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Measuring interest rate risk in the life insurance sector : the U.S. and the U.K.

Hartley, Daniel; Paulson, Anna Louise; Rosen, Richard Joseph - 2016

We use a two factor model of life insurer stock returns to measure interest rate risk at U.S. and U.K. insurers. Our estimates show that interest rate risk among U.S. life insurers increased as interest rates decreased to historically low levels in recent years. For life insurers in the U.K., in...

Persistent link: https://www.econbiz.de/10011441306

AIG in hindsight

McDonald, Robert L.; Paulson, Anna Louise - 2014

brink of bankruptcy. In one case, AIG used securities lending to transform insurance company assets into residential … threatening the solvency of the life insurance companies. AIG also sold insurance on multi-sector CDOs, backed by real estate …

Persistent link: https://www.econbiz.de/10010418214

Human capital risk, contract enforcement, and the macroeconomy

Krebs, Tom; Kuhn, Moritz; Wright, Mark L. J. - 2014

with the life insurance data, in equilibrium young households are borrowing constrained and under-insured against human … capital risk. A calibrated version of the model can quantitatively account for the life-cycle variation of life-insurance … to a substantial increase in the volume of both credit and insurance. …

Persistent link: https://www.econbiz.de/10010424292

Will writing and bequest motives : early 20th century Irish evidence

McGranahan, Leslie (contributor) - 2006

"This paper develops a simple model of the decision to write a will prior to death and tests the implications of the model using data from Ireland prior to the advent of state provided old age support. The model assumes that individuals write wills in order to change the distribution of their...

Persistent link: https://www.econbiz.de/10003405871

What can we learn about financial access from US immigrants?

Osili, Una Okonkwo (contributor); … - 2006

"We find that wealthier and more educated immigrants are more likely to make use of basic banking services and other …

Persistent link: https://www.econbiz.de/10003419865

Why do firms go public? : Evidence from the banking industry

Rosen, Richard Joseph (contributor); … - 2005

"The lack of data on private firms has made it difficult to empirically examine theories of why firms go public. However, both public and private banks must disclose financial information to regulators. We exploit this requirement to explore the goingpublic decision. Our results indicate that...

Persistent link: https://www.econbiz.de/10003227114

Learning by observing : information spillovers in the execution and valuation of commercial bank M&As

DeLong, Gayle L. (contributor); DeYoung, Robert (contributor) - 2004

"We hypothesize that banks become better able to manage acquisitions, and investors become better able to value those acquisitions, as these parties "learn-by-observing" information that spills-over from previous bank M&As. We find evidence consistent with these hypotheses for 216 M&As of large,...

Persistent link: https://www.econbiz.de/10002380752

Risk overhang and loan portfolio decisions

DeYoung, Robert (contributor); Gron, Anne (contributor); … - 2005

"Despite operating under substantial regulatory constraints, we find that commercial banks manage their investments largely consistent with the predictions of portfolio choice models with capital market imperfections. Based on 1990-2002 data for small (assets less than $1 billion) U.S....

Persistent link: https://www.econbiz.de/10003101068

Deregulation and the relationship between bank CEO compensation and risk-taking

Brewer, Elijah (contributor); … - 2003 - [Elektronische Ressource]

"The deregulation of the banking industry during the 1990s provides a natural (public policy) experiment for …

Persistent link: https://www.econbiz.de/10001909521

For how long are newly chartered banks financially fragile?

DeYoung, Robert (contributor) - 2000 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001658359