive due to the lack of securities register for banks. We use a unique, proprietary dataset that has the investments of banks at the security level for 2005-2012 in...
Persistent link: https://www.econbiz.de/10010527104
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You can‘t always get what you want (where you want it) : cross-border effects of the US money market fund reform
Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2022
This paper documents significant cross-border effects of the 2014 US money market fund (MMF) reform on MMFs in the euro area. As US-based prime MMFs became less money-like due to the reform, euro area-based prime MMFs received large inflows from foreign investors. These cross-border flows were...
Persistent link: https://www.econbiz.de/10012876146
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Bank profitability, leverage constraints, and risk-taking
Martynova, Natalya; Ratnovski, Lev; Vlahu, Razvan - 2019
Traditional theory suggests that higher bank profitability (or franchise value) dissuades bank risk-taking. We highlight an opposite effect: higher profitability loosens bank borrowing constraints. This enables profitable banks to take risk on a larger scale, inducing risk-taking. This effect is...
Persistent link: https://www.econbiz.de/10012020122
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Climate change and the macroeconomics of bank capital regulation
Giovanardi, Francesco; Kaldorf, Matthias - 2024
insurance. Banks collect deposits and issue equity to extend defaultable loans to clean and fossil energy firms. Bank capital …
Persistent link: https://www.econbiz.de/10014548624
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The effect of patent litigation insurance : theory and evidence from NPEs
Ganglmair, Bernhard; Helmers, Christian; Love, Brian J. - 2020
We analyze the extent to which private defensive litigation insurance deters patent assertion by non …-practicing entities (NPEs). We study the effect that a patent-specific defensive insurance product, offered by a leading litigation … defensive litigation insurance on the behavior of patent enforcers and accused infringers. We show that the availability of …
Persistent link: https://www.econbiz.de/10012267115