The study tests empirically whether the leasing decision of United Kingdom companies is determined by four company-specific characteristics. The findings suggest that there is a positive relationship between the propensity to lease and both leverage and ownership structure. The study offers only...

Drawing a framework from the financial economics literature, this study examines the determinants of participatory rights policies in the New Zealand (NZ) life insurance industry. Using data for the period 1988-1993, a fixed-effects regression model was estimated. Consistent with expectations,...

To identify likely gainers and losers and to examine the effects of increasing competition on the structure of the UK life insurance industry, the cost inefficiency of UK life insurance companies is analysed. A flexible stochastic cost frontier is estimated for the industry using a sample of 54...

The financial economics literature suggests that the extent to which surrogate monitors such as actuaries are employed by owners of the firm depends upon organizationspecific factors such as size and ownership structure. Using 1991-1993 data drawn from New Zealand's life insurance industry, an...