On the analysis of a multi-threshold Markovian risk model

We consider a class of Markovian risk models perturbed by a multiple threshold dividend strategy in which the insurer collects premiums at rate c _i whenever the surplus level resides in the i-th surplus layer, i=1, 2, …,n+1 where n<∞. We derive the Laplace-Stieltjes transform (LST) of the distribution of the time to ruin as well as the discounted joint density of the surplus prior to ruin and the deficit at ruin. By interpreting that the insurer, whose gross premium rate is c, pays dividends continuously at rate d _i =c?c _i whenever the surplus level resides in the i-th surplus layer, we also derive the expected discounted value of total dividend payments made prior to ruin. Our results are obtained via a recursive approach which makes use of an existing connection, linking an insurer's surplus process to an embedded fluid flow process.     

风险投资的激励机制

风险投资中存在各种较高的风险,其中包括企业家的道德风险.如何有效控制道德风险,提升风险投资的效率?通过什么样的机制或治理结构来激励创业企业家,使其努力工作?从效用、投资阶段、剩余控制权和剩余索取权等角度,分析了风险投资家对创业企业家实行的正反向激励机制.     

Toward a Theory of Activist-Driven Responsible Innovation: How Activists Pressure Firms to Adopt More Responsible Practices

Accounts of stakeholder influence on corporate social responsibility (CSR), situated in the CSR domain, have recognized that activists mitigate information asymmetries between firms and consumers. However, depictions of activists as information disseminators do not explain how they perform their quintessential role – pressuring resistant firms to engage in responsible innovation that emphasizes the creation of socioenvironmental value. Drawing from social movement theory that identifies claims as the instrument of such pressure, we examine four activist organizations’ use of claims across six campaigns to drive firms to adopt more socially and environmentally responsible practices, a form of responsible innovation. Our core contribution is an empirically grounded theory of activist-driven responsible innovation (ARI) that proposes how activists use claims to drive firms to engage in responsible innovation, as well as how features of the two sides may shape this outcome. Our ARI theory primarily enriches accounts of stakeholder influence on corporate social responsibility in the CSR domain and, in doing so, secondarily enriches accounts of the influence of activists’ claims on firms in the social movement domain. These contributions also speak to the resolution of grand challenges, a core interest of the special issue.     

我国机动车辆保险欺诈骗赔的博弈分析

随着机动车辆越来越普遍,人们也意识到投保的重要性.但是很多投保人为了攫取不当利益,而做出欺骗保险公司的行为.本文主要阐述了机动车辆保险欺诈骗赔的定义和类型以及具体的表现形式,利用博弈理论分析了投保人进行保险欺诈骗赔的动机,最后针对于分析的结果提出了相应建议来减少这些欺诈骗赔的行为,促进保险市场健康发展.     

Clean labeling: Is it about the presence of benefits or the absence of detriments? Consumer response to personal care claims

The personal care industry is gradually shifting its promises toward health and environment-based messages, promoting either the addition of beneficial ingredients or processes or the removal of potentially deleterious additives or procedures. However, prior research has failed to encapsulate and organize the plethora of claims and to link consumer concerns, knowledge, and the influence of prosocial norms to attitude and purchase intention. This study examines the impact of absence- and presence-framed claims referring either to health or environmental friendliness on attitude and behavioral intention toward personal care products. It also explores differences in consumer profiles (concerning health, the environment, appearance, peer pressure, or disparate levels of front-of-package literacy). Using a framework based on Ajzen (1985) theory of planned behavior enriched with variables such as personal altruistic and egoistic concerns, claim credibility, and attitude, this study shows the superiority of absence-versus presence-framed claims for health and environment-based messages. Both claims pertaining to the environment and to health generate a positive attitude and are powerful in further converting it into buying intention.     

The role of asset payouts in the estimation of default barriers

In the barrier option model of corporate security valuation, the firm’s creditors impose a default-triggering barrier on the firm value to protect their claim. Two disputed issues in the literature are whether the implied default barrier is positive, and whether it is above or below the book value of the firm’s liabilities. We extend the model of Brockman and Turtle (2003) by embedding asset payouts in the valuation of shareholders’ equity. Using a sample of US stocks from the NYSE, AMEX, and NASDAQ exchanges, our paper exploits market and firm information to compute the implied default barrier for thirty 2-digit SIC groups, including industrials and banks. Our results show that the implied default barrier is lower than it is in the received literature, and it can be less than total liabilities, even zero for some firms. The implied physical default probabilities are significantly lower in the presence of payouts, providing a closer fit to the historical corporate default rates, particularly for issuers of speculative-grade bonds.     

Refining the Lorenz-ranking of rules for claims problems on restricted domains

The comparison of the central rules for claims problems, according to the Lorenz order, has been studied not only on the entire set of problems but also on some restricted domains. We provide new characterizations of the adjusted proportional rule as being Lorenz-maximal or Lorenz-minimal within a class of rules on the half-domains. Using this result, we rank the adjusted proportional, the minimal overlap, and the average-of-awards rules by analyzing whether or not these rules satisfy progressivity and regressivity on the half-domains. We also find that the adjusted proportional rule violates two well-known claim monotonicity properties.