Browse Research
Viewing 4951 to 4975 of 7690 results
1992
Twenty papers examine recent research in insurance economics. Part 1 contains six survey articles examining optimality of insurance contracting, liability insurance, moral hazard, adverse selection, insurance pricing, and econometric estimation of accident distributions.
1992
The central prediction of the asset-pricing model of Sharpe (1964), Lintner (1965), and Black (1972) is that the market portfolio of invested wealth is mean-variance efficient in the sense of Markowitz (1959). The efficiency of the market portfolio implies that: 1. expected returns on securities are a positive linear function of their market betas (the slope in the regression of a security‘s return on the market‘s return), and 2.
1992
Rodney Kreps‘s paper contains some useful formulae, and the central idea is an important one. That idea is to determine risk loads by estimating the additional surplus that is required to write an additional contract, and then requiring premium such that the return on additional surplus equals some rate selected by management.
1992
Since Modigliani and Miller first published their famous article on the cost of capital at the end of the 1950s, much has been written in an attempt to answer a number of basic questions on company financing. Is there an inexpensive way of raising capital? Do shareholders benefit therefrom? On what criteria should return on investment be judged?
1992
There is recent evidence that systematic risk measures for most firms are stochastic, and that non-stationarity in systematic risk characteristics for regulated firms is related to the presence of regulation. Prior empirical evidence, which suggests that regulation reduces risk, did not incorporate the stochastic nature of the risk/return relationship.
1992
Glenn Meyers has made a valuable contribution to actuarial literature with his well-written paper on how to load increased limits factors (ILFs) for risk. Given the complexity of the topic, he deserves special commendation for his coherent presentation. Meyers clearly states his fundamental assumptions and provides sufficient background for the reader to understand his results in context.
1992
Consumer choice is often influenced by the context, defined by the set of alternatives under consideration. Two hypotheses about the effect of context on choice are proposed. The first hypothesis, tradeoff contrast, states that the tendency to prefer an alternative is enhanced or hindered depending on whether the tradeoffs within the set under consideration are favorable or unfavorable to that option.
1991
This study examines the capital market response to the MGM Grand fire and to the announcement of MGM Grand's purchase of $170 million in retroactive liability insurance. The information transfer effect is also examined. Event study research methods support earlier findings that the news of the fire had an adverse effect on MGM's security price.
1991
Keywords: Workers Compensation, Experience Rating Plans, Excess of Loss. This paper explains how Excess Loss Factors (ELFs) are computed. It is organized so the essential elements of the computation are described first, then the detailed origins of these elements are added. The detail may be found in the many spreadsheets used in the production of ELFs.
1991
In this paper, we seek to find the optimal retentions of an insurance company which intents to reinsure each of n risks belonging to its portfolio by means of a pure quota-share treaty, a pure excess of loss treaty or any combination of the two.
1991
This paper discusses how a reinsurer prices the commutation of a group of claims. A commutation is an agreement between an insurer and a reinsurer in which one payment by the reinsurer settles a group of claims that have not been settled by (or perhaps reported to) the insurer. After discussing the reasons for commutations, an example is used to discuss the after-tax interest rate that is used to determine the present value of the claims.
1991
In this paper we provide an algorithm to calculate the optimum retention of an excess of loss reinsurance arrangement of a risk, optimum in the sense that it maximizes the adjustment coefficient, assuming that the reinsurance premium is calculated according to the expected value principle, the loading coefficient of which is dependent on the retention limit.
1991
The working party adopted the following terms of reference: To provide a review of some current practices in the field of reinsurance retentions. To investigate and discuss those aspects of general insurance operations which we believe should influence the reinsurance decision process.
1991
Expense and efficiency measures for products offered by financial institutions need uniformity and refinement to respond to current and expected changes. Analysis of business operations and philosophies needs to be incorporated for effective management of expense information and accurate recognition of expense risk.
