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The purpose of this paper is to determine the market‐value relevance of frontier efficiency scores and to test hypotheses from corporate control and production theory by…
The purpose of this paper is to determine the market‐value relevance of frontier efficiency scores and to test hypotheses from corporate control and production theory by analyzing the market response to US property–liability (P–L) insurer acquisitions and divestitures.
Cost and revenue efficiencies are estimated based on accounting data for US P–L insurers using data envelopment analysis. The market‐value response to acquisitions and divestitures is estimated using a standard market model event study. Regression analysis is used to measure the relationship between abnormal returns (dependent variable) and efficiency (independent variable), along with a set of control variables.
The results show that acquirers, targets and divesting firms all have significant positive abnormal returns around announcement dates. We also find that efficient acquirers and targets have higher cumulative abnormal returns (CAR) but inefficient divesting firms have higher CARs.
The findings are consistent with insurance acquisitions and divestitures being driven primarily by value‐maximizing motivations, consistent with corporate control and production theory.
Frontier efficiency scores based on accounting data provide value‐relevant information for insurance managers.
This is one of only a few papers that relate frontier efficiency to market values and is the first paper to do this for the insurance industry. It is also one of only two existing papers that analyze the value relevance of efficiency scores in the context of mergers and acquisitions.
Is the U.S. property & casualty (P&C) insurance industry overcapitalized? Many practitioners and industry observers claim that the industry is awash in capital, and that…
Is the U.S. property & casualty (P&C) insurance industry overcapitalized? Many practitioners and industry observers claim that the industry is awash in capital, and that this excess capital has driven prices to historical lows. Others claim that the industry is undercapitalized relative to a large but plausible natural disaster, such as a large Tokyo earthquake, or a Category 5 hurricane through Miami — a “super catastrophe” in industry jargon.
In this article, the authors develop an arbitrage approach to valuing insurance‐linked securities (ILS) for non‐catastrophic events within a framework of stochastic…
In this article, the authors develop an arbitrage approach to valuing insurance‐linked securities (ILS) for non‐catastrophic events within a framework of stochastic interest rates. The prices of these transactions are driven by both an interest rate process and a non‐trivial actuarial risk process. The authors find that the duration of ILS is, in most cases, higher than the Macaulay duration of risk‐free bonds, which implies that the alleged relative out‐performance of ILS is illusory.
Legal solvency tests play a crucial role in high‐stakes financial transactions. This article presents a brief introduction to legal solvency tests that play important roles in bankruptcy and corporate law. The author then proceeds to analyze these tests from the perspective of financial economics, and argues that optimal solvency tests should be context‐dependent.
David Peace’s Red Riding quartet (1974; 1977; 1980; 1983) was published in the UK between 1999 and 2002. The novels are an excoriating portrayal of the violences of men…
David Peace’s Red Riding quartet ( 1974; 1977; 1980; 1983 ) was published in the UK between 1999 and 2002. The novels are an excoriating portrayal of the violences of men, focusing on paedophilia and child murder, the hunt for the Yorkshire Ripper and, predominantly, the blurring of boundaries between the activities of police officers, criminals and entrepreneurs. This chapter aims to examine the way in which the criminal entrepreneur draws on socially constructed ideas of masculinity and the capitalist ideal in order to establish identity. This will be achieved through an examination of John Dawson, a character central to the UK Channel Four/Screen Yorkshire’s Red Riding Trilogy, the filmed version of the novels, first screened in 2009. The central role of networks of powerful men in creating space for the criminal entrepreneur and the cultural similarities between police officers and criminal entrepreneur will be explored.
Using the research approach of bricolage, the chapter provides a reflexive commentary on the films, drawing on a number of other texts and sources, including news accounts of featured events and interviews with the author David Peace and the series co-producer Jamie Nuttgens – an analysis of the texts, using a framework suggested by van Dijk (1993) and McKee (2003) features.
The centrality of the idea of hegemonic masculinity to the activities of both police officers, and criminals and businessmen and Hearn’s (2004) assertion that the cultural ideal and institutional power are inextricably linked are examined through an analysis of the role of Dawson (and his three linked characters in the novels) in the Red Riding Trilogy.
The chapter provides an analysis of one film series but could provide a template to apply to other texts in relation to topic.
The social implications of the findings of the research are discussed in relation to work on the impact of media representations (Dyer, 1993; Hall, 1997).
It is intended that the chapter will add to the growing body of academic work on the criminal entrepreneur and the ways in which media representation of particular groups may impact on public perception and construction of social policy.
Existing scholarship indicates that more research is needed to explore beneficial spillovers from public entrepreneurship. The purpose of this paper is to fill the gap in…
Existing scholarship indicates that more research is needed to explore beneficial spillovers from public entrepreneurship. The purpose of this paper is to fill the gap in that literature by examining a case of public entrepreneurship by a corporation. While political engagement by private firms frequently reduces to rent-seeking, this paper explores an instance in which public entrepreneurship by a private firm lead to beneficial spillovers – specifically, positive externalities resulting from the engagement of Cummins Engine Company with city government in Columbus, Indiana. In the case study, these spillovers consist of improved infrastructure, altered norms, and the reintroduction of economic calculation.
This case study uses publications in popular outlets, newspapers, and historical documents to understand the relationship between Cummins Engine Company and its local government.
Contrary to the presumption that public engagement by private firms necessarily reduces to rent-seeking, the activities of the Cummins Engine Company lead to beneficial public spillovers by way of improved infrastructure and norms, as well as by restoring a degree of economic calculation to the production of public buildings in Columbus, Indiana.
The authors illustrate the precise mechanisms that generate the potential spillovers from public entrepreneurship that Klein et al. (2010) explore theoretically.
It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields but who have a common interest in the means by which information may be collected and disseminated to the greatest advantage. Lists of its members have, therefore, a more than ordinary value since they present, in miniature, a cross‐section of institutions and individuals who share this special interest.
This chapter discusses the experiences of black men who encounter the phenomena of a mental health diagnosis, detention and death in a forensic setting in England…
This chapter discusses the experiences of black men who encounter the phenomena of a mental health diagnosis, detention and death in a forensic setting in England. Although there are black women with mental health issues who have also died in forensic settings, the occurrence is significantly higher for men who become demonised as ‘Big, Black, Bad and dangerous’. The author discusses the historical over representation of mental ill health amongst black people in the general community and the plethora or reasons attributed to this. The author then discusses the various points of entry into the criminal justice system, where black men with mental health issues are over represented. The author explores some inquiries into the deaths of black men in custody and the recommendations that were subsequently made, which successive governments have failed to act upon. The author argues that the term ‘Institutional Racism’ is insufficient to explain this phenomenon; and offers her own theoretical interpretation which is a combination of systemic racism influenced by post-colonial conceptualisation
Purpose – The purpose of this study is to share empirical research with educators and researchers to show how the gradual release of responsibility (GRR) model can support…
Purpose – The purpose of this study is to share empirical research with educators and researchers to show how the gradual release of responsibility (GRR) model can support bilingual teachers’ implementation of dialogic reading comprehension instruction in student-led small groups and linguistically responsive literacy instruction with emergent bilingual students (Spanish–English) in grades one through four.
Design/Methodology/Approach – The authors provide brief literature reviews on the literacy instruction that bilingual students in low-resourced schools typically receive, on dialogic reading comprehension instruction, and on linguistically responsive literacy instruction. Then, the authors show how teacher educators utilized the GRR framework and process to support bilingual teachers’ movement from whole-class, teacher-directed instruction to dialogic reading comprehension instruction in student-led small groups. Next, the authors illustrate how a third-grade dual-language teacher employed the GRR to teach her students how to use Spanish–English cognates. Lastly, the authors share three vignettes from a first-grade bilingual teacher’s use of the GRR to facilitate her students’ comprehension of teacher read-alouds of narrative and informational texts and English writing.
Findings – When the teacher educators employed the GRR model in combination with socio-constructivist professional staff development, the teachers revealed their concerns about small-group instruction. The teacher educators adjusted their instruction and support to address the teachers’ concerns, helping them to implement small-group instruction. The third-grade bilingual teacher employed the GRR to teach her students how to use a translanguaging strategy, cognates, when writing, spelling, and reading. The first-grade bilingual teacher’s use of the GRR during teacher read-alouds in Spanish and English provided space for her and her students’ translanguaging, and facilitated the students’ comprehension of narrative and informational texts and completion of an English writing assignment.
Research Limitations/Implications – The findings were brief vignettes of effective instruction in bilingual settings that employed the GRR model. Although the authors discussed the limitations of scripted instruction, they did not test it. Additional research needs to investigate how other teacher educators and teachers use the GRR model to develop and implement instructional innovations that tap into the unique language practices of bilingual students.
Practical Implications – The empirical examples should help other teacher educators and bilingual teachers to implement the GRR model to support the improved literacy instruction of bilingual students in grades one through four. The chapter defines linguistically responsive instruction, and shows how translanguaging can be used by bilingual teachers and students to improve the students’ literacy performance.
Originality/Value of Chapter – This chapter provides significant research-based examples of the use of the GRR model with bilingual teachers and students at the elementary level. It shows how employment of the model can provide bilingual teachers and students with the support needed to implement instructional literacy innovations and linguistically responsive instruction.