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A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers

Berdin, Elia - 2017

solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and … non-life business and we calibrate it using country level data to make it representative of the major euro area insurance …

Persistent link: https://www.econbiz.de/10012961958

Insurers’ Investment Strategies : Pro- or Countercyclical?

Fache Rousová, Linda; Giuzio, Margherita - 2021

Traditionally, insurers are seen as stabilisers of financial markets that act countercyclically by buying assets whose price falls. Recent studies challenge this view by providing empirical evidence of procyclicality. This paper sheds new light on the underlying reasons for these opposing views....

Persistent link: https://www.econbiz.de/10013315359

The Digital Economy, Privacy, and CBDC

Ahnert, Toni; Hoffmann, Peter; Monet, Cyril - 2022

We study a model of financial intermediation, payment choice, and privacy in the digital economy. Cash preserves anonymity but cannot be used for more efficient online transactions. By contrast, bank deposits can be used online but do not preserve anonymity. Banks use the information contained...

Persistent link: https://www.econbiz.de/10013288804

Digitalisation and Productivity : Gamechanger or Sideshow?

Anderton, Robert; Reimers, Paul; Botelho, Vasco - 2023

Is digitalisation a massive gamechanger which will deliver huge gains in productivity, or is it more of a sideshow with only limited impacts? We use a large balance sheet panel dataset comprising more than 19 million European firm-level observations to empirically investigate the impact of...

Persistent link: https://www.econbiz.de/10014254274

Digitalisation, Institutions and Governance, and Diffusion : Mechanisms and Evidence

Baccianti, Claudio; Labhard, Vincent; Lehtimäki, Jonne - 2022

Digitalisation can be described as a sequence of technology and supply shocks which affect the economy through employment and labour markets, productivity and output, and competition and market structure. This paper focuses on how digitalisation - the process of diffusion of digital technologies...

Persistent link: https://www.econbiz.de/10014081348

Does Private Equity Investment Spur Innovation? Evidence from Europe

Popov, Alexander A. - 2012

funds and insurance companies across countries and over time. We also control for the standard determinants of innovation …We provide the first cross-country evidence of the effect of investment by private equity firms on innovation, focusing … aggregate (private equity plus R&D) industrial spending, PE accounts for as much as 12% of industrial innovation. We also …

Persistent link: https://www.econbiz.de/10013117009

On the Real Effects of Private Equity Investment : Evidence from New Business Creation

Popov, Alexander A. - 2010

Using a comprehensive database of European firms, we study how private equity affects the rate of firm entry. We find that private equity investment benefits new business incorporation, especially in industries with naturally higher entry rates and R&D intensity. A two standard deviation...

Persistent link: https://www.econbiz.de/10013152176

Determinants of Firms’ Efficiency : Do Innovations and Finance Constraints Matter? The Case of European Smes

Bonanno, Graziella - 2020

This paper aims at investigating the relationship between firms' profit efficiency, access to finance and innovation … efficiency in order to increase profitability. Among firms that have embarked in product innovation, those in the industry and … help to better understand the link between innovation, financial constraints and efficiency, which goes beyond the idea …

Persistent link: https://www.econbiz.de/10012831402

Financial Reforms and Innovation : A Micro-Macro Perspective

Boikos, Spyridon; Bournakis, Ioannis; Christopoulos, … - 2021

suggests that whilst micro reforms boost innovation, macro reforms may appear negative. We test and find empirical support for …

Persistent link: https://www.econbiz.de/10013229692

Risk-sharing or risk-taking? Counterparty risk, incentives and margins

Biais, Bruno; Heider, Florian; Hoerova, Marie - 2012

We analyze optimal hedging contracts and show that although hedging aims at sharing risk, it can lead to more risk-taking. News implying that a hedge is likely to be loss-making undermines the risk-prevention incentives of the protection seller. This incentive problem limits the capacity to...

Persistent link: https://www.econbiz.de/10011605458

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