show that the optimal form of retention must be proportional to the pool default loss even in the absence of systemic risk …

contributions in insurance economics since that time. The review begins with the role of utility, risk, and risk aversion in the …

finance per se did not trigger the last financial crisis. The crisis was propagated around the world because of poor risk …

finance per se did not trigger the last financial crisis. The crisis was propagated around the world because of poor risk …

The study of risk management began after World War II. Risk management has long been associated with the use of market … insurance to protect individuals and companies from various losses associated with accidents. Other forms of risk management … protection against pure risk. The use of derivatives as risk management instruments arose during the 1970s, and expanded rapidly …

An important research question examined in the credit risk literature focuses on the proportion of corporate yield … spreads attributed to default risk. This topic is reexamined in the light of the different issues associated with the … estimated default risk proportion in corporate yield spreads is highly sensitive to the ex-ante estimated term structure of …

quality to ensure that they can repay the loans, because the risk of delinquencies falls on investors rather than lenders. One …