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Article
Publication date: 13 August 2021

Yang Zhao, Jin-Ping Lee and Min-Teh Yu

Catastrophe (CAT) events associated with natural catastrophes and man-made disasters cause profound impacts on the insurance industry. This research thus reviews the…

Abstract

Purpose

Catastrophe (CAT) events associated with natural catastrophes and man-made disasters cause profound impacts on the insurance industry. This research thus reviews the impact of CAT risk on the insurance industry and how traditional reinsurance and securitized risk-transfer instruments are used for managing CAT risk.

Design/methodology/approach

This research reviews the impact of CAT risk on the insurance industry and how traditional reinsurance and securitized risk-transfer instruments are used for managing CAT risk. Apart from many negative influences, CAT events can increase the net revenue of the insurance industry around CAT events and improve insurance demand over the post-CAT periods. The underwriting cycle of reinsurance causes inefficiencies in transferring CAT risks. Securitized risk-transfer instruments resolve some inefficiencies of the reinsurance market, but are subject to moral hazard, basis risk, credit risk, regulatory uncertainty, etc. The authors introduce some popular securitized solutions and use Merton's structural framework to demonstrate how to value these CAT-linked securities. The hybrid solutions by combining reinsurance with securitized CAT instruments are expected to offer promising applications for CAT risk management.

Findings

The authors introduce some popular securitized solutions and use Merton's structural framework to demonstrate how to value these CAT-linked securities. The hybrid solutions by combining reinsurance with securitized CAT instruments are expected to offer promising applications for CAT risk management.

Originality/value

This research reviews a broad array of impacts of CAT risks on the (re)insurance industry. CAT events challenge (re)insurance capacity and influence insurers' supply decisions and reconstruction costs in the aftermath of catastrophes. While losses from natural catastrophes are the primary threat to property–casualty insurers, the mortality risk posed by influenza pandemics is a leading CAT risk for life insurers. At the same time, natural catastrophes and man-made disasters cause distinct impacts on (re)insures. Man-made disasters can increase the correlation between insurance stocks and the overall market, and natural catastrophes reduce the above correlation. It should be noted that huge CAT losses can also improve (re)insurance demand during the postevent period and thus bring long-term effects to the (re)insurance industry.

Details

China Finance Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 12 July 2021

Nadia Zainuddin, Julia Robinson, Jennifer Algie and Melanie Randle

This paper aims to examine driving retirement and its impact on the well-being of older citizens. The concepts of value creation and destruction are used to understand…

Abstract

Purpose

This paper aims to examine driving retirement and its impact on the well-being of older citizens. The concepts of value creation and destruction are used to understand older consumers’ experiences with the self-service consumption activity of driving. This paper formally introduces the concept of value re-creation, as a means of restoring the overall value lost from the destruction of certain components of previous value structures. In doing so, this paper explores the different ways that resources across the micro, meso and macro levels of the ecosystem can be re-aligned, in order for older citizens to maintain their well-being after driving retirement.

Design/methodology/approach

A qualitative, individual-depth interview approach was undertaken with 26 participants living in New South Wales, Australia. The participants comprised of both drivers approaching driving retirement age, as well as driving retirees. Thematic analysis was undertaken to analyse the data.

Findings

The findings identified that emotional value in the forms of freedom, independence/autonomy and enjoyment, functional value in the forms of convenience and mobility and community value are created from driving. Driving retirement destroys certain components of this value (e.g. enjoyment and convenience) irrevocably, however freedom, independence/autonomy, mobility and social connectedness can still be maintained through re-aligning resources across the micro, meso and macro levels of the ecosystem. New components of value are also created from driving retirement. These include peace of mind, which contributes to the re-creation of the emotional value dimension, and cost savings, which creates the new value dimension of economic value. These changes to the value structure effectively re-create the overall value obtained by individuals when they retire from driving.

Originality/value

The main contribution of this work is the formal introduction of the concept of value re-creation at the overall and value dimension level, and development of a conceptual model that explains how this value re-creation can occur. The model shows the resource contributions required across all levels of the ecosystem, expanding on existing conceptualisations that have predominantly focussed on resource contributions at the individual and service levels.

Details

Journal of Services Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0887-6045

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Article
Publication date: 5 July 2021

Biswa Swarup Misra

The purpose of this paper is to examine political accountability to the voter in India by studying re-election patterns in 14 major states categorized as leading and…

Abstract

Purpose

The purpose of this paper is to examine political accountability to the voter in India by studying re-election patterns in 14 major states categorized as leading and lagging during the period 1952–2015.

Design/methodology/approach

This study has computed a state-wise re-election index by taking the ratio of the number of constituencies exhibiting re-election in four consecutive terms during 1952–1999 to the total number of constituencies in the state. The time-invariant re-election index as of the year 1999 is used to estimate the impact of the re-election on per capita state income during 2001–2015. This paper has used the correlated random effects estimation procedure that considers the state-specific unobserved factors while using a time-invariant regressor to ascertain the impact of re-election.

Findings

This study finds that persistent re-election does not seem to lead to better development outcomes. When this study computes the re-election index by excluding constituencies that are underdeveloped both in the economic and social spheres, this paper finds the asymmetric impact of re-election for the leading and the lagging states. The findings suggest that historical institutions in the laggings states could be driving the empirical results. The empirical findings are corroborated by the relatively poor availability of basic amenities in constituencies exhibiting persistent re-election when compared to the state average.

Practical implications

The findings suggest that the provision of re-election without term limits may need to be revisited in the lagging states for better political accountability.

Originality/value

First, the authors study the pattern of constituency-wise re-election to compute state-wise re-election index to capture persistent re-election. Second, the authors assess the development status of a constituency by mapping it to the development indicators of the district in which the constituency is located. This paper considers both economic as well social indicators of development. Third, the time-invariant nature of the re-election index helps to address reverse causality while studying the impact of re-election on development. Fourth, the authors use a novel econometric methodology to study the impact of the re-election on development given the time-invariant characteristic of the re-election index.

Details

Indian Growth and Development Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8254

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Article
Publication date: 22 July 2021

Sumit Kumar Mehta, Sukumar Pati, Shahid Ahmed, Prangan Bhattacharyya and Jishnu Jyoti Bordoloi

The purpose of this study is to analyze the thermal, hydraulic and entropy generation characteristics for laminar flow of water through a ribbed-wavy channel with the top…

Abstract

Purpose

The purpose of this study is to analyze the thermal, hydraulic and entropy generation characteristics for laminar flow of water through a ribbed-wavy channel with the top wall as wavy and bottom wall as flat with ribs of three different geometries, namely, triangular, rectangular and semi-circular.

Design/methodology/approach

The finite element method-based numerical solver has been adopted to solve the governing transport equations.

Findings

A critical value of Reynolds number (Recri) is found beyond which, the average Nusselt number for the wavy or ribbed-wavy channel is more than that for a parallel plate channel and the value of Recri decreases with the increase in a number of ribs and for any given number of ribs, it is minimum for rectangular ribs. The performance factor (PF) sharply decreases with Reynolds number (Re) up to Re = 50 for all types of ribbed-wavy channels. For Re > 50, the change in PF with Re is gradual and decreases for all the ribbed cases and for the sinusoidal channel, it increases beyond Re = 100. The magnitude of PF strongly depends on the shape and number of ribs and Re. The relative magnitude of total entropy generation for different ribbed channels varies with Re and the number of ribs.

Practical implications

The findings of the present study are useful to design the economic heat exchanging devices.

Originality/value

The effects of shape and the number of ribs on the heat transfer performance and entropy generation have been investigated for the first time for the laminar flow regime. Also, the effects of shape and number of ribs on the flow and temperature fields and entropy generation have been investigated in detail.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0961-5539

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Article
Publication date: 1 July 2005

Lisa M. Cal and Brian H. Kleiner

On January 1, 2004 California became the first state to mandate Paid Family Leave for workers who take time off to care for a sick family member. This change is a sub set…

Abstract

On January 1, 2004 California became the first state to mandate Paid Family Leave for workers who take time off to care for a sick family member. This change is a sub set to the California Family Rights Act (CFRA). This act is based on the Family and Medical Leave Act (FMLA), which is a federal law. As a foundation to understanding the pending changes in California it is necessary to obtain an overview of the FMLA. Despite their best intentions, employers and human resource professionals find themselves unintentionally violating some portion of the FMLA due to complicated definitions and technical requirements. This article is written from the perspective of an employer in order to highlight dominant features of the FMLA and California’s Paid Family Leave. It is increasingly important for companies to adopt policies and procedures that will ensure compliance with all requirements going forward. Otherwise, the consequences could be costly.

Details

Equal Opportunities International, vol. 24 no. 5/6
Type: Research Article
ISSN: 0261-0159

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Article
Publication date: 1 December 1998

Kevin J. Sigler

Outlines some research on the effects of risk on portfolios for retirement planning and puts forward a method to help individuals “increase their chances of not outliving…

Abstract

Outlines some research on the effects of risk on portfolios for retirement planning and puts forward a method to help individuals “increase their chances of not outliving their retirement portfolios”. Uses numerical examples to show how calculations of the savings needed to achieve specific retirement incomes may prove inaccurate, and how regular portfolio assessment can be used to make any necessary adjustments during the accumulation and/or the retirement stage.

Details

Managerial Finance, vol. 24 no. 12
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 13 April 2012

Osaretin S. Iyare and L. Leo Moseley

A growing body of research has identified many barriers (such as education, identification of appropriate technologies, research and development in the indigenous…

Abstract

Purpose

A growing body of research has identified many barriers (such as education, identification of appropriate technologies, research and development in the indigenous environments and, perhaps most importantly, public policy) to the implementation of renewable energy (RE) programmes in small island developing states (SIDS). This paper seeks to examine the proposition that lack of an integrated RE policy, necessary non‐technical infrastructure and insufficient investment continues to limit the development and commercialization of RE technologies.

Design/methodology/approach

The study surveyed literature, focusing on policies for supporting RE and the issues of competition and regulation. Caribbean policies for supporting RE were compared with those in selected countries.

Findings

The findings indicate that while undertaking a series of policy, economic, market and research and development (R&D) measures will advance the RE technologies and their deployment, it is also the case that regulatory mandates and financial incentives can lead to the same result.

Practical implications

The study represents a starting‐point for further research into the complicated interplay between competition and regulations in the development and commercialization of renewable technologies.

Originality/value

As we face fundamental issues of alternative energy use across the Caribbean region, the lack of an integrated RE policy, necessary non‐technical infrastructure and insufficient investment continues to limit the development and commercialization of RE technologies. Deeper understandings of this may help governments build a compelling case.

Details

Management of Environmental Quality: An International Journal, vol. 23 no. 3
Type: Research Article
ISSN: 1477-7835

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Article
Publication date: 1 February 1990

C. Lea

The loss of reliability of a PTH soldered joint caused by unnecessary re‐working after wave soldering is considered. Standardised joints are re‐worked under conditions…

Abstract

The loss of reliability of a PTH soldered joint caused by unnecessary re‐working after wave soldering is considered. Standardised joints are re‐worked under conditions that closely control the temperature of the soldering iron tip, the time of contact of the tip to the joint, the angle and the contact pressure of the soldering iron, the amount of flux and the amount of extra solder applied. The service life of the joints is assessed using accelerated thermal cycling between ‐20°C and +100°C. In all cases, the service life of these test joints is degraded by re‐working. The effect becomes worse when the temperature and time of re‐work are increased. The degradation of fatigue performance is associated with changes in the solder fillet microstructure. The effects on fatigue performance of changing the fillet size by adding extra solder during re‐work are complex, but explainable in general terms. The results obtained from the controlled laboratory rework tests are corroborated by test assemblies re‐worked to companies' in‐house workmanship standards and by field data.

Details

Soldering & Surface Mount Technology, vol. 2 no. 2
Type: Research Article
ISSN: 0954-0911

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Article
Publication date: 13 April 2012

Julia Gottwald, Franziska Buch and Kira Giesecke

The aim of this paper is to explore the existing linkages between Bolivian universities and the renewable energy (RE) sector as well as the current role and future…

Abstract

Purpose

The aim of this paper is to explore the existing linkages between Bolivian universities and the renewable energy (RE) sector as well as the current role and future potential of the higher education institutions to reduce the technology gap in the RE sector by technology and knowledge transfer.

Design/methodology/approach

The investigation is based on two surveys carried out in the frame of the JELARE project, financed by the EU ALFA III programme, with university stakeholders as well as market representatives from the RE sector.

Findings

The main findings were that Bolivian universities are far behind the market needs regarding RE technology transfer, the linkages between the higher education institutions and the market are weak and there is a lack of finance and expertise on both sides. On the other hand, potentials can be seen in the introduction of RE study programmes, the implementation of long‐term research strategies as well as internships and applied research programmes conducted jointly.

Practical implications

The research reveals significant deficits in university technology transfer towards the Bolivian RE market, but on the other hand it shows chances which can be taken as a starting‐point by policy makers and other stakeholders to boost local innovation and the development of the RE market.

Originality/value

University technology transfer regarding REs in poor developing countries has been scarcely investigated until the moment and the links between universities and RE labour market in Bolivia specifically have not been subject to research. The explorative surveys undertaken build a base for further research in this topic.

Details

Management of Environmental Quality: An International Journal, vol. 23 no. 3
Type: Research Article
ISSN: 1477-7835

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Article
Publication date: 1 August 1998

Keshab Shrestha and Sheng‐Syan Chen

Outlines the Fisher hypothesis, cites previous relevant research and develops mathematical models for long‐run and short‐run Fisher relationships. Applies them to the UK…

Abstract

Outlines the Fisher hypothesis, cites previous relevant research and develops mathematical models for long‐run and short‐run Fisher relationships. Applies them to the UK, USA, Canada and Japan, using 1978‐1997 monthly data and Eurocurrency interest rates to explore the relationship between nominal interest rates and inflation rates. Finds a significant positive relationship for all four currencies in the long run; and for the UK and Japan but not for Canada in the short run, with significance only at the 10 per cent level for the USA.

Details

Managerial Finance, vol. 24 no. 8
Type: Research Article
ISSN: 0307-4358

Keywords

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