The Economics of Property-Casualty Insurance

University of Chicago Press
Free sample

The Economics of Property-Casualty Insurance presents new research and findings on key aspects of the economics of the property-casualty insurance industry. The volume explores the industrial organization, regulation, financing, and taxation of this business.

The first paper, on external financing and insurance cycles, contains a wealth of information on trends and patterns in the industry's financial structure. The last essay, which compares performance of stock and mutual insurance companies, takes a fresh look at the way a company's organizational structure affects its responses to different economic situations. Two papers focus on rate regulation in the auto insurance industry, and provide broad overviews of the structure and economics of the insurance industry as a whole. Also addressed are the system of regulating insurance companies in the United States, who insures the insurers, and the effects of tax law changes in the 1980s on the prices of insurance policies.

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About the author

Bradford is Professor of Economics and Public Affairs at the Woodrow Wilson School of Public and International Affairs, Princeton University; Adjunct Professor of Law at New York University; and Research Associate of the National Bureau of Economic Research, Cambridge, MA.

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Additional Information

Publisher
University of Chicago Press
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Published on
Dec 1, 2007
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Pages
214
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ISBN
9780226070322
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Language
English
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Genres
Business & Economics / Economics / General
Political Science / General
Political Science / Public Policy / General
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Content Protection
This content is DRM protected.
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Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence—including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship—to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers. Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors. Private Equity at Work provides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies—representing almost 8 million employees—have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers. Appelbaum and Batt show that private equity firms’ financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized. Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms. A groundbreaking analysis of a hotly contested business model, Private Equity at Work provides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.
#1 NEW YORK TIMES BESTSELLER • A powerful true story about the potential for mercy to redeem us, and a clarion call to fix our broken system of justice—from one of the most brilliant and influential lawyers of our time, as seen in the HBO documentary True Justice

“[Bryan Stevenson’s] dedication to fighting for justice and equality has inspired me and many others and made a lasting impact on our country.”—John Legend

SOON TO BE A MAJOR MOTION PICTURE STARRING MICHAEL B. JORDAN AND JAMIE FOXX • Named One of the Best Books of the Year by The New York Times • The Washington Post • The Boston Globe • The Seattle Times • Esquire • Time

Bryan Stevenson was a young lawyer when he founded the Equal Justice Initiative, a legal practice dedicated to defending those most desperate and in need: the poor, the wrongly condemned, and women and children trapped in the farthest reaches of our criminal justice system. One of his first cases was that of Walter McMillian, a young man who was sentenced to die for a notorious murder he insisted he didn’t commit. The case drew Bryan into a tangle of conspiracy, political machination, and legal brinksmanship—and transformed his understanding of mercy and justice forever.

Just Mercy is at once an unforgettable account of an idealistic, gifted young lawyer’s coming of age, a moving window into the lives of those he has defended, and an inspiring argument for compassion in the pursuit of true justice.

Winner of the Carnegie Medal for Excellence in Nonfiction • Winner of the NAACP Image Award for Nonfiction • Winner of a Books for a Better Life Award • Finalist for the Los Angeles Times Book Prize • Finalist for the Kirkus Reviews Prize • An American Library Association Notable Book

“Every bit as moving as To Kill a Mockingbird, and in some ways more so . . . a searing indictment of American criminal justice and a stirring testament to the salvation that fighting for the vulnerable sometimes yields.”—David Cole, The New York Review of Books

“Searing, moving . . . Bryan Stevenson may, indeed, be America’s Mandela.”—Nicholas Kristof, The New York Times

“You don’t have to read too long to start cheering for this man. . . . The message of this book . . . is that evil can be overcome, a difference can be made. Just Mercy will make you upset and it will make you hopeful.”—Ted Conover, The New York Times Book Review

“Inspiring . . . a work of style, substance and clarity . . . Stevenson is not only a great lawyer, he’s also a gifted writer and storyteller.”—The Washington Post

“As deeply moving, poignant and powerful a book as has been, and maybe ever can be, written about the death penalty.”—The Financial Times

“Brilliant.”—The Philadelphia Inquirer
WINNER OF THE 2017 PULITZER PRIZE GENERAL NON-FICTION 

From Harvard sociologist and MacArthur "Genius" Matthew Desmond, a landmark work of scholarship and reportage that will forever change the way we look at poverty in America
 
In this brilliant, heartbreaking book, Matthew Desmond takes us into the poorest neighborhoods of Milwaukee to tell the story of eight families on the edge. Arleen is a single mother trying to raise her two sons on the $20 a month she has left after paying for their rundown apartment. Scott is a gentle nurse consumed by a heroin addiction. Lamar, a man with no legs and a neighborhood full of boys to look after, tries to work his way out of debt. Vanetta participates in a botched stickup after her hours are cut. All are spending almost everything they have on rent, and all have fallen behind.

The fates of these families are in the hands of two landlords: Sherrena Tarver, a former schoolteacher turned inner-city entrepreneur, and Tobin Charney, who runs one of the worst trailer parks in Milwaukee. They loathe some of their tenants and are fond of others, but as Sherrena puts it, “Love don’t pay the bills.” She moves to evict Arleen and her boys a few days before Christmas.

Even in the most desolate areas of American cities, evictions used to be rare. But today, most poor renting families are spending more than half of their income on housing, and eviction has become ordinary, especially for single mothers. In vivid, intimate prose, Desmond provides a ground-level view of one of the most urgent issues facing America today. As we see families forced  into shelters, squalid apartments, or more dangerous neighborhoods, we bear witness to the human cost of America’s vast inequality—and to people’s determination and intelligence in the face of hardship.

Based on years of embedded fieldwork and painstakingly gathered data, this masterful book transforms our understanding of extreme poverty and economic exploitation while providing fresh ideas for solving a devastating, uniquely American problem. Its unforgettable scenes of hope and loss remind us of the centrality of home, without which nothing else is possible.

NEW YORK TIMES BESTSELLER | WINNER OF THE NATIONAL BOOK CRITICS CIRCLE AWARD FOR NONFICTION | WINNER OF THE PEN/JOHN KENNETH GALBRAITH AWARD FOR NONFICTION | WINNER OF THE ANDREW CARNEGIE MEDAL FOR EXCELLENCE IN NONFICTION | FINALIST FOR THE LOS ANGELES TIMES BOOK PRIZE | NAMED ONE OF THE BEST BOOKS OF THE YEAR by The New York Times Book Review • The Boston Globe •  The Washington Post • NPR • Entertainment Weekly • The New Yorker • Bloomberg •  Esquire • Buzzfeed • Fortune • San Francisco Chronicle • Milwaukee Journal Sentinel • St. Louis Post-Dispatch •  Politico •  The Week • Bookpage • Kirkus Reviews •  Amazon •  Barnes and Noble Review •  Apple •  Library Journal • Chicago Public Library • Publishers Weekly • Booklist • Shelf Awareness
Selected by the Modern Library as one of the 100 best nonfiction books of all time • WINNER OF THE PULITZER PRIZE • WINNER OF THE NATIONAL BOOK AWARD

Although Theodore Rex fully recounts TR’s years in the White House (1901–1909), The Rise of Theodore Roosevelt begins with a brilliant Prologue describing the President at the apex of his international prestige. That was on New Year’s Day, 1907, when TR, who had just won the Nobel Peace Prize, threw open the doors of the White House to the American people and shook 8,150 hands, more than any man before him. Morris re-creates the reception with such authentic detail that the reader gets almost as vivid an impression of TR as those who attended. One visitor remarked afterward, “You go to the White House, you shake hands with Roosevelt and hear him talk—and then you go home to wring the personality out of your clothes.”

The rest of this book tells the story of TR’s irresistible rise to power. (He himself compared his trajectory to that of a rocket.) It is, in effect, the biography of seven men—a naturalist, a writer, a lover, a hunter, a ranchman, a soldier, and a politician—who merged at age forty-two to become the youngest President in our history. Rarely has any public figure exercised such a charismatic hold on the popular imagination. Edith Wharton likened TR’s vitality to radium. H. G. Wells said that he was  “a very symbol of the creative will in man.” Walter Lippmann characterized him simply as our only “lovable” chief executive.

During the years 1858–1901, Theodore Roosevelt, the son of a wealthy Yankee father and a plantation-bred southern belle, transformed himself from a frail, asthmatic boy into a full-blooded man. Fresh out of Harvard, he simultaneously published a distinguished work of naval history and became the fist-swinging leader of a Republican insurgency in the New York State Assembly. He had a youthful romance as lyrical—and tragic—as any in Victorian fiction. He chased thieves across the Badlands of North Dakota with a copy of Anna Karenina in one hand and a Winchester rifle in the other. Married to his childhood sweetheart in 1886, he became the country squire of Sagamore Hill on Long Island, a flamboyant civil service reformer in Washington, D.C., and a night-stalking police commissioner in New York City. As assistant secretary of the navy under President McKinley, he almost single-handedly brought about the Spanish-American War. After leading “Roosevelt’s Rough Riders” in the famous charge up San Juan Hill, Cuba, he returned home a military hero, and was rewarded with the governorship of New York. In what he called his “spare hours” he fathered six children and wrote fourteen books. By 1901, the man Senator Mark Hanna called “that damned cowboy” was vice president of the United States. Seven months later, an assassin’s bullet gave TR the national leadership he had always craved.

His is a story so prodigal in its variety, so surprising in its turns of fate, that previous biographers have treated it as a series of haphazard episodes. This book, the only full study of TR’s pre-presidential years, shows that he was an inevitable chief executive, and recognized as such in his early teens. His apparently random adventures were precipitated and linked by various aspects of his character, not least an overwhelming will. “It was as if he were subconsciously aware that he was a man of many selves,” the author writes, “and set about developing each one in turn, knowing that one day he would be President of all the people.”
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