Here - Connecticut Insurance Law Journal
... Persistently high profits on “insurance” for small value losses sold as an add-on to other products or services (such as extended warranties sold with consumer electronics, loss damage waivers sold with a car rental, and credit life insurance sold with a loan) pose a twofold challenge to the standar ...
... Persistently high profits on “insurance” for small value losses sold as an add-on to other products or services (such as extended warranties sold with consumer electronics, loss damage waivers sold with a car rental, and credit life insurance sold with a loan) pose a twofold challenge to the standar ...
Credit ratings and credit risk: Is one measure enough?
... rating. The increase in default probability during recessions and …nancial crises (‘bad times’) is more pronounced for lower rated (high failure beta) …rms. Investors demand compensation for the exposure to this risk –we …nd that variation in failure beta explains 93% of the variation in CDS risk pr ...
... rating. The increase in default probability during recessions and …nancial crises (‘bad times’) is more pronounced for lower rated (high failure beta) …rms. Investors demand compensation for the exposure to this risk –we …nd that variation in failure beta explains 93% of the variation in CDS risk pr ...
Key Credit Factors For The Regulated Utilities
... significantly affect sales levels at times over the short term. However, those factors even out over time, and there is little pressure on margins if a utility can pass higher costs along to customers via higher rates. ...
... significantly affect sales levels at times over the short term. However, those factors even out over time, and there is little pressure on margins if a utility can pass higher costs along to customers via higher rates. ...
IFRS 17 Insurance Contracts
... accompanying guidance to make its intentions clear and to reduce the risk of inconsistent application. For example, the application guidance in IFRS 17 specifies that when observable market rates for an instrument with the same characteristics are not available, or observable market rates for simila ...
... accompanying guidance to make its intentions clear and to reduce the risk of inconsistent application. For example, the application guidance in IFRS 17 specifies that when observable market rates for an instrument with the same characteristics are not available, or observable market rates for simila ...
The Employment Cost of Sovereign Default
... have difficulty in replicating. First, high debt-to-GDP ratios are sustained because persistent unemployment creates an additional disincentive to default and so increases average indebtedness. Defaulting entails prolonged costs because new matches take time to form. Lowering the labor market fricti ...
... have difficulty in replicating. First, high debt-to-GDP ratios are sustained because persistent unemployment creates an additional disincentive to default and so increases average indebtedness. Defaulting entails prolonged costs because new matches take time to form. Lowering the labor market fricti ...
Auditing complex financial instruments
... International Standards on Auditing (ISAs) (UK and Ireland). The APB develops guidance in Practice Notes to assist auditors apply ISAs (UK and Ireland) and to indicate best practice in other areas; Practice Notes reflect existing auditing standards and regulatory requirements. As they do not introdu ...
... International Standards on Auditing (ISAs) (UK and Ireland). The APB develops guidance in Practice Notes to assist auditors apply ISAs (UK and Ireland) and to indicate best practice in other areas; Practice Notes reflect existing auditing standards and regulatory requirements. As they do not introdu ...
LINCOLN NATIONAL CORP
... the Plan Document or information to which we have referred you. We have not authorized anyone to provide you with information that is different. We are not making an offer of these securities in any state or jurisdiction where the offer is not permitted. The information contained or incorporated by ...
... the Plan Document or information to which we have referred you. We have not authorized anyone to provide you with information that is different. We are not making an offer of these securities in any state or jurisdiction where the offer is not permitted. The information contained or incorporated by ...
Wealth Distribution with State- dependent Risk Aversion
... richest part of agents also save less for the same reason, which reduces the wealth inequality.1 Overall, these results suggest that even if agents’ risk aversion is not constant, it won’t change the wealth inequality at the aggregate level for the reasons we just explained. In other words, ...
... richest part of agents also save less for the same reason, which reduces the wealth inequality.1 Overall, these results suggest that even if agents’ risk aversion is not constant, it won’t change the wealth inequality at the aggregate level for the reasons we just explained. In other words, ...
IOSR Journal of Business and Management (IOSR-JBM)
... Also mergers may be seen as a form of acquisition which refers to the process of blending together of two or more companies to form an entity under one name. “Acquisition is the purchase of one business or company by another company or other business entity. Such purchase may be of 100%, or nearly 1 ...
... Also mergers may be seen as a form of acquisition which refers to the process of blending together of two or more companies to form an entity under one name. “Acquisition is the purchase of one business or company by another company or other business entity. Such purchase may be of 100%, or nearly 1 ...
Household Heterogeneity and Incomplete Financial Markets: Asset Return Implications in a
... averse. In order to assess the effects of the two objectives independently of the financial market structure, the model is first solved under the assumption that households are identical in all respects. In this case, we are able to find conditions under which the two objectives have locally the same ...
... averse. In order to assess the effects of the two objectives independently of the financial market structure, the model is first solved under the assumption that households are identical in all respects. In this case, we are able to find conditions under which the two objectives have locally the same ...
Download Dissertation
... the firm’s capital structure, firms with lower credit quality are likely to have more sever creditor coordination problems. This is due to the fact that when the credit quality of the firm is lower, strategic uncertainty on actions of other creditors tends to increase. Prior studies also suggest tha ...
... the firm’s capital structure, firms with lower credit quality are likely to have more sever creditor coordination problems. This is due to the fact that when the credit quality of the firm is lower, strategic uncertainty on actions of other creditors tends to increase. Prior studies also suggest tha ...
INFORMATION STATEMENT of BNP Paribas, a French incorporated
... subordinated debt into equity, and, more generally, ensure that any losses are borne by banks’ shareholders and creditors. These measures, if adopted, may restrict the Bank’s ability to allocate and apply capital and funding resources, limit its ability to diversify risk and increase its funding cos ...
... subordinated debt into equity, and, more generally, ensure that any losses are borne by banks’ shareholders and creditors. These measures, if adopted, may restrict the Bank’s ability to allocate and apply capital and funding resources, limit its ability to diversify risk and increase its funding cos ...
IPE EDHEC-Risk Research Insights Spring 2014
... broad large-cap/mid-cap universe as a proxy for size will not give the best and most stable exposure to the size factor, since the index will include a considerable share of large stocks, which are postulated to be unrewarded” a dual approach. The first step is to select the stocks on the basis of t ...
... broad large-cap/mid-cap universe as a proxy for size will not give the best and most stable exposure to the size factor, since the index will include a considerable share of large stocks, which are postulated to be unrewarded” a dual approach. The first step is to select the stocks on the basis of t ...
Chapter 28 Investment Policy and the Framework of the CFA Institute
... 24. Suppose that the pre-tax holding period returns on two stocks are the same. Stock A has a high dividend payout policy and stock B has a low dividend payout policy. If you are an individual in a high marginal tax bracket and do not intend to sell the stocks during the holding period, __________. ...
... 24. Suppose that the pre-tax holding period returns on two stocks are the same. Stock A has a high dividend payout policy and stock B has a low dividend payout policy. If you are an individual in a high marginal tax bracket and do not intend to sell the stocks during the holding period, __________. ...
NBER WORKING PAPER SERIES THE ASYMMETRIC EFFECTS OF FINANCIAL FRICTIONS
... signals about conditions are generated, and the learning that fuels recoveries is slower. The larger rise in lending rates combined with their slower recovery means greater asymmetry in the movements of lending rates and economic activity in economies with frictions. I reach these conclusions by ex ...
... signals about conditions are generated, and the learning that fuels recoveries is slower. The larger rise in lending rates combined with their slower recovery means greater asymmetry in the movements of lending rates and economic activity in economies with frictions. I reach these conclusions by ex ...
Determination of Risk Aversion and Moment
... The study briefly shows how to translate these preference patterns into option strategies that are added to the portfolio. For the skewness analysis the traditional Pratt-Arrow measure of risk aversion is extended to a three moment risk premium. The study exemplifies how to proceed when determining ri ...
... The study briefly shows how to translate these preference patterns into option strategies that are added to the portfolio. For the skewness analysis the traditional Pratt-Arrow measure of risk aversion is extended to a three moment risk premium. The study exemplifies how to proceed when determining ri ...
Oxera (2011) “Discount rates for low
... firms’ or investors’ required returns (‘hurdle rates’), for a number of reasons: its underlying assumptions may not be appropriate in certain contexts; its use of historical (as opposed to purely forward-looking) data; and its relatively poor results in empirical testing. Moreover, investors that ar ...
... firms’ or investors’ required returns (‘hurdle rates’), for a number of reasons: its underlying assumptions may not be appropriate in certain contexts; its use of historical (as opposed to purely forward-looking) data; and its relatively poor results in empirical testing. Moreover, investors that ar ...
Sovereign and corporate credit risk
... steadily increase again in countries facing fiscal strain (Belgium, Italy, Portugal, and Spain), following concerns about rising government deficits. Sovereign risk rises in the second half of 2011 also in fiscally virtuous economies (Finland, France, Germany, and the Netherlands), although their CD ...
... steadily increase again in countries facing fiscal strain (Belgium, Italy, Portugal, and Spain), following concerns about rising government deficits. Sovereign risk rises in the second half of 2011 also in fiscally virtuous economies (Finland, France, Germany, and the Netherlands), although their CD ...
Opaque Financial Reporting due to Unemployment Concerns
... insurance and opacity. These results mitigate concerns about endogeneity. We also consider potential nonlinearity between unemployment insurance benefits and opacity. In particular, we conjecture that unemployment insurance is likely to have a more salient effect on financial reporting decisions wh ...
... insurance and opacity. These results mitigate concerns about endogeneity. We also consider potential nonlinearity between unemployment insurance benefits and opacity. In particular, we conjecture that unemployment insurance is likely to have a more salient effect on financial reporting decisions wh ...
The Financial Intermediation Premium in the Cross Section of Stock
... and growth may be illusory, because highly levered financial intermediaries are more susceptible to negative shocks to their assets, as their equity is not sufficiently high to absorb these shocks (Haldane et al., 2010). When aggregate economic conditions deteriorate, high-leverage financial interme ...
... and growth may be illusory, because highly levered financial intermediaries are more susceptible to negative shocks to their assets, as their equity is not sufficiently high to absorb these shocks (Haldane et al., 2010). When aggregate economic conditions deteriorate, high-leverage financial interme ...
Competition, Reach for Yield, and Money Market Funds
... that solves a tournament model with a continuum of players in a fully analytic way without first-order approximations. ...
... that solves a tournament model with a continuum of players in a fully analytic way without first-order approximations. ...
The Internal Ratings-Based Approach
... Average PD per grade.......................................................................................................... 15 (ii) One year PD......................................................................................................................... 16 (iii) Methods for quantifying ...
... Average PD per grade.......................................................................................................... 15 (ii) One year PD......................................................................................................................... 16 (iii) Methods for quantifying ...
Joint Center for Housing Studies Harvard University
... spike in early payment defaults made clear that increasing numbers of homeowners could not afford their monthly mortgage payments even at the initial interest rates. Some of these loans were infected with fraud or sloppily underwritten from the start, especially reduced documentation loans. The wide ...
... spike in early payment defaults made clear that increasing numbers of homeowners could not afford their monthly mortgage payments even at the initial interest rates. Some of these loans were infected with fraud or sloppily underwritten from the start, especially reduced documentation loans. The wide ...
International Diversification Versus Domestic Diversification: Mean
... and Rose [33] find that international diversi-fication can be advantageous and forms a means for managing crises in developed markets. Carrieri, Errunza, and Sarkissian [34] show that greater diversification gains can potentially be achieved if local industry investment is country specific and that ...
... and Rose [33] find that international diversi-fication can be advantageous and forms a means for managing crises in developed markets. Carrieri, Errunza, and Sarkissian [34] show that greater diversification gains can potentially be achieved if local industry investment is country specific and that ...
Central clearing: reaping the benefits, controlling the risks
... of certain PFMI requirements, including on: • explicit board responsibilities and disclosure mechanisms regarding CCPs’ financial risk governance to promote both closer senior level scrutiny and involvement of relevant stakeholders; • rigorous stress-testing on the basis of more detailed guidance ...
... of certain PFMI requirements, including on: • explicit board responsibilities and disclosure mechanisms regarding CCPs’ financial risk governance to promote both closer senior level scrutiny and involvement of relevant stakeholders; • rigorous stress-testing on the basis of more detailed guidance ...