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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Science Ltd
    Journal of business finance & accounting 30 (2003), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study uses 1991–99 data gathered from the United Kingdom's life insurance industry to test empirically the notion that the reported annual surplus of a life insurer may be influenced by four firm-specific characteristics: namely, reinsurance, output mix, organizational form and firm size. Consistent with expectations, the results indicate that the annual reported surplus is positively related to reinsurance and firm size and negatively related to the degree of product diversification. Contrary to our expectations, however, we find no evidence that proprietary (stock) life insurers tend to report higher annual surpluses than mutual life insurers.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Science Ltd
    Journal of business finance & accounting 30 (2003), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper examines the determinants of external credit ratings attained by insurance firms in the United Kingdom (UK) and of the likelihood that insurers will have such an assessment. Using panel data relating to A.M. Best-rated and Standard and Poor's (S&P)-rated insurers over the period 1993–1997, a trichotomous logit model and an ordered probit model with sample selection are employed to show that the factors which influence the likelihood of having external credit assessments not only vary between the two agencies but also differ from those which determine the ratings themselves. Our results are shown to be of potential interest to participants in the insurance industry and policy-makers alike.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Bradford : Emerald
    Accounting, auditing & accountability journal 10 (1997), S. 718-734 
    ISSN: 0951-3574
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Drawing a framework from Gibbins et al. (1990), uses information collected from field interviews to isolate those factors which influence the voluntary disclosure practices of New Zealand life insurance companies. Interview evidence suggests that voluntary disclosure is a multi-dimensional phenomenon that is influenced by both firm-specific antecedents such as company culture and environmental conditions, for example, the state of market competition. Gibbins et al. (1990) refer to these organizational and environmental determinants of corporate disclosure as ritualism and opportunism. The results of this study thus provide important insights into the voluntary disclosure practices of life insurance companies. Also concludes that field-based research carried out within a sound conceptual framework could make a valuable contribution to the accounting literature and complement the results obtained in studies utilizing more conventional statistical techniques.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of international financial management & accounting 8 (1997), S. 0 
    ISSN: 1467-646X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The contracting theory literature suggests that auditors’ pricing decisions reflect the efficacy of contracting arrangements in firms. Drawing a framework from this literature, we test empirically the simultaneous effect of six firm-specific variables on external audit costs using 1988–1993 data drawn from New Zealand’s (NZ) life insurance industry. These variables are: assets-in-place, reinsurance, internal governance, firm size, product-mix and organizational form. Consistent with expectations, our results indicate that audit fees are influenced by product-mix and firm size. However, the other variables are found not to be statistically significant. The empirical results thus provide mixed support for contracting theory.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of management studies 35 (1998), S. 0 
    ISSN: 1467-6486
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Drawing a framework from stakeholder theory, this study uses 1994 data drawn from 100 United Kingdom listed companies to test empirically whether the level of discretionary donations made by companies to charitable, social and political causes is related to four company-specific factors, namely leverage, company size, profitability and ownership structure. Consistent with our hypotheses, the results indicate that the decision to contribute funds to charities and other bodies is positively related to company size and profitability and negatively related to leverage. However, the study provides no support for the view that there is a link between discretionary donations and a company's ownership structure.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Abacus 35 (1999), S. 0 
    ISSN: 1467-6281
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper examines the determinants of financial derivatives use in the United Kingdom life insurance industry. We estimate a probit regression model and a Heckman two-stage sample selection regression model using a sample of eighty-eight U.K. life insurers in 1995. Our results indicate that the propensity to use derivative instruments is positively related to a firm’s size, leverage and international links, and negatively related to the extent of reinsurance. We also find that mutual life insurance firms have a greater propensity than stock firms to use derivatives. The positive relation with leverage and the negative relation with reinsurance support the hypothesis that U.K. life insurers use derivatives to offset risk, rather than as a speculative means of income generation. Firm size and organizational form are the main influences on the extent of financial derivatives use.
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Springer
    Asia Pacific journal of management 13 (1996), S. 19-35 
    ISSN: 1572-9958
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Two forms of ownership structure characterize the insurance industry—the stock company owned by shareholders and the mutual form which is owned by its policyholders. The academic literature suggests that ownership structure is dependent upon the efficiency of the endogenous contracting mechanisms and governance structures in firms. Mutuals are predicted to exist and successfully compete with stock companies in insurance markets because they merge the ownership-customer functions and introduceex-ante contracting mechanisms andex-post modes of governance which restrict managerial discretion. Drawing a framework from transaction cost theory, this study tests empirically the proposition that choice of ownership structure in the life insurance industry is related to contracting mechanisms and governance structures in the firm. Individual cross-sectional logistic regression models are estimated using 1991–1993 data gathered from New Zealand's life insurance industry. Consistent with expectations our results suggest that mutuals are more likely to have higher asset specificity than stock companies. By contrast, stocks appear to be more reinsured and incur higher governance expenditures than mutual companies. Furthermore, contrary to what was hypothesized, our findings indicate that mutuals may be bigger than stock companies. Therefore, overall the empirical evidence does not support the predictions drawn from transaction cost theory.
    Type of Medium: Electronic Resource
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  • 8
    Publication Date: 2007-10-08
    Description: Once deeply buried rocks are elevated in thrust belts, the resulting effects on reservoir evolution, source-rock maturity, hydrocarbon phase and charge history pose major problems for thrust belt exploration. To understand the geometrical evolution and burial history of thrust belts, successive structural restorations and dynamic basin modelling are needed. The forward modelling program Thrustpack' provides a semi-quantitative way forward, and this paper presents a Thrustpack' case study. The area considered is Rio Horta in the western foothills of the Colombian Eastern Cordillera, where westward-directed frontal structures break out onto the foreland basin of the Middle Magdalena Valley. A large sub-thrust anticline underlies the frontal thrusts and provides a substantial exploration lead. Following conventional models of back-thrusting and fish-tailing', the structure can be interpreted as entirely late, post-dating the overlying thrusts and once buried by the entire sedimentary megasequence of the Magdalena foreland basin. This would imply that the prospective section had been buried to a depth of about 12 km before uplift, and suggest a hydrocarbon graveyard, or, at best, dry gas in fractured, tight rock and potential overpressure. If the structure formed early, there is a chance of preserving both original porosity and liquid hydrocarbon in the structure, and charge risk is lessened because hydrocarbons were able to migrate into a structure that already existed. Hints from geological maps and the (generally poor quality) seismic data suggest that this is the more likely situation. It is consistent with the idea of an evolving palaeo-landscape and a mountain front with a very long history, where the structure remained relatively elevated during later sedimentation and thrusting. The modelling of these two alternative possible structural histories in Thrustpack' tests their viability and quantifies the hydrocarbon maturation, migration history and porosity evolution. The model in which the structure develops early presents real exploration opportunity whereas the alternative presents unacceptable exploration risk.
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  • 9
  • 10
    Publication Date: 1998-09-01
    Print ISSN: 1434-4610
    Electronic ISSN: 1618-0941
    Topics: Biology
    Published by Elsevier
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