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Previous work has claimed that monopoly power facilitates the provision of credit, since monopolists are better able to enforce payment. Here, we argue that if relationship-specific investments are required by borrowers to establish creditworthiness, monopoly power may reduce credit provision...
Persistent link: https://www.econbiz.de/10005710504
Purpose – Derivatives are important risk management tools widely used by financial institutions, including insurers. Insurers rely on derivatives for managing actuarial, market, credit as well as liquidity risks. There is lack of knowledge and publication about the recent use of derivatives by...
Persistent link: https://www.econbiz.de/10014901354
Although much research has been published on the convergence of insurance and capital markets, few researchers have explored the interrelation between capital market and insurance cycles, i.e., the covariation between (excess) capital and the supply of insurance capacity. The article focuses, in...
Persistent link: https://www.econbiz.de/10014901674
This article describes the forces that drive financial innovation in the insurance industry, as it relates to the convergence between insurance and capital markets. The authors base their analysis on general principles of supply and demand underlying financial intermediation and innovation,...
Persistent link: https://www.econbiz.de/10014901767
Purpose – Derivatives are important risk management tools widely used by financial institutions, including insurers. Insurers rely on derivatives for managing actuarial, market, credit as well as liquidity risks. There is lack of knowledge and publication about the recent use of derivatives by...
Persistent link: https://www.econbiz.de/10005002423
Persistent link: https://www.econbiz.de/10005127368
Frontmatter -- CONTENTS -- Preface to the Paperback Edition -- Introduction: A Machine for Getting Stuff Done -- CHAPTER 1: The Outsider -- CHAPTER 2: Designing the Job -- CHAPTER 3: Putting Together the Organizational Puzzle -- CHAPTER 4: In Praise of Squelching Innovation -- CHAPTER 5: What...
Persistent link: https://www.econbiz.de/10014481957
Persistent link: https://www.econbiz.de/10011367020
We examine the effect of regime change on privatization. In the 2004 Indian election, the pro-reform BJP was unexpectedly defeated by a less reformist coalition. Stock prices of government-controlled companies that had been slated for privatization by the BJP dropped 3.5% relative to private...
Persistent link: https://www.econbiz.de/10005376679
If individuals evaluate outcomes relative to the status quo, then a social planner may limit redistribution from rich to poor even in the absence of moral hazard. We present two experiments suggesting that individuals, placed in the position of a social planner, do in fact respect the reference...
Persistent link: https://www.econbiz.de/10011196766