When Insurers Go Bust (eBook)
112 Seiten
Princeton University Press (Verlag)
978-1-4008-2777-0 (ISBN)
Guillaume Plantin is Assistant Professor of Finance at London Business School. He is the coauthor of Théorie du Risque et Réassurance. Jean-Charles Rochet is Professor of Mathematics and Economics at the University of Toulouse and a visiting professor of finance at the London School of Economics and Political Science. He is the coauthor of Microeconomics of Banking.
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "e;bankers"e; of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "e;tough"e; claimholders.
Guillaume Plantin is Assistant Professor of Finance at London Business School. He is the coauthor of Théorie du Risque et Réassurance. Jean-Charles Rochet is Professor of Mathematics and Economics at the University of Toulouse and a visiting professor of finance at the London School of Economics and Political Science. He is the coauthor of Microeconomics of Banking.
Erscheint lt. Verlag | 11.4.2009 |
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Vorwort | Hyun Song Shin |
Verlagsort | Princeton |
Sprache | englisch |
Themenwelt | Recht / Steuern ► Wirtschaftsrecht |
Wirtschaft ► Allgemeines / Lexika | |
Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Versicherungsbetriebslehre | |
Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft | |
Schlagworte | Accounting • Acquisition Cost • Annuity • asset • Audit • Auditing (Scientology) • balance sheet • Bank • Bankruptcy • Basel II • Capital Market • Capital requirement • capital structure • Cash Flow • Casualty insurance • collusion • Cooke Ratio • core business • Corporate Governance • corporation • Creditor • Credit Rating • credit risk • Customer • debt • Debtor • deductible • Diversification (finance) • Diversification (marketing strategy) • Double Gearing • Drawback • Economic Policy • Economics • Expense • Externality • Finance • Financial Distress • Financial institution • Financial ratio • Financial Services • Financial Services Authority • financier • Funding • general insurance • Governance • Guarantee • Incentive • incomplete contracts • inefficiency • Insolvency • institutional investor • insurance • insurance law • insurance policy • Interest • Interest Rate • Investment • Investor • Leverage (finance) • Liability (financial accounting) • life insurance • Limited liability • liquidity risk • Loan covenant • Loss ratio • Margin (finance) • Market Failure • market liquidity • Minimum Capital Requirement • Mismatch Risk • Moral Hazard • Net Worth • Payment • Pricing • Principal–agent problem • Probability of Default • Profit (economics) • Prompt Corrective Action • Provision (accounting) • Rate of return • reinsurance • Requirement • Reserve requirement • rights • Risk Management • risk profile • Ruin Theory • Shareholder • Share Price • solvency • Sophisticated Investor • Stock Market • Supervisor • systemic risk • tariff • Underwriting • Upside (magazine) • Valuation (finance) • Value (economics) • Vehicle insurance |
ISBN-10 | 1-4008-2777-9 / 1400827779 |
ISBN-13 | 978-1-4008-2777-0 / 9781400827770 |
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