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Haboub, Ahmad. "Essays on equity valuation and accounting conservatism for insurance companies." Thesis, Brunel University, 2017. http://bura.brunel.ac.uk/handle/2438/15823.
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This thesis contributes to the literature in the finance and accounting field throughout its three empirical chapters. The first empirical chapter contributes to the literature on accounting conservatism in several ways; first, it investigates the accounting conservatism of US insurance companies using four measures, namely, non-operating accruals, skewness of earnings and cash flows, book to market ratio and asymmetric timeliness measures. Second, this paper compares these four measures in order to determine the association and differences between them. Finally, the level of accounting conservatism of the insurance companies is compared to that of a sample of commercial banks to check whether they have similar levels of accounting conservatism. The results of the first chapter suggest that the changes in accounting performance, as measured by return over assets, can be partly explained by accounting conservatism, since it is measured by the accumulation of non-operating accruals, skewness of operating cash flow and accruals, book to market ratio, adjusted book to market ratio and Basu's asymmetric measure. All of these four measures give robust evidence that insurance companies' accounts tended to be conservative for the whole sample period, and that the level of conservatism has risen over the years. More interestingly, a t test for the differences in means suggests that accruals conservatism show on average a higher level of accounting conservatism than book value conservatism does. Finally, our results, based on a constant sample consist of 92 banks and 46 insurance companies whose data are available for all the sample years; they suggest that both insurance companies and banks have similar levels of accounting conservatism due to their similar reporting characteristics. The second empirical chapter contributes to the existing literature on equity valuation in two ways. First, it confirms the importance of imposing linear information dynamics when predicting the equity values of insurance companies, because the restricted models result in fewer error metrics. Second, it highlights the role of the accruals components in the equity valuation of US insurance companies by demonstrating that the incorporation of accrual components in the residuals income valuation model suggested by Ohlson (1995) has smaller error metrics than those of aggregate net income. Our results are based on a sample of US insurance companies, which consists of 718 firm-year observations over the period from 2001 to 2012. For instance, our results suggest that total accruals, changes in insurance reserve, changes in account receivables, and deferred acquisition costs have an incremental ability to predict equity market value over abnormal earnings and book values. Furthermore, the predictive ability of changes in insurance reserves is higher than the predictive ability of changes in account receivables and the change in deferred acquisition costs without imposing the LIM structures. However, when the LIM structure is imposed the predictive ability of changes in deferred acquisition costs is higher than the predictive ability of both changes in accounts receivable and changes in insurance reserves. Our final empirical chapter contributes to the literature on accounting anomalies by investigating the value to price anomaly (V/P), where the fundamental value (V) is estimated using the residual income valuation model. Motivated by the findings of Hwang and Lee (2013), Fama and French (2015), and Fama and French (2016), Chapter Four asks whether V/P strategies reflect the risks factor or whether this is better explained by market inefficiency, and whether Fama and French's five-factor model can explain the excess return of V/P. To answer the previous questions we use data from the merger of COMPUSTAT, CRSP, I/B/E/S for all the non-financial firms listed in AMEX, NYSE, and NASDAQ during the period from 1987 to 2015. Our findings suggest that the V/P ratio is positively correlated to future stock returns after controlling for several firm characteristics, which are known to be proxies of common risks. Our results indicate that the omission of risk factors is not likely to be an explanation of the V/P effect. To answer the second question, we compare the performances of different asset pricing models by calculating the GRS F-statistics. Our findings clearly indicate that the five-factor model of Fama and French performs better than either the CAPM or the traditional Fama and French three factor model. These results confirm that the excess returns of V/P strategy vary due to the differences in size, the B/M ratio, operating profit and betas across quintile portfolios. However, these factors cannot explain all the variation in excess returns; moreover, the stocks in the high V/P may be riskier than the stocks in the low V/P portfolios in certain other dimensions.
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West, Darron. "A review of disclosure in the annual financial reports of life insurance companies in South Africa." Master's thesis, University of Cape Town, 1999. http://hdl.handle.net/11427/9906.
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Includes bibliographical references.The globalisation of the South African economy and the recent corporate activity involving South African life insurance companies has renewed interest in financial reporting by these companies. There has been little development in guidance on reporting for long term insurers in South Africa since 1994 when AC121 "Disclosure in the Financial Statements of Long-Term Insurers" was published. South African life insurance companies have also fared poorly in recent Excellence in Financial Reporting surveys. Revisions to the reporting requirements of life insurance companies in the United Kingdom and Australia provide scope for the examination of the usefulness of the financial statements of life insurance companies in South Africa, by investigating the extent and adequacy of disclosure (as proxies for usefulness) by such companies in terms of local and international benchmarks.
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Davies, John Hywel. "Towards the adjustment of accounts of insurance companies to allow for differing accounting policies." Thesis, University of East London, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.264410.
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Van, den Berg Johannes Petrus. "An assessment of the comparability of financial reporting by South African long-term insurers." Thesis, Stellenbosch : Stellenbosch University, 2004. http://hdl.handle.net/10019.1/49834.
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Assignment (MAcc )--Stellenbosch University, 2004.ENGLISH ABSTRACT: Existing long-term insurance financial reporting practices are heavily based on regulatory foundations. Although the reporting requirements of the long-term insurance industry are unique, there is currently no comprehensive, up to date Financial Reporting Standard in South Africa for long-term insurers. The demand for increased disclosure in the financial statements of long-term insurers increases the importance of the basic accounting principles for these companies as embodied in the Framework for the Preparation and Presentation of Financial Statements, namely comparability, relevance, accuracy and understandability of financial reporting. The SAICA Long-Term Insurance Interest Group discussed the withdrawal of AC121 Disclosure in the Financial Statements of Long-Term Insurers and the replacement thereof by way of other guidance. Ultimately the Accounting Practices Committee has firmly stated that it will not tolerate the ongoing implementation of AC121 because it contradicted a number of other accounting statements and indeed overrode those statements. With this in mind and taking into account the program of harmonising South African accounting standards with International Accounting Standards, it insisted that AC121 be withdrawn and replaced by guidance notes only. The current lack of authoritative South African guidance on financial reporting by long-term insurers results in the potential compromise of the basic qualitative characteristics of comparability and relevance in their financial statements, as certain disclosures are voluntary rather than required. The aim of the research was to assess the impact of the lack of authoritative South African financial reporting guidance relating to South African long-term insurers on the basic financial statement characteristic of comparability. A literature study was undertaken and a checklist for disclosure in the long-term insurance industry was drawn up. The objective was to highlight areas of noncomparable disclosure for which financial reporting standards should be created in order to provide guidance on financial reporting by South African long-term insurers and, where possible, to suggest guidance. Financial statements of selected South African long-term insurers were reviewed and "measured" against the checklist in order to make an assessment of comparability. Currently the disclosure of industry-specific items differs significantly amongst long-term insurance companies in South Africa. The comparability test (on information disclosed in the 2002 annual reports of the selected companies) and the research done on industry-specific items identified by this test indicated the extent of this non-comparability within the South African long-term insurance industry. In view of the recent withdrawal of AC121 and the results of the comparability test, there is reason to believe that each long-term insurer in South Africa discloses what it believes is right and what it believes the industry is required to disclose. This results in significant non-comparability between the financial statements of South African long-term insurers. The author recommends that a long-term insurance industry accounting statement in the AC500 series should be issuéd, which should provide the appropriate guidance not only to preparers of financial statements, but also to other users of financial statements in the long-term insurance industry, until such time as the international accounting project relating to long-term insurers is complete. Some work will be required to update and/or amend a "new AC121" for the AC500 series.
AFRIKAANSE OPSOMMING: Die huidige praktyk vir finansiële verslagdoening van langtermynversekeraars berus grotendeels op 'n regulatoriese grondslag. Hoewel die vereistes vir verslagdoening van die langtermynversekeringsbedryf eiesoortig is, bestaan daar tans in Suid-Afrika geen omvattende hedendaagse Finansiële Verslagdoeningstandaard vir langtermynversekeraars nie. Die vraag na groter openbaarmaking in die finansiële state van langtermynversekeraars verhoog die belangrikheid van basiese rekeningkundige beginsels vir hierdie maatskappye soos vervat in die Raamwerk vir die Voorbereiding en Aanbieding van Finansiële State, naamlik vergelykbaarheid, relevansie, akkuraatheid en verstaanbaarheid van finansiële verslagdoening. SAIGR se Langtermynversekering Belangegroep het die onttrekking van RE121 Openbaarmaking in die Finansiële State van Langtermynversekeraars en die vervanging daarvan deur middel van ander riglyne bespreek. Uiteindelik het die Komitee vir Rekeningkundige Praktyk nadruklik bepaal dat dit nie die voortgesette implementering van RE121 verder kan onderskryf nie, omdat dit teenstrydig is met 'n aantal ander rekeningkundige standpunte en in werklikheid daardie standpunte ter syde stel. Met dien verstande en met inagneming van die harmoniseringsprogram om Suid-Afrikaanse rekeningkundige standaarde in harmonie met Internasionale Rekeningkundige Standaarde te bring, is daarop aangedring dat RE121 onttrek en slegs deur rigtinggewende riglyne vervang word. Die heersende gebrek aan gesaghebbende Suid-Afrikaanse riglyne oor finansiële verslagdoening deur langtermynversekeraars lei tot die potensiële kompromie van die basiese kwalitatiewe eienskappe van vergelykbaarheid en relevansie in hul finansiële state, aangesien sekere openbaarmaking vrywillig eerder as verplig is. Die doel van die navorsing was In bepaling van die impak wat die gebrek aan gesaghebbende riglyne vir Suid-Afrikaanse finansiële verslagdoening met betrekking tot Suid-Afrikaanse langtermynversekeraars op die basiese kenmerk van vergelykbaarheid van die finansiële state het. In Literatuurstudie is onderneem en In toetsstaat vir openbaarmaking in die langtermynversekeringsbedryf is opgestel. Die doelwit was om die soeklig te laat val op terreine waar openbaarmaking nie vergelykbaar is nie, waarvoor standaarde vir finansiële verslagdoening geskep moet word ten einde riglyne te verskaf oor finansiële verslagdoening deur Suid-Afrikaanse langtermynversekeraars en om waar moontlik, voorstelle hiervoor aan die hand te doen. In Oorsig van finansiële state van geselekteerde Suid-Afrikaanse langtermynversekeraars is onderneem en aan die toetsstaat "gemeet" ten einde die vergelykbaarheid te beoordeel. Teenswoordig verskil die openbaarmaking van bedryfspesifieke items aansienlik tussen langtermynversekeringsmaatskappye in Suid-Afrika. Die vergelykbaarheidstoets (volgens inligting wat in die 2002-jaarverslae van die geselekteerde maatskappye verstrek word) en die navorsing wat gedoen is oor bedryfspesifieke items wat deur hierdie toets geïdentifiseer is, toon die omvang van hierdie nievergelykbaarheid binne die Suid-Afrikaanse langtermynversekeringsbedryf. In die lig van die onlangse onttrekking van RE121 en die resultate van die vergelykbaarheidstoets, is daar rede om te glo dat elke langtermynversekeraar in Suid-Afrika opbenbaar wat volgens sy oortuigings reg is en wat hy glo van die bedryf verlang word om te openbaar. Dit lei tot beduidende nie vergelykbaarheid tussen die finansiële state van Suid-Afrikaanse langtermynversekeraars. Die skrywer beveel aan dat 'n rekeningkundige standpunt vir die langtermynversekeringsbedryf in die RE500-reeks uitgereik word, wat die toepaslike riglyne behoort te voorsien nie net aan diegene wat finansiële state voorberei nie, maar ook aan ander gebruikers van finansiële state in die langtermynversekeringsbedryf, tot tyd en wyl die internasionale rekeningkunde projek met betrekking tot langtermynversekeraars afgehandel is. 'n Sekere mate van werk sal nodig wees ten einde 'n "nuwe RE121" vir die RE500 reeks by te werk of dit te wysig.
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Silva, Camila Menezes da. "O uso dos indicadores contábeis para análise de solvência das seguradoras brasileiras." Pontifícia Universidade Católica de São Paulo, 2017. https://tede2.pucsp.br/handle/handle/19887.
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The main objective of this paper is to identify the indicator or the group of accounting indicators to classify the Brazilian insurance companies as solvent or insolvent. Insurance companies play an important role in the society: to restore the financial losses caused by uncertain events. In this context, the uncertainty is a fundamental problem for which insurance companies must be financially prepared not to become insolvent. In Brazil, the ruling entity is SUSEP and it is in charge of overseeing these institutions and establishing rules to help companies to not become insolvent. From the methodological perspective, this research used the discriminant analysis to develop a model that classifies the Brazilian insurance companies as solvent or insolvent. The sample consisted of 30 insurance companies divided into 2 groups: the first group with insurance companies that had some SUSEP intervention; the second one with insurance companies that had no intervention, considered solvent, between 2000 and 2015 years. The 15 indicators were selected to enter the model, after reviewing the prerequisite of the discriminant analysis technique, such normality and the absence of multicollinearity of variables; it was possible to obtain a classification model by the stepwise method. The finding of the developed model, statistically significant, has properly classified 90% of the observations
O objetivo principal desta dissertação é identificar o indicador ou conjunto de indicadores contábeis que melhor discrimine as seguradoras brasileiras em solventes e insolventes. Companhias Seguradoras são empresas responsáveis pela reposição de perdas financeiras causadas por eventos incertos. Nesse sentido, a incerteza é um problema fundamental para o qual estas empresas devem estar financeiramente preparadas, de forma que não se tornem insolventes. No Brasil, a Superintendência de Seguros Privados (SUSEP) é a responsável por fiscalizar estas instituições e estabelecer regras para que as companhias não se tornem insolventes. Do ponto de vista metodológico, utilizou-se a análise discriminante para identificar um modelo que classifique as seguradoras brasileiras em solventes e insolventes. A amostra foi composta por 30 empresas, segregadas em dois grupos: o primeiro com seguradoras consideradas insolventes por terem sofrido alguma intervenção da SUSEP, e o segundo com seguradoras que não tiveram intervenção, no período compreendido entre 2000 e 2015. Inicialmente, foram utilizadas 15 variáveis para predição, após analisar os prérequisitos da técnica da análise discriminante, como normalidade e ausência de multicolinearidade das variáveis, foi possível identificar que a variável RefPg, utilizada para avaliar o retorno financeiro sobre prêmios ganhos, discriminou adequadamente as seguradoras em solventes e insolvente, pelo método stepwise. O resultado obtido com o modelo desenvolvido, estatisticamente significante, classificou adequadamente 90% das observações, sendo que todas as seguradoras solventes foram classificadas corretamente
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Janďourková, Petra. "Finanční analýza pojišťoven." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-9313.
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Rambousková, Pavla. "Pojistně technické rezervy a jejich zobrazení v účetnictví." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16580.
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Technical provisions representthe most important item of the liabilities of insurance companies. First chapter of this thesis deals with the characteristics and the sense of provisions in any accounting entity. The next chapters are concerned with the regulation of provisions according to the current czech account and tax law and to the IAS/IFRS. The next chapter is the most extensive. This chapter describes technical provisions and rules for their creation, accountig, measurement according to the current valid law in the Czech republic. The subchapters describe the particular technical provisions and their differenties and calculation. The related topics of the reinsurance and the financial placing are presented here too. The examplas for accounting of the technical provisions int the life and the non-life insurance company are shown in the practical part of this thesis.
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Yu, Kok-leung. "A study of the rising roles of China state-owned and other Chinese capital insurance companies in the insurance market of Hong Kong and how insurance companies can survive this impact /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19872240.
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Msheliza, Samuel Kaku. "Strategic planning in Nigerian insurance companies." Thesis, University of Nottingham, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.281062.
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Kwong, Sze-ki Louis. "A study of the profits of local general insurance companies /." [Hong Kong : University of Hong Kong], 1987. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12335319.
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Davis, Evan. "Long-Term Financial Success of Ethical Companies." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2049.
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This paper provides empirical evidence of financial markets that “ethical” companies produce consistent financials and above S&P 500 stock returns. Companies were chosen as “ethical” based on in-depth analysis from The Ethisphere Institute and reviews from inside the various corporations. Ten years of financials and prices were analyzed between ethical companies and those that struggled with ethics previously. It was evident that companies who focus on ethics not only outperformed companies who have had ethical struggles, but also outperformed the S&P 500. The significance of this research is that firms who value ethics will have excellent financial performance in the long-run, on average. This study attempts to encourage investors to value business ethics when making investing decisions.
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Abulghasim, Abubaker. "Management accounting techniques in Libyan manufacturing companies." Thesis, University of Lincoln, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.442489.
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Saulsbury, William J. "A Comparison of Audit Fee Trends for East Tennessee Based Companies and Similar Companies Based in Similar Regions." Digital Commons @ East Tennessee State University, 2014. https://dc.etsu.edu/honors/196.
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Research examines audit fee trends for a decade. The research focuses on audit fees of companies in the East Tennessee Area and compares the audit fees of these companies to similar companies based in similar regions of the United States. Possible causes for the fluctuations of audit fees during the decade are also discussed.
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Mutenga, Stanley. "Risk management for property casualty insurance companies." Thesis, City University London, 2001. http://openaccess.city.ac.uk/7600/.
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This thesis addresses the need to reduce inefficiencies in management of insurance company risk capital. The laxity in managing the cost of capital is a result of dysfunctional property/casualty risk classification and capital accumulation practices in the insurance industry. We reclassify risk based on both peril and financial functional features, in order to capture all the facets of risk affecting a firm and ultimately to achieve optimal capital allocation. With the purpose of reducing inefficiencies in mind, we explore and isolate the impact of regulation on insurance company profitability. We use barrier option pricing models to mimic the impact of solvency requirements on firm-wide risk. This methodology of measuring risk is better than plain vanilla option pricing models, in that, through the option to an early default, we are able to capture the economic significance of financial distress, and allocate firm-wide risk capital. The firm-wide risk is incidentally used to empirically test the impact of risk on the cost of carry, the quality of operational profitability and forward asset commitment per unit of liabilities. Our empirical test confirms a strong relationship between firm-level risk, and the cost of carry, return on policyholders' surplus and the cost of capital per contract underwritten. The results are better than previous results obtained using plain vanilla option-pricing models and reveal the importance of incorporating solvency requirements in defining the economic significance of insolvency. The results also points to the importance of advised risk classification procedures to the whole process of integrated risk measurement and financing, which we explore in this study.
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Siokis, Vasilios. "Risk measurement and management of insurance companies." Thesis, City University London, 2001. http://openaccess.city.ac.uk/8400/.
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This thesis reviews some fundamental risk measurement and management concepts that insurance companies will face in the following years. The first chapter evaluates the theoretical and practical framework of the different approaches with respect to the determination of regulatory capital held by insurance companies. A critical assessment and substantial interpretation of these approaches is performed. Moreover, a number of new approaches is brought forward in order to add a more thorough and clear way of evaluating the level of the regulatory capital. Then, we provide evidence of the presence of the underwriting cycle in the UK. The underwriting cycle has been identified in a number of OECD and non-OECD countries and highlights the different stages and maturity of the insurance market. A number of reasons for the presence of this cycle is presented and evaluated in contrast with the reasons behind the underwriting cycle in other countries. The level of profitability of the insurance companies is used to determine the presence of the cycle. In the third chapter, profitability and cost of capital are connected with the credit rating assigned by credit agencies to insurance companies. The credit risk that insurance companies face is explained by the use of financial ratios that explicitly explain the particular credit rating. The credit rating is implicitly connected with the cost of capital, which in turn is explained by the level of the credit spread between the Treasury Yield and European bonds. Finally, securitisation as an alternative method of minimizing credit and market risk is analyzed. Different structures of securitised deals are presented and evaluated. The benefits of securitisation are presented in a systematic way.
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Rufelt, Pontus. "Investment Opportunities for Swedish Life Insurance Companies." Thesis, KTH, Matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-193945.
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Since the new risk sensitive regulation Solvency II was enabled the 1st of January 2016 the European insurance companies have to review their investment strategies. Insurance companies are among the largest institutional investors in Europe holding EUR 6.7 trillion assets, thus major changes in their asset management can impact the capital markets. To investigate how the investing opportunities have changed for life insurance companies, a representative Swedish life insurance company with an occupational pension portfolio was simulated for thirty years. This was made by first simulating the money market, bonds, equities and real estate for the simulated time by a stochastic multivariate process. Using Modern Portfolio Theory the portfolio weights was constructed for the financial asset portfolios for the model of the company. To determine future liabilities a representative ITP 2 pension portfolio was modelled where the pension policies was priced using traditional life insurance pricing theory in continuous time. For the company to be representative actuarial assumptions and as well as a consolidation policy was constructed in line with the major traditional life insurance companies in Sweden. The simulations of the company resulted in monthly cash flows, development of life insurance mathematical functions and the solvency capital requirements. The solvency capital requirement by Solvency II was calculated by applying the standard formula handed by EIOPA, where for life insurance companies the market risk module dominates in contribution to the capital requirement. By comparing the new risk sensitive capital requirement with the solvency capital requirement by the old regulations a change of structure dependent on time and asset allocation was observed. The Solvency II capital requirement for life insurance companies is clearly more dependent on the financial asset strategy for the company whereas the old capital requirement is not. The structure of the new capital requirement follows the same structure as the solvency market risk module where it is clear that low risk portfolios does not necessarily correspond to a lower capital requirement. The conclusion of this thesis is that life insurance companies in Sweden have tightened financial investing opportunities. This is due to Solvency II since this regulation is more risk sensitive than the old regulation.Sedan det nya riskkänsliga regelverket Solvens II trädde i kraft den första januari 2016 behöver europeiska försäkringsbolag se över sin investeringsstrategi för finansiella tillgångar. Försäkringsbolag är bland de största finansiella investeringsinstituten i Europa med ett innehav om 6,7 biljoner euro och i och med detta kan stora förändringar i försäkringsbolagens tillgångsallokering påverka kapitalmarknaden. För att undersöka hur investeringsmöjligheterna har förändrats för livförsäkringsbolag simulerades ett svenskt fiktivt och representativt livförsäkringsbolag med en tjänstepensionsportfölj trettio år framåt i tiden. Först simulerades penningmarknaden, obligationer, aktier och fastighetsmarknaden trettio år med en multivariat stokastisk process. Genom att tillämpa modern portföljteori konstruerades portföljvikter för de simulerade finansiella tillgångarna för bolaget. För att modellera framtida skulder för bolaget konsturerades en representativ ITP 2 tjänstepensionsportfölj där pensionskontrakten prissattes med hjälp av traditionell prissättningsteori för livförsäkringar i kontinuerlig tid. Aktuariella antaganden och en konsolideringspolicy konsturerades i linje med de största traditionella livförsäkringsbolagen i Sverige för att konsturea en representativ portfölj. Simuleringarna av bolaget resulterade I kassaöden och utvecklingen av livförsäkringsmatematiska funktioner månadsvis samt solvenskapitalkravet årsvis. Solvenskapitalkravet beräknades med standardformeln erhållen av EIOPA där modulen för marknadsrisk dominerar i bidraget till kapitalkravet. Genom att jämföra det nya riskkänsliga kapitalkravet med solvenskapitalkravet baserat på tidigare regelverk observerades en skillnad i struktur beroende på tid och tillgångsallokering. Storleken på Solvens II-kapitalkravet för livförsäkringsbolag är mer beroende på den finansiella tillgångsstrategin för bolagen medan detta inte är fallet för Solvens I-kapitalkravet. Strukturen på det nya kapitalkravet följer samma struktur som modulen för marknadsrisk där det observerades at lågriskportföljer nödvändigtvis inte motsvarar ett lägre kapitalkrav för livförsäkringsbolaget. Slutsatsen av projektet var att utrymmet för investeringsmöjligheter för svenska livförsäkringsbolag har förminskats. Detta är på grund av införandet av Solvens II då regelverket är mer riskkänsligt än tidigare regelverk.
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Kumar, Gaurav. "Voluntary accounting disclosures by U.S.-listed Asian companies /." Full text available from ProQuest UM Digital Dissertations, 2006. http://0-proquest.umi.com.umiss.lib.olemiss.edu/pqdweb?index=1&did=1331394631&SrchMode=1&sid=7&Fmt=2&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1218743616&clientId=22256.
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Gruneisen, Jeremy. "A Plan for an Insurance Agency." Miami University Honors Theses / OhioLINK, 2005. http://rave.ohiolink.edu/etdc/view?acc_num=muhonors1110917130.
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Hong, Wu. "Essays on insurance economics /." Göteborg : Nationalekonomiska institutionen, Handelshögsk, 2002. http://www.handels.gu.se/epc/data/html/html/2058.html.
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Jabbour, Mirna. "Investigation of risk management changes in insurance companies." Thesis, Brunel University, 2013. http://bura.brunel.ac.uk/handle/2438/7964.
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This thesis studies the change process of risk management practices associated with the implementation of Enterprise Risk Management (ERM) and the extent to which it can lead to changes in capital allocation practices. The study develops a theoretical framework to study risk management changes, which draws on structuration theory (Giddens, 1979, 1984) and institutional theory, particularly the institutional framework of Burns and Scapens (2000), as well as new institutional sociology theory. A two-stage empirical study was undertaken in non-life insurance companies. The first stage was a field study of 10 listed non-life insurance companies, while the second stage was a case study of a large non-life insurance company. Multiple data collection methods were used including semi-structured interviews, documentary evidence, annual reports, and publicly available data. Findings show internal, coercive, and normative pressures have mainly driven the ERM adoption decision. The literature supports the impact of coercive, mimetic, and normative pressures on the trend toward ERM in financial industries. However, the study finds that internal pressures related to achieving the company's objectives are either equal to or surpass the external pressures. The study also provides empirical evidence of the changes in risk management practices, which include capital allocation change process associated with ERM implementation. Effective capital allocation requires the incorporation of ERM elements in the whole process of allocating capital. Furthermore, new capital allocation routines and institutions are produced. The study shows that the risk-based capital allocation method is intra- and extra-institutionalised at the company level. The main contribution of this thesis is to identify the nature of ERM adoption and implementation in insurance companies. More specifically, this study provides a better understanding of the institutional forces driving ERM adoption and offers empirical evidence on ERM implementation and the change in risk management practices (routines) within nonlife insurance companies. Moreover, this study avoids the limitations of previous research that was based on surveys, and it does so by conducting an exploratory field study and explanatory case study to address the changes in risk management practices. Practices and process need to be located in their institutional context and hence cannot be reflected in surveys.
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Akinbola, Oluwakemi Ejide, and Isaac Likali Tsowa. "ETHICAL ISSUE : A PROBLEM IN NIGERIA INSURANCE COMPANIES." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-1146.
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The study aimed to investigate and critically analyze claims management, an ethical issue in insurance companies in Nigeria, to find out if these insurance companies recognize it to be an ethical issue and also to find out how they handle insured’s claims. A qualitative research method was used in carrying out this study; data was sourced through interviews and by secondary data using literatures from books, journals, articles, and electronic websites. The researchers used purposive sampling to select some top insurance companies in Nigeria; in these insurance companies basically personnel working in the claims department were interviewed, also sales agents from two of these insurance companies were interviewed. Data was sourced from two insurance broking firms in Nigeria by interviewing their top personnel, and also some of the insuring public with and without insurance policies was interviewed. The analytical strategy adopted in this research work was to rely on theoretical propositions. This study made use of Jones (1991) moral intensity model. Based on the analysis of data collected during the interview, the study revealed that insurance personnel in claims administration who take decision on insured’ claims in Nigeria recognize that there is a moral dilemma in their act and they discharge this responsibility professionally and ethically sticking to the rules of the business. Also the characteristics that constitute moral intensity model; proximity, social context, probability of effect, concentration of effect and magnitude of consequence offered by Jones (1991) influence the moral decision making process and moral behavior of claims personnel in Nigeria insurance companies. But due to some challenges faced by these personnel in discharging their duty and some lapses from their side and the insured’s there have always been complaint on claims. However they acknowledge that no one is perfect therefore they are open to getting feedbacks from their clients on the way they feel about their claims which they look into and make necessary amendments where needed. This study concluded with proposition for future researchers to look into how the challenges encountered by personnel managing insured’s’ claims in insurance companies in Nigeria can be dealt with and to find out how insurance companies in Nigeria can gain the awareness of the insuring public and make them understand the terms and conditions of insurance service.kemi987@yahoo.co.uk, +46760825772
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Akinbola, Isaac Likali Tsowa &, and Oluwakemi Ejide. "ETHICAL ISSUE : A PROBLEM IN NIGERIA INSURANCE COMPANIES." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-1148.
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The study aimed to investigate and critically analyze claims management, an ethical issue in insurance companies in Nigeria, to find out if these insurance companies recognize it to be an ethical issue and also to find out how they handle insured’s claims. A qualitative research method was used in carrying out this study; data was sourced through interviews and by secondary data using literatures from books, journals, articles, and electronic websites. The researchers used purposive sampling to select some top insurance companies in Nigeria; in these insurance companies basically personnel working in the claims department were interviewed, also sales agents from two of these insurance companies were interviewed. Data was sourced from two insurance broking firms in Nigeria by interviewing their top personnel, and also some of the insuring public with and without insurance policies was interviewed. The analytical strategy adopted in this research work was to rely on theoretical propositions. This study made use of Jones (1991) moral intensity model. Based on the analysis of data collected during the interview, the study revealed that insurance personnel in claims administration who take decision on insured’ claims in Nigeria recognize that there is a moral dilemma in their act and they discharge this responsibility professionally and ethically sticking to the rules of the business. Also the characteristics that constitute moral intensity model; proximity, social context, probability of effect, concentration of effect and magnitude of consequence offered by Jones (1991) influence the moral decision making process and moral behavior of claims personnel in Nigeria insurance companies. But due to some challenges faced by these personnel in discharging their duty and some lapses from their side and the insured’s there have always been complaint on claims. However they acknowledge that no one is perfect therefore they are open to getting feedbacks from their clients on the way they feel about their claims which they look into and make necessary amendments where needed. This study concluded with proposition for future researchers to look into how the challenges encountered by personnel managing insured’s’ claims in insurance companies in Nigeria can be dealt with and to find out how insurance companies in Nigeria can gain the awareness of the insuring public and make them understand the terms and conditions of insurance service.
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Le, Roux Magdalena Elizabeth. "Captive insurance companies : a theoretical and empirical study." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53319.
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Thesis (MComm)--Stellenbosch University, 2003.ENGLISH ABSTRACT: Much research has been done on risk coverage within the field of the traditional insurance market, but the concept of alternative risk transfer is fairly new to the world of risk management. The need for more innovative, multi-faceted approaches to meet possible losses, together with the growing resistance to the cross-subsidisation inherent in traditional insurance, has initiated the development of the captive insurance industry as an alternative risk transfer mechanism. The objective of this research was to study the application of captive insurance as a risk management mechanism for managers. The objective comprised a modelling approach for managers to handle the strategic implications of establishing and operating a captive insurer. The tasks that were required for this assignment were as follows: • The completion of a literature study of the basic theory available on captive insurance as an internal risk financing mechanism for management; • The collection of relevant empirical information on the subject by means of questionnaires, which had to be based on the literature study; • The critical analysis of the collected data; and • The development of a decision-making model based on the outcome of the available information, that could provide a practical guideline for management to decide on the establishment and operation of a captive insurer. Twenty-five questionnaires were sent out during February 2003 to cover all the registered onshore and cell captive insurance companies in South Africa. Offshore insurance companies could not be included in this study due to article 33 of the Reserve Bank's Act no. 90 of 1989 regarding confidential information. Of the 25 captive insurance companies, 21 companies completed the questionnaires, and three respondents declared that they did not perform captive insurance activities anymore. A response rate of over 95 per cent is therefore achieved. The information obtained from the questionnaires was summarised on a SPSS spreadsheet and subjected to a statistical analysis to form the bases for the empirical investigation. The results of the empirical study for onshore and cell captive insurers leads to conclusions regarding the importance of the objectives needed for establishing and operating the captive Insurer. The three most importantfactors which should determine the decision of a holding company to establish an onshore captive insurer were identified as the financial commitment of the holding company, the spreading of the risks of the holding company, and the retention capacity of the holding company. The three most importantfactors which should determine the decision of a holding company to operate an onshore captive insurer are the retention capacity of the holding company, the financial commitment of the holding company, and the management commitment of the holding company. The three most importantfactors which should determine the decision of a holding company to establish a cell captive insurer were identified as the spreading of the risks of the holding company, the retention capacity of the holding company, and the financial commitment of the holding company. The three most importantfactors which should determine the decision of a holding company to operate a cell captive insurer are the financial commitment of the holding company, the spreading of the risks of the holding company, and the management commitment of the holding company. A decision-making model for both onshore and cell captive insurers was developed as a tool for risk managers when deciding on the establishment and operation of a captive insurer as part of their risk management programme. The resulting conclusions and recommendations of this assignment are largely based on the personal viewpoints of the captive insurers active in the South African captive insurance industry. It is therefore recommended that future research also includes the role and views of the holding companies.
AFRIKAANSE OPSOMMING: Heelwat navorsing is alreeds oor die tradisionele versekeringsmark ten opsigte van risikodekking gedoen, maar die konsep van alternatiewe risiko-oordrag is nog redelik nuut in die vakgebied van die risikobestuur. Die behoefte aan meer innoverende multivlak benaderinge om moontlike verliese te beperk, tesame met die toenemende weerstand teen kruissubsidiëring inherent aan tradisionele versekering, het tot die ontwikkeling van die gebonde (gevange) versekeringsbedryf as 'n wyse van alternatiewe risiko-oordrag gelei. Die doelstelling van hierdie navorsing was om die toepaslikheid van gebonde versekeraars as 'n risikobestuursmeganisme vir bestuurders te bestudeer. Die doelstelling omsluit 'n modelboubenadering vir bestuurders om die strategiese implikasies van die stigting en bedryf van 'n gebonde versekeraar te beheer. Die voortvloeiende take van die werkstuk is soos volg: • Die voltooiing van 'n literatuurstudie van die basiese teorie wat oor gebonde versekering, as 'n wyse van interne risikofinansiering vir bestuur beskikbaar is; • Die versameling van relevante empiriese inligting oor die onderwerp deur middel van vraelyste wat op die literatuurstudie gebaseer is; • 'n Kritiese ontleding van die versamelde inligting; en • Die ontwikkeling van 'n besluitnemingsmodelop grond van die resultate van die beskikbare inligting wat as 'n praktiese gids vir bestuur kan dien met betrekking tot besluitingneming oor die stigting en bedryfvan 'n gebonde versekeraar. Vyf en twintig vraelyste is gedurende Februarie 2003 gepos om al die geregistreerde binnelandse gebonde versekeringsmaatskappye, asook gebonde versekeringsmaatskappye wat uit verskillende selle bestaan ("cell captive insurance companies"), in Suid-Afrika te bereik. Buitelandse gebonde versekeringsmaatskappye kon nie deel van hierdie studie vorm nie vanweë artikel 33 van die Reserwebank se Wet nr. 90 van 1989 insake vertroulike inligting. Van die 25 gebonde versekeringsmaatskappye het 21 maatskappye die vraelyste voltooi en drie respondente het aangedui dat hulle nie meer by die aktiwiteite van gebonde versekering betrokke was nie. 'n Reaksiekoers van meer as 95 persent is gevolglik behaal. Stellenbosch University http://scholar.sun.ac.za Die inligting vanuit die vraelyste is opgesom deur middel van 'n SPSS-sigblad en 'n aantal statistiese ontledings is gedoen, wat die basis van die empiriese studie gevorm het. Die resultate van die empiriese studie ten opsigte van binnelandse gebonde versekeraars, asook gebonde versekeraars wat uit verskillende selle bestaan, het tot gevolgtrekkings gelei met betrekking tot die belangrikheid van die verlangde doelstellings vir die stigting en bedryf van gebonde versekeraars. Die drie belangrikste faktore wat die besluitneming van 'n houermaatskappy behoort te beïnvloed om 'n binnelandse gebonde versekeraar te stig, is geïdentifiseer as die finansiële verbintenis van die houermaatskappy, die spreiding van die risiko's van die houermaatskappy en die retensiekapasiteit van die houermaatskappy. Die drie belangrikste faktore wat die besluitneming van 'n houermaatskappy behoort te beïnvloed om 'n binnelandse gebonde versekeraar te bedryf, is geïdentifiseer as die retensiekapasiteit van die houermaatskappy, die finansiële verbintenis van die houermaatskappy en die bestuursverbintenis van die houermaatskappy. Die drie belangrikste faktore wat die besluitneming van 'n houermaatskappy behoort te beïnvloed om 'n gebonde versekeraar wat uit verskillende selle bestaan, te stig, is geïdentifiseer as die spreiding van die risiko's van die houermaatskappy, die retensiekapasiteit van die houermaatskappy en die finansiële verbintenis van die houermaatskappy. Die drie belangrikste faktore wat die besluitneming van 'n houermaatskappy behoort te beïnvloed om 'n gebonde versekeraar wat uit verskillende selle bestaan, te bedryf, is geïdentifiseer as die finansiële verbintenis van die houermaatskappy, die spreiding van die risiko's van die houermaatskappy en die bestuursverbintenis van die houermaatskappy . 'n Besluitnemingsmodel is as hulpmiddel vir risikobestuurders ontwikkel, vrr beide binnelandse gebonde versekeraars asook gebonde versekeraars wat uit veskillende selle bestaan, om met besluitneming ten opsigte van die stigting en bedryf van 'n gebonde versekeraar as deel van hul risikobestuursprogram te help. Die voortvloeiende gevolgtrekkings en aanbevelings van die werkstuk was grootliks gebaseer op die persoonlike menings van die gebonde versekeraars wat aktief in die Suid-Afrikaanse gebonde versekeringsbedryf is. Dit word gevolglik aanbeveel dat toekomstige navorsing ook die rol en menings van die houermaatskappye insluit.
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Horton, Joanne. "Accounting for shareholders' profits in long-term insurance business." Thesis, Aberystwyth University, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.297322.
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Malki, Ibrahim, and Sara Rejnefelt. "Accounting for Diversity : An Eye on the Listed Companies." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-16862.
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During the last years “Accounting for Diversity” has become a trendy concept, around which the research interest of scholars and the reports published by of the top rated accounting firms have been increasingly evolving. In this paper, the term “Accounting for Diversity” has been addressed within the societal context of the stakeholder concept, in attempt to explore how the Swedish listed companies account for and communicate the demographic diversity of their society constituents in their disclosure means. In order to achieve this purpose, a quantitative approach has been conducted using a content analysis of the disclosed pictures, drawings and symbols in the annual reports and websites of the companies listed on the Swedish Stock Exchange (Nasdaq Stockholm). The data collected was then statistically analysed through a two-step cluster analysis. The empirical results show a preference for companies to use pictures in disclosing demographic attributes and diversity rather than symbols and drawings. Moreover, companies were found to prefer using their annual reports in disclosing the demographic diversity than their websites. Furthermore and regarding the companies’ behaviour in disclosing demographic diversity; large companies, belonging to high sensitive industries, were found to disclose higher levels of demographic diversity in their disclosure means, than the other small ones belonging to less sensitive industries. The results also show that companies belonging to different industries tend to mostly follow a convergent behaviour in accounting for diversity. Thus, it has been concluded that; the companies’ size seems to play a significant role in diverging and converging the companies’ behaviour in accounting for the demographic diversity in their disclosure means, while industry was not found to play a significantly salient role in that.
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Marques, Maria Manuela Farelo Athayde. "Liquidity management : an empirical study of U.K. companies." Thesis, University of Glasgow, 1988. http://theses.gla.ac.uk/2065/.
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The present study is an empirically based analysis of liquidity management. The study contributes to the understanding of how U.K.-based companies handle the problem of unexpected events which have major negative implications for the expected funds flow equilibrium of the firm. In particular, the study was aimed at discovering the kind of liquidity management being implemented in practice, and the relationship between specific liquidity management practices and certain characteristics of the firm, and of its (headquarters) finance department. Evidence of the subject in the U.K. is very thin. It is therefore important to collect information on the state of the art in the practice of liquidity management in the U.K. particularly since, for the last decade, companies have been so negatively affected by the instability and unpredictability of the business environment. The study also contributes to the identification of differences between theory and practice. In this respect, it is expected that the recognition of actual differences will challenge not only the level at which companies practice liquidity management but also the teaching of the subject in current corporate finance courses.
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Afambo, Edoh Fofo. "Operational Risk Capital Provisions for Banks and Insurance Companies." Digital Archive @ GSU, 2006. http://digitalarchive.gsu.edu/rmi_diss/15.
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This dissertation investigates the implications of using the Advanced Measurement Approaches (AMA) as a method to assess operational risk capital charges for banks and insurance companies within Basel II paradigms and with regard to U.S. regulations. Operational risk has become recognized as a major risk class because of huge operational losses experienced by many financial firms over the last past decade. Unlike market risk, credit risk, and insurance risk, for which firms and scholars have designed efficient methodologies, there are few tools to help analyze and quantify operational risk. The new Basel Revised Framework for International Convergence of Capital Measurement and Capital Standards (Basel II) gives substantial flexibility to internationally active banks to set up their own risk assessment models in the context of the Advanced Measurement Approaches. The AMA developed in this thesis uses actuarial loss models complemented by the extreme value theory to determine the empirical probability distribution function of the overall capital charge in terms of various classes of copulas. Publicly available operational risk loss data set is used for the empirical exercise.
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Lawings, Michael Anthony. "Business continuity operational strategies for national healthcare insurance companies." Thesis, Georgia Institute of Technology, 2002. http://hdl.handle.net/1853/21804.
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Berketi, Alexandra. "Allowing for insurance companies' liabilities in mean-variance models." Thesis, Heriot-Watt University, 1998. http://hdl.handle.net/10399/600.
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He, Nanxing. "Strategic management issues of foreign insurance companies in China." Thesis, University of Nottingham, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.401457.
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Öhman, Oscar. "Rating corrumption within insurance companies using Bayesian network classifiers." Thesis, Umeå universitet, Statistik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160810.
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Bayesian Network (BN) classifiers are a type of probabilistic models. The learning process consists of two steps, structure learning and parameter learning. Four BN classifiers will be learned. These are two different Naive Bayes classifiers (NB), one Tree Augmented Naive Bayes classifier (TAN) and one Forest Naive Bayes classifier (FAN). The NB classifiers will utililize two different parameter learning techniques, which are generative learning and discriminative learning. Generative learning uses maximum likelihood estimation (MLE) to optimize the parameters, while discriminative learning uses conditional likelihood estimation (CLE). The latter is more appropriate given the target at hand, while the former is less complicated. These four models are created in order to find the model best suited for predicting/rating the corruption levels of different insurance companies, given their features. Multi-class Area under the receiver operating characteristic (ROC) curve (AUC), as well as accuracy, is used in order to compare the predictive performances of the models. We observe that the classifiers learnt by generative parameter learning performed remarkably well, even outperforming the NB classifier with discriminative parameter learning. But unfortunately, this might imply an optimization issue when learning the parameters discriminately. Another unexpected result was that the CL-TAN classifier had the highest multi-class AUC, even though FAN is supposed to be an upgrade of CL-TAN. Further, the generatively learned NB performed about as good as the other two generative classifiers, which was also unexpected.Bayesianska nätverk (BN) är en typ av sannolikhetsmodell som används för klassificering. Inlärningsprocessen av en sådan modell består av två steg, strukturinlärning ochparameterinlärning. Fyra olika BN-klassificerare kommer att skattas. Dessa är två stycken Naive Bayes-klassificerare (NB), en Tree augmented naive Bayes-klassificerare (TAN) och enForest augmented naive Bayes-klassificerare (FAN). De två olika NB-klassificerarna kommer att skilja sig åt i att den ena använder sig av generativ parameterskattning, medan den andra använder sig av diskriminativ parameterinlärning. Chow och Lius (CL) berömda algoritm, där det ingår att beräkna betingad ömsesidig information (CMI), brukar ofta användas för att hitta den optimala trädstrukturen. Denna variant av TAN är känd som CL-TAN. FAN är en annan slags uppgradering av NB, som kan anses vara en förstärkt variant av CL-TAN, där förklaringsvariablerna är kopplade till varandra på ett sätt som ger en skogs-liknande struktur. De två olika parameterinlärningsmetoderna som används är generativ inlärning och diskriminativ inlärning. Den förstnämnda använder sig av maximum likelihood-skattning (MLE) för att optimera parametrarna. Detta är smidigt, men samtidigt skattas inte det som avsetts. Den sistnämnda metoden använder sig istället av betingad maximum likelihood-skattning (CLE), vilket ger en mer korrekt, men också mer komplicerad, skattning. Dessa sex modeller kommer att tränas i syfte att hitta den modellsom bäst skattar korruptionsnivåerna inom olika försäkringsbolag, givet dess egenskaper iform av förklaringsvariabler. En multiklassvariant av Area under the reciever operatingcharacteristics (ROC) curve (AUC) används för att bedöma skattningsprecisionen för varjemodell. Analysen resulterade i anmärkningsvärda resultat för de generativa modellerna,som med goda marginaler skattade mer precist än den diskriminativa NB-modellen.Tyvärr kan detta dock vara en indikation på optimeringsproblem vid de diskriminativa parameterinlärningen av NB. Ett annat anmärkningsvärt resultat var att av samtliga generativa modeller, så var CL-TAN den modellen med högst AUC, trots att FAN i teorinska vara en förbättrad variant av CL-TAN. Även den generativa NB-modellens resultat var anmärkningsvärd, då denna modell hade nästan lika hög AUC som de generativa CL-TAN och FAN-modellerna.
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Akinwale, Samson Olusegun. "Asset portfolio decision making process of Nigerian insurance companies." Thesis, Manchester Metropolitan University, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.426457.
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Asset configuration of Insurance Companies is crucial to their efficient management since the diversification it implies is vital for the dispersion and atomisation of risks underwritten. Asset portfolio decisions are important to Insurance Companies because they conciliate between rarely converging and often conflicting goals, security, liquidity and profitability. This study examines asset portfolio decision making process of Insurance Companies in Nigeria. The current study, aims to identify and develop integrated investment decision concepts guiding and influencing the asset portfolio decision process. Prior literature on asset portfolio decision making in Nigeria is sparse and focussed principally on classical models of decision making with inadequate metrics for quantifying risks, questionable and impracticable methods and data. The main problem of the portfolio theory, ex-pected utility and most modem theories of risks is that they regard risks in terms of standard deviations, variances, decision weights and co variances whereas risks can be defined in many ways and terms in different situations They fail to account for many facets of decision making by reflecting on rational and normative models that treat investment decision making as highly structured and formalised. By contrast, decision making and risk assessment are multi criteria processes that cannot be defined by rigid quantitative models thus highlighting the necessity to consider decision making by decision makers in their natural settings (social contexts, political and environment) in the case of this thesis, an Insurance Company. Decision theory literature together with asset portfolio decisions literature are reviewed and considered within the contexts of the unit of analysis. Utilising the qualitative paradigm, the research made use of exrploratory case study of a single organisation through the application of modified grounded theory methodology to develop six broad cases of investment decision concepts. The emergent concepts were critique against extant literature thereby highlighting their similarities and differences. The thesis introduces new perspectives of decision making by the introduction of the investment decision concepts influencing asset portfolio decisions of Insurance Companies. Thus, the research specifically contributes to three areas of research. The first area centred on asset portfolio management six decision concepts (Consistency of Return, Security, Legal and Regulatory Control, Competency of Management. Association &Relationships and Stable Environment). The second area is the methodological approach by situating naturalistic decision making within the insurance sector and the modified grounded theory employed enhances conventional qualitative research within the financial sector of the Nigerian economy. The third key area addresses the significance of social relationship, association and specific environmental issues influencing asset portfolio decision of Nigerian Insurance Companies.
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Karabey, Ugur. "Risk capital allocation and risk quantification in insurance companies." Thesis, Heriot-Watt University, 2012. http://hdl.handle.net/10399/2566.
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The objective of this thesis is to investigate risk capital allocation methods in detail for both non-life and life insurance business. In non-life insurance business loss models are generally linear with respect to losses of business-lines. However, in life insurance loss models are not generally a linear function of factor risks, i.e. the interest-rate factor, mortality rate factor, etc. In the first part of the thesis, we present the existing allocation methods and discuss their advantages and disadvantages. In a comprehensive simulation study we examine the allocations sensitivity to different allocation methods, different risk measures and different risk models in a non-life insurance business. We also show the possible usage of the Euclidean distance measure and rank correlation coefficients for the comparison of allocation methods. In the second part, we investigate the factor risk contribution theory and examine its application under a life annuity business. We provide two approximations that enable us to apply risk capital allocation methods directly to annuity values in order to measure factor risk contributions. We examine factor risk contributions for annuities with different terms to maturity and the annuities payable at different times in future. We also analyse the factor risk contributions under the extreme scenarios for the factor risks.
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Dahlin, Rob C. "Historical role of insurance company loss control services and their impact on the insurance buying decision." Online version, 1998. http://www.uwstout.edu/lib/thesis/1998/1998dahlinr.pdf.
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Chow, Kong-shing. "A study of the corporate strategy of insurance industry in Hong Kong /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19876531.
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Weier, Annette 1960. "Demutualisation in the Australian life insurance industry." Monash University, Dept. of Economics, 2000. http://arrow.monash.edu.au/hdl/1959.1/8371.
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Yu, Kok-leung, and 余國樑. "A study of the rising roles of China state-owned and other Chinese capital insurance companies in the insurance market of Hong Kong andhow insurance companies can survive this impact." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31269539.
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Von, Wielligh S. P. J. "The development of a best practice framework for the formulation of overall audit strategies for insurance contracts and the related earnings of listed South African long-term insurers /." Link to the online version, 2005. http://hdl.handle.net/10019.1/1103.
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Posti, J. (Jani). "Determinants of goodwill impairments under IAS 36:examination of Finnish listed companies." Master's thesis, University of Oulu, 2016. http://urn.fi/URN:NBN:fi:oulu-201605121709.
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One of the most significant development in the International Financial Reporting Standards (IFRS) has been the increased use of fair values as the most commonly used asset valuation approach. According to standard setters, the use of fair value estimates in valuing assets provides users of financial information more timely, accurate and transparent information of the underlying economic condition of companies that apply IFRS standards in their financial statements. This in turn improves the decision usefulness of financial information reported in these financial statements. Nevertheless, valuing assets at their fair values can be a complex task which requires a number of managers’ assumptions and estimations for the valuation of assets that are not actively traded in markets. Further, assets that are valued at their fair values can be opportunistically overstated or understated when such managements’ unverifiable estimates are used in valuing assets.
The issue with unverifiable estimates is especially problematic with goodwill, which is recognized in a business combination as the excess of the purchase price and the fair value of net assets received in the acquisition. The current IFRS standards require companies to carry out an annual impairment test for goodwill instead of straight-line amortization. According to the International Accounting Standard (IAS) 36 Impairment of Assets, companies that apply IFRS standards in their financial reporting must apply fair value estimates to determine goodwill impairments. That is, a company must record a goodwill impairment loss if the fair value of a cash-generating unit to which goodwill has been allocated is less than its carrying amount. The IAS 36 standard itself does not give specific guidelines on how the goodwill impairment test should be executed. Thus, the standard may provide managers incentives to opportunistically manipulate the outcomes of goodwill impairment tests in order to overstate or understate earnings.
The purpose of the thesis is to examine the determinants of goodwill impairment losses in Finnish listed companies. The determinants examined in the thesis are divided into three categories: the economic or actual indications of goodwill impairments, managerial discretion and corporate governance mechanisms. Firstly, the thesis examines the actual economic occurrences that impact on goodwill impairment losses in Finnish listed companies. Secondly, the thesis studies the extent to which managers of Finnish listed companies utilize discretion in goodwill impairment decisions. Finally, the effect of corporate governance mechanisms on goodwill impairment losses is investigated to determine whether the managers of Finnish listed companies are opportunistically manipulating goodwill impairment tests or if indications of opportunistic behavior are in fact due to managers’ attempts to convey their private information on the underlying economic condition of the company.
The findings of the thesis indicate that the leading economic factors affecting goodwill impairment losses are a company’s book-to-market ratio and the amount of goodwill to total assets. The results show that the higher a company’s book-to-market ratio the more likely the company is to report a goodwill impairment loss. Likewise, the higher the amount of goodwill is to total assets the more likely a company is to impair goodwill. These results are consistent with a number of prior research on the subject. Furthermore, as predicted, the results disclose that Finnish listed companies that have experienced a recent change in CEO are more likely to impair goodwill. Newly appointed CEOs may be more inclined to impair goodwill in order to blame the impairments on the previous CEO. On the other hand, new CEOs may impair goodwill as they try to help a troubled company by restructuring a company’s assets. Finally, the results show a significant relationship between big bath behavior and goodwill impairment losses: companies that have abnormally low earnings are more likely to report goodwill impairment losses during in order to report higher future earnings. However, the results show no significant relationship between goodwill impairment losses and corporate governance mechanisms. This could mean that the managers of Finnish listed companies may be to some extent manipulating the outcomes goodwill impairment tests.
The results of the thesis should be of standard setter’s interest. In order to assess if IAS 36 serves its purpose to provide users of financial information more timely and decision usefulness information on the fair values of a company’s assets and value, the standard setters should evaluate the findings of studies on goodwill impairment losses and the determinants that explain them. Additionally, the results of the thesis can be used in order to identify the circumstances in which managers may have incentives to opportunistically manipulate outcomes of goodwill impairment tests.
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Sibiya, Xolani. "Effects of foreign exchange listing on the returns of South African companies." Master's thesis, University of Cape Town, 2005. http://hdl.handle.net/11427/5623.
Full textAbstract:
Includes bibliographical references.There are a number of companies that seek dual listing in foreign stock markets. The number of foreign companies that are listed in the United States alone are above 3000. Companies seek foreign exchange listing for a number of reasons including the access to foreign capital, visibility in the foreign markets and ability to effect foreign market acquisitions through use of stock listed in the foreign markets. There are also costs associated with listing in the foreign markets, including the costs of compliance (these would include stock exchange costs, accounting and auditing compliance costs) and the costs of management time. There are a lot of studies that have been conducted in this area of finance and they show varying results. The results vary from significantly positive returns in the period before and after the listing date, to significantly negative returns before and after the listing date. There are studies that found there to be no significantly positive or negative returns. There are some that found significantly positive returns in either the pre or post listing period with significantly opposite returns in the opposing period. During the years between 1997 and 2000, a number of South African companies followed a trend of listing in their shares in the foreign markets, especially taking their primary listings to the London Stock Exchange. This study examines the effects of a foreign exchange listing in the returns of the South African companies that are listed in the foreign markets.
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Zhang, Yinghong. "Auditors' Reactions to and Companies' Control of Classification Shifting." Diss., Temple University Libraries, 2010. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/103790.
Full textAbstract:
Business Administration/AccountingPh.D.
Classification shifting is an earnings management tool that managers use to misclassify items within the income statement to inflate core earnings (McVay 2006). This study investigates how high-quality auditors (i.e., Big Four auditors, auditors with long tenure, and industry-specialist auditors) respond to managers' usage of classification shifting and also how the existence of internal control deficiencies affect the incidence of classification shifting. I adopt the models of Fan, Barua, Cready and Thomas (2010). My empirical analyses are based on quarterly financial data during the sample period of 1988-2007. I find that before the passage of the Sarbanes Oxley Act of 2002 (SOX), industry specialist auditors are able to curb the incidence of classification shifting. This is consistent with the findings of previous studies that high-quality auditors are capable of preventing managers from manipulating earnings. Furthermore, I document that before the passage of SOX, a high-quality auditor (i.e., a Big Four auditor) at a local audit office is likely to mitigate the classification shifting behavior of an economically important client. However, after the passage of SOX, a high-quality auditor (i.e., a Big Four auditor, an auditor with long tenure, or an industry-specialist auditor) is inclined to allow the classification shifting behavior if the client brings large revenues to the local office. This supports the "substitution effect", which suggests that companies replace the accrual-based management with the usage of other earnings management methods in the post-SOX period. Finally, I find that there is no relationship between the existence of material internal control weakness and the incidence of classification shifting. While there are ample studies about the reaction of high-quality auditors to the usage of accrual-based management and real activities management, my study provides empirical evidence about how high-quality auditors deal with the incidence of classification shifting. My study also provides an understanding about how an internal control system can influence managers' decision of choosing earnings management methods.
Temple University--Theses
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An, Tingting. "Case study on accounting fraud of U.S.-listed Chinese companies." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/90232.
Full textAbstract:
Thesis: S.M. in Management Studies, Massachusetts Institute of Technology, Sloan School of Management, 2014.65
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 74-78).
During the period from 2009 to 2013, 76 out of 848 U.S. federal securities class action litigations were against Chinese companies listed in U.S. markets. The U.S. Securities and Exchange Commission (SEC) has also initiated more and more investigations into accounting fraud of U.S.-listed Chinese companies during recent years. This paper seeks answers to the following questions: what kinds of accounting fraud are those companies usually involved with? How did they commit such fraud? Are there any common indications that we could identify from those companies and could be used as red flags for accounting fraud? Using a case-study method, I analyze three Chinese companies: RINO International Corporation, Universal Travel Group, and ShengdaTech, Inc. I explore management issues and the various means that these three companies used in their fraudulent behaviors. The major part of this paper comprises three case studies, each of which includes a brief introduction of company background and industry and business discussion, followed by analysis of key management and accounting issues. Together with evidence and clues from other companies, I identify three major sets of characteristics that emerged in my study of these companies involved in accounting fraud, including: 1) low integrity of higher management, weak corporate governance, and internal control deficiencies; 2) suspicious corporate transactions and potential mechanics of how fraud was committed, including overstated revenues, unusually high cash balances and accounts receivable balances, abnormally higher gross profit margins or lower expenses, and undisclosed related party transactions; and 3) external warning signals from auditors and from inconsistent numbers between SEC filings and filings to Chinese regulators.
by Tingting An.
S.M. in Management Studies
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楊燻芳. "A study of the value of life insurance companies from an accounting system and operations performance perspective." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/79040573094013454167.
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Fan, Mei-Ling, and 范美齡. "ON THE STUDY OF PERCEPTIONS ON OPERATIONAL RISKS ARISING FORM EMPLOYEES AT THE FINANCIAL AND ACCOUNTING DEPARTMENTS IN TAIWAN’S LIFE INSURANCE COMPANIES." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/64175586595786982584.
Full textAbstract:
碩士銘傳大學
風險管理與保險學系碩士在職專班
97
Operational risk is more important in any business environments. At the mean time, operational risk more influences the performance of company’s operation. These risks will probably make any financial institutions fail. Human factors play an important role in risk management, so, risk perception of people is noteworthy. This study investigates perceptions of operational risks arising from employees of financial and accounting departments. In terms of a survey questionnaire method, two findings are as follows: The results revealed that two dimensions, including the dimension for extent of new or old and the dimension of effect, mainly affect perceptions of operational risks arising from employees at the financial and accounting departments in Taiwan’s life insurance companies. In addition, the income factor significantly influence perceptions of operational risks.
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Chan, Shao-Ying, and 詹少萾. "THE STUDY ON PERCEPTIONS OF OPERATIONAL RISKS ARISING FORM EMPLOYEES AT THE FINANCIAL AND ACCOUNTING DEPARTMENTS IN TAIWAN''S NON-LIFE INSURANCE COMPANIES." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/wf2pvy.
Full textAbstract:
碩士銘傳大學
經濟學系碩士在職專班
93
THE STUDY ON PERCEPTIONS OF OPERATIONAL RISKS ARISING FORM EMPLOYEES AT THE FINANCIAL AND ACCOUNTING DEPARTMENTS IN TAIWAN’S NON-LIFE INSURANCE COMPANIES Student: Shao-Ying Chan Advisor: Dr. Ming-Che Sung Abstract Operational risk is omnipresent in any business operational environments. In addition to market risk and credit risk, all of financial institutions face operational risk. All these risks will probably make any financial institutions fail. Human factors play an important role in risk management, so, risk perception of people is noteworthy. This study investigates perceptions of operational risks arising from employees of financial and accounting departments. In terms of a survey questionnaire method, two findings are as follows: The results revealed that two dimensions, including the extent of new or old and control, mainly affect perceptions of operational risks arising from employees at the financial and accounting departments in Taiwan’s non-life insurance companies. Furthermore, factors of sex, education, working years, and income will significantly influence perceptions of operational risks. Key words: Risk Perception, Operational Risk, Risk Management
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Pau, Ling-Wen, and 包令聞. "ON THE STUDY OF ASSOCIATION BETWEEN HUMAN FAILURE RISK AND PERSONALITY-A CASE ON THE EMPLOYEES OF FINANCIAL AND ACCOUNTING DEPARTMENT IN TAIWAN’S PROPERTY INSURANCE COMPANIES." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/b534nk.
Full textAbstract:
碩士銘傳大學
風險管理與保險學系碩士在職專班
96
The human failure risk is one of important operational risks for financial institutions, such as a property insurance company. The operational failure of employees of financial and accounting department will make the institution face a significant and serious loss. Furthermore, the operational failure risk usually arise from human error. So, it is noteworthy and also important to examine the association between human failure risk and personality. This study uses a questionnaire survey method to examine that association. A number of conclusions are as follows: 1. The human failure risk significantly differs between employees. The influencing factors include marriage, position, age, working period, and income factors. 2. The personality also significantly differs between employees. The influencing factors include marriage, position, age, working period, and religion factors. 3. Employees with neuroticism not easily create human failure risk arising from unfamiliar with working skill. However, they easily create human failure risk arising from non-compliance with rule and ignorance. 4. Employees with extraversion and agreeableness not easily create human failure risk arising from unfamiliar with working skill. 5. Employees with openness not easily create human failure risks arising from non-compliance with rule and unfamiliar with working skill. 6. Employees with conscientiousness not easily create human failure risks arising from ignorance and unfamiliar with working skill. Key works: Operational risk, human failure risk, personality
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Liao, Ya-Fen, and 廖雅芬. "International Accounting standard-Insurance Contracts." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/81538433614276389619.
Full textAbstract:
碩士東吳大學
會計學系
95
Abstract Since the economic scale of insurance sector is becoming more important, cross-border listing is far more popular than the past, and capital market continues to globalize day by day. Multinational corporations have spent a large amount of cost compiling and adjusting their financial reports based on different accounting standards for a long time. Furthermore, Investors, analysts and rating corporations are also have problems in understanding these financial reports. Therefore, it is very urgent to integrate different accounting standards into an universal piece . Although International Accounting Standards Board has started making an integrated accounting standard more than ten years ago. However, the complexity of the insurance sector makes accounting criteria unable to be set up until March of 2002. Since then, European Union completed FSAP and then required the listed companies of its members (around 7,000, including the insurance companies) to adopt the International Financial Report Standards ( IFRSs) to compile their annual financial reports from 2005 . According to European Union’s requirements, IASB issued the International Financial Report standards No.4 in 2004. IFRS No.4 mainly applies to insurance contracts, ( not merely applies to the insurance companies, but also any entity issuing insurance contracts). Because it was not feasible to complete this project for implement in 2005, the Board split the project into two phases so that insurers could implement some aspects in 2005. Due to the fact that the accounting scandals of the American listed companies seriously damage the public’s trust in the financial reports in recent years. After European Union start calling for adopting the International Financial Report Standards, many countries follow up. Taiwan vows to integrate accounting standards with EU in 2012. In addition, Taiwan has not unified insurance financial accounting standards for general purpose yet. In order to solve this problem, Financial Supervisory Commission assigns the Accounting Research Development Foundation to develop a set of insurance accounting principles referring to IFRS No. 4 as a blueprint. The preliminary draft had already been finished last December. The third reading of this will be passed at the end of this year, and be announced and implemented in 2008. The announcement of the new accounting principles is a major issue for domestic enterprises, especially insurance companies. Nevertheless, most domestic insurance companies have not clearly understood the principals of the new accounting standards, so they can’t assess how the new accounting principles will influence on business management and financial report compiling. In view of the conditions mentioned above, this study will focus on researching IFRS No.4 “insurance contracts”. No matter members of European Union or Taiwan, there is only one accounting standard used for both general purpose and regulatory purpose in each country. In line with the idea that “there are other hills whose stones are good for working jade”, this study collects the relevant conceptual and practical questions happened in members of European Union implementing IFRS NO.4 for first-time adoption, and traces the development of Phase II. After sorting and analyzing, this study concludes that phase I only makes limited improvements to accounting practices for insurance contracts and allows staying with the same accounting criteria of each country. In addition, IFRS No.4 is based on rules, therefore the financial reports lack comparability. The interviewed members of European Union indicate the greatest challenge of phase I is the disclosure of financial reports.
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Chiu, Yi-Jing, and 邱怡菁. "The Development of Mobile Insurance in Taiwan Life Insurance Companies." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/12674764647988049489.
Full textAbstract:
碩士逢甲大學
風險管理與保險學系
103
The research is about the development of Mobile Insurance in Taiwan life insurance companies. By visiting and interviewing salespeople, we can know that the situation of Mobile Insurance and the benefits it bring. We also understand the difficult in their APPs exploiting, promotion and then how to solve those difficulties. Mobile Insurance brings life insurance companies many benefits, the most obvious point is that the cost of human resource because it causes labors reallocation. The most difficult of all is developing APPs, creating APPs is good for salespeople with higher stability are the most necessary to resolve for life insurance companies because APP is an important role in developing Mobile Insurance for life insurance companies. Finally, giving two pieces of advice to life insurance companies via the study. First, let salespeople to accept new sales pattern in progressive way. Second, the task of creating APPs must be conducted by IT department in life insurance companies. It makes data connects smoothly and would be convenient for salespeople.
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Shieh, Jinq Wen, and 謝靜雯. "Competitive Strategy of Life Insurance Companies." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/77882516715743303015.
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Chou, szu-chi, and 周思錡. "Merger of Taiwan Life Insurance Companies." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/18604489291267313334.
Full textAbstract:
碩士國立雲林科技大學
財務金融系
102
The Taiwanese government enacts “financial holding company law” in 2001 and conduct secondary financial reforms in 2004. Hereafter, many Taiwanese financial companies, including banks, securitiy and insurance companies, set up financial holding companies through merge and acquisitions. The subprime mortgage financial crisis of 2007 and European financial crisis led to numbers of foreign financial institutions failing and triggered the organization structure reform of Taiwan’s financial institurions. This study analyzes the pre-acquisition and post-acquisition performance of Taiwanese life insurance companies. The results show that the return on assets and net profit increase and the number of employee significantly decrease after merge.