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Article
Publication date: 19 June 2018

Thomas Gehrig and Maria Chiara Iannino

This paper aims to analyze systemic risk in and the effect of capital regulation on the European insurance sector. In particular, the evolution of an exposure measure…

Abstract

Purpose

This paper aims to analyze systemic risk in and the effect of capital regulation on the European insurance sector. In particular, the evolution of an exposure measure (SRISK) and a contribution measure (Delta CoVaR) are analyzed from 1985 to 2016.

Design/methodology/approach

With the help of multivariate regressions, the main drivers of systemic risk are identified.

Findings

The paper finds an increasing degree of interconnectedness between banks and insurance that correlates with systemic risk exposure. Interconnectedness peaks during periods of crisis but has a long-term influence also during normal times. Moreover, the paper finds that the insurance sector was greatly affected by spillovers from the process of capital regulation in banking. While European insurance companies initially at the start of the Basel process of capital regulation were well capitalized according to the SRISK measure, they started to become capital deficient after the implementation of the model-based approach in banking with increasing speed thereafter.

Practical implications

These findings are highly relevant for the ongoing global process of capital regulation in the insurance sector and potential reforms of Solvency II. Systemic risk is a leading threat to the stability of the global financial system and keeping it under control is a main challenge for policymakers and supervisors.

Originality/value

This paper provides novel tools for supervisors to monitor risk exposures in the insurance sector while taking into account systemic feedback from the financial system and the banking sector in particular. These tools also allow an evidence-based policy evaluation of regulatory measures such as Solvency II.

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Article
Publication date: 10 August 2018

Clas Wihlborg

Before providing an overview of the conference with the above title and this Special Issue, this paper aims to present a view of the meaning of systemic risk, factors that…

Abstract

Purpose

Before providing an overview of the conference with the above title and this Special Issue, this paper aims to present a view of the meaning of systemic risk, factors that affect systemic risk and measures of systemic risk. Thereafter, the conference presentations and the papers in this issue are summarized.

Design/methodology/approach

Characteristics and measures of systemic risk are reviewed. Conference papers and presentations are summarized.

Findings

While some aspects of systemic risk of a financial institution can be measured, an important aspect associated with contagion through markets is not easily captured by simple measures.

Originality/value

The conference and the papers in this issue contribute to the policy debate about sources and characteristics of systemic risk.

Details

Journal of Financial Economic Policy, vol. 10 no. 2
Type: Research Article
ISSN: 1757-6385

Keywords

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Article
Publication date: 15 July 2019

Tobias Brünner

This study aims to investigate – theoretically and empirically – if call auctions incorporate asymmetric information into prices.

Abstract

Purpose

This study aims to investigate – theoretically and empirically – if call auctions incorporate asymmetric information into prices.

Design/methodology/approach

First, this study introduces a new model of price formation in a call auction with insider information. In this call auction model, insider trading gives rise to an asymmetric information component of transaction costs. Next, this study estimates the model using 20 stocks from Euronext Paris and investigates if the asymmetric information component is present.

Findings

The theoretical analysis reveals that call auctions incorporate asymmetric information into prices. The empirical analysis finds strong evidence for the asymmetric information component. Testable implications provide further support for the model.

Practical implications

Call auctions have recently been proposed as an alternative to continuous limit order book markets to overcome problems associated with high-frequency trading. However, it is still an open question whether call auctions efficiently aggregate asymmetric information. The findings of this study imply that call auctions facilitate price discovery and, therefore, are a viable alternative to continuous limit order book markets.

Originality/value

There is no generally accepted measure of trading costs for call auctions. Therefore, the measure introduced in this study is of great value to anyone who wants to quantify trading costs in call auctions, understand the determinants of trading costs in call auctions or compare trading costs and their components between continuous markets and call auctions. This study also contributes to the literature devoted to estimating the probability of information-based trading.

Details

Studies in Economics and Finance, vol. 36 no. 3
Type: Research Article
ISSN: 1086-7376

Keywords

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Article
Publication date: 1 February 1974

Frances Neel Cheney

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here…

Abstract

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Details

Reference Services Review, vol. 2 no. 2
Type: Research Article
ISSN: 0090-7324

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Article
Publication date: 1 April 1993

Virginia Tiefel

The proliferation or information, created and sustained with the help of technology, has placed increased pressure on librarians to teach/assist library patrons to use the…

Abstract

The proliferation or information, created and sustained with the help of technology, has placed increased pressure on librarians to teach/assist library patrons to use the information efficiently and effectively. With decreasing budgets and resulting smaller staffs, academic libraries have been hard pressed to meet the demand. In response to this need, the Ohio State University (OSU) Libraries has developed a microcomputer program that enables library users to identify, locate, evaluate, and select information independently. With the support of three federal grants and one private grant, the OSU Libraries has designed The Gateway to Information in order to guide users to the best information for their needs, regardless of format. The Gateway's evaluations demonstrate that it is an effective and user‐friendly information tool for a wide range of library patrons. The Gateway is now available on all of the Libraries' terminals.

Details

Library Hi Tech, vol. 11 no. 4
Type: Research Article
ISSN: 0737-8831

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Book part
Publication date: 6 August 2018

Cyrus Dioun

How can organizations use strategic frames to develop support for illegal and stigmatized markets? Drawing on interviews, direct observation, and the analysis of 2,497…

Abstract

How can organizations use strategic frames to develop support for illegal and stigmatized markets? Drawing on interviews, direct observation, and the analysis of 2,497 press releases, I show how pro-cannabis activists used distinct framing strategies at different stages of institutional development to negotiate the moral boundaries surrounding medical cannabis, diluting the market’s stigma in the process. Social movement organizations first established a moral (and legal) foothold for the market by framing cannabis as a palliative for the dying, respecting moral boundaries blocking widespread exchange. As market institutions emerged, activists extended this frame to include less serious conditions, making these boundaries permeable.

Details

Social Movements, Stakeholders and Non-Market Strategy
Type: Book
ISBN: 978-1-78754-349-2

Keywords

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Article
Publication date: 1 January 2008

David C Wyld

This article examines the applications of RFID technology in the world of sport. It provides the reader with an overview of RFID and its uses in business. The article…

Abstract

This article examines the applications of RFID technology in the world of sport. It provides the reader with an overview of RFID and its uses in business. The article looks at how RFID can be employed in the games themselves, in sports venues and in sports memorabilia as a means of enhancing the value, enjoyment and security of sports. The author concludes by discussing the importance of this technology for sports marketing and research.

Details

International Journal of Sports Marketing and Sponsorship, vol. 9 no. 2
Type: Research Article
ISSN: 1464-6668

Keywords

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Book part
Publication date: 14 June 2019

Oliver Gassmann, Jonas Böhm and Maximilian Palmié

Abstract

Details

Smart Cities
Type: Book
ISBN: 978-1-78769-613-6

Content available
Article
Publication date: 22 February 2021

Jonathan E. Leightner

Based upon estimates of the change in consumption due to a change in out-of-pocket-health expenses (dC/dOOPHE) for 43 countries, this paper aims to argue for a…

Abstract

Purpose

Based upon estimates of the change in consumption due to a change in out-of-pocket-health expenses (dC/dOOPHE) for 43 countries, this paper aims to argue for a reevaluation of what constitutes OOPHE when determining health insurance especially in the wake of Covid-19.

Design/methodology/approach

Reiterative truncated projected least squares (RTPLS), a statistical technique designed to handle the omitted variables problem of regression analysis.

Findings

If budgets are binding than dC/dOOPHE should be 0; if OOPHE merely adds to current consumption than dC/dOOPHE should be 1. However, merely plotting consumption versus OOPHE for the 43 countries for which organization for economic cooperation and development has the required data clearly shows a dC/dOOPHE much greater than one. This paper’s estimates of dC/dOOPHE for 2000 to 2017 range from 15.6 for Switzerland (in 2016) to 225.2 for Columbia (in 2003).

Research limitations/implications

RTPLS cannot determine what part of the results are due to an increase in income causing both consumption and OOPHE to increase and what part is because of actual OOPHE far exceeding official OOPHE. However, the latter is involved.

Practical implications

As Covid-19 sickens millions while depriving millions of their normal means of generating income, what constitutes OOPHE should be expanded when determining health insurance. This paper’s results imply that even prior to Covid-19 health insurance covered much less than the optimal amount of actual OOPHE.

Originality/value

This is the first paper to use RTPLS to estimate dC/dOOPHE.

Details

Journal of Financial Economic Policy, vol. 13 no. 4
Type: Research Article
ISSN: 1757-6385

Keywords

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Book part
Publication date: 11 June 2003

Lara D Nielsen

The 1922 Supreme Court anti-trust exemption awarded to organized baseball was quick to grasp the prerogatives of the emerging U.S. popular culture industries, and displays…

Abstract

The 1922 Supreme Court anti-trust exemption awarded to organized baseball was quick to grasp the prerogatives of the emerging U.S. popular culture industries, and displays the anomalies of performance in the law. The trade and commerce in cultural performances yield contradictory opinions about the distinctions between the functions of work and play, as well as the properties of work and the performing arts. The interconnecting functions of a sport like organized baseball, as an industry, an art, and a popular cultural entertainment makes baseball a rich object for analysis in the perplexing historical puzzle of decentralized U.S. cultural policy.

Details

Studies in Law, Politics and Society
Type: Book
ISBN: 978-0-76231-032-6

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