This article investigates the implications of separation of ownership and control for board composition over a spectrum of ownership structures present in the U.S. property-liability insurance industry. We hypothesize that agency costs associated with manager-owner conflicts increase with the...

Few studies of pension funding consider the agency conflicts that might affect pension plan management and the role of pension plans within the overall capital structure of firms. The primary purpose of this study is to determine if a relation exists between the level of insider ownership and...

Statistics gathered by the Pension Benefit Guaranty Corporation indicate that an average of 7,000 defined benefit plans were terminated per year between 1988 and 1997. Prior studies exploring motives for defined benefit pension plan terminations have focused exclusively on overfunded plans. This...