Zum Treuhänder des Sicherungsvermögens unter dem neuen Versicherungsaufsichtsgesetz – Auswirkungen der Solvency II-Umsetzung

This paper is about the consequences of the transposition of the Solvency II Directive into the new German insurance supervisory law (VAG 2016) on the trustee for monitoring of the guarantee assets. The trustee of the guarantee assets is a national security mechanism to protect policyholders in case of insolvency of their insurance undertaking. The previous German Regulation of Investments (AnlV) is not valid any more for insurance undertakings falling under Solvency II since 01.01.2016. Instead of legal investments rules insurance undertakings are now obliged to have a (written) internal investment policy, which is also the basis for monitoring of guarantee assets by the trustee. Challenges arise because of the clash of the accounting view (German local GAAP) and the market valuation view of Solvency II. Our analysis contributes to a better understanding of the interplay between unchanged legal provisions and the new economic, risk based perspective of Solvency II.     

Date of birth and selective schooling: Some lessons from the 1944 education reforms in England and Wales

We compare the probabilities of selective (grammar) school entry in England and Wales before and after the 1944 Education Act. The Act had direct and indirect influences on the costs of grammar education and on entry-exam coverage, design and marking methodology. Post-1944, grammar school entry among children born in the middle of the school year improved considerably. We argue that age-adjusted group standardized testing was an important contributory factor. The youngest pupils remained significantly disadvantaged. We produce evidence that this is consistent with the practice of streaming (tracking) junior school children at age 7 into classes delineated by average ability.     

The effect of job flexibility on female labor market outcomes: Estimates from a search and bargaining model

In this article, we develop a search model of the labor market in which jobs are characterized by work hours’ flexibility. Workers value flexibility, which is costly for employers to provide. We estimate the model on a sample of women extracted from the CPS. The model parameters are empirically identified because the accepted wage distributions of flexible and non-flexible jobs are directly related to the preference for flexibility parameters. Results show that more than one-third of women place a small, positive value on flexibility. Women with a college degree value flexibility more than women with only a high school degree. Counterfactual experiments show that flexibility has a substantial impact on the wage distribution but a negligible impact on the unemployment rate. These results suggest that wage and schooling differences between males and females may be importantly related to flexibility.     

Managerial Behaviour Research in Private and Public Sectors: Distinctiveness, Disputes and Directions

A managerial behaviour approach is identified that has sought to understand managerial work by analysing the day‐to‐day behaviour of individual managers: what do managers do? It is argued that this approach is distinctive and that its distinctiveness is valuable and has not received adequate attention. The distinctiveness is defined by its research background, object, focus and methodology. The managerial behaviour approach has developed from research over nearly fifty years: long enough for there to have been a variety of disputes about what has, or ought to have been, achieved. The relevance of these criticisms and what later research has done to meet them is assessed. Recent research directions are identified and suggestions are made for building on the distinctiveness. It is concluded that the institutional embeddedness of managerial work should attract further scholarly attention, and that the contribution of researchers in the public sector, who come from a differentdisciplinary background, needs to be integrated with that of researchers from organizational behaviour as they can contribute new conceptual approaches, which could help to revivify this field of research.     

Risikoberichterstattung von Versicherungsunternehmen — Analyse der Risikoberichte im Zeitablauf

This paper presents the findings of an empirical study of the development of risk reports of German insurance companies from 1999 until 2003. The empirical study is based on formal aspects and a detailed content analysis of risk reports which companies have to publish by German Commercial Law (HGB). The analysis is based on generally accepted accounting principles for management reports in annual financial statements and GAS 5-20. The goal is to collect formal and qualitative information about changes in risk reports and their performance in terms of fulfilling industry-specific supervisory risk regulations over time. The sample shows a significant continuous improvement of risk reports from 1999 until 2003. The results of the paper lead to further implications regarding the specification of Solvency II: Improvements have to be made especially in terms of specifying and quantifying company risk. Finally the paper offers suggestions for improvements in risk reporting which should be considered in the development of european standards.     

Participation in Micro Life Insurance and the Use of Other Financial Services in Ghana

This article investigates households’ decisions to take up micro life insurance and to use other financial services. It estimates a multivariate probit model based on Ghanaian household survey data. The results suggest a mutually reinforcing relationship between the use of insurance and the use of other formal financial services. Risk‐averse households and households who consider themselves more exposed to risk than others are found to be less likely to participate in insurance. This suggests that insurance is considered to be risky. There is indicative evidence for adverse selection and a life‐cycle effect in the uptake of insurance.     

Financing UK democracy: a stocktake of 20 years of political donations disclosure

Political donations in the UK have been subject to comprehensive disclosure since 2001. We study the data produced as part of this disclosure policy to evaluate the role of private and public political finance over time. Total political donations have grown by nearly 250 per cent since 2001, reaching over £100 million in real terms for the first time in 2019. This increase has been driven by donations from private individuals, who now account for approximately 60 per cent of donations in election years compared to 40–50 per cent up to the late 2010s. Furthermore, ‘super-donors’ (those contributing more than £100,000) have been a prominent driver of the rise, increasing their own share from approximately 31 per cent in 2017 to 45 per cent in 2019. We also show that private donations to the Labour Party fell sharply in the final stages of Jeremy Corbyn's leadership. These trends have benefited the Conservative Party, leading to a historic donation gap between the two main parties emerging circa 2019. We calculate that this gap between parties now stands at approximately £27 million compared to a historic average of £8–£10 million. This gap remains even after considering publicly funded ‘Short’ money provided to the opposition, which aims to increase competitive balance in the UK's democratic system.     

Megatrends und Strukturwandel — welche Regionen werden profitieren?

Wirtschaftsdienst - Gesellschaftliche und wirtschaftliche Dynamiken führen zu einem stetigen Wandel von Wirtschaftsstrukturen. Abhängig von der regionalen Wirtschaftsstruktur verlaufen...     

European Technological Sovereignty: An Emerging Framework for Policy Strategy

Intereconomics - The COVID-19 crisis has revealed the deep technological and production dependencies of the EU on third countries in sectors deemed as particularly strategic and has thus fuelled...