securities companies were the world’s largest; and its life and casualty insurance companies were likewise huge. Banks had ample … collapsed, as has one of the Big Four securities companies, and a mid-sized life insurance company. This is not only … Japanese banking industry, although the analysis applies in many respects to the securities and insurance industries as well …

that parimutuel insurance intrinsically leads to participants being underinsured due to basis risk. Although participants … will be underinsured, parimutuel insurance guarantees no underlying risk borne by the issuer. We also derive the equivalent … transaction costs of traditional insurance relative to HuRLOs. The actual transaction cost for traditional insurance is found to …

limited circumstances, where government guarantees such as deposit insurance or U.S. Treasury lending lines already existed …