The record number of fifty-point daily moves in the Dow Jones Industrial Average in 1996 - forty-five in the first three quarters alone - has attracted considerable media attention. An analysis traces this phenomenon to two basic causes: the record level of the Dow and the return of price...

The record number of fifty-point daily moves in the Dow Jones Industrial Average in 1996--forty-five in the first three quarters alone--has attracted considerable media attention. An analysis traces this phenomenon to two basic causes: the record level of the Dow and the return of price...

This paper develops a model of macroeconomic forecasting in which a forecaster's wage is a function of his accuracy as well as the publicity he generates for his firm by being correct. In the resulting Nash equilibrium, forecasters with identical models, information, and incentives nevertheless...

This paper develops a model of macroeconomic forecasting in which the wages firms pay their forecasters are a function of their accuracy as well as the publicity they generate for their employers by being correct. In the resulting Nash equilibrium, forecasters with identical models, information,...

Diese sigma-Ausgabe untersucht die Todesfalldeckung, das Kernprodukt der Lebensversicherung. Neben einer Analyse der Marktentwicklung in sechs Ländern wird die Deckungslücke im Todesfall geschätzt. Dabei handelt es sich um die Differenz zwischen den zur Aufrechterhaltung des Lebensstandards...

Dieser Bericht analysiert den Markt des Third-Party-Asset-Mangements, also der externen Vermögensverwaltung, für Versicherer. Am Jahresende 2001 verfügten die Versicherer weltweit über Vermögen in Höhe von 11,5 Billionen USD. 82% dieser Summe entfielen auf die Lebensversicherer....

Insurers, banks and other financial intermediaries are changing in response to a variety of social and economic forces. Financial deregulation has made it easier for intermediaries to cross industry and national boundaries. Technological progress has reduced costs while stimulating innovation....

Do investors confuse the quality of a firm with its attractiveness as an investment? If so, shares of well-run companies will be bid up too high and subsequently earn negative abnormal returns. Our analysis of Fortune magazine's annual survey of quot;America's Most Admired Companiesquot; for...