We provide a characterization of an optimal insurance contract (coverage schedule and audit policy) when the monitoring procedure is random. When the policyholder exhibits constant absolute risk aversion, the optimal contract involves a positive indemnity payment with a deductible when the...

The framework for insurance and reinsurance now in use needs updating. The proposal for a new solvency framework, called Solvency II, is introducing a risk- sensitive approach, taking into account optimal allocation of capital market, consistent valuation of assets and liabilities ("fair value"...

We examine the actions that insurance firms take immediately after the September 11 attacks to reduce information asymmetries. We find that voluntary disclosure behavior is positively related to the magnitude of the September 11-related loss. Conditioning for the loss, disclosure behavior also...

We examine the actions that insurance firms take immediately after the September 11 attacks to reduce information asymmetries. We find that voluntary disclosure behavior is positively related to the magnitude of the September 11-related loss. Conditioning for the loss, disclosure behavior also...

Nowadays, one of the final aims of the institutions working on transparency and standardization of financial statements, and the publication of standards related to the profession of accounting & auditing has been to put into practice a uniform global set of standards which will be applicable in...

Lean principles and techniques can be successfully applied in the retail sector. In the retail sector, lean approach improves operational flows. Lean retail encourages manufacturers to produce standard products in accordance with the created (placed) orders from retailers pursuant to the demand...

The basic characteristic of packing is to protect the product from external factors while the product is delivering to consumers. However, recently packing has become an indispensable aspect of marketing. Because, packing is considered as a silent dealer which directly reaches consumers. Packing...

La comptabilité joue un rôle important dans les politiques économiques nationales et internationales et analysées dans le contexte de la mondialisation économique, l’harmonisation des normes comptables, a donné lieu au fil du temps, a une source continue de controverse. L'évolution de...

Starting with the last two decades of the 20th century, the financial models for the assessment of the company results began to be increasingly criticized, as it was deemed that they did not reflect its overall performance. The company must obtain performance not only at the economic and...