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

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      <subfield code="a">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</subfield>
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      <subfield code="a">The Journal of risk and insurance</subfield>
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      <subfield code="t">The Journal of risk and insurance</subfield>
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      <subfield code="g">Volume 74, number 2, May 2007 ;  p. 273-299</subfield>
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