Reinsurance Brokers and Advice Quality: Is There a Need for Regulation?

Brokers play an increasing role in the distribution of reinsurance. In order to analyse reinsurance brokers' advice quality, we employ a model in which a monopoly broker advises cedents to buy a particular one out of similar reinsurance policies that cost the same but differ in details. The broker decides on how much to invest in his advice quality and on the price to charge for his service. We find that the broker's advice quality is generally lower and the price for his service higher than in the social optimum, even in the presence of a potential new entrant.     

Financieele Kroniek

In de vorige Financieele Kroniek, pag. 412 regel 10/11, leze men voor conversieleeningen consolidatieleeningen.     

Reliability of risk management: Market insurance,self-insurance and self-protection reconsidered

This paper examines the three main tools of risk management in a setting where reliability cannot be guaranteed. Thus, for example, insurers might be insolvent, sprinkler systems might be inoperative and alarm systems might be faulty. These types of nonreliability are shown to have significant consequences for risk management. In particular, the relationships between increased risk aversion and the use of the various risk management tools do not carry over from models with full reliability. Moreover, the well-known result of Ehrlich and Becker, that market insurance and selfinsurance are substitutes, is shown to fail in the presence of nonreliability risk.     

Efforts to fill the information gap

Businessmen all over Europe as well as in North America and in other countries have to be Increasingly concerned with international taxation. Therefore the International Bureau of Fiscal Documentation is gaining In importance.     

Unverzichtbar: Erfahrene Kollegen

Zusammenfassung  Arbeitskr?ftesituation in der Pflege — 2010 ist fast jeder dritte Erwerbst?tige über 50. Das betrifft auch die Pflegebranche. Die Ver?nderungen, die sich dadurch bei gleichzeitigem Nachwuchsmangel ergeben, werden allerdings bisher wenig diskutiert. Welche M?glichkeiten gibt es, dem Arbeitskr?ftemangel in der Pflege zu begegnen?     

HIGH AND VOLATILE TREASURY YIELDS IN TANZANIA: THE ROLE OF STRATEGIC BIDDING AND AUCTION MICROSTRUCTURE

The observed increase in the level and volatility of Tanzania's Treasury yields in recent years against an otherwise benign macroeconomic backdrop presented a puzzle for policymakers, while raising concerns about the fiscal burden of rising debt interest payments and diversion of bank credit away from the private sector. Using evidence from bid-level data, and supported by a simple theorising of bidder incentives under unorthodox issuance practices, this paper traces the recent volatility in yields to the emergence of a sharp segmentation of the T-bill market between sophisticated financial market players (foreign-controlled banks) and a less-experienced group of investors (domestic pension funds and small banks). An important policy recommendation that emerges is that public debt managers should avoid micro-managing Treasury bill auctions by issuing amounts in excess of those offered or by dipping into oversubscribed segments of the yield curve, as such practices seriously disadvantage the less-sophisticated (but more competitive) investors vis-à-vis the more sophisticated players.     

Zum Markoffschen Lemma

Abstract

Der Sechste Skandinavische Mathematiker-Kongress (Kopenhagen 1925) hat sich unter anderem mit dem Markoffschen Lemma ¹ A. A. Markoff, Wahrscheinlichkeitsrechnung, deutsch von H. Liebmann, 1912, S. 54–56. Vgl. E. Czuber, Wahrscheinlichkeitsrechnung, I, 3. Aufl., 1914, S. 232–233. beschäftigt, und auf diesem Kongress hat Dr. phil. RAGNAR FRISCH im Anschluss an ein Referat von Prof. Alf Guldberg in einem besonderen Referat den Beweis geliefert, dass die in Frage stehende Ungleichung im allgemeinen Fall keine »Einengung» zulasse. ² Ragnar Frisch, Impossibilité de resserrer l'inégalité de Markow dans le cas général. Kongressbericht, S. 203–206. Der Beweis ist schlüssig, aber er kann, wie mir scheint, einfacher erbracht werden.