Risk Management and Insurance Review最新文献

{"title":"Inherent Virtue or Inevitable Evil: The Effects of Directors' and Officers' Insurance on Firm Value","authors":"Derrick W. H. Fung, Jason J. H. Yeh","doi":"10.1111/RMIR.12104","DOIUrl":"https://doi.org/10.1111/RMIR.12104","url":null,"abstract":"Whether directors’ and officers’ (D&O) insurance improves firm value is a controversial issue. We perform a literature review about the effect of D&O insurance and find mixed results. The proponents of D&O insurance believe it enhances corporate monitoring and improves firm value, while the opponents of D&O insurance argue that it creates a moral hazard problem and diminishes firm value. Against this backdrop, we argue that the trade‐off between the monitoring and moral hazard effects depends on the information acquired by the outside directors. Using a sample of listed Canadian firms, we find that (1) a change in D&O insurance coverage has no net effect on a firm's subsequent value when we ignore the information acquired by outside directors, (2) an increase in D&O insurance coverage improves a firm's subsequent value when the outside directors are well informed, and (3) an increase in D&O insurance coverage reduces a firm's subsequent value when the outside directors are poorly informed. Our findings are robust to endogeneity checks and have important implications for the regulation of D&O insurance.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89959107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Overview of the California Earthquake Authority","authors":"D. Marshall","doi":"10.1111/RMIR.12097","DOIUrl":"https://doi.org/10.1111/RMIR.12097","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"128 1","pages":"73-116"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86390930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Retirement Income Security: Challenges and Opportunities","authors":"R. Ferguson","doi":"10.1111/RMIR.12020","DOIUrl":"https://doi.org/10.1111/RMIR.12020","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"45 1","pages":"1-6"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81627661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Review of Catastrophic Risks for Life Insurers","authors":"Alex C. Huynh, Aaron Bruhn, Bridget Browne","doi":"10.1111/rmir.12011","DOIUrl":"https://doi.org/10.1111/rmir.12011","url":null,"abstract":"Abstract Catastrophic mortality events are characterized by a sudden and concentrated increase in mortality and as such present a major risk to life insurers. Such events include pandemics, war, natural disasters, terrorist attacks, and industrial, transport, and other accidents. Of these, pandemics arising from influenza are considered the most significant threat to the life insurance industry due to their capacity to cause a major increase in claims. We review the features and mortality implications of an influenza pandemic for life insurers, and describe a range of other risks that are likely to emerge as well.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"22 1","pages":"233 - 266"},"PeriodicalIF":0.0,"publicationDate":"2013-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84672385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Life Insurance: Providing Long‐Term Stability in a Volatile World","authors":"Therese M. Vaughan","doi":"10.1111/J.1540-6296.2012.01220.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.2012.01220.X","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"2005 1","pages":"255-261"},"PeriodicalIF":0.0,"publicationDate":"2012-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86980837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tabletop Disaster Exercise to Enhance Risk Management Education","authors":"N. Nielson, Brian Kitching","doi":"10.1111/J.1540-6296.2011.01203.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.2011.01203.X","url":null,"abstract":"","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"15 1","pages":"23-34"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88044033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Florida Homeowners Insurance: How Big Is the Availability Problem and Is There a Fair Solution?","authors":"L. Burt, C. Carlson, J. Kucera, J. Massie","doi":"10.1111/J.1540-6296.2009.01161.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.2009.01161.X","url":null,"abstract":"This article features a panel discussion on hurricane and wind insurance organized by Jeffrey L. Kucera for the American Risk and Insurance Association (ARIA) 2008 Annual Meeting in Portland, Oregon. The moderator, Jeffrey L. Kucera, is a Senior Consultant with EMB in North America. He has over 30 years of experience in the property-casualty business, joining EMB after a 24-year career with Allstate and 5 years as a consultant. Jeff's primary practice areas are rate making, class plans, and product development. While knowledgeable about all personal lines, he has particular experience in the homeowners line. He graduated from the University of Nebraska in 1975 with a major in mathematics and a minor in economics. He became a member of the American Academy of Actuaries (MAAA) in 1980 and a Fellow of the Casualty Actuarial Society (FCAS) in 1984. Three presenters provide a discussion on Florida Homeowners Insurance. The first presenter is Chris Carlson, a consultant with Pinnacle Actuarial Resources, Inc. He holds a bachelor of science degree in mathematics from the University of Oregon. Before joining Pinnacle Actuarial Resources, he was employed for over 25 years with Nationwide Insurance Companies in Columbus, Ohio. He is currently the President of the Casualty Actuarial Society, a fellow of the Casualty Actuarial Society, and a Member of the Academy of Actuaries. The next presenter is Locke Burt, President and Director of Security First Insurance Co. of Ormond Beach, Florida. He has 35 years of experience in the insurance profession, and in 2005, formed Security First Insurance Company. He also owns Burt & Scheid Facultative Corporation, which underwrites property facultative reinsurance on behalf of Liberty Mutual Insurance Co. and Employers Mutual Casualty Insurance Co. He holds both a bachelor of science and a master's of business administration degree from Northwestern University and a juris doctorate degree from Loyola University in Chicago. He is a licensed reinsurance broker and a licensed attorney who is a member of the Illinois and Florida Bar Associations. He was a senator in the Florida legislature from 1991 to 2002 and experienced Hurricane Andrew first-hand. While in the Florida Senate, he served as Chair of the Appropriations Committee and Republican Majority Leader. The final presenter is Jim Massie, and he provides the reinsurance perspective on Florida homeowners insurance. He is the Senior Partner of Massie Law Offices in Tallahassee, Florida, specializing in reinsurance and insurance law, seaport issues, and administrative law. He received his bachelor of arts from Miami University in Ohio and his juris doctorate from Florida State University. Interestingly, when he is not working on insurance issues, he likes to breed and race thoroughbreds. Jeff Kucera: Florida's economic growth and exposure to hurricane losses make it unique from an insurance risk perspective. The potential for catastrophic losses is in the billions of dol","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"90 1","pages":"183-197"},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74606140","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"POTENTIAL CONSEQUENCES FOR EMPLOYERS OF SOCIAL SECURITY “PRIVATIZATION:” POLICY RESEARCH IMPLICATIONS","authors":"K. A. Olsen, Jack L. VanDerhei","doi":"10.1111/J.1540-6296.1997.TB00062.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00062.X","url":null,"abstract":": While traditional fixes to restore Social Security to actuarial balance have known consequences for employers, opinion polls show strong public support for nontraditional approaches, e.g., the stock market investment of Social Security funds (privatization). The authors examine some of the complex assumptions which have been raised as the basis for determining if privitization would benefit employers and discuss the lack of research available to support or dispute the validity of some of these assumptions.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"35 1","pages":"32-50"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84651312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"At The Crossroads: The Life Insurance Industry And Financial Services Reform","authors":"G. E. Hughes","doi":"10.1111/J.1540-6296.1997.TB00065.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00065.X","url":null,"abstract":": In September of 1996, The Board of Directors of the American Council of Life Insurance (“ACLI”)reversed decades of policy and embraced for the first time the concept of reciprocal ownership or “affiliations” between life insurance companies and commercial banks. Under this new policy mandate, the ACLI is advocating federal legislation that would permit banks to sell all types of insurance and control insurance underwriters through separate affiliates or subsidiaries. In return, 1) insurers would have the authority to acquire banks; 2) the insurance activities of banks would be fully subject to state insurance regulation; and 3) federal bank regulators would be precluded from preempting state regulatory authority. \u0000 \u0000 \u0000 \u0000This article reviews the various factors that precipitated this watershed policy decision, discusses the structural and regulatory issues that are important to life insurers, and speculates briefly on the prospects for financial services legislation.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"20 1","pages":"85-97"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75300944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Current Issues Regarding Bank Sales Of Insurance And Annuity Products","authors":"Julie L. Williams, Stuart E. Feldstein, Karen E. Mcsweeney","doi":"10.1111/J.1540-6296.1997.TB00064.X","DOIUrl":"https://doi.org/10.1111/J.1540-6296.1997.TB00064.X","url":null,"abstract":"Abstract: The authors examine the recent events involving banks and insurance. They also present an overview of some of the regulatory issues which are not settled.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":"18 1","pages":"65-84"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78322658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}