The idea that companies can 'do well by doing good' has caught the attention of executives, business academics, and public officials. Firms have a corporate social responsibility to achieve some larger social goals, and can do so without a financial sacrifice. This appealing proposition has...

This paper compares the shareholder-value-maximizing capital structure and pricing policy of insurance groups against that of stand-alone insurers. Groups can utilise intra-group risk diversification by means of capital and risk transfer instruments. We show that using these instruments enables...