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Risk management, capital budgeting, and capital structure policy for insurers and reinsurers

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<title>Risk management, capital budgeting, and capital structure policy for insurers and reinsurers</title>
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<titleInfo type="alternative">
<title>The Journal of risk and insurance</title>
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<namePart>Froot, Kenneth A.</namePart>
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<dateIssued encoding="marc">2007</dateIssued>
<issuance>serial</issuance>
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<abstract>This article builds on Froot and Stein in developing a framework for analyzing the risk allocation, capital budgeting, and capital structure decisions facing insurers and reinsurers. The model incorporates three key features: value-maximizing insurers and reinsurers face product-market as well as capital-market imperfections that give rise to well-founded concerns with risk management and capital allocation; some, but not all, of the risks they face can be frictionlessly hedged in the capital market; and the distribution of their cash flows may be asymmetric, which alters the demand for underwriting and hedging</abstract>
<note type="statement of responsibility">Kenneth A. Froot</note>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080591182">
<topic>Gerencia de riesgos</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080575281">
<topic>Coste del riesgo</topic>
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<topic>Riesgo financiero</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080584344">
<topic>Control de riesgos</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080552701">
<topic>Solvencia</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
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<classification authority="">7</classification>
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<title>The Journal of risk and insurance</title>
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<publisher>Orlando</publisher>
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<identifier type="local">MAP20077000727</identifier>
<part>
<text>Volume 74, number 2, May 2007 ;  p. 273-299</text>
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