In this paper we explore the conjecture that the periodic episodes of high prices and constrained supply in the property- casualty industry are the result of temporary capital shortages. We do this by looking for increases in activities aimed at increasing capital at these times: dividend cuts,...

Since September 11, 2001, insurance markets have been struggling to adjust to new information about the magnitude of risks posed by terrorism, and to the loss of tens of billions of dollars in reserves because of claims relating to the September 11 attacks. Insurance coverage for terror-related...

Advances in frontier technology are only the first in a series of steps that lead to economic growth. The next step involves use of that technology by economic agents. In this paper, we examine whether frictions created by differences in firm boundaries affect the speed with which firms adopt...