Dionne, Georges; Gagné, Robert; Nouira, Abdelhakim - Institut d'Économie Appliquée, HEC Montréal (École … - 2007
Corporate finance theory predicts that firms’ characteristics affect agency costs and hence their efficiency. Cummins et al (2006) have proposed a cost function specification that measures separately insurer efficiency in handling risk pooling, risk management, and financial intermediation...