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A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers
(2016-11-01)
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company ...
Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities
(2016-09-29)
Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their plan balances into ...
Shareholder Wealth vs. Stakeholder interests? Evidence from Code Compliance under the German Corporate Governance Code
(2016-11-24)
In order to better differentiate the drivers of corporations’ actions, in particular shareholder wealth and stakeholder interests, the paper explores the significance of the comply or explain-principle and its underlying ...