This study examines the effect of environmental liabilities on risk assessment by investigating whether the markets consider these liabilities a form of corporate debt in the assessment of the firm's risk. A model developed by Rubinstein (1973) and further expanded and operationalised by...

The paper discusses the limits to market-based risk transfer in the financial system and the implications for the management of systemic long-term financial risks. Financial instruments or markets to transfer and better manage these risks across institutions and sectors are, as yet, either...

This paper discusses key findings of the Detailed Assessment of the Observance of the Insurance Core Principles for Denmark. Key recommendations arising from the assessment cover two main issues. First is the fact that the Danish Financial Supervisory Authority Finanstilsynet bases its system to...

The article aims to show the main current directions in terms of environmental liabilities assessment and accounting. Much has been done in the last couple of decades to address the environmental issues. Still, there is much arguing if the standards are developing as fast as the humans'...

This paper discusses the key sources of vulnerabilities for pension plans and insurance companies in light of the global financial crisis of 2008. It also discusses how these institutional investors transit shocks to the rest of the financial sector and economy. The crisis has re-ignited the...