This article models a board of directors consisting of either pure directors or shareholder directors. Pure directors only receive a fee for their service to the board, while shareholder directors receive corporate equity in addition to the fee. The analysis shows that: (1)...

This paper discusses the most recent developments in insurance securitization and assesses the potential for growth in the insurance-linked securities (ILS) market and in insurance-linked derivatives. In particular, the authors analyze the motivations of security sponsors and investors to...