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Liability in environmental protection
Abstracts and Reviews
Journal of Business, Vol. 64, nr. 2, 1991, pp. 573610. Although many mechanisms exist for the evaluation of new products, none have specifically examined the role that financial markets can play in measuring the impact of new products on firms. Using traditional event-study methodology, the present research provides a financial market-based analysis of the impact of new product introductions on the market value of firms. (Authors) Keywords: New Products, Value of Firms.
a3
bond insurance has only recently received attention from potential insurers. This article uses a model to assess the pure risk premium for corporate bond insurance where both nonzero correlation between frequency and severity and nonzero correlation between individual risk units are allowed. The results suggest that corporate bond risk insurance could be offered by a third party insurer at a lower cost than the prevailing market default risk premium. (Author) Keywords: Corporate Bond Insurance, Pure Risk Premium. 051067 (E43, B50)
E42:
MARKETING,
PUBLICITY
051065 (E42)
Regulation, advertising and economic welfare. Kaserman D.L., Mayo J.W., Auburn University, University of Tennessee at Knoxville, Journal of Business, Vol. 64, nr. 2, 1991, pp. 255-267. This article explores how standard analysis of the regulated firm is influenced once the ability of such a firm to advertise is recognized. The results demonstrate that incorporating advertising into the traditional model negates the well-known conclusion regarding the allocative regulatory equilibrium. The inefficiency of attainment of allocative efficiency is obtained however, through the cost-increasing consequences of advertising. Consequently, an important question becomes whether the potential welfare gain from shifting output toward the point of minimum average cost outweights the welfare loss of increasing that minimum cost. Accordingly the article explores these welfare effects of such regulated firm advertising. (Author) Keywotds: Advertising, Eflciency.
E43:
RISK MANAGEMENT
051066 (E43) Corporate bond insurance: feasibility and insurer risk assessment. Spabr R.W., Sunderman M.A., Chukwaka D.A., Journal of Risk and Insurance. Vol. 18, nr. 3,199X, pp. 418-437. Bond insurance for municipalities has been available for more than ten years; however, corporate
Detection and elimination of environmental pollution and nuisance, contamination of soil and cleaning up of subsoil contamination (Erkenmmg und Behebung von Umweltbelastungen, Bodenverunreinigungen und Altlastensanierung). Pickel H. J., Kassel, Zeitschrif flir die gesamte Versicherungswissenschaft, Vol. 79, 1990, pp. ill125. The objective *of these investigations is to understand the contaminant potential which allows to evaluate the risk potential characterized by parameters such as: specifics of substances involved, site characteristics, and site usage. Possible exposure pathways are discussed through which contaminants may reach goods and values worthwhile to be protected particularly human health. A final emphasis is put on the differentiation between remedy and control. A brief survey presents currently applied clean-up and control alternatives. (Author) Keyword?: Environmental Pollution, Risk Potential. 051068 (E43, B50)
Liability in environmental protection (Die Hafhmg im Umweltschutz). S&inner H., Berlin, Germany, Zeitschrtf? fur die gesamte Versicherungswissenscha~, Vol. 79, 1990, pp. 137-191. The first part of this paper is concerned with the already known claims for damages by which civil law is automatically effecting protection of the and with its interpretation and environment, application by jurisdiction. In the first place, mention must be made of the compensatory claim regardless of fault, by which jurisdiction has developed a complete protection of the property owner with
a4
Abstracts and
respect to his neighbourhood; however, personal damage will not be compensated. Jurisdiction has facilitated the burden of proof in cases where a causal connection between nuisance and unreasonable interference with the use of property cannot be positively established: causation is deduced from a proven exceeding of the fixed limits for emissions and nuisance. A presumption of causation is transferred to a general liability for fault, if personal injury or damage to property are caused by environmental influence. The second part of this paper deals with the draft of the new environmental liability law and its regulations. (Author) Keyworcls: Environmental Protection, Liability, Regulation.
051069 (E43, B50) Environmental liability and environmental liability insurance (Umwelthaftung und Umwelthaftptlichtversicherung). Breining W., Munich, Germany, Zeitschrift fir die gesamte VersicherungswissenschaJS, Vol. 79, 1990, pp. 193-203. This paper is concerned with the difficult problems of risk policy which have to be mastered when insuring environmental damage. (Author) Keyworak Environmental Liability, Liability Insurance.
051070 (E43)
The significance of risk as a factor of production (Die Bedeutung des Risikos als Produktionsfaktor) Nell M., Hamburg, Germany, Zeitschr# ftir die gesamte Versicherungswissenschaji, Vol. 79, 1990, pp. 2 75-285. Recently, there has been a discussion between insurance economists whether risk must be considered a factor of production. This paper analyses under which conditions this question can be answered positively. It is shown that in a world without insurance and with risk averse individuals, risk can be classified as a factor of production (within the meaning of the above definition) without reservations. In a world with insurance, this result does not hold in any case.
Reviews
If the premium is actuarially fair, risk causes no costs and the individuals choose the production alternative with the highest expected output. In this situation the latter two conditions are not fulfilled and, therefore, risk cannot be considered a factor of production. The same result follows if the premium is independent of the expected loss. The existence of moral hazard can result in a negative marginal productivity of risk. Hence, it follows that risk can be considered a factor of production under certain assumptions only. (Author) Keywords: Factor of Production.
E44:
PREVENTION
051071 (E44, B50) Preventive environmental protection, development of security techniques (Vorbeugender Umweltschutz, Entwicklung von Sicherheitstechniken). Hennann J., Munich, Germany, Zeitschriftfiir die gesamte Versicherungswissensctifi, Vol. 79, 19p0, pp. 95-100. The reasons for the increasing environmental problems are the technical development necessary for the support of a dramatically growing world population and its striving for prosperity. The effects on the environment are more and more global. The possibilities of environmental protection are being used successfully in the Western industrialised countries. These protective measurers include emission control, energy savings, optimising of industrial processes, and the use of renewable energies as hydrogen produced by solar energy. But all these measures are not sufficient considering the whole world. Preventive environmental protection is demanded but not always possible to achieve because decisions have to be taken at a time when not all detrimental effects are known. Severe accidents in industrial plants have raised the need for security dramatically. Consequent analyses of processes and plants manufacturing or handling dangerous substances offered possibilities of increasing the security level. These measures are being taken at the moment implying a distinct improvement in security. (Author) Keyworak Environmental Protection.
Journal of Business, Vol. 64, nr. 2, 1991, pp. 573610. Although many mechanisms exist for the evaluation of new products, none have specifically examined the role that financial markets can play in measuring the impact of new products on firms. Using traditional event-study methodology, the present research provides a financial market-based analysis of the impact of new product introductions on the market value of firms. (Authors) Keywords: New Products, Value of Firms.
a3
bond insurance has only recently received attention from potential insurers. This article uses a model to assess the pure risk premium for corporate bond insurance where both nonzero correlation between frequency and severity and nonzero correlation between individual risk units are allowed. The results suggest that corporate bond risk insurance could be offered by a third party insurer at a lower cost than the prevailing market default risk premium. (Author) Keywords: Corporate Bond Insurance, Pure Risk Premium. 051067 (E43, B50)
E42:
MARKETING,
PUBLICITY
051065 (E42)
Regulation, advertising and economic welfare. Kaserman D.L., Mayo J.W., Auburn University, University of Tennessee at Knoxville, Journal of Business, Vol. 64, nr. 2, 1991, pp. 255-267. This article explores how standard analysis of the regulated firm is influenced once the ability of such a firm to advertise is recognized. The results demonstrate that incorporating advertising into the traditional model negates the well-known conclusion regarding the allocative regulatory equilibrium. The inefficiency of attainment of allocative efficiency is obtained however, through the cost-increasing consequences of advertising. Consequently, an important question becomes whether the potential welfare gain from shifting output toward the point of minimum average cost outweights the welfare loss of increasing that minimum cost. Accordingly the article explores these welfare effects of such regulated firm advertising. (Author) Keywotds: Advertising, Eflciency.
E43:
RISK MANAGEMENT
051066 (E43) Corporate bond insurance: feasibility and insurer risk assessment. Spabr R.W., Sunderman M.A., Chukwaka D.A., Journal of Risk and Insurance. Vol. 18, nr. 3,199X, pp. 418-437. Bond insurance for municipalities has been available for more than ten years; however, corporate
Detection and elimination of environmental pollution and nuisance, contamination of soil and cleaning up of subsoil contamination (Erkenmmg und Behebung von Umweltbelastungen, Bodenverunreinigungen und Altlastensanierung). Pickel H. J., Kassel, Zeitschrif flir die gesamte Versicherungswissenschaft, Vol. 79, 1990, pp. ill125. The objective *of these investigations is to understand the contaminant potential which allows to evaluate the risk potential characterized by parameters such as: specifics of substances involved, site characteristics, and site usage. Possible exposure pathways are discussed through which contaminants may reach goods and values worthwhile to be protected particularly human health. A final emphasis is put on the differentiation between remedy and control. A brief survey presents currently applied clean-up and control alternatives. (Author) Keyword?: Environmental Pollution, Risk Potential. 051068 (E43, B50)
Liability in environmental protection (Die Hafhmg im Umweltschutz). S&inner H., Berlin, Germany, Zeitschrtf? fur die gesamte Versicherungswissenscha~, Vol. 79, 1990, pp. 137-191. The first part of this paper is concerned with the already known claims for damages by which civil law is automatically effecting protection of the and with its interpretation and environment, application by jurisdiction. In the first place, mention must be made of the compensatory claim regardless of fault, by which jurisdiction has developed a complete protection of the property owner with
a4
Abstracts and
respect to his neighbourhood; however, personal damage will not be compensated. Jurisdiction has facilitated the burden of proof in cases where a causal connection between nuisance and unreasonable interference with the use of property cannot be positively established: causation is deduced from a proven exceeding of the fixed limits for emissions and nuisance. A presumption of causation is transferred to a general liability for fault, if personal injury or damage to property are caused by environmental influence. The second part of this paper deals with the draft of the new environmental liability law and its regulations. (Author) Keyworcls: Environmental Protection, Liability, Regulation.
051069 (E43, B50) Environmental liability and environmental liability insurance (Umwelthaftung und Umwelthaftptlichtversicherung). Breining W., Munich, Germany, Zeitschrift fir die gesamte VersicherungswissenschaJS, Vol. 79, 1990, pp. 193-203. This paper is concerned with the difficult problems of risk policy which have to be mastered when insuring environmental damage. (Author) Keyworak Environmental Liability, Liability Insurance.
051070 (E43)
The significance of risk as a factor of production (Die Bedeutung des Risikos als Produktionsfaktor) Nell M., Hamburg, Germany, Zeitschr# ftir die gesamte Versicherungswissenschaji, Vol. 79, 1990, pp. 2 75-285. Recently, there has been a discussion between insurance economists whether risk must be considered a factor of production. This paper analyses under which conditions this question can be answered positively. It is shown that in a world without insurance and with risk averse individuals, risk can be classified as a factor of production (within the meaning of the above definition) without reservations. In a world with insurance, this result does not hold in any case.
Reviews
If the premium is actuarially fair, risk causes no costs and the individuals choose the production alternative with the highest expected output. In this situation the latter two conditions are not fulfilled and, therefore, risk cannot be considered a factor of production. The same result follows if the premium is independent of the expected loss. The existence of moral hazard can result in a negative marginal productivity of risk. Hence, it follows that risk can be considered a factor of production under certain assumptions only. (Author) Keywords: Factor of Production.
E44:
PREVENTION
051071 (E44, B50) Preventive environmental protection, development of security techniques (Vorbeugender Umweltschutz, Entwicklung von Sicherheitstechniken). Hennann J., Munich, Germany, Zeitschriftfiir die gesamte Versicherungswissensctifi, Vol. 79, 19p0, pp. 95-100. The reasons for the increasing environmental problems are the technical development necessary for the support of a dramatically growing world population and its striving for prosperity. The effects on the environment are more and more global. The possibilities of environmental protection are being used successfully in the Western industrialised countries. These protective measurers include emission control, energy savings, optimising of industrial processes, and the use of renewable energies as hydrogen produced by solar energy. But all these measures are not sufficient considering the whole world. Preventive environmental protection is demanded but not always possible to achieve because decisions have to be taken at a time when not all detrimental effects are known. Severe accidents in industrial plants have raised the need for security dramatically. Consequent analyses of processes and plants manufacturing or handling dangerous substances offered possibilities of increasing the security level. These measures are being taken at the moment implying a distinct improvement in security. (Author) Keyworak Environmental Protection.