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Mike Adams - One of the best experts on this subject based on the ideXlab platform.
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chief executive officer incentives monitoring and Corporate risk management evidence from Insurance use
Social Science Research Network, 2012Co-Authors: Mike Adams, Chen Lin, Hong ZouAbstract:Corporate governance and risk management issues have received prominent publicity in recent years following several major company failures such as Bear Stearns and Lehman Brothers. While prior studies have examined this issue within the context of derivatives’ trading, little is known regarding the linkage between Corporate governance and alternative Corporate risk management activities such as Insurance. Using a detailed firm survey conducted by the World Bank (2004), we examine the impacts of various governance monitoring mechanisms and CEO characteristics on the Corporate Insurance decision. Overall, our results suggest that both monitoring mechanisms and managerial incentives induce the Corporate purchase of property Insurance. However, the purchase of property Insurance for managerial self-interest is only prevalent in firms subject to lax monitoring and the determinants of Insurance purchases are more in line with the prediction of the economic theory in firms with strong monitoring. In addition, our study contributes a number of new insights into the determinants of Corporate purchase of property Insurance.
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chief executive officer incentives monitoring and Corporate risk management evidence from Insurance use
Journal of Risk and Insurance, 2011Co-Authors: Mike AdamsAbstract:Corporate governance and risk management issues have received prominent publicity in recent years following several major company failures such as Bear Stearns and Lehman Brothers. While prior studies have examined this issue within the context of derivatives’ trading, little is known regarding the linkage between Corporate governance and alternative Corporate risk management activities such as Insurance. Using a detailed firm survey conducted by the World Bank (2004), we examine the impacts of various governance monitoring mechanisms and chief executive officer (CEO) characteristics on the Corporate Insurance decision. Overall, our results suggest that both monitoring mechanisms and managerial incentives induce the Corporate purchase of property Insurance. However, the purchase of property Insurance for managerial self-interest is only prevalent in firms subject to lax monitoring, and the determinants of Insurance purchases are more in line with the prediction of the economic theory in firms with strong monitoring. In addition, our study contributes a number of new insights into the determinants of Corporate purchase of property Insurance.
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debt capacity cost of debt and Corporate Insurance
Journal of Financial and Quantitative Analysis, 2008Co-Authors: Mike AdamsAbstract:Using a unique Insurance dataset for a sample of Chinese publicly listed companies for the period 1997 through 2003, this study tests the simultaneous linkages between debt capacity, cost of debt, and Corporate property Insurance. Our results suggest that, on the one hand, a higher cost of debt appears to motivate the use of more property Insurance, but high leverage alone does not lead to the purchase of more property Insurance. The latter finding might reflect the unique institutional setting of China, for example, where there is a low chanceof legally enforced company liquidation. Also, there is evidence that leverage can interact with tangible assets intensity and exert a positive conjoint effect on the Corporate purchase ofproperty Insurance. On the other hand, we find evidence that supports that property Insurance helps expand insuring firms' debt capacity and helps lower their borrowing costs. However, themoderate evidence on the cost reduction effect suggests that lowering the borrowing cost is likely to be a concern secondary to facilitating Corporate borrowing and thereby expanding debt capacity in Corporate property Insurance decisions in China. Overall, we conclude that debt capacity, cost of debt, and Corporate Insurance appear to be simultaneously related.
Hong Zou - One of the best experts on this subject based on the ideXlab platform.
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chief executive officer incentives monitoring and Corporate risk management evidence from Insurance use
Social Science Research Network, 2012Co-Authors: Mike Adams, Chen Lin, Hong ZouAbstract:Corporate governance and risk management issues have received prominent publicity in recent years following several major company failures such as Bear Stearns and Lehman Brothers. While prior studies have examined this issue within the context of derivatives’ trading, little is known regarding the linkage between Corporate governance and alternative Corporate risk management activities such as Insurance. Using a detailed firm survey conducted by the World Bank (2004), we examine the impacts of various governance monitoring mechanisms and CEO characteristics on the Corporate Insurance decision. Overall, our results suggest that both monitoring mechanisms and managerial incentives induce the Corporate purchase of property Insurance. However, the purchase of property Insurance for managerial self-interest is only prevalent in firms subject to lax monitoring and the determinants of Insurance purchases are more in line with the prediction of the economic theory in firms with strong monitoring. In addition, our study contributes a number of new insights into the determinants of Corporate purchase of property Insurance.
Chen Lin - One of the best experts on this subject based on the ideXlab platform.
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chief executive officer incentives monitoring and Corporate risk management evidence from Insurance use
Social Science Research Network, 2012Co-Authors: Mike Adams, Chen Lin, Hong ZouAbstract:Corporate governance and risk management issues have received prominent publicity in recent years following several major company failures such as Bear Stearns and Lehman Brothers. While prior studies have examined this issue within the context of derivatives’ trading, little is known regarding the linkage between Corporate governance and alternative Corporate risk management activities such as Insurance. Using a detailed firm survey conducted by the World Bank (2004), we examine the impacts of various governance monitoring mechanisms and CEO characteristics on the Corporate Insurance decision. Overall, our results suggest that both monitoring mechanisms and managerial incentives induce the Corporate purchase of property Insurance. However, the purchase of property Insurance for managerial self-interest is only prevalent in firms subject to lax monitoring and the determinants of Insurance purchases are more in line with the prediction of the economic theory in firms with strong monitoring. In addition, our study contributes a number of new insights into the determinants of Corporate purchase of property Insurance.
Patralekha Chatterjee - One of the best experts on this subject based on the ideXlab platform.
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india tries to break cycle of health care debt most of india s estimated 1 2 billion people have to pay for medical treatment out of their own pockets in our continuing series on health financing patralekha chatterjee reports on a scheme that is providing health care to families living below the poverty line
Bulletin of The World Health Organization, 2010Co-Authors: Patralekha ChatterjeeAbstract:Over the past year, 28-year-old Parameshwari Arun, a part-time maid in south Delhi, has borrowed the equivalent of US$1000 to pay for her six-year-old son's medical treatment. Despite this expenditure, they still do not know what ails their son or whether he is likely to get better. "This medical problem, which started innocuously when my son Vigneshwaram came home from school one day complaining of a pain in the leg, has thrown our family finances out of gear," says Arun. She and her husband, a chauffeur, together earn about US$ 250 a month, barely enough to feed a family of four in Delhi. The Aruns are not covered by health Insurance, so the unforeseen expenditure on doctors' fees, tests, medicines and their son's hospitalization has strained their finances. The couple, which has one other child, live in Dakshinpuri, one of several resettlement colonies established in the late 1970s for rural migrants who previously were forced to squat alongside open drains, river banks and railway tracks in India's capital. About 10 kilometres from Dakshinpuri, 40-year-old Sunita Gupta, a shack dweller, flashes her biometric smart card. It is one of her most prized possessions, giving her access to the government-sponsored National Health Insurance Scheme for families living below the poverty line. [ILLUSTRATION OMITTED] The National Health Insurance Scheme was launched by India's Ministry of Labour and Employment in April 2008. "Recently, I had to have an operation," says Gupta. "I went to a private clinic. The smart card took care of the hospitalization charges. Now I am back at work. This cashless Insurance scheme is a big help." Arun and Gupta exemplify the emerging challenges and opportunities in India, where the majority of the estimated population of 1.2 billion--spread across 28 self-governing states and seven territories within the federal republic--does not have access to quality health care. One of the major reasons that India's poor incur debt is the cost of health care. "Less than 15% of the population in India today has any kind of health-care cover, be it community Insurance, employers' expenditure, social Insurance etc," noted a July 2009 report by the Federation of Indian Chambers of Commerce and Industry. "As a percentage of GDP the overall health expenditure in India is low," says Dr Varatharajan Durairaj from the World Health Organization's Department of Health Systems Financing. It was estimated to be 4% in 2008, according to the most recent National Health Accounts. Given that the government share of health spending is low, out-of-pocket payments are the dominant source of health financing. India's health-financing system is much more complex than those found in other developing countries. "It does not fit into the definition of a tax-based or an Insurance-based system. It is still evolving," says Durairaj. "The flow of money from communities, philanthropists and households, for example, is not well documented. While the amount and flow of government spending are known to a larger extent, estimates on private spending are based on responses from surveys of households. However, the estimated share of household out-of-pocket expenses in total health spending is one of the highest in the world, with more than US$ 40 billion spent." There are centrally funded schemes, but public health care is largely the responsibility of state governments, and financing varies from state to state. "Workers in the organized economic sector in India make up less than 10% of the total workforce," says Ravi Duggal, a senior trainer and health analyst with the International Budget Partnership, which aims to reduce poverty and improve the quality of governance around the world. "Corporate Insurance schemes are insignificant, though in numbers, given India's size, they may sound huge." Additionally, India has several community health Insurance schemes promoted by nongovernmental organizations, but Duggal sees these as transitory measures and argues for universal health care. …
Andrea Vincioni - One of the best experts on this subject based on the ideXlab platform.
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Corporate Insurance and debt capacity the point of view of banks and Insurance companies in italy polizze per le imprese ed accesso al credito in italia il punto di vista delle banche e delle compagnie di assicurazione
2012Co-Authors: Fabrizio Santoboni, Massimiliano Tomatis, Andrea VincioniAbstract:Basel II Framework brings important changes, since life Insurance and surety policy are “eligible” guarantees for Credit Risk Mitigation. Nevertheless, banks could offer a better pricing to borrowers not because they are less risky, but because the whole operation would need a lower capital requirement. Therefore, Corporate risks reduction – which would allow, in the absence of credit rationing, a more profitable debt capacity – is necessarily achieved through an appropriate “umbrella Insurance”, able to cope with both direct and indirect loss. This paper examine the strategic role of Insurance products in enterprise sector to help insuring firms’ debt capacity to expand.
