Introduction -- Agents and brokers in the insurance industry : an intriguing area for further research -- Valuation of small and medium-sized insurance brokers : establishing a valuation approach for business succession -- Value creation in insurance intermediary mergers and acquisitions : an...

We investigate wage differences between newly hired and incumbent employees. We show in a formal model that when employees care for wages as well as match-specific utility, incumbents earn less than new recruits if and only if firm-specific human capital is not too important. The existence and...