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Risk-sharing or risk-taking? An incentive theory of counterparty risk, clearing and margins
Biais, Bruno; Heider, Florian; Hoerova, Marie - Institut d'Économie Industrielle (IDEI), Toulouse … - 2014
to share risk. Central clearing can provide insurance against counterparty risk but must be designed to preserve risk …
Persistent link: https://www.econbiz.de/10010934674
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Risk-sharing or risk-taking? An incentive theory of counterparty risk, clearing and margins
Biais, Bruno; Heider, Florian; Hoerova, Marie - Toulouse School of Economics (TSE) - 2014
to share risk. Central clearing can provide insurance against counterparty risk but must be designed to preserve risk …
Persistent link: https://www.econbiz.de/10010934780
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Hedging brevity risk with mortality-based securities
MacMinn, Richard D.; Richter, Andreas - 2006
security used to hedge the risk is similar to a CAT bond. This work looks at the incentives associated with insurance …
Persistent link: https://www.econbiz.de/10010441547
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Chapter 5. Insurance and Insurance Markets
Dionne, Georges; Harrington, Scott E. - In: Handbook of the economics of risk and uncertainty : volume 1, (pp. 203-261). 2014
beginning of modern economic analysis of insurance activity. This chapter reviews the main theoretical and empirical … contributions in insurance economics since that time. The review begins with the role of utility, risk, and risk aversion in the … insurance literature and summarizes work on the demand for insurance, insurance and resource allocation, moral hazard, and …
Persistent link: https://www.econbiz.de/10014025527
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Determinants of Insurers' Reputational Risk
Kamiya, Shinichi - 2013
Reputational risk has become a critical concern for most organizations. Insurers, who rely on trust to generate business, are particularly vulnerable. Maintaining a positive reputation, however, is costly, leading to the potential for moral hazard in the form of choosing a lowercost strategy...
Persistent link: https://www.econbiz.de/10013088818
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How Do Representations and Warranties Matter? Risk Allocation in Acquisition Agreements
Even-Tov, Omri; Ryans, James; Davidoff Solomon, Steven - 2021
In merger agreements, the seller makes contractual representations and warranties (“reps”) about the state of the target, e.g., attesting to the accuracy of the target’s financial statements. We obtain a proprietary sample of claims for breaches of the reps in acquisition agreements...
Persistent link: https://www.econbiz.de/10013247701
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Analysing the determinants of credit risk for General Insurance firms in the UK
Caporale, Guglielmo Maria; Cerrato, Mario; Zhang, Xuan - 2016
This paper estimates a reduced-form model to assess the credit risk of General Insurance (GI) non-life firms in the UK … insurance firms. The implications of these findings for regulators of GI firms under the coming Solvency II are discussed. …
Persistent link: https://www.econbiz.de/10011497884
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A pandemic business interruption insurance
Louaas, Alexis; Picard, Pierre - 2020
We analyze how pandemic business interruption coverage can be put in place by building on capitalization mechanisms. The pandemic risk cannot be mutualized since it affects simultaneously a large number of businesses, and furthermore, it has a systemic nature because it goes along with a severe...
Persistent link: https://www.econbiz.de/10012387545
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Mitigation and transfer of risks : prevention, insurance, and limited liability
Fackler, Michael - 2021
insurance solutions through to injustices of a minor and inconspicuous nature. We illustrate that the measures taken depend on …. collective risk sharing; and equity vs. practicable claims settlement. We study two highly instructive examples: nuclear …
Persistent link: https://www.econbiz.de/10013238200
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Reprint of: The impact of enterprise risk management on the marginal cost of reducing risk: Evidence from the insurance industry
Eckles, David L.; Hoyt, Robert E.; Miller, Steve M. - In: Journal of Banking & Finance 49 (2014) C, pp. 409-423
We test the hypothesis that practicing enterprise risk management (ERM) reduces firms’ cost of reducing risk. Adoption of ERM represents a radical paradigm shift from the traditional method of managing risks individually to managing risks collectively allowing ERM-adopting firms to better...
Persistent link: https://www.econbiz.de/10011118051