Die Versicherungsnachfrage von Unternehmen: Eine Empirische Untersuchung der Sachversicherungsnachfrage deutscher Unternehmen

This article presents the results of an empirical analysis regarding the corporate demand for insurance. As several studies before tested the theoretical arguments for the corporate motivation to purchase insurance, this article provides the fist empirical analysis focussing on the insurance demand of German corporations. The empirical evidence, found in the data of corporate clients of a German insurance company, supports the hypotheses regarding the relation between the demand for insurance and the size of the corporation, insolvency costs and real services of the insurer as well as the influence of the ownership structure of a stock corporation. Conflicting results were found regarding regulation.     

Customer value analysis in financial services

This study investigates what creates value for customers and how providers can improve value for their customers. A comprehensive analytical model with a four-step approach is presented and applied in the field of financial services. In a first step, the main customer value drivers are identified and five value dimensions are derived, based on qualitative interviews with customers. These results are then compared to value assumptions made by customer-contact employees, and gaps between customer and employee perceptions are analysed. Based on these identified gaps, a multitude of implications for managing company customer value at the normative, strategic, and operational level of management are derived, and finally implications of findings for service marketing practice and research are discussed.     

As you like it: Explaining the popularity of life‐cycle funds with multi cumulative prospect theory

Life‐cycle (or target‐date) funds are funds, which typically decrease their risk exposure over time. They have been very successful in many countries, particularly in the segment of old age provision. However, Expected Utility Theory (EUT) cannot explain their popularity. Moreover, recent results of Graf (2016), imply that not only EUT but also its behavioral counterpart Cumulative Prospect Theory (CPT) is often not able to explain the popularity of these products, since for each life‐cycle fund a corresponding balanced fund can be constructed, which is preferable from the investor's perspective in most circumstances. In a recent paper, Ruß and Schelling (2018), have argued that potential future changes in an investment's value already impact the decision of long‐term investors at outset. Based on this, they have introduced Multi Cumulative Prospect Theory (MCPT), which is based on CPT and considers the subjective utility generated by annual value changes. This paper shows that for MCPT‐investors, life‐cycle funds are typically more attractive than their corresponding balanced funds since they reduce the potential losses toward the end of the investment horizon. Hence, our findings provide an explanation for inferior decisions in old age provision. This can serve as a basis to improve such decisions.     

Volkswirtschaft und Volkswirt

Ohne ZusammenfassungAntrittsvorlesung, gehalten im November 1927 an der Universität Wien.     

Two Independent Value Orientations: Ideal and Counter-Ideal Leader Values and Their Impact on Followers’ Respect for and Identification with Their Leaders

Traditionally, conceptualizations of human values are based on the assumption that individuals possess a single integrated value system comprising those values that people are attracted by and strive for. Recently, however, van Quaquebeke et al. (in J Bus Ethics 93:293–305, 2010) proposed that a value system might consist of two largely independent value orientations—an orientation of ideal values and an orientation of counter-ideal values (values that individuals are repelled by), and that both orientations exhibit antithetic effects on people’s responses to the social world. Following a call for further research on this distinction, we conducted two studies to assess the independent effects of ideal and counter-ideal values in leadership settings. Study 1 (N = 131) finds both value orientations to explain unique variance in followers’ vertical respect for their leaders. Study 2 (N = 136) confirms these results and additionally shows an analogous effect for followers’ identification with their leaders. Most importantly, we find that both value orientations exhibit their effects only independently when the content of the two orientations pertain to different value types in Schwartz’s (in J Soc Issues 50:19–46, 1994) circumplex model. Implications for theory and practice are discussed.     

Dividend policy and the global financial crisis: empirical evidence from the Italian insurance industry

The financial crisis has led to controversial discussions about the capital base of the insurance industry. Dividend cuts and capital increases have been suggested to counter diminishing equity. However, some observers seem to fear that investors could interpret a reduction of dividends as a sign for future problems. The empirical evidence from the Italian insurance sector reported here does indeed indicate that dividend smoothing is a relevant economic phenomenon. Therefore, Italian insurance companies should rethink dividend policy rather carefully due to the possible negative consequences of dividend cuts.