haku: @author Garven, J. / yhteensä: 2
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| Tekijä: | Garven, J. Louberge, H. |
| Otsikko: | Reinsurance, taxes, and efficiency: a contingent claims model of insurance market equilibrium |
| Lehti: | Journal of Financial Intermediation
1996 : JAN, VOL. 5:1, p. 74-93 |
| Asiasana: | MODELS EFFICIENCY TAXATION INSURANCE |
| Kieli: | eng |
| Tiivistelmä: | This paper presents an analytical model of underwriting capacity and insurance market equilibrium under an asymmetric corporate tax schedule characterized by incomplete tax-loss offsets. The authors show that reinsurance causes tax shields to be reallocated to those insurers that have the greatest capacity for utilizing them. Reinsurance is therefore used as an efficient short-run mechanism to yield the optimal allocation of tax shield benefits. In equilibrium, asymmetric taxes cause insurance prices to be actuarially unfair. |
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