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  1. Life insurance convexity
    Autor*in: Kubitza, Christian; Grochola, Nicolaus; Gründl, Helmut
    Erschienen: [2021]
    Verlag:  International Center for Insurance Regulation, Goethe University Frankfurt, [Frankfurt am Main]

    Life insurers massively sell savings contracts with surrender options which allow policyholders to withdraw a guaranteed amount before maturity. These options move toward the money when interest rates rise. Using data on German life insurers, we... mehr

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    Life insurers massively sell savings contracts with surrender options which allow policyholders to withdraw a guaranteed amount before maturity. These options move toward the money when interest rates rise. Using data on German life insurers, we estimate that a 1 percentage point increase in interest rates raises surrender rates by 17 basis points. We quantify the resulting liquidity risk in a calibrated model of surrender decisions and insurance cash flows. Simulations predict that surrender options can force insurers to sell up to 3% of their assets, depressing asset prices by 90 basis points. The e↵ect is amplified by the duration of insurers' investments, and its impact on the term structure of interest rates depends on life insurers' investment strategy.

     
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    Weitere Identifier:
    hdl: 10419/247672
    Schriftenreihe: ICIR working paper series ; no. 42 (2021)
    Schlagworte: Life Insurance; Liquidity Risk; Interest Rates; Fire Sales; Systemic Risk
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  2. Asset concentration risk and insurance solvency regulation
    Autor*in: Regele, Fabian; Gründl, Helmut
    Erschienen: [2021]
    Verlag:  International Center for Insurance Regulation, Goethe University Frankfurt, Frankfurt am Main

    Historical evidence like the global financial crisis from 2007-09 highlights that sector concentration risk can play an important role for the solvency of insurers. However, current microprudential frameworks like the US RBC framework and Solvency II... mehr

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    Historical evidence like the global financial crisis from 2007-09 highlights that sector concentration risk can play an important role for the solvency of insurers. However, current microprudential frameworks like the US RBC framework and Solvency II consider only name concentration risk explicitly in their solvency capital requirements for asset concentration risk and neglect sector concentration risk. We show by means of US insurers' asset holdings from 2009 to 2018 that substantial sectoral asset concentrations exist in the financial, public and real estate sector, and find indicative evidence for a sectoral search for yield behavior. Based on a theoretical solvency capital allocation scheme, we demonstrate that the current regulatory approaches can lead to inappropriate and biased levels of solvency capital for asset concentration risk, and should be revised. Our findings have also important implications on the ongoing discussion of asset concentration risk in the context of macroprudential insurance regulation.

     
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    Weitere Identifier:
    hdl: 10419/244395
    Schriftenreihe: ICIR working paper series ; no. 40 (2021)
    Schlagworte: Microprudential Insurance Regulation; Asset Concentration Risk; Systematic Risk; Idiosyncratic Risk; Sectoral Asset Diversification
    Umfang: 1 Online-Ressource (circa 44 Seiten)
  3. Exploring the market risk profiles of U.S. and European life insurers
    Autor*in: Grochola, Nicolaus; Browne, Mark Joseph; Gründl, Helmut; Schlütter, Sebastian
    Erschienen: [2021]
    Verlag:  International Center for Insurance Regulation, Goethe University Frankfurt, Frankfurt am Main

    Market risks account for an integral part of life insurers' risk profiles. This paper explores the market risk sensitivities of insurers in two large life insurance markets, namely the U.S. and Europe. Based on panel regression models and daily... mehr

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    Market risks account for an integral part of life insurers' risk profiles. This paper explores the market risk sensitivities of insurers in two large life insurance markets, namely the U.S. and Europe. Based on panel regression models and daily market data from 2012 to 2018, we analyze the reaction of insurers' stock returns to changes in interest rates and CDS spreads of sovereign counterparties. We find that the influence of interest rate movements on stock returns is more than 50% larger for U.S. than for European life insurers. Falling interest rates reduce stock returns in particular for less solvent firms, insurers with a high share of life insurance reserves and unit-linked insurers. Moreover, life insurers' sensitivity to interest rate changes is seven times larger than their sensitivity towards CDS spreads. Only European insurers significantly su↵er from rising CDS spreads, whereas U.S. insurers are immunized against increasing sovereign default probabilities.

     
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    hdl: 10419/242963
    Schriftenreihe: ICIR working paper series ; no. 39 (2021)
    Schlagworte: Life insurance; interest rate risk; credit risk
    Umfang: 1 Online-Ressource (circa 48 Seiten)
  4. The effects of a low interest rate environment on life insurers
    Autor*in: Berdin, Elia; Gründl, Helmut
    Erschienen: [2015]
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Low interest rates are becoming a threat to the stability of the life insurance industry, especially in countries such as Germany, where products with relatively high guaranteed returns sold in the past still represent a prominent share of the total... mehr

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    Low interest rates are becoming a threat to the stability of the life insurance industry, especially in countries such as Germany, where products with relatively high guaranteed returns sold in the past still represent a prominent share of the total portfolio. This contribution aims to assess and quantify the effects of the current low interest rate phase on the balance sheet of a representative German life insurer, given the current asset allocation and the outstanding liabilities. To do so, we generate a stochastic term structure of interest rates as well as stock market returns to simulate investment returns of a stylized life insurance business portfolio in a multi-period setting. Based on empirically calibrated parameters, we can observe the evolution of the life insurers' balance sheet over time with a special focus on their solvency situation. To account for different scenarios and in order to check the robustness of our findings, we calibrate different capital market settings and different initial situations of capital endowment. Our results suggest that a prolonged period of low interest rates would markedly affect the solvency situation of life insurers, leading to a relatively high cumulative probability of default, especially for less capitalized companies. In addition, the new reform of the German life insurance regulation has a beneficial effect on the cumulative probability of default, as a direct consequence of the reduction of the payouts to policyholders.

     
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    hdl: 10419/203282
    Auflage/Ausgabe: This version: January 2015
    Schriftenreihe: SAFE working paper ; no. 65
    Umfang: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  5. Life insurance convexity
    Autor*in: Kubitza, Christian; Grochola, Nicolaus; Gründl, Helmut
    Erschienen: March 2022
    Verlag:  ECONtribute, Bonn

    Life insurers sell savings contracts with surrender options, allowing policyholders to prematurely withdraw guaranteed surrender values. Surrender options move toward the money when interest rates rise. Hence, higher interest rates raise surrender... mehr

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    Life insurers sell savings contracts with surrender options, allowing policyholders to prematurely withdraw guaranteed surrender values. Surrender options move toward the money when interest rates rise. Hence, higher interest rates raise surrender rates, as we document for the German life insurance sector. Using a calibrated model, we estimate that surrender options would force insurers to sell up to 2% of their investments during an enduring interest rate rise of 25 bps per annum. The resulting price impact depends on insurers' investment behavior. Forced asset sales are amplified by insurers' long-term investments but mitigated by reducing the guarantees on surrender values.

     
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    hdl: 10419/262098
    Auflage/Ausgabe: This version: March 22, 2022
    Schriftenreihe: ECONtribute discussion paper ; no. 154
    Schlagworte: Life Insurance; Liquidity Risk; Interest Rates; Fire Sales; Systemic Risk
    Umfang: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  6. Responsible investments in life insurers' optimal portfolios under solvency constraints
    Autor*in: Schlütter, Sebastian; Fianu, Emmanuel Senyo; Gründl, Helmut
    Erschienen: [2022]
    Verlag:  International Center for Insurance Regulation, Goethe University Frankfurt, [Frankfurt am Main]

    Socially responsible investing (SRI) continues to gain momentum in the financial market space for various reasons, starting with the looming effect of climate change and the drive toward a net-zero economy. Existing SRI approaches have included... mehr

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    Socially responsible investing (SRI) continues to gain momentum in the financial market space for various reasons, starting with the looming effect of climate change and the drive toward a net-zero economy. Existing SRI approaches have included environmental, social, and governance (ESG) criteria as a further dimension to portfolio selection, but these approaches focus on classical investors and do not account for specific aspects of insurance companies. In this paper, we consider the stock selection problem of life insurance companies. In addition to stock risk, our model set-up includes other important market risk categories of insurers, namely interest rate risk and credit risk. In line with common standards in insurance solvency regulation, such as Solvency II, we measure risk using the solvency ratio, i.e. the ratio of the insurer's market-based equity capital to the Value-at-Risk of all modeled risk categories. As a consequence, we employ a modification of Markowitz's Portfolio Selection Theory by choosing the "solvency ratio" as a downside risk measure to obtain a feasible set of optimal portfolios in a three-dimensional (risk, return, and ESG) capital allocation plane. We find that for a given solvency ratio, stock portfolios with a moderate ESG level can lead to a higher expected return than those with a low ESG level. A highly ambitious ESG level, however, reduces the expected return. Because of the specific nature of a life insurer's business model, the impact of the ESG level on the expected return of life insurers can substantially differ from the corresponding impact for classical investors.

     
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    hdl: 10419/261348
    Schriftenreihe: ICIR working paper series ; no. 45 (2022)
    Schlagworte: Socially responsible investments; Life insurance companies; Portfolio optimization; Solvency regulation
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  7. Pandemic insurance through pandemic partnership bonds
    a fully funded insurance solution in a public private partnership
    Autor*in: Gründl, Helmut; Regele, Fabian
    Erschienen: [2020]
    Verlag:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt

    This Policy Letter outlines a pandemic insurance solution through a pandemic-related “Insurance Linked Bond”. It would be originated by governments, with a principal amount to cover significant costs resulting from a pandemic. These bonds, which... mehr

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    This Policy Letter outlines a pandemic insurance solution through a pandemic-related “Insurance Linked Bond”. It would be originated by governments, with a principal amount to cover significant costs resulting from a pandemic. These bonds, which would be traded on a secondary market, generate a risk-adequate return for private and institutional investors that is financed through the insurance premiums paid by the public domain. In case of a pre-defined pandemic trigger event, the principal of the bond becomes available for the originating governments to cover pandemic-related costs. Through this approach, governments can insure themselves against future pandemic-related risks, while funding comes primarily from private and institutional investors.

     
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    Schriftenreihe: SAFE policy letter ; no. 86 (May 2020)
    Umfang: 1 Online-Ressource (6 Seiten)
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    Gesehen am 15.09.2020
  8. Testing frequency and severity risk under various information regimes and implications in insurance
    Autor*in: Tan, Kar Man; Gründl, Helmut
    Erschienen: [2023]
    Verlag:  [International Center for Insurance Regulation, Goethe Universität Frankfurt am Main], [Frankfurt am Main]

    We build on Peter et al. (2017) who examined the benefit of testing frequency risk under various information regimes. We first consider testing only severity risk, and whether the principle of indemnity, i.e. the usual contract term that excludes... mehr

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    We build on Peter et al. (2017) who examined the benefit of testing frequency risk under various information regimes. We first consider testing only severity risk, and whether the principle of indemnity, i.e. the usual contract term that excludes claims payments above the resulting insured loss, affects the insurance contracts offered and purchased. Under information regimes which are less restrictive (in terms of obtaining and using customer information), it is possible for the insurer to offer different contracts for tested and untested individuals. In the absence of the principle of indemnity, individuals will test their severity risk and a separating equilibrium ensues. With the principle of indemnity, given an actuarially fair pooled contract, individuals will not test for severity under less restrictive information regimes; a pooling equilibrium thus ensues. Under more restrictive information regimes, the insurer offers separating contracts. Individuals will test for severity and purchase appropriate contracts. We also consider testing for both frequency and severity risk. The results here are more varied. The highest gain in efficiency from testing results from one of the more restrictive information regimes. Generally under all information regimes, there is a greater gain in efficiency without the principle of indemnity than with the principle of indemnity.

     
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    hdl: 10419/272262
    Schriftenreihe: [Working paper series] / [International Center for Insurance Regulation, Goethe Universität Frankfurt am Main] ; [no. 49]
    Umfang: 1 Online-Ressource (circa 21 Seiten)
  9. Missverständliche AGB
    Ein Beitrag zum Verhältnis von Auslegung und Transparenzkontrolle untersucht am Beispiel Allgemeiner Versicherungsbedingungen
    Autor*in: Pilz, Knut
    Erschienen: 2010
    Verlag:  VVW GmbH, Karlsruhe

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  10. Life insurance convexity
    Autor*in: Grochola, Nicolaus; Gründl, Helmut; Kubitza, Christian
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Life insurers sell savings contracts with surrender options, which allow policyholders to prematurely receive guaranteed surrender values. These surrender options move toward the money when interest rates rise. Hence, higher interest rates raise... mehr

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    Life insurers sell savings contracts with surrender options, which allow policyholders to prematurely receive guaranteed surrender values. These surrender options move toward the money when interest rates rise. Hence, higher interest rates raise surrender rates, as we document empirically by exploiting plausibly exogenous variation in monetary policy. Using a calibrated model, we then estimate that surrender options would force insurers to sell up to 2% of their investments during an enduring interest rate rise of 25 bps per year. We show that these fire sales are fueled by surrender value guarantees and insurers' long-term investments.

     
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    ISBN: 9789289961141
    Weitere Identifier:
    hdl: 10419/278661
    Schriftenreihe: Working paper series / European Central Bank ; no 2829
    Schlagworte: Life Insurance; Liquidity Risk; Interest Rates; Surrender Options; Systemic Risk
    Umfang: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  11. Zur Vorteilhaftigkeit von Kapitallebensversicherungen gegenüber alternativen Anlageformen
    eine Analyse aus Anlegersicht
    Autor*in: Gründl, Helmut; Stehle, Richard; Waldow, Thorsten
    Erschienen: 2001
    Verlag:  Sonderforschungsbereich 373, Berlin

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    Schriftenreihe: Discussion paper / Humboldt-Universität zu Berlin, Sonderforschungsbereich 373 , Quantifikation und Simulation Ökonomischer Prozesse ; 2001,89
    Schlagworte: Lebensversicherung; Kapitalanlage; Rendite; Vergleich; Deutschland
    Umfang: 48 S, 21 cm
    Bemerkung(en):

    Literaturverz. S. 45 - 48
  12. Risk-adjusted performance measurement in the insurance industry and shareholder value
    Autor*in: Gründl, Helmut; Schmeiser, Hato
    Erschienen: 2001
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Betriebswirtschaftliche Diskussionsbeiträge ; 12
    Schlagworte: Versicherung; Rentabilität; Shareholder Value; Kapitalstruktur; Betriebliche Budgetierung; Theorie; RAROC
    Umfang: 17 Bl, graph. Darst, 30 cm
  13. Marktwertorientierte Unternehmens- und Geschäftsbereichssteuerung in Finanzdienstleistungsunternehmen
    Autor*in: Schmeiser, Hato; Gründl, Helmut
    Erschienen: 2001
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    RVK Klassifikation: QB 910
    Schriftenreihe: Betriebswirtschaftliche Diskussionsbeiträge ; 17
    Schlagworte: Finanzsektor; Versicherung; Shareholder Value; Organisationsstruktur; Profit Center; Controlling; Betriebliche Budgetierung; Rentabilität; Theorie; RAROC
    Umfang: 25,2 Bl, graph. Darst, 30 cm
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    Literaturverz. Bl. 23 - 25
  14. Pricing double-trigger reinsurance contracts
    financial versus actuarial approach
    Autor*in: Gründl, Helmut; Schmeiser, Hato
    Erschienen: 2001
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Betriebswirtschaftliche Diskussionsbeiträge ; 14
    Schlagworte: Rückversicherung; Versicherungsmathematik; Versicherungsbeitrag; CAPM; Theorie
    Umfang: 33 Bl, graph. Darst
  15. Kapitalanlagepolitik, Produktqualität und Image der Versicherungsunternehmung
    Autor*in: Gründl, Helmut
    Erschienen: 1999
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Betriebswirtschaftliche Diskussionsbeiträge ; 1
    Schlagworte: Versicherung; Institutioneller Investor; Shareholder Value; Firmenimage
    Umfang: 21 Bl
  16. Hybrid-Rückversicherungskontrakte
    grundsätzliche Überlegungen und Preiskalkulation
    Autor*in: Schmeiser, Hato; Gründl, Helmut
    Erschienen: 1999
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Betriebswirtschaftliche Diskussionsbeiträge ; 2
    Schlagworte: Rückversicherung; Indexbindung; Versicherungsbeitrag; Portfolio-Management; Theorie
    Umfang: 29 Bl, graph. Darst
  17. Kapitalanlagevorschriften von Versicherungsunternehmen
    historische Entwicklung und aktuelle Ausgestaltung
    Autor*in: Gründl, Helmut; Schmeiser, Hato
    Erschienen: 2000
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Betriebswirtschaftliche Diskussionsbeiträge ; 4
    Schlagworte: Versicherungsaufsicht; Institutioneller Investor; Versicherungsrecht; Deutschland
    Umfang: 16 Bl
  18. Staatlich geförderte Altersvorsorge
    zur Sicherung der Zusage der nominalen Kapitalerhaltung bei Anlage in Investmentfonds
    Autor*in: Gründl, Helmut; Nietert, Bernhard; Schmeiser, Hato
    Erschienen: 2002
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Betriebswirtschaftliche Diskussionsbeiträge ; Nr. 23
    Schlagworte: Private Altersvorsorge; Sparförderung; Investmentfonds; Kapitalerhaltung; Optionspreistheorie; Bankenaufsicht; Theorie; Deutschland; Altersvermögensgesetz
    Umfang: 24 Bl, 30 cm
  19. On the pricing of double-trigger reinsurance products
    Autor*in: Schmeiser, Hato; Gründl, Helmut
    Erschienen: 2000
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Betriebswirtschaftliche Diskussionsbeiträge ; 2
    Schlagworte: Rückversicherung; Derivat; Versicherungsbeitrag; Versicherungsmathematik; Portfolio-Management; Theorie
    Umfang: 23 Bl
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    Literaturverz. Bl. 21 - 23
  20. Capital allocation for insurance companies
    what good is it?
    Autor*in: Gründl, Helmut; Schmeiser, Hato
    Erschienen: 2003
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Discussion papers in business ; 32
    Schlagworte: Versicherung; Eigenkapital; Portfolio-Management; Optionspreistheorie; Theorie
    Umfang: 14 Bl
  21. The recalibration of the European System of Financial Supervision in regard of the insurance sector
    from dreary to dreamy or vice versa?
    Autor*in: Gal, Jens; Gründl, Helmut
    Erschienen: November 2017
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt

    Coming (great) events cast their (long) shadow before. As the financial crisis gave birth to the creation of the European System of Financial Supervision (ESFS), the imminent Brexit now serves as an impulse to rather extensively reorganize it.... mehr

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    Coming (great) events cast their (long) shadow before. As the financial crisis gave birth to the creation of the European System of Financial Supervision (ESFS), the imminent Brexit now serves as an impulse to rather extensively reorganize it. Pursuant to the preferences of the Commission—as revealed in its draft for a regulation amending the regulations founding the European Supervisory Authorities (ESA)—the supervision (and regulation) of the financial sectors should be further centralized and integrated and additional powers should be given to the ESAs. To a large degree these alterations are intended to adjust the competences of the European Securities and Markets Authority (ESMA) to better meet its new objectives under the Capital Markets Union (“CMU”). In view that an equivalent to the CMU or the Banking Union—in the sense of a European Insurance Union—is not yet on the horizon for the insurance sector (or the occupational pensions sector), one could prima vista take the view that insurance supervision and regulation is once again taken captive by the necessity of regulatory reforms stemming from other financial sectors. However, even if that is partially the case, the outcome of the intended reforms might still be advantageous for the insurance sector and an important step in the right direction. Therefore, it needs to be intensively discussed. At this stage, some of the most prominent envisioned changes to the structure, tasks and powers of the European Insurance and Occupational Pensions Authority (EIOPA) and their necessity, usefulness or counter-productivity still have to be examined.

     
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    Format: Online
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    hdl: 10419/170729
    Schriftenreihe: Policy letter ; no. 60
    Umfang: 1 Online-Ressource (circa 8 Seiten), Illustrationen
  22. To hedge or not to hedge: managing demographic risk in life insurance companies
    Autor*in: Gründl, Helmut; Post, Thomas; Schulze, Roman
    Erschienen: 2005
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Discussion papers in business ; 45
    Schlagworte: Lebensversicherung; Sterblichkeit; Risikomanagement; Hedging
    Umfang: 29 S, graph. Darst
  23. Stochastic mortality, macroeconomic risks, and life insurer solvency
    Autor*in: Hanewald, Katja; Post, Thomas; Gründl, Helmut
    Erschienen: 2009
    Verlag:  SFB 649, Economic Risk, Berlin

    Motivated by a recent demographic study establishing a link between macroeconomic fluctuations and the mortality index kt in the Lee-Carter model, we assess the impact of macroeconomic fluctuations on the solvency of a life insurance company.... mehr

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    Motivated by a recent demographic study establishing a link between macroeconomic fluctuations and the mortality index kt in the Lee-Carter model, we assess the impact of macroeconomic fluctuations on the solvency of a life insurance company. Liabilities in our stochastic simulation framework are driven by a GDP-linked variant of the Lee-Carter mortality model. Furthermore, interest rates and stock prices are allowed to react to changes in GDP, which itself is modeled as a stochastic process. Our results show that insolvency probabilities are significantly higher when the reaction of mortality rates to changes in GDP is incorporated. -- Life insurance ; asset-liability management ; stochastic mortality ; Lee-Carter model ; business cycle

     
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    hdl: 10419/25331
    Schriftenreihe: SFB 649 discussion paper ; 2009,015
    Schlagworte: Lebensversicherung; Betriebliche Liquidität; Insolvenz; Konjunktur; Sterblichkeit; Stochastischer Prozess; Theorie
    Umfang: Online-Ressource (PDF-Datei: 22 S.), graph. Darst.
  24. Transparency through financial claims with fingerprints
    a free market mechanism for preventing mortgage securitization induced financial crises
    Autor*in: Gründl, Helmut; Post, Thomas
    Erschienen: 2009
    Verlag:  SFB 649, Economic Risk, Berlin

    Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market participants at... mehr

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    Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market participants at each stage of the securitization process to obtain easily full information about the underlying original risks and the superior claims that need to be satisfied before receiving their own payoffs. The fingerprint mechanism would considerably enhance transparency in securitization transactions at the expense of some transaction costs, while reducing the need for government involvement in securitization markets. -- Financial crisis ; securitization ; mortgage-backed securities ; transparency ; opaqueness

     
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    hdl: 10419/25334
    Schriftenreihe: SFB 649 discussion paper ; 2009,018
    Schlagworte: Asset-Backed Securities; Wertpapierhandel; Information; Datensicherheit; Finanzkrise; Welt; Markttransparenz
    Umfang: Online-Ressource (PDF-Datei: 10 S.), graph. Darst.
  25. Capital allocation for insurance companies
    what good is it?
    Autor*in: Gründl, Helmut; Schmeiser, Hato
    Erschienen: 2004
    Verlag:  Humboldt-Univ., Wirtschaftswiss. Fak., Berlin

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    Schriftenreihe: Discussion papers in business ; 32a
    Schlagworte: Versicherung; Eigenkapital; Portfolio-Management; Optionspreistheorie; Theorie
    Umfang: 19 Bl