In this paper, we propose a new drawdown-based regime-switching (DBRS) Lévy insurance model in which the underlying drawdown process is used to model an insurer’s level of financial distress over time, and to trigger regime-switching transitions. By some analytical arguments, we derive...

Entering into cross-cultural negotiations is a bit like heading out as the captain of the Titanic. When surveying the negotiation terrain, you will easily spot the most evident parts of culture — food, music, history, art, literature, and language — these are the tips of the icebergs...