In contrast to the United States and the United Kingdom, little empirical work exists about the distributional characteristics of appraisal-based real estate returns outside these countries. The purpose of this study is to fill this gap by focusing on Germany. In line with other studies, this...

Life insurers use accounting and actuarial techniques to smooth reporting of firm assets and liabilities, seeking to transfer surpluses in good years to cover benefit payouts in bad years. Nevertheless, these techniques been criticized as they make it difficult to assess insurers' true financial...

Life insurers use accounting and actuarial techniques to smooth reporting of firm assets and liabilities, seeking to transfer surpluses in good years to cover benefit payouts in bad year. Yet these techniques have been criticized as they make it difficult to assess insurers' true financial...

Life insurers use accounting and actuarial techniques to smooth reporting of firm assets and liabilities, seeking to transfer surpluses in good years to cover benefit payouts in bad years. Nevertheless, these techniques been criticized as they make it difficult to assess insurers' true financial...