As financial markets become more global, the question arises whether any country specific considerations are still relevant for insurance companies' capital structure. This research examines this questions with firm-level data across a broad range of countries including those in developing...

Does local religiosity create a risk averse corporate culture, or is the relationship between religiosity and firm risk taking driven by risk-sensitive demand? We utilize the detailed financial statements of financial services firms and find that both, local religiosity and the religiosity of...

Most property-liability insurance contracts are short-term contracts which can be renewed at expiration. With an average policy renewal rate of 89%, selling a policy not only generates immediate revenue, but also results in expected future revenue for an agency. Outside employment options give...

Enterprise Risk Management (ERM) is the approach of managing all risks faced by a firm in an integrated, holistic fashion. This research analyzes factors that influence a firm's decision to start an ERM program. We argue that top management's decision to adopt ERM is influenced by managerial...