A Dependent Risks Moderator: Mike Hoy,
University of Guelph
Room A014
8.30 – 9.00 am Catastrophe Aversion and Risk Equity Under Dependent Risks
• Carole Bernard, Grenoble École de Management
• Christoph Rheinberger, Toulouse School of Economics
• Nicolas Treich, Toulouse School of Economics
Discussant: Johannes Emmerling, Fondazione Eni Enrico Mattei
9.00 – 9.30 am Insurance Market Equilibrium for Correlated Risks
• Arnaud Goussebaile, École Polytechnique
• Alexis Louaas, École Polytechnique
Discussant: Jan Hendrik Wirfs, University of St. Gallen
9.30 – 10.00 am Risk Aversion and Risk Premiums with Dependent Risks
• Jinyuan Li, Lingnan University
• Harris Schlesinger, University of Alabama
• Zhe Yang, University of Alabama
Discussant: Emmanuel Senyo Fianu, Leuphana University of Lüneburg
B Life Insurance: Policy Surrender Moderator: Bingzheng Chen,
Tsinghua University
Room A015
8.30 – 9.00 am Lethal Lapses – How a Positive Interest Rates Shock Might Stress German Life Insurers
• Mark Feodoria, University of Kiel
• Till Förstemann, Deutsche Bundesbank
Discussant: Jochen Ruß, Institut für Finanz- und Aktuarwissenschaften and University of Ulm
9.00 – 9.30 am Empirical Analysis of Surrender in the Taiwan Life Insurance Companies
• Yawen Hwang, Feng Chia University
Discussant: –
9.30 – 10.00 am Don’t Lapse into Temptation – A Behavioral Explanation for Policy Surrender
• Sven Nolte, University of Münster
• Judith Schneider, University of Münster
Discussant: Nicolas Ziebarth, Cornell University
C Mergers and Acquisitions Moderator: Tyler Leverty,
University of Wisconsin-Madison
Room A 016
8.30 – 9.00 am Earnings Management before Mergers and Acquisitions: Evidence from the US Property-Liability Insurance Industry
• Enya He, University of North Texas
• David Sommer, St. Mary’s University
• Xiaoying Xie, California State University
Discussant: David Eckles, University of Georgia
9.00 – 9.30 am Mergers and Acquisitions in the US Insurance Industry
• Bum Kim, Soongsil University
• Sojung Park, Seoul National University
Discussant: Shih-Chieh Bill Chang, National Chengchi University
9.30 – 10.00 am A Study on Mergers and Acquisitions of Property and Casualty Insurers in Japan: The Theory and Evidence on Effects of Extensive Mergers and Acquisitions
• Fumitoshi Sugino, Senshu University
Discussant: Xian Xu, Fudan University
D Health Care Risk Moderator: Sharon Tennyson,
Cornell University
Room A 017
8.30 – 9.00 am Disability Benefits as an Incentive for Hysterectomy: Uterine Fibroid Patients in Taiwan
• Ya-Lee Ho, Asia University
• Chu-Shiu Li, National Kaohsiung First University of Science and Technology
• Chwen-Chi Liu, Feng Chia University
Discussant: Muhammad Mamun, University of Dhaka
9.00 – 9.30 am Optimal Portfolio Allocation with Health Contingent Income Products: The Value of Life Care Annuities
• Hazel Bateman, University of New South Wales
• Ralph Stevens, University of New South Wales
• Shang Wu, University of New South Wales
Discussant: Jeffrey Tsai, National Tsing Hua University
9.30 – 10.00 am Modelling Optimal Asset Allocation when Households Experience Health Shocks
• Jiapeng Liu, China Jiliang University
• Rui Lui, Sun Yat-sen University
• Ting Zhang, University of Dayton
• Ronghua Yi, China Jiliang University
Discussant: Norio Hibiki, Keio University
E Systemic Risk Moderator: Michael Sherris,
University of New South Wales
Room A021
8.30 – 9.00 am Variable Annuity Guarantees: A New Threat to Financial Stability?
• Etti Baranoff, Virginia Commonwealth University
• Tom Sager, University of Texas at Austin
• Bo Shi, Morehead State University
Discussant: James Carson, University of Georgia
9.00 – 9.30 am Insurance Activities and Systemic Risk
• Elia Berdin, Goethe University Frankfurt
• Matteo Sottocornola, Goethe University Frankfurt
Discussant: Anne Kleffner, University of Calgary
9.30 – 10.00 am Investment Herding by Life Insurers
• Chia-Chun Chiang, University of South Carolina
• Greg Niehaus, University of South Carolina
Discussant: Andreas Milidonis, Nanyang Technological University
F Efficiency Moderator: Kathleen McCullough,
Florida State University
Room A022
8.30 – 9.00 am Organizational Form and Efficiency: The Coexistence of Takaful and Conventional Insurers
• Al-Amir Khalid, Sultan Qaboos University
• David Cummins, Temple University
• Mary Weiss, Temple University
Discussant: David Pooser, St. John’s University
9.00 – 9.30 am The Structure of the Global Reinsurance Market: An Analysis of Efficiency, Scale, and Scope
• Christian Biener, University of St. Gallen
• Martin Eling, University of St. Gallen
• Ruo (Alex) Jia, University of St. Gallen
Discussant: Steven Pottier, University of Georgia
9.30 – 10.00 am A Cost Efficiency Non Parametric Analysis of the Insurance Industry in Mexico
• Hugo Javier Fuentes Castro, Instituto Tecnológico y de Estudios Superiores de Monterrey
• Ana María Reyna Bernal, Instituto Tecnológico y de Estudios Superiores de Monterrey
Discussant: Paul Raschky, Monash University
G Catastrophe Risk Moderator: Rachel Huang,
National Central University
Room E004
8.30 – 9.00 am The Relationship among Reinsurance, Capital Structure and Catastrophes: The Dynamic Approach Evidence on Property-Liability Insurers in Asian Countries
• Jospeh J. Tien, Tamkang University
Discussant: Robert Dickson, University of North Carolina at Charlotte
9.00 – 9.30 am Self-Protection, Insurance, and Risk Sharing – A Case of Catastrophe Risks
• Wei Hu, ETH Zurich
Discussant: Georges Dionne, HEC Montréal
9.30 – 10.00 am Optimal Insurance for Catastrophic Risk: Theory and Application to Nuclear Corporate Liability
• Alexis Louaas, École Polytechnique
• Pierre Picard, École Polytechnique
Discussant: Roger Laeven, University of Amsterdam
H Optimal Reinsurance Moderator: Larry Tzeng,
National Taiwan University
Room E006
8.30 – 9.00 am The Research of Chinese Property Insurance Companies‘ Optimal Reinsurance Decision—An Empirical Analysis Based on Option Dynamic Game Theory
• Wenjuan Bai , Central University of Finance and Economics
Discussant: Stefan Neuß, LMU Munich
9.00 – 9.30 am Optimal Retentions with Ruin Probability Target in the Case of Fire Insurance in Iran
• Ghadir Mahdavi, Allame Tabatabai University
• Omid Ghavibazoo, Allame Tabatabai University
Discussant: Sheng-Chang Peng, Ming Chuan University
9.30 – 10.00 am Optimal Reinsurance with Both Proportional and Fixed Costs
• Peng Li, Central University of Finance and Economics
• Yin Chuancun, Qufu Normal University
• Ming Zhou, Central University of Finance and Economics
Discussant: Joseph J. Tien, Tamkang University
I Weather Risk Moderator: Robert Hoyt,
University of Georgia
Room A119
8.30 – 9.00 am Covariate Risk and Viability of Weather Index-Insurance: The Case of African Risk Capacity
• Sebastain Awondo, University of Georgia
Discussant: Mary Riddel, University of Nevada, Las Vegas
9.00 – 9.30 am Managing Snow Risks: The Case of City Governments and Ski Resorts
• Haruyoshi Ito, International University of Japan
Discussant: Koji Inui, Meiji University
9.30 – 10.00 am Factors Influencing Farmers‘ Decisions on Drought Index Insurance in Poland
• Monika Kaczała, Poznan University of Economics
• Dorota Wiśniewska, Poznan University of Economics
Discussant: Dirk Reinhard, Munichre-Foundation
J Risk Management and Cash Holdings Moderator: Andre Liebenberg,
University of Mississippi
Room A125
8.30 – 9.00 am On-Site Financial Examination and Reserve Management for US Property-Liability Insurers
• Hua Chen, Temple University
• Wen-Yen Hsu, Feng Chia University
Discussant: Gyu Dong Kim, Temple University
9.00 – 9.30 am The Demand for Cash Balances by Property-Liability Insurance Companies during the Financial Crisis
• James I. Hilliard, Northern Arizona University
• J. François Outreville, Bureau du BIEF
Discussant: Maximiliane Hörl, LMU Munich
9.30 – 10.00 am Cash Holdings between Public and Private Insurers ‒ A Partial Adjustment Approach
• Weili Lu, California State University
• Yuling Wang, Shanghai University of Finance and Economics
• Xiaoying Xie, California State University
• Guiqin Zhao, Shanghai University of Finance and Economics
Discussant: Anastasia Ivantsova, University of Wisconsin-Madison



A Risk Preferences and Economic Conditions Moderator: Marry Riddel,
University of Nevada, Las Vegas
Room A014
1.15 – 1.45 pm Impact of Economic Conditions on Individual Risk Preferences
• Mark Browne, St. John’s University
• Verena Jaeger, LMU Munich
• Petra Steinorth, St. John’s University
Discussant: Daliana Luca, University of St. Gallen
1.45 – 2.15 pm The Impact of Family Structure on Risk Attitudes and Financial Decisions during the Financial Crisis
• Katja Hanewald, University of New South Wales
• Fanny Kluge, Max Planck Institute for Demographic Research (MPIDR)
Discussant: Vickie Bajtelsmit, Colorado State University
2.15 – 2.45 pm Credit Crunch and Insurance Consumption: The Aftermath of the Subprime Mortgage Crisis
• Shinichi Kamiya, Nanyang Technological University
Discussant: Nikolai Vogl , Friedrich-Alexander-University of Erlangen-Nürnberg
B Sales and Distribution Moderator: Wen-Yen Hsu,
Feng Chia University
Room A015
1.15 – 1.45 pm Decision Support Models for Optimal Personalized Marketing Interventions in Insurance
• Leo Guelman, Royal Bank of Canada
• Montserrat Guillén, University of Barcelona
• Ana Maria Perez-Marin, University of Barcelona
Discussant: Enrico Biffis, Imperial College London
1.45 – 2.15 pm 


2.15 – 2.45 pm

Determinants of Research Shopping Behaviour in the Insurance Sector: An Empirical Analysis
• Stefan Mau, ETH Zurich
• Irena Pletikosa Cvijikj, ETH Zurich
• Joël Wagner, University of Lausanne
Discussant: In Jung (Anna) Song, University of GeorgiaThe Automobile Insurance Pricing Model, Combining Static Premium with Dynamic Premium – Based on the Generalized Linear Models
• Chenghui Han, Central University of Finance and Economics
• Dan Yao, Central University of Finance and Economics
• Sujin Zheng, Central University of Finance and Economics
Discussant: Zhang Ting, University of Dayton
C Corporate Governance Moderator: Anne Kleffner,
University of Calgary
Room A016
1.15 – 1.45 pm Corporate Governance and Risk-Taking Strategies with D&O Liability Insurance Protection
• Jui-I Chang, China University of Science and Technology
• Tsai-Jyh Chen, National Chengchi University
Discussant: Vivian Jeng, National Chengchi University
1.45 – 2.15 pm Corporate Governance, Regulation and Risk Taking: Evidence from the Insurance Markets of Islamic Countries
• Maria Rubio Misas, Universidad de Málaga
• Mimoune Mellali, Universidad de Málaga
Discussant: Chia-Ling Ho, Tamkang University
2.15 – 2.45 pm Corporate Governance, Insurer’s Characteristics and Implied Cost of Equity: An Agency Cost Perspective
• Qiongqi Xiao, Washington State University
Discussant: Kili C. Wang, Tamkang University
D Long-term Care Moderator: Nicolas Ziehbarth,
Cornell University
Room A017
1.15 – 1.45 pm Public Support and the Interaction Between Long-Term Care Insurance and Informal Care
• Jean-Marc Bascans, University of Poitiers
• Christophe Courbage, The Geneva Association
• Cornel Oros, University of Poitiers
Discussant: Sharon Tennyson, Cornell University
1.45 – 2.15 pm Long-term Care: Is there Crowding out of Informal Care, Private Insurance as well as Saving?
• Peter Zweifel, University of Zurich
• Christophe Courbage, The Geneva Association
Discussant: Shuji Tanaka, Nihon University
2.15 – 2.45 pm A Proposal for Re-Designing Social Security: Long-Term Care Pension
• Shuji Tanaka, Nihon University
Discussant: Tadashi Uratani, Hosei University
E Capital Requirements Moderator: Michael Powers,
Tsinghua University
Room A021
1.15 – 1.45 pm A Least-Squares Monte Carlo Approach to the Calculation of Capital Requirements
• Daniel Bauer, Georgia State University
• Hongjun Ha, Georgia State University
Discussant: Xiaoying Xie, California State University
1.45 – 2.15 pm Designation and Detection of the Best Capital Buffer of Nonlife Insurance Countercyclical Regulation in China
• Wu Jie, Shanghai University of Finance and Economics
• Fang Su, Shanghai University of Finance and Economics
Discussant: Etti Baranoff, Virginia Commonwealth University
2.15 – 2.45 pm Active Capital Adjustment or Passive Supervision Constraint? – The Research on the Influence Factors and Action Mechanisms of Actual Capital and Statutory Capital in Life Insurance Companies from China
• Sujin Zheng, Asia University
Discussant: Mary Kelly, Wilfred Laurier University
F Performance Moderator: Chwen-Chi Liu,
Feng Chia University
Room A022
1.15 – 1.45 pm Performance Measurement in the Life Insurance Industry: An Asset-Liability Perspective
• Alexander Braun, University of St. Gallen
• Florian Schreiber, University of St. Gallen
Discussant: Jianren Xu, California State University
1.45 – 2.15 pm Investment Outsourcing: An Investigation of the Life Insurance Industry
• Kyeonghee Kim, University of Wisconsin-Madison
• Tyler Leverty, University of Wisconsin-Madison
• Joan Schmit, University of Wisconsin-Madison
Discussant: Shuang Yang, Temple University
2.15 – 2.45 pm Capital and the Performance of Insurance Companies
• Janina Mühlnickel, TU Dortmund University
• Anne-Christine Schmidt, TU Dortmund University
• Gregor Weiß, TU Dortmund University
Discussant: Semir Ben Ammar, University of St. Gallen
G Catastrophe Bonds Moderator: Paul Raschky,
Monash University
Room E004
1.15 – 1.45 pm Optimum Mix across Financial and Reinsurance Markets: The Case of Catastrophe Bonds
• Jack S.K. Chang, California State University
• Carolyn W. Chang, California State University
• Min-Teh Yu, National Chia Tung University
Discussant: Tasdayoshi Otsuka, Waseda University
1.45 – 2.15 pm Portfolio Diversification Effects of Catastrophe Bonds
• Steven Clark, University of North Carolina at Charlotte
• Robert Dickson, University of North Carolina at Charlotte
• Faith Neale, University of North Carolina at Charlotte
Discussant: Tim Boonen, University of Amsterdam
2.15 – 2.45 pm Reinsurance or CAT Bond? How to Mix Both Optimally
• Van Son Lai, Laval University
• Denis-Alexandre Trottier, Laval University
Discussant: Hato Schmeiser, University of St. Gallen
H Empirical Research on Asymmetric Information Moderator: David Eckles,
University of Georgia
Room E006
1.15 – 1.45 pm Advantageous Selection in Insurance Markets
• James Carson, University of Georgia
• Robert Hoyt, University of Georgia
• Krzysztof Ostaszewski, Illinois State University
Discussant: Irina Gemmo, Goethe University Frankfurt
1.45 – 2.15 pm Testing for Adverse Selection Using Micro Data of Automatic Renewal Term Life Insurance
• Nakamura Hisashi, Hitotsubashi University
• Ai Takeuchi, Ritsumeikan University
• Shinichi Yamamoto, Ritsumeikan University
• Takau Yoneyama, Hitotsubashi University
Discussant: Yoichiro Fujii, Osaka Sangyo University
2.15 – 2.45 pm Moral Hazard and Advantageous Selection in Private Disability Insurance
• Sebastian Soika, LMU Munich
Discussant: Philipp Schaper, University of St. Gallen
I Pension Moderator: Chuck Nyce,
Florida State University
Room A119
1.15 – 1.45 pm Occupation Pension for Public Employees in China: A New Approach with DB Underpin Pension Plan
• Kai Chen, Peking University
• Julie Shi, Peking University
• Yi Yao, Peking University
Discussant: Linus F.-S. Chan, Soochow University
1.45 – 2.15 pm A Comparative Study on FDC and NDC of Individual Accounts of Public Pension in China
• Chenguang Li, Central University of Finance and Economics
• Nannan Zhang, Central University of Finance and Economics
• Zaigui Yang, Central University of Finance and Economics
Discussant: Kai Chen, Peking University
2.15 – 2.45 pm The Economic and Welfare Effects of Tax-deferred Employer Pensions in China
• Chunhong Zhao, Central University of Finance and Economics
Discussant: Liyu Feng, Central University of Finance and Economics
J Cyber and Operational Risk Moderator: Pierre Picard,
École Polytechnique
Room A125
1.15 – 1.45 pm Modeling Operational Risk Incorporating Reputation Risk: An Integrated Analysis for Financial Firms
• Christian Eckert, Friedrich-Alexander-University of Erlangen-Nürnberg
• Nadine Gatzert, Friedrich-Alexander-University of Erlangen-Nürnberg
Discussant: Jan-Hendrik Weinert, Goethe University Frankfurt
1.45 – 2.15 pm Modelling and Management of Cyber Risk
• Martin Eling, University of St. Gallen
• Jan Hendrik Wirfs, University of St. Gallen
Discussant: Richard Watt, University of Canterbury
2.15 – 2.45 pm The Internet of Things Is Already Here, But Who Bears the Risks?
• Andreas Haas, University of Hohenheim
Discussant: Yiling Deng, Georgia State University