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Government Relief for Risk Associated with Government Action
Kaplow, Louis - 2010
bearing are examined in a model in which private insurance is taken into account. It is demonstrated that government relief is … inefficient, even when private insurance is subject to moral hazard, because relief shields individuals from some of the effects …
Persistent link: https://www.econbiz.de/10012760199
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A Model of a Systemic Bank Run
Uhlig, Harald - 2010
The 2008 financial crisis is reminiscent of a bank run, but not quite. In particular, it is financial institutions withdrawing deposits from some core financial institutions, rather than depositors running on their local bank. These core financial institutions have invested the funds in...
Persistent link: https://www.econbiz.de/10013152502
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Informed Trading, Liquidity Provision, and Stock Selection by Mutual Funds
Da, Zhi - 2009
We show that a mutual fund's quot;stock selection skillquot; computed using the Daniel, Grinblatt, Titman and Wermers (1997) procedure can be decomposed into additional components that include impatient quot;informed tradingquot; and quot;liquidity provision,quot; thereby helping us understand...
Persistent link: https://www.econbiz.de/10012765558
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Do Insurers Risk-Select Against Each Other? Evidence from Medicaid and Implications for Health Reform
Kuziemko, Ilyana - 2013
Increasingly in U.S. public insurance programs, the state finances and regulates competing, capitated private health …
Persistent link: https://www.econbiz.de/10013079592
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A General Rationale for a Governmental Role in the Relief of Large Risks
Shavell, Steven - 2014
The government often provides relief against large risks, such as disasters. A simple, general rationale for this role of government is considered here that applies even when private contracting to share risks is not subject to market imperfections. Specifically, the optimal private sharing of...
Persistent link: https://www.econbiz.de/10013052679
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Insurers' Response to Selection Risk : Evidence from Medicare Enrollment Reforms
Decarolis, Francesco - 2016
Evidence on insurers' behavior in environments with both risk selection and market power is largely missing. We fill this gap by providing one of the first empirical accounts of how insurers adjust plan features when faced with potential changes in selection. Our strategy exploits a 2012 reform...
Persistent link: https://www.econbiz.de/10012978105
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Credit Lines as Monitored Liquidity Insurance : Theory and Evidence
Acharya, Viral V. - 2013
We propose and test a theory of corporate liquidity management in which credit lines provided by banks to firms are a … form of monitored liquidity insurance. Bank monitoring and resulting credit line revocations help control illiquidity … because the cost of monitored liquidity insurance increases with liquidity risk. We exploit a quasi-experiment around the …
Persistent link: https://www.econbiz.de/10013085123
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Mortality Risk, Insurance, and the Value of Life
Bauer, Daniel - 2018
illness can significantly increase the value of statistical life, helping to reconcile theory with empirical findings that …
Persistent link: https://www.econbiz.de/10012911078
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Quantitative Macroeconomics with Heterogeneous Households
Heathcote, Jonathan; Storesletten, Kjetil; Violante, … - 2022
channels of insurance? Third, how does idiosyncratic risk interact with aggregate risk? …
Persistent link: https://www.econbiz.de/10013322143
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The Economics of Hedge Funds : Alpha, Fees, Leverage, and Valuation
Lan, Yingcong - 2011
Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs....
Persistent link: https://www.econbiz.de/10013128908