We argue that 'emerging' security markets, as defined by IFC, have characteristics differentiated from their counterparts in industrialized nations not only due to differential levels of economic development, but also because their origins are more recent. Consequently, the institutional...

Book abstract: Compared with coverage of organizational innovation, public sector financial innovation has tended to be neglected in the literature. When it has been considered, the strong focus of classical public finance for optimal taxation and tax types has overshadowed new and interesting...

Contemporary business outsourcing has extended beyond manufacturing to include service sector industries, including insurance. There are developed theoretical arguments that both support and reject insurance claims handling as a service that should be determined by the market and outsourced...

We consider a class of dynamic tournaments in which two contestants are faced with a choice between two courses of action. The first is a riskless option (“hold”) of maintaining the resources the contestant already has accumulated in her turn and ceding the initiative to her rival. The...

The UK has had a long history of market provision of household insurance. Recent years, however, have seen a decline in the traditional insurance market distribution channels aimed at low-income and/or rented-sector households. The products, pricing and method of payment currently offered by...