This paper argues that institutional investors may have a positive effect on stock prices. This effect realizes through different mechanisms: institutional investors reduce information asymmetries between firms and (other) investors, contribute to the liquidity of the company’s stock and...

The design of capital structure in quoted companies has received much attention in the academic literature. Using panel data from quoted as well as non quoted Belgian companies, this paper investigates not only the determinants of capital structure, but also the influence of a stock listing on...

Recent empirical research has stressed the importance of economy wide factors in the assessment of default risk, for instance for bond portfolios or portfolios of bank loans. Macroeconomic risk is essentially systematic, as it is difficult to reduce through diversification. Adequate forecasts of...

The bankruptcy prediction literature generally ignores corporate ownership and assumes companies are independent economic entities. In Continental Europe this latter assumption does not hold, due to the importance of business groups. Using a sample of mostly non-quoted Belgian medium and large...

Dit artikel stelt dat een governancesysteem noodzakelijkerwijs is gestoeld op zogenaamde “checks and balances”, dwz machtsevenwichten tussen diverse partijen. Gezien dergelijke evenwichten relatief fragiel zijn en kunnen worden verstoord door allerhande maatschappelijke en economische...

In the present paper we consider several measures Ior the risk that is present in all insurance environment. We look for desirable properties for two types of risk measures, the ones reflecting both negative and positive results, and the measures for insolvency risks dealing with aspects of...

This paper illustrates an analytic method that can be used to determine the total capital requirements necessary to properly provide for the future obligations of a portfolio of annuity liabilities and to protect the enterprise from the related risks it faces. This example is based on the work...

Toespraak van Prof. J. Dhaene op de Academische Zitting op 1 febniari 2001 te Leuven naar aanleiding van de viering van 60 jaar actuariële opleiding en ter gelegenheid van het toekennen van een eredoctoraat aan Prof. Dr. H. Gerber.

In this short paper we discuss a new methodology for estimating reserves for IBNR (incurred but not reported) claims.

In an actuarial or financial context one often encounters the calculation of risk measures of random variables of the type S r:1 Xi' In many applications, the individual risks Xi are not mutually independent, for example because their outcomes are all influenced by the same economic or physical...