Center for Financial Institutions Working Papers

From Wharton School Center for Financial Institutions, University of Pennsylvania
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98-19: Derivatives and Corporate Risk Management: Participation and Volume Decisions in the Insurance Industry

John Cummins, Richard Phillips and Stephen D. Smith

98-18: Components of Insurance Firm Value and the Present Value of Liabilities

David Babbel

98-17: Bankruptcy Exemptions and the Market for Mortgage Loans Journal of Law and Economic

Richard Hynes and Jeremy Berkowitz

98-16: Horizon Problems and Extreme Events in Financial Risk Management

Peter Christoffersen, Francis Diebold and Til Schuermann

98-15: Responsiveness: Emotion and Information Dynamics in Service Interactions

Lorna Doucet

98-14: The Complementary Roles of Mitigation and Insurance in Managing Catastrophic Risks

Paul Kleindorfer and Howard Kunreuther

98-13: Managing Catastrophic Risks Through Insurance and Mitigation

Howard Kunreuther

98-12: Financial Innovation in the Management of Catastrophe Risk

Neil A. Doherty

98-11: Can Insurers Pay for the "Big One"? Measuring the Capacity of an Insurance Market to Respond to Catastrophic Losses

John Cummins, Neil A. Doherty and Anita Lo

98-10: Pitfalls and Opportunities in the Use of Extreme Value Theory in Risk Management

Francis Diebold, Til Schuermann and John D. Stroughair

98-09: Pricing Excess-of-loss Reinsurance Contracts Against Catastrophic Loss

John Cummins, Christopher M. Lewis and Richard Phillips

98-08: Consolidation and Efficiency in the U.S. Life Insurance Industry

John Cummins, Sharon Tennyson and Mary Weiss

98-07: Measuring Aggregate Process Performance Using AHP

Frances X. Frei and Patrick T. Harker

98-06: Incorporating New Fixed Income Approaches into Commercial Loan Valuation

Scott Aguais and Anthony M. Santomero

98-05: Problem Bank Resolution: Evaluating the Options

Paul Hoffman and Anthony M. Santomero

98-04: Life Insurance Firms in the Retirement Market: Is the News All Bad?

Paul Hoffman and Anthony M. Santomero

98-03: Competition and Integration among Stock Exchanges in Europe: Network Effects, Implicit Mergers and Remote Access

Carmine di Noia

98-02: Opening the Box: Information Technology, Work Practices, and Wages

Larry W. Hunter and John J. Lafkas

98-01: Bubbles and Crises The Economic Journal

Franklin Allen and Douglas Gale

97-55: The Internationalization of Securities Markets Since the 1987 Crash

Ingrid M. Werner and Linda Tesar

97-54: Has the Rise of Mutual Funds Increased Market Instability?

Vincent A. Warther

97-53: Derivative Risks, Old and New

Stephen Figlewski

97-52: Advances in Financial Market Clearing and Settlement

David B. Humphrey

97-51: Stock Market Volatility: Ten Years After the Crash

G. Schwert

97-50: Circuit Breakers and Program Trading Limits: What Have We Learned?

Lawrence Harris

97-49: Investment Decisions Depend on Portfolio Disclosure

David K. Musto

97-48: Innovation in Retail Banking

Frances X. Frei, Patrick T. Harker and Larry W. Hunter

97-47: Recovering Risky Technologies Using the Almost Ideal Demand System: An Application to U.S. Banking

Joseph Hughes, William Lang, Loretta Mester and Choon-Geol Moon

97-46: Fee Waivers in Money Market Mutual Funds

Susan Christoffersen

97-45: How Relevant is Volatility Forecasting for Financial Risk Management?

Peter Christoffersen and Francis Diebold

97-44: Economic Valuation Models for Insurers

David Babbel and Craig Merrill

97-43: On the Profitability and Cost of Relationship Lending

Mitchell Berlin and Loretta Mester

97-42: The Technical Process of Bank Privatization in Mexico

Haluk Unal and Miguel Navarro

97-41: Problems of Bank Lending in Bulgaria: Information Asymmetry and Institutional Learning

Kenneth Koford and Adrian Tschoegl

97-40: Entry and Survival: The Case of Foreign Banks in Norway

Adrian Tschoegl

97-39: The Norwegian Banks in the Nordic Consortia: A Case of International Strategic Alliances in Banking

Siv Fagerland Jacobsen and Adrian Tschoegl

97-38: The International Expansion of the Norwegian Banks

Siv Fagerland Jacobsen and Adrian Tschoegl

97-37: Evaluating Density Forecasts

Francis Diebold, Todd A. Gunther and Anthony S Tay

97-36: Process Variation as a Determinant of Service Quality and Bank Performance: Evidence from the Retail Banking Study

Frances X. Frei, Ravi Kalakota and Leslie Marx

97-35: Deposit Insurance: Do We Need It and Why?

Anthony M. Santomero

97-34: Converting 1-Day Volatility to h-Day Volatitlity: Scaling by Root-h is Worse Than You Think

Francis Diebold, Andrew Hickman, Atsushi Inoue and Til Schuermann

97-33: Technological Change, Financial Innovation, and Financial Regulation: The Challenges for Public Policy

Lawrence White

97-32: Payment System Settlement and Bank Incentives

Charles Kahn and William Roberds

97-31: Outperformance: Does Managerial Specialization Pay?

Piet Eichholtz, Hans Op t Veld and Mark Schweitzer

97-30: Entry Restrictions, Industry Evolution and Dynamic Efficiency: Evidence from Commercial Banking

Jith Jayaratne and Philp E. Strahan

97-29: How the Environment Determines the Efficiency of Banks: A Comparison between French and Spanish Banking Industry

Michel Dietsch and Ana Lozano-Vivas

97-28: Efficiency, Profitability and Quality of Banking Services

Stavros Zenios and Andreas Soteriou

97-27: Diversification, Organization, and Efficiency: Evidence from Bank Holding Companies

Peter Klein and Marc R. Saidenberg

97-26: Innovation in Financial Services, Relationships and Risk Sharing

H. Franklin Allen and Douglas Gale

97-25: The Effect of TBTF Deregulation on Bank Cost of Funds

Lazarus Angbazo and Anthony Saunders