We find a U-shaped relation between industry concentration and innovation. The relation is driven by neck-and-neck industries where firms operate with similar productivity. When industry concentration is low, innovation intensity decreases as concentration increases. However, when industry...

"The last 35 years have been dramatic for the financial services industry. In the 1990s and 2000s, boundaries between the traditional industry sectors, such as commercial banking and investment banking, broke down, and competition became increasingly global in nature. Many forces contributed to...

This paper provides a detailed description of a new measure of reserve error, the Full Information Reserve Error (FIRE), which was first proposed by Grace and Leverty (2018). We briefly describe the philosophy of FIRE and its advantages. We then present the details on how to calculate it. We...

We explore whether life insurers use a unique reinsurance arrangement to manage their regulatory capital. Typical reinsurance arrangements allow insurers to reduce their regulatory capital by transferring liabilities, and the associated assets, to reinsurers. With modified coinsurance, insurers...

We evaluate the two main methods to measuring property-liability insurer efficiency: the production and "flow" (or financial intermediation) approaches. The two approaches are not mutually consistent and thus potentially yield different answers to tested hypotheses. The production approach is...