scholarly journals Risk Self-Selection and the Concept of Equilibrium in a Competitive Insurance Market

Risks ◽  
2022 ◽  
Vol 10 (1) ◽  
pp. 9
Author(s):  
Łukasz Kuryłowicz ◽  
Adam Śliwiński
Keyword(s):  
Information Asymmetry ◽  
Insurance Premium ◽  
The Self ◽  
Third Party ◽  
Insurance Market ◽  
Self Assessment ◽  
Self Selection ◽  
Significance Levels ◽  
Negative Effect ◽  
Selection Mechanisms

The purpose of this paper is an analysis of the presence of self-selection mechanisms on the market that could bring the market closer to the separating equilibrium state, in line with the Rothschild–Stiglitz equilibrium model and its subsequent modifications. An example is the Polish market of compulsory third-party liability insurance of vehicle owners. This paper describes this market in terms of both its structure and its financial results. The main focus is on describing the assumptions of the Rothschild–Stiglitz model for markets operating under the conditions of information asymmetry and based on the self-selection mechanism, allowing for an unequivocal determination of the insured’s profile without the need to actually observe the insured’s behaviour. Finally, we show that thanks to the self-selection induced by the possibility of driving behaviour monitoring, the industry can minimise the negative effect information asymmetry has on the motor insurance market. This can be achieved, for example, by observing the choices made by the insured after being offered a new voluntary contract with a premium based on telematics data. Our analysis was carried out with the use of three selected characteristics that can determine the insured’s risk profile, i.e., distance covered, self-assessment, and insurance premium paid; the significance of the latter—although it may be intuitive—is questionable at commonly accepted significance levels. Therefore, the main result is that although there is some evidence on the disputed matter, there can be no definitive conclusion—especially in terms of risk as measured by insurance premium.

scholarly journals Meeting liberalization of motor liability insurance premium in Serbia

2020 ◽  
Vol 36 (4) ◽  
pp. 44-77
Author(s):  
Jelena Doganjić ◽  
Živorad Ristić
Keyword(s):  
Traffic Safety ◽  
Traffic Accidents ◽  
Insurance Premium ◽  
Third Party ◽  
Liability Insurance ◽  
Insurance Market ◽  
Previous Period ◽  
Insurance Premiums ◽  
Degree Of Risk ◽  
Definition Of

Free definition of motor third party liability insurance tariffs leads to individual statement of premiums in agreement with the degree of risk the insured are exposed to i.e. their behaviour in the previous period. Using the experience of neighbouring countries, which have introduced a system of liberalization of motor third party liability insurance premiums, with prior quality preparation, Serbia could establish the liberalization of motor third party liability insurance premiums which could significantly contribute to insurance market advancement. This can also affect the behaviour of drivers, whereby we would raise the level of traffic safety and reduce the consequences and damages caused by traffic accidents.

scholarly journals DOES INTRINSIC RELIGIOSITY MODERATE BETWEEN THE SELF-ASSESSMENT SYSTEM AND TAX EVASION? A RESEARCH-BASED ON GENDER

2021 ◽  
Vol 10 (2) ◽  
pp. 123
Author(s):  
Alfriadi Dwi Atmoko
Keyword(s):  
Regression Analysis ◽  
Tax Evasion ◽  
Research Method ◽  
T Test ◽  
Assessment System ◽  
The Self ◽  
Intrinsic Religiosity ◽  
Self Assessment ◽  
Negative Effect ◽  
The Relationship

<p class="JurnalASSETSABSTRAK"><strong>ABSTRACT</strong></p><p>This study aims to examine the effect of the self-assessment system on tax evasion and the effect of intrinsic religiosity moderation on the relationship between the self-assessment system and tax evasion. This study also differences in the influence of gender on the effect of the self-assessment system on tax evasion. This research method uses moderated regression analysis (MRA) and an independent sample t-test. The results show that the self-assessment system had a negative effect on tax evasion. Meanwhile, intrinsic religiosity does not moderate the relationship between the self-assessment system and tax evasion. There are no gender differences at the level of the self-assessment system, intrinsic religiosity, and tax evasion.</p><p class="JurnalASSETSABSTRAK"><strong><em>ABSTRAK</em></strong><em></em></p><p><em>Penelitian ini bertujuan untuk menguji pengaruh self-assessment system terhadap tax evasion dan efek moderasi religius intrinsik pada hubungan self-assessment system dengan tax evasion. Penelitian ini juga menganalisis perbedaan gender pada tingkat self-assessment system, religius intrinsik dan tax evasion. Metode penelitian ini menggunakan analisis moderated regression analysis (MRA) dan independent sample t-test. Hasil penelitian menunjukkan bahwa self-assessment system berpengaruh negatif terhadap tax evasion. Religius intrinsik tidak memoderasi hubungan self-ssessment system dengan tax evasion. Tidak terdapat perbedaan gender pada tingkat self-assessment system, religius intrinsik dan tax evasion.</em></p>

scholarly journals THE CIVIL LIABILITY INSURANCE OF OWNERS OF MOTOR VEHICLES IN THE CONTEXT OF INNOVATIVE TRANSFORMATIONS

2021 ◽  
Author(s):  
Liudmyla Volokhova ◽  
Keyword(s):  
Civil Liability ◽  
Forecast Model ◽  
Insurance Premium ◽  
Third Party ◽  
Liability Insurance ◽  
Insurance Market ◽  
Motor Vehicles ◽  
European Standards ◽  
Car Insurance

Insurance plays a stabilizing role in economic development, so it is an important financial area in an era of new challenges and threats. This leads to increased attention to insurance in general and the introduction of innovations in such an important area as liability insurance. The specific features of this industry require the development of important recommendations for improving the compulsory civil liability insurance of owners of motor vehicles (CCLIOMV) in Ukraine. The methodology and methods of work involve the use of a systematic approach, analysis, comparison, forecasting in the development of improved regulation of the liability insurance market. The condition for the successful functioning of the insurance market in Ukraine is a decent level of quality of insurance services based on such innovations in car insurance as telematics, namely Usage-based insurance (UBI), is a special program that allows discounts to drivers by tracking their mileage. Another new vector is mobile technology, which allows you to remotely control devices, develop the implementation and maintenance of insurance services with their help. The methods of encouraging the use of motor third party liability insurance services, as well as the approximation of the existing system CCLIOMV to European standards is the use of a bonus-malus – a correction factor for the size of the insurance premium. The need and effectiveness of the introduction of an electronic policy is the ability to independently choose a reliable insurer, provide a guarantee of the acquisition of legitimate insurance protection, the introduction of non-cash using Internet acquiring technology forms of payment for insurance services and more. The scientific research carried out in the work allowed to determine the forecast indicators of the introduced innovations in the insurance market. The results of calculations of the forecast model on the dynamics of sales of electronic policies CCLIOMV in Ukraine show that their volume is constantly growing and in 2022 will amount to about 7 million units. This allows us to forecast the coverage of electronic policies CCLIOMV up to 70% of all vehicles in Ukraine.

How do Corporate Governance Decisions Affect Bondholders?

2016 ◽  
Vol 06 (03) ◽  
pp. 1650011 ◽  
Author(s):  
Hong Li ◽  
Yuan Wang
Keyword(s):  
Corporate Governance ◽  
Information Asymmetry ◽  
Agency Costs ◽  
Negative Relationship ◽  
Selection Effect ◽  
The Self ◽  
Cost Of Debt ◽  
Governance Mechanisms ◽  
Self Selection ◽  
The Cost

Existing studies have documented a negative relationship between the GIM corporate governance index (which contains anti-takeover provisions) and the corporate cost of debt, which implies that fewer anti-takeover provisions may lead to a larger shareholder expropriation of bondholder wealth. That is, strong corporate governance hurts bondholders (asset substitution hypothesis). However, another stream of research asserts that governance mechanisms may benefit bondholders by paring down agency costs and decreasing information asymmetry between the firm and the lenders (monitoring hypothesis). We reexamine this issue by considering the self-selection effect. We find that both hypotheses can be true, and that firms consider the reduction of cost of debt when self-selecting their governance, and the cost of debt would have been much higher had the alternative governance decision been made.

UPAYA MENINGKATKAN KOMPETENSI PEDAGOGIK GURU SDN TURUSGEDE DI SEMESTER I TAHUN PELAJARAN 2018/2019 DALAM MEMBUKA DAN MENUTUP PEMBELAJARAN MELALUI SUPERVISI AKADEMIK TEKNIK PENILAIAN DIRI SENDIRI

2019 ◽  
Vol 14 (1) ◽  
Author(s):  
Siti Ulfah
Keyword(s):  
Elementary School ◽  
Action Observation ◽  
The Self ◽  
Self Assessment ◽  
Test Technique ◽  
Assessment Technique ◽  
First Semester ◽  
Opening And Closing ◽  
Academic Year ◽  
Learning By Using

The purposes of this reasearch are 1) describing the efforts of increasing the elementary school of Turusgede teachers pedagogic competence at the first semester of 2018/2019 academic year in opening and closing the learning by using the self assessment technique and 2) analysing the increase of the elementary school of Turusgede teachers pedagogic competence at the first semester of 2018/2019 academic year in opening and closing the learning by using the self assessment technique. This research is School Action Research (SAR). This research is taken palce in elementary school of Turusgede, Subdistrict of Rembang, Regency of Rembang. The time of this research is the early-middle first semester of 2018/2019 academic year. The subjects of this research are teachers in the elementary school of Turusgede, Subdistrict of Rembang, Regency of Rembang, consist of twelve teachers. The data of this research is teachers pedagogic competence in opening and closing the learning. The techniques of collecting data are using nontest technique and test technique. The tools of collecting data are using the sheets of observation, camera application on hand phone and the form of self assessment. The technique of analizing data in this research is decriptive comparation. The procedure of this research is using Cycle Model, consist of four steps: planning, action, observation and reflection. Each cycle is going on one week. The results of this research are 1) the academic supervision with self assessment technique is previously sharing the form of self assessment to the subjects of this research, 2) self assessment technique is self assessment according to the next theme and matter, 3) self assessment technique is self assessment after the learning finish and 4) teachers pedagogic competence with self assessment technique is increasing and including good category (B) that according with the result of observation and including very good category (A) that according with the result of self assessment. Key words: Pedagogic, Supervision, Self Assessment Technique.

NEUROTIC SYMPTOMATICS RELATED TO PERSONAL CHARACTERISTICS IN YOUTH

2019 ◽  
pp. 2014-2019
Author(s):  
Milen Dimov
Keyword(s):  
Personal Characteristics ◽  
The Self ◽  
The Other ◽  
Social Responsiveness ◽  
Training Process ◽  
Self Assessment ◽  
School Year ◽  
Real Behavior ◽  
Low Levels ◽  
The Ideal

The present study traces the dynamics of personal characteristics in youth and the manifested neurotic symptoms in the training process. These facts are the reason for the low levels of school results in the context of the existing theoretical statements of the problem and the empirical research conducted among the trained teenagers. We suggest that the indicators of neurotic symptomatology in youth – aggression, anxiety, and neuroticism, are the most demonstrated, compared to the other studied indicators of neurotic symptomatology. Studies have proved that there is a difference in the act of neurotic symptoms when tested in different situations, both in terms of expression and content. At the beginning of the school year, neurotic symptoms, more demonstrated in some aspects of aggressiveness, while at the end of school year, psychotism is more demonstrated. The presented summarized results indicate that at the beginning of the school year, neurotic symptoms are strongly associated with aggression. There is a tendency towards a lower level of social responsiveness, both in the self-assessment of real behavior and in the ideal “I”-image of students in the last year of their studies. The neurotic symptomatology, more demonstrated due to specific conditions in the life of young people and in relation to the characteristics of age.

О НЕКОТОРЫХ ИСТОРИЧЕСКИХ АСПЕКТАХ СТАНОВЛЕНИЯ ВОСПИТАТЕЛЬНОЙ РАБОТЫ С ОСУЖДЕННЫМИ В МЕСТАХ ЛИШЕНИЯ СВОБОДЫ

2020 ◽  
Author(s):  
Vasiliy Dvortsov ◽  
Alexander Efimenko
Keyword(s):  
General Education ◽  
Scientific Literature ◽  
Criminal Code ◽  
The Self ◽  
Self Assessment ◽  
Educational Work ◽  
Legal Norms ◽  
Education Profession ◽  
Comprehensive Programs ◽  
The Relationship

В статье предпринята попытка теоретического анализа и изучения научной литературы по организации и становлению воспитательной работы с осужденными в местах лишения свободы, продемонстрирована взаимосвязь между политико-воспитательной работой, ресоциализацией и исправлением осужденных в пенитенциарных учреждениях. Проведенное исследование позволяет предполагать, что воспитательная работа является основополагающим средством исправления различных категорий осужденных (регламентировано ст. 9 УИК РФ). На этой основе критерием исправления будет становиться устойчивое правопослушное поведение человека. В связи с этим возникает необходимость использования психолого-педагогической программы по перестройке и самооценке осужденных, позволяющей формировать их готовность к самореализации, когда осознание совершенных преступлений становится внутренне неприемлемым. Авторами отмечается, что, самоисправление человека зависит от ряда направлений воспитательной работы: нравственного, правового, физического воспитания, получения основного общего образования, получения профессии. Очевидно, что для закрепления положительного результата процесс ресоциализации в пенитенциарных учреждениях должен проводиться сотрудниками всех отделов и служб на основе комплексных программ, разработанных с учетом специфики и возраста осужденных.The article attempts a theoretical analysis and study of scientific literature on the organization and formation of educational work with convicts in prisons, demonstrates the relationship between «political and educational work», re-socialization and correction of convicts in prisons. The study suggests that educational work is a fundamental means of correcting various categories of convicts (regulated by article 9 of the criminal code). Based on this criterion fixes will become sustainable human behavior, demonstrating a conscious rejection of the violation of legal norms with the aim of securing sustainable patterns of law-abiding behavior. There is a need to use the psychological and pedagogical Program for restructuring and self-assessment of convicts, which allows to form on this basis their readiness for self-realization, when the awareness of the crimes committed becomes internally unacceptable. In this regard, the self-correction of a person depends on a number of areas, namely, moral, legal, physical education, basic General education, profession, forming the basis of educational work. It is obvious that in order to consolidate a positive result in penitentiary institutions, the activities of all departments and services should be carried out a process of re-socialization on the basis of comprehensive Programs developed taking into account the specifics and different ages of convicts.

scholarly journals Furloughs, Teleworking and Other Work Situations during the COVID-19 Lockdown: Impact on Mental Well-Being

2021 ◽  
Vol 18 (6) ◽  
pp. 2898
Author(s):  
Israel Escudero-Castillo ◽  
Fco. Javier Mato-Díaz ◽  
Ana Rodriguez-Alvarez
Keyword(s):  
Mental Health ◽  
Ad Hoc ◽  
Well Being ◽  
The Self ◽  
Exogenous Shock ◽  
Work Location ◽  
Negative Effect ◽  
Market Status ◽  
Mental Well Being ◽  
Labour Market Status

As a consequence of the Spring 2020 lockdown that occurred in Spain due to the COVID-19 pandemic, many people lost their jobs or had to be furloughed. The objective of this study is to analyse the influence of the latter changes in labour market status on psychological well-being. For this purpose, an ad-hoc questionnaire featuring socio-demographic and mental health criteria was created. Granted that the pandemic can be viewed as an exogenous shock, the bias caused by the bidirectional problems between the work situation and mental well-being can be tackled. Results indicate that the lockdown exerted a greater negative effect on the self-perceived well-being of unemployed and furloughed persons than on those in employment. Moreover, among those in continuous employment, teleworkers experienced a lesser degree of self-perceived well-being post lockdown as compared to those people remaining in the same work location throughout the COVID-19 crisis. Finally, the lockdown provoked worse effects on the self-perceived well-being of women as compared to men, a result that appears to be related to gender differences in household production. In conclusion, these results could be especially relevant given that the evolution of the pandemic is having ongoing effects on employment and, therefore, on the mental health of workers.

scholarly journals Discount, transparency and announcements effects of equity rights offerings: international evidence

2021 ◽  
Author(s):  
Nils-Christian Bobenhausen ◽  
Astrid Juliane Salzmann
Keyword(s):  
Financial Markets ◽  
Information Asymmetry ◽  
Capital Market ◽  
Announcement Effect ◽  
Announcement Effects ◽  
Market Transparency ◽  
International Evidence ◽  
Negative Effect ◽  
Rights Offering ◽  
High Information

AbstractEquity rights offerings and their respective announcement effects have been studied extensively in the literature. Our study expands upon these studies and focuses on those announcement effects and the relation between the discount of an equity rights offering and the announcement effect. Previous theoretical and empirical analyses show that firms can signal their quality via the discount in an equity rights offering and demonstrate a negative relation between the discount and the announcement effect. We argue that this link is only relevant in environments where signalling is possible and necessary. These are financial markets with a particularly low level of capital market transparency, i.e. high information asymmetry. We calculate announcement effects for an international sample of equity rights offerings and show that the negative effect of the discount on announcement effects can only be observed in environments with a low capital market transparency. Hence, our study estimates announcement effects across several different countries and is thus among the first to analyse signalling considerations for equity rights offerings in different transparency environments.

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