As empirical studies show, the policyholders' willingness to pay depends on the security level of the insurance cover. The choice of the security level determines the capital budgeting decision and therefore the cost capital, as well as the attainable insurance premiums. We call this cost of...

As financial markets become more global, the question arises whether any country specific considerations are still relevant for insurance companies' capital structure. This research examines this questions with firm-level data across a broad range of countries including those in developing...

Enterprise Risk Management (ERM) is the approach of managing all risks faced by a firm in an integrated, holistic fashion. This research analyzes factors that influence a firm's decision to start an ERM program. We argue that top management's decision to adopt ERM is influenced by managerial...

Enterprise risk management (ERM) is the approach of managing all risks faced by an enterprise in an integrated, holistic fashion. This research investigates whether the utilization of the ERM approach helps firms achieve economies of scale and scope. We use detailed survey data of German...