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Profit Testing of Profit Sharing Life Insurance Policies in the Presence of Extreme Risks

Le Courtois, Olivier; Shen, Li - 2023

This paper examines the profit testing of life insurance companies that issue participating policies, type B and type A universal life policies, and variable annuities with guaranteed minimum maturity and death benefits, when investment returns are stochastic and modeled by normal or variance...

Persistent link: https://www.econbiz.de/10014356168

A contribution to the theory of financial fragility and crisis

Bhaduri, Amit - 2010

The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...

Persistent link: https://www.econbiz.de/10010286546

Do Financial Inclusion Indicators Affect Banks’ Profitability? Evidence from Selected Arab Countries

Jouini, Jamel; Obeid, Rami - 2022

study reveals that the bank-specific factors are the most influential on banks’ profitability, and to a lesser extent the … addition to financial inclusion indicators, We include bank-specific factors and macroeconomic variables into the analysis. The … effects of the distribution of ATMs and the number of bank branches on the return on assets. The study provides relevant …

Persistent link: https://www.econbiz.de/10014236022

Have Changes in the Financial Structure Affected Bank Profitability? Evidence for Austria

Rumler, Fabio; Waschiczek, Walter - 2012

) and higher market concentration in the banking sector had a positive effect on bank profitability, while, surprisingly … as disintermediation, internationalization and privatization, on the profitability of banks. Several proxies based on … bank balance sheet data at the micro level as well as macroeconomic variables are used to capture these changes. The case …

Persistent link: https://www.econbiz.de/10013370097

Bet against the trend and cash in profits

Almeida Ramos, Raquel; Bassi, Federico; Lang, Dany - 2020

This paper intends to contribute to the theoretical literature on the determinants of exchange rate fluctuations. We build an agent-based model, based on behavioral assumptions inspired by the literature on behavioral finance and by empirical surveys about the behavior of foreign exchange...

Persistent link: https://www.econbiz.de/10012609086

International Price and Earnings Momentum

Leippold, Markus; Lohre, Harald - National Centre of Competence in ResearchFinancial … - 2008

We find that price and earnings momentum are pervasive features of international equitymarkets when controlling for data snooping biases. For European countries, we find that pricemomentum is subsumed by earnings momentum on an aggregate level. However, this rationaledoes not apply to each and...

Persistent link: https://www.econbiz.de/10005868982

Performance of Initial Public Offerings : The Evidence for Switzerland

Drobetz, Wolfgang; Kammermann, Matthias; Wälchli, Urs - Wirtschaftswissenschaftliches Zentrum <Basel>

We examine the underpricing and long-term performance of a broad set ofSwiss IPOs from 1983 to 2000. The average market adjusted initial return is34.97%. Our results support the ex ante uncertainty hypothesis, the signallinghypothesis and, to some extent, the market cyclicality hypothesis...

Persistent link: https://www.econbiz.de/10005863001

Performance of Initial Public Offerings : The Evidence for Switzerland

Drobetz, Wolfgang; Kammermann, Matthias; Waelchli, Urs - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

We examine the underpricing and long-term performance of a broad set ofSwiss IPOs from 1983 to 2000. The average market adjusted initial return is34.97%. Our results support the ex ante uncertainty hypothesis, the signal-ling hypothesis and, to some extent, the market cyclicality hypothesis...

Persistent link: https://www.econbiz.de/10005858709

Net asset value discounts in listed private equity funds

Lahr, Henry; Kaserer, Christoph - 2009

This paper investigates determinants and consequences of net asset value discounts in listed private equity funds. Listed private equity funds share characteristics of closed-end mutual funds and traditional unlisted private equity funds and can therefore offer insights into both. Our results...

Persistent link: https://www.econbiz.de/10010305728

Accounting for macro-finance trends: Market power, intangibles, and risk premia

Farhi, Emmanuel; Gourio, François - 2018

Real risk-free interest rates have trended down over the past 30 years. Puzzlingly in light of this decline, (1) the return on private capital has remained stable or even increased, creating an increasing wedge with safe interest rates; (2) stock market valuation ratios have increased only...

Persistent link: https://www.econbiz.de/10012030362