We develop a double moral hazard model that predicts that the use of project finance increases with both the political risk of the country in which the project is located and the influence of the lender over this political risk exposure. In contrast, the use of project finance should decrease as...

This paper uses a unique US dataset to analyze the demand for Directors' and Officers' liability insurance. This insurance protects managers mostly from shareholder litigation. Corporate insurance presents a much different environment than individual insurance and calls for in-depth empirical...

The Internal Ratings Based (IRB) approach for capital determination is one of the cornerstones in the proposed revision of the Basel Committee rules for bank regulation. We evaluate the IRB approach using historical business loan portfolio data from a major Swedish bank for the period 1994 to...

Die Nicht-Verfügbarkeit von Arzneimitteln und deren unzureichende Qualität sind Risiken für die Gesundheit der Bevölkerung. Die Häufigkeit von Arzneimittel-Lieferunfähigkeiten und Arzneimittel-Rückrufen hat in den vergangenen Jahren stetig zugenommen und ist dadurch in den Fokus der...

This paper explores the extent of consumption smoothing between 1981 and 1985 in rural Burkina Faso. In particular, we examine the extent to which livestock, grain storage and interhousehold transfers are used to smooth consumption against income risk. The survey coincided with a period of...

On-farm agricultural biodiversity conservation has long been recognized as a fundamental resource to the maintenance of ecologic and economic functions. Among the factors affecting biodiversity, institutional failures at different scales are reported as potential causes of biodiversity loss both...

Multiple delivery specifications exist on nearly all commodity futures contracts. Sellers are typically allowed to choose among several grades of the underlying commodity. On the delivery day, the futures price converges to the spot price of the cheapest-to-deliver grade rather than to that of...