La version française de ce document est disponible à "http://ssrn.com/abstract=2198583" http://ssrn.com/abstract=2198583The 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...

Purchasing reinsurance reduces insurers insolvency risk by stabilizing loss experience, increasing capacity, limiting liability on specific risks, and/or protecting against catastrophes. Consequently, reinsurance purchase should reduce capital costs. However, transferring risk to reinsurers is...

Operational losses are true dangers for banks since their maximal values to signal default are difficult to predict. This risky situation is unlike default risk whose maximum values are limited by the amount of credit granted. For example, our data from a very large US bank show that this bank...

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, alternatives to market insurance, surfaced during...

We analyze the relationship between insurers' liquidity creation and reinsurance demand. Early theoretical contributions on liquidity creation propose that financial institutions enhance economic growth by creating liquidity in the economy. Liquidity creation means financing relatively illiquid...

This paper analyzes the relation between insurers' liquidity creation and reinsurance demand. The empirical measure of liquidity creation was developed for banks by Berger and Bouwman (2009), who distinguished two important bank activities: liquidity creation and risk transformation. Insurers...

Preface -- Introduction -- Part 1: History -- Developments in Risk and Insurance Economics: the Past 40 Years -- Part 2 : Risk and Insurance Theory Without Information Problems -- Higher-Order Risk Attitudes -- Non-Expected Utility and the Robustness of the Classical Insurance Paradigm -- The...