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- Journal of Actuarial Practice (1993-2006) (176)
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Articles 1 - 30 of 212
Full-Text Articles in Insurance
Does Finance Make Us Less Social?, Henrik Cronqvist, Mitch Warachka, Frank Yu
Does Finance Make Us Less Social?, Henrik Cronqvist, Mitch Warachka, Frank Yu
Business Faculty Articles and Research
Informal risk sharing within social networks and formal financial contracts both enable households to manage risk. We find that financial contracting reduces participation in social networks. Specifically, increased crop insurance usage decreased local religious adherence and congregation membership in agricultural communities. Our identification utilizes the Federal Crop Insurance Reform Act of 1994 that doubled crop insurance usage nationally within a year, although changes in usage varied across counties. Difference-in-difference and Spatial First Difference tests confirm that households substituted insurance for religiosity. This substitution was associated with reductions in crop diversification and crop yields, indicating an increase in moral hazard.
The Impact Of Different Worldviews On The Financial Planning Process, Luke Osterhus
The Impact Of Different Worldviews On The Financial Planning Process, Luke Osterhus
Senior Honors Theses
An individual's worldview has an effect on all aspects of their life. Worldview affects the decisions people make, the clothes they wear, the people they interact with, and so much more. What is often overlooked is the impact of worldview on one's view and use of money. Money is universal and everyone has some form of currency or assets. However, the way money is used, whether it is saved, spent, or invested, is often determined by an individual's own concept of money. Additionally, relationships between people are often chosen or influenced by an individual's worldview. Human beings are seen differently …
Third Party Moral Hazard And The Problem Of Insurance Externalities, Gideon Parchomovsky, Peter Siegelman
Third Party Moral Hazard And The Problem Of Insurance Externalities, Gideon Parchomovsky, Peter Siegelman
All Faculty Scholarship
Insurance can lead to loss or claim-creation not just by insureds themselves, but also by uninsured third parties. These externalities—which we term “third party moral hazard”—arise because insurance creates opportunities both to extract rents and to recover for otherwise unrecoverable losses. Using examples from health, automobile, kidnap, and liability insurance, we demonstrate that the phenomenon is widespread and important, and that the downsides of insurance are greater than previously believed. We explain the economic, social and psychological reasons for this phenomenon, and propose policy responses. Contract-based methods that are traditionally used to control first-party moral hazard can be welfare-reducing in …
B Corps’ Social Media Communications During The Covid-19 Pandemic: Through The Lens Of The Triple Bottom Line, Manveer Mann, Sang-Eun Byun, Whitney Ginder
B Corps’ Social Media Communications During The Covid-19 Pandemic: Through The Lens Of The Triple Bottom Line, Manveer Mann, Sang-Eun Byun, Whitney Ginder
Department of Marketing Faculty Scholarship and Creative Works
The COVID-19 pandemic and rising demand for transparency has heightened the importance of sustainability communications on social media to generate deeper stakeholder engagement. Although B Corporations (B Corps), businesses committed to the triple bottom line (TBL), could serve as a catalyst for sustainable development, little is known about how they communicate on social media during a crisis. Therefore, we examined social media communications of B Corps to (1) identify salient topics and themes, (2) analyze how these themes align with the TBL, and (3) evaluate social media performance against industry benchmarks. We focused on the apparel, footwear, and accessories (AFA) …
Islamic Insurance On Research: Bibliometric Analysis, Dedi Kusmayadi, Irman Firmansyah, Iwan Hermansyah
Islamic Insurance On Research: Bibliometric Analysis, Dedi Kusmayadi, Irman Firmansyah, Iwan Hermansyah
Library Philosophy and Practice (e-journal)
This study explains the development of articles on Islamic insurance. The data is taken from dimensions.ai database from 2014 to 2021. The data analysis is bibliometric using R biblioshiny software. The number of articles collected is 500 documents from the Journal 399 documents, Chapter 60 documents, edited book 8 documents, monograph 6 documents, preprints 13 documents, and proceedings 14 documents. The results of the analysis show that the development of articles with the theme of Islamic insurance has increased. The most productive author is Billah MM with a total of 12 articles, while the author who writes the most consistent …
Private Equity Value Creation In Finance: Evidence From Life Insurance, Divya Kirti, Natasha Sarin
Private Equity Value Creation In Finance: Evidence From Life Insurance, Divya Kirti, Natasha Sarin
All Faculty Scholarship
This paper studies how private equity buyouts create value in the insurance industry, where decentralized regulation creates opportunities for aggressive tax and capital management. Using novel data on 57 large private equity deals in the insurance industry, we show that buyouts create value by decreasing insurers' tax liabilities; and by reaching-for-yield: PE firms tilt their subsidiaries' bond portfolios toward junk bonds while avoiding corresponding capital charges. Previous work on affiliated or "shadow" reinsurance and capital management misses the important role that private equity buyouts play as recent drivers of these phenomenon. The trend we document is of growing importance in …
Reflective Practice Series: Selected Instructional Models Using Synchronous Video Conferencing Software, Martin W. Sivula
Reflective Practice Series: Selected Instructional Models Using Synchronous Video Conferencing Software, Martin W. Sivula
MBA Faculty Conference Papers & Journal Articles
With the vast array of resources available to instructors, one would think that instruction and teaching would yield success for all learners. Now, well into the 21st century has much changed in the classroom? Certainly, movable desks and chairs, advanced audio and visual equipment, and a plethora of all types of technologies which might be able to enhance training and education. Over the last several decades research on individualized instruction, cognitive science, educational psychology, and multimedia instruction (to name a few) have permeated the literature on instruction. With all the research and the vast array of studies on improving …
Glossary Of Business Evidence, Paul C. Boyd
Glossary Of Business Evidence, Paul C. Boyd
MBA Faculty Conference Papers & Journal Articles
No abstract provided.
A Changing Industry: An Analysis Of The Effects Of Direct-To-Consumer Advertising On The Insurance Industry, James Bonvicini
A Changing Industry: An Analysis Of The Effects Of Direct-To-Consumer Advertising On The Insurance Industry, James Bonvicini
Honors Scholar Theses
Direct-to-consumer selling is a shift in the strategies of many companies. As technology continues to play a prominent role in business, companies need to adapt to accommodate, and take advantage of, new opportunities that become available. Many insurance companies are now focusing on improving their direct-to-consumer selling efforts and attracting consumers with new online selling platforms. This thesis looks at the changes inside and outside of the industry that led to this direct method of selling and the impact that this has on the intermediaries in the industry, with a focus on property and casualty businesses. Additionally, this thesis takes …
Investment Strategies Amongst Property And Casualty Insurance Companies, Ryan J. Conforti
Investment Strategies Amongst Property And Casualty Insurance Companies, Ryan J. Conforti
Honors Scholar Theses
The purpose of this work is to take an in-depth look into the investment side of property and casualty insurance. Many P&C companies have thrived over the past century, and much of this success can be attributed to investment income. This thesis will examine how investment philosophy changes from firm to firm, while also looking at how strategies have changed over time. It will also look into the insurance “float,” and examine how investors such as Warren Buffett have utilized this instrument to their favor. Investing is a huge aspect of property and casualty insurance, and this piece will give …
Index-Based Insurance And Risk Management Among Nomadic Mongolian Herders , Kelsey Larson
Index-Based Insurance And Risk Management Among Nomadic Mongolian Herders , Kelsey Larson
Independent Study Project (ISP) Collection
Mongolian herders must contend with the risk of dzuds, harsh winters that can kill large numbers of livestock. To do so, they use a mixture of formal financial tools and traditional risk mitigation techniques. This paper is a study of the interaction between the Mongolian Index-based Livestock Insurance Program and traditional informal risk mitigation techniques. The researcher interviews herders in Bulgan soum, Arhangai aimag and Galuut soum, Bayanhongor aimag to compare the IBLI program’s impact in a community that has had IBLI since 2006 and one that only received IBLI in 2012. This study finds that insurance purchase is positively …
Revenue Diversification And 501 (C) 6 Nonprofit Trade Associations: Technology Councils Of North American And The Pittsburgh Technology Council, Reuben Dacher-Shapiro
Revenue Diversification And 501 (C) 6 Nonprofit Trade Associations: Technology Councils Of North American And The Pittsburgh Technology Council, Reuben Dacher-Shapiro
MPA Capstone Projects 2006 - 2015
Since 2009 the Pittsburgh Technology Council (PTC) has been experiencing a decrease in the revenue they generate from the sale of insurance to its members. This decrease is a significant problem because it is non-program related unrestricted revenue. This type of revenue is vital for PTC because it allows them to constantly adapt to the needs of their members in the volatile economic environment of the Southwestern Pennsylvania technology sector.
Further Evidence On The Ability Of Fifo And Lifo Earnings To Predict Operating Cash Flows: An Industry Specific Analysis, Brock Murdoch, Bruce Dehning, Paul Krause
Further Evidence On The Ability Of Fifo And Lifo Earnings To Predict Operating Cash Flows: An Industry Specific Analysis, Brock Murdoch, Bruce Dehning, Paul Krause
Accounting Faculty Articles and Research
The continuing convergence of U.S. GAAP with International Accounting Standards has brought into question the future use of the LIFO inventory method in the U.S. Since the Financial Accounting Standards Board (2010) has stipulated that earnings should aid investors and creditors in their quest to forecast future cash flows to the enterprise, this research examines whether FIFO earnings or LIFO earnings is preferable, for this purpose, as an aid to ex ante operating cash flow itself,over a three-year forecast horizon. We conclude that ex ante operating cash flows are quite useful in forecasting operating cash flows across industries for up …
F.A.C.E.S. (Faculty Academic Community Education Showcase): Professional Growth Experiences In A Career University, Paul J. Colbert, Ph.D.
F.A.C.E.S. (Faculty Academic Community Education Showcase): Professional Growth Experiences In A Career University, Paul J. Colbert, Ph.D.
MBA Faculty Conference Papers & Journal Articles
Institutes of higher education exist for the purpose of developing, fostering, nurturing, and stimulating the intellectual growth and development of students. The core values of a college education provide students conceptual and practical educational opportunities that focus on improving their skills and knowledge. These skills and knowledge translate into purposeful, real-life learning experiences. However, in the academic community, learning is not restricted to students. Faculty, too, must be supported and provided opportunities for personal and professional growth and development. Although professional development is not a novel concept in the education profession, schools often take up the gauntlet, but fall short …
Risk Allocation Across The Enterprise: Evidence From The Insurance Industry, Michael K. Mcshane, Tao Zhang, Larry A. Cox
Risk Allocation Across The Enterprise: Evidence From The Insurance Industry, Michael K. Mcshane, Tao Zhang, Larry A. Cox
Finance Faculty Publications
Financial researchers initially regarded hedging activities as a means to reduce total firm risk, which often is defined in terms of cash flow volatility. More recently, researchers have focused on the strategic allocation of risk. Direct tests of risk allocation have been problematic, however, because hedging data are rarely available and, when available, are specific only to a single operation of the firm, such as bank lending. In this study, we exploit unique data from the insurance industry that allows us to observe hedging proxies for both investment and insurance underwriting risks and test the risk allocation hypothesis developed in …
Developing A Culturally Responsive Classroom Collaborative Of Faculty, Students, And Institution, Paul J. Colbert
Developing A Culturally Responsive Classroom Collaborative Of Faculty, Students, And Institution, Paul J. Colbert
MBA Faculty Conference Papers & Journal Articles
Culture is integral to the learning process. It is the organization and way of life within the community of students and teachers and directs the way they communicate, interact, and approach teaching and learning. Although founded in particular values and principles, the academy, like most organizations, is impacted day-to-day by its culture. Yet, the traditional higher education institution has not been designed to operate within a racially or ethnically diverse student population. The social, political, economic, and cultural forces that support the institution influence the teaching and learning environments. To better address cultural diversity in the classroom, faculty must first …
Mass Business Report, College Of Management, University Of Massachusetts Boston
Mass Business Report, College Of Management, University Of Massachusetts Boston
Financial Services Forum Publications
Welcome to the College of Management, UMass Boston, Financial Services Forum’s Spring 2010 report on the Massachusetts economy. The spotlight of this report is the Finance, Insurance and Real Estate (FIRE) sector in Massachusetts.
Collaborating With A Financial Therapist: The Why, Who, What And How, Cicily Maton, Michelle Maton, William Martin
Collaborating With A Financial Therapist: The Why, Who, What And How, Cicily Maton, Michelle Maton, William Martin
Publications – Dreihaus College of Business
Financial planning clients are seeking holistic solutions to their financial opportunities and challenges. Yet, few financial planners and mental health professionals work together to benefit clients. This article showcases a partnership between a financial therapist, trained as a psychologist, and two financial planners who have implemented an evidence-based model of financial planning drawing upon the behavioral finance, neureconomics, evolutionary psychology, and coaching literature.
Risk Management (Fin/Rmi 314) City As Classroom Project Report, Kathi Mcnichol Phd
Risk Management (Fin/Rmi 314) City As Classroom Project Report, Kathi Mcnichol Phd
City as Classroom Projects
The nature of risk management and the role of the risk manager in both profit and not-for-profit business and governmental organizations are explored in FIN/RMI 314 – Risk Management. A decision framework for risk management choices is developed. Consideration is given to how risk management techniques impact shareholder value with emphasis placed on cash flow management. Application of principles is reinforced through in- and out-of-class assignments. Financial management techniques are used to evaluate alternative methods of handling risk. Students are expected to become informed about current issues in risk management through subscriptions to and use of on-line resources.
The students …
Deposit Insurance Coverage, Ownership, And Banks' Risk-Taking In Emerging Markets, Apanard P. Angkinand, Clas Wihlborg
Deposit Insurance Coverage, Ownership, And Banks' Risk-Taking In Emerging Markets, Apanard P. Angkinand, Clas Wihlborg
Business Faculty Articles and Research
We ask how deposit insurance systems and ownership of banks affect the degree of market discipline on banks' risk-taking. Market discipline is determined by the extent of explicit deposit insurance, as well as by the credibility of non-insurance of groups of depositors and other creditors. Furthermore, market discipline depends on the ownership structure of banks and the responsiveness of bank managers to market incentives. An expected U-shaped relationship between explicit deposit insurance coverage and banks' risk-taking is influenced by country specific institutional factors, including bank ownership. We analyze specifically how government ownership, foreign ownership and shareholder rights affect the disciplinary …
The Psychology Of Money: Beyond Behavioral Finance, Cicily Maton, William Martin
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.
Healthcare Could Your Organization Save Money With Complementary And Alternative Medicine?, William Martin, Hugh Long
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.
Risky Asset Substitution In The Insurance Industry: An Historical Example, Brenda Wells, Karen Epermanis, Larry A. Cox, Michael Mcshane
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 …
Technical Analysis: The Interface Of Rational And Irrational Decision Making, William Martin
Technical Analysis: The Interface Of Rational And Irrational Decision Making, William Martin
Publications – Dreihaus College of Business
No abstract provided.
The Walmart Effect: Retailing Of Health Care, William Martin
The Walmart Effect: Retailing Of Health Care, William Martin
Publications – Dreihaus College of Business
No abstract provided.
Socially Responsible Investing: The United Nations Principles, William Martin
Socially Responsible Investing: The United Nations Principles, William Martin
Publications – Dreihaus College of Business
No abstract provided.
Complementary And Alternative Medicine: Opportunities And Challenges, William Martin, Hugh Long
Complementary And Alternative Medicine: Opportunities And Challenges, William Martin, Hugh Long
Publications – Dreihaus College of Business
Health care finance is complex in all sectors of the health care industry. This article highlights both the challenges and opportunities of financing and reimbursing care with a focus on CAM providers and CAM provider organizations.
The Missing Monitor In Corporate Governance: The Directors' And Officers' Liability Insurer, Tom Baker, Sean J. Griffith
The Missing Monitor In Corporate Governance: The Directors' And Officers' Liability Insurer, Tom Baker, Sean J. Griffith
All Faculty Scholarship
This article reports the results of empirical research on the monitoring role of directors’ and officers’ liability insurance (D&O insurance) companies in American corporate governance. Economic theory provides three reasons to expect D&O insurers to serve as corporate governance monitors: first, monitoring provides insurers with a way to manage moral hazard; second, monitoring provides benefits to shareholders who might not otherwise need the risk distribution that D&O insurance provides; and third, the “bonding” provided by risk distribution gives insurers a comparative advantage in monitoring. Nevertheless, we find that D&O insurers neither monitor corporate governance during the life of the insurance …
Quality Models: Selecting The Best Model To Deliver Results, William Martin
Quality Models: Selecting The Best Model To Deliver Results, William Martin
Publications – Dreihaus College of Business
No abstract provided.
Insurance Against Misinformation In The Securities Market, Tom Baker
Insurance Against Misinformation In The Securities Market, Tom Baker
All Faculty Scholarship
Prepared at the request of the Task Force to Modernize Securities Legislation in Canada, this study describes and evaluates evaluate a new capital markets insurance concept: securities misinformation insurance. This new insurance would compensate investors for losses caused by securities law violations. The most powerful objection to this new concept is that investors do not need a new insurance program for securities misinformation losses. Individual and institutional investors already can spread securities misinformation losses by holding a diversified portfolio. Nevertheless, a securities misinformation insurance program has the potential to provide systemic benefits: improved compliance with securities laws (resulting from cost …