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Full-Text Articles in Insurance

Executive Incentives And Corporate Decisions: The Risk Management Channel, Jeremy O. Skog Dec 2009

Executive Incentives And Corporate Decisions: The Risk Management Channel, Jeremy O. Skog

Publicly Accessible Penn Dissertations

This paper provides evidence that insurance executives respond to their compensation incentives by adjusting observable risk-management policy variables – the reinsurance purchase decision, type of business conducted, and firm leverage. Executive incentives are modeled by the executive sensitivity of wealth to stock price (Delta) and stock volatility (Vega). Firms respond to increased executive incentives to bear risk by purchasing less reinsurance, but also conducting less business in long-tailed lines – a change which rewards the executive through increased market volatility. The cost of altering executive incentives to effect firm policy is much less than a similar change in firm structural variables.


Cuarto Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García Jun 2009

Cuarto Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García

Bruno L. Costantini García

Memorias del Cuarto Congreso Nacional de Organismos Públicos Autónomos

"El papel de los Organismos Públicos Autónomos en la Consolidación de la Democracia"


The Psychology Of Money: Beyond Behavioral Finance, Cicily Maton, William Martin May 2009

The Psychology Of Money: Beyond Behavioral Finance, Cicily Maton, William Martin

Publications – Dreihaus College of Business

Behavioral finance has attracted the attention of both academics and practitioners. This article explores the roots of behavioral finance, psychology, and showns how these principles are actually used in practice.


The Psychology Of Money: Beyond Behavioral Finance, Cicily Maton, William Marty Martin Apr 2009

The Psychology Of Money: Beyond Behavioral Finance, Cicily Maton, William Marty Martin

William Marty Martin

Behavioral finance has attracted the attention of both academics and practitioners. This article explores the roots of behavioral finance, psychology, and showns how these principles are actually used in practice.


Special Edition Of Journal Of Business Ethics, Marilynn P. Fleckenstein Ph.D., Patrick Flanagan, Victoria Shoaf Ph.D., Patricia Werhane Ph.D. Feb 2009

Special Edition Of Journal Of Business Ethics, Marilynn P. Fleckenstein Ph.D., Patrick Flanagan, Victoria Shoaf Ph.D., Patricia Werhane Ph.D.

Patrick Flanagan

DePaul University hosted the 14th Annual International Conference Promoting Business Ethics, at The Standard Club in Chicago, November 1–3, 2007. Academic and business leaders came together to explore the important ethical issues facing the business community in the twenty-first century. The articles in this special volume of The Journal of Business Ethics have been selected from the many presentations at this conference. Sponsored annually by the Vincentian Universities in the United States (DePaul University, in Chicago, Illinois; Niagara University in Niagara Falls, NY; and St. John’s University in Queens, NY) this conference promotes the mission of St. Vincent ...


Healthcare Could Your Organization Save Money With Complementary And Alternative Medicine?, William Martin, Hugh Long Feb 2009

Healthcare Could Your Organization Save Money With Complementary And Alternative Medicine?, William Martin, Hugh Long

Publications – Dreihaus College of Business

Some evidence suggests complementary and alternative medicine could reduce costs and improve efficiency while increasing patient satisfaction.


Healthcare Could Your Organization Save Money With Complementary And Alternative Medicine?, William Martin, Hugh Long Jan 2009

Healthcare Could Your Organization Save Money With Complementary And Alternative Medicine?, William Martin, Hugh Long

William Marty Martin

Some evidence suggests complementary and alternative medicine could reduce costs and improve efficiency while increasing patient satisfaction.


Special Edition Of Journal Of Business Ethics, Patrick Flanagan, Marilynn P. Fleckenstein Ph.D., Victoria Shoaf Ph.D., Patricia Werhane Ph.D. Jan 2009

Special Edition Of Journal Of Business Ethics, Patrick Flanagan, Marilynn P. Fleckenstein Ph.D., Victoria Shoaf Ph.D., Patricia Werhane Ph.D.

Patrick Flanagan

The articles in this special volume of Journal of Business Ethics have been selected from the many presentations at this conference and represent a cross section of the topics and issues covered at the Vincentian Business Ethics Conference at the Manhattan campus of St. John's University in the fall of 2009. Sponsored annually by the Vincentian universities in the United States (DePaul University, in Chicago, Illinois; Niagara University in Niagara Falls, NY; and St. John’s University in Queens, NY), this conference promotes the mission of St. Vincent DePaul, the seventeenth-century Roman Catholic saint who serves as the patron ...


Special Edition Of Journal Of Business Ethics, Patrick Flanagan, Marilynn P. Fleckenstein Ph.D., Patrick D. Primeaux Ph.D., Victoria Shoaf Ph.D., Patricia Werhane Ph.D. Jan 2009

Special Edition Of Journal Of Business Ethics, Patrick Flanagan, Marilynn P. Fleckenstein Ph.D., Patrick D. Primeaux Ph.D., Victoria Shoaf Ph.D., Patricia Werhane Ph.D.

Patrick Flanagan

Niagara Falls, New York was home to the 13th Annual Vincentian International Conference Promoting Business Ethics sponsored by DePaul University (Chicago, IL), Niagara University (Niagara, NY), and St. John’s University (New York, NY), the three American universities sponsored by the Congregation of the Mission (the Vincentians). Conferences in the past had specific themes and corresponding paper presentations focused on a particular topic. This one intentionally did not have a central organizing subject matter to allow for greater diversity. Leaders from the academic and corporate sectors, representing 30 countries, submitted excellent papers on a broad range of ethical issues. This ...


Risky Asset Substitution In The Insurance Industry: An Historical Example, Brenda Wells, Karen Epermanis, Larry A. Cox, Michael Mcshane Jan 2009

Risky Asset Substitution In The Insurance Industry: An Historical Example, Brenda Wells, Karen Epermanis, Larry A. Cox, Michael Mcshane

Finance Faculty Publications

In the 1980s, life insurers sold guaranteed investment contracts (GICs) to pension plan sponsors, then backed these contracts with portfolios heavily weighted with higher risk assets such as common stocks and junk bonds. Ultimately this caused considerable loss, and history has repeated itself in many respects in recent years via holdings of equities and mortgage-backed securities. We evaluate the risky asset substitution in the life insurance industry from an historical perspective to determine if organizational form or other factors might be rationale for managerial decisions to engage in asset substitution. We find evidence that stock insurer managers are more likely ...