The current portfolio model for property-liability insurance company is only single period that can not meet the practical demands of portfolio management, and the purpose of this paper is to develop a multiperiod mod...The current portfolio model for property-liability insurance company is only single period that can not meet the practical demands of portfolio management, and the purpose of this paper is to develop a multiperiod model for its portfolio problem. The model is a multistage stochastic programming which considers transaction costs, cash flow between time periods, and the matching of asset and liability; it does not depend on the assumption for normality of return distribution. Additionally, an investment constraint is added. The numerical example manifests that the multiperiod model can more effectively assist the property-liability insurer to determine the optimal composition of insurance and investment portfolio and outperforms the single period one.展开更多
Separate research streams have identified relationships between IJV autonomy and IJV effectiveness, and between functional/dysfunctional parent-company differentiation and IJV effectiveness. This study attempts to int...Separate research streams have identified relationships between IJV autonomy and IJV effectiveness, and between functional/dysfunctional parent-company differentiation and IJV effectiveness. This study attempts to integrate these two literature streams by examining how these two sets of independent variables interact in terms of predicting IJV effectiveness. Results partially support our hypotheses that the autonomy-effectiveness relationship is less positive with greater functional differentiation and more positive with greater dysfunctional differentiation. The results provide strong support for our hypotheses that activities closer to the local operating environment will influence these relationships such that autonomy becomes more important to effectiveness when an activity has strong local ties.展开更多
文摘The current portfolio model for property-liability insurance company is only single period that can not meet the practical demands of portfolio management, and the purpose of this paper is to develop a multiperiod model for its portfolio problem. The model is a multistage stochastic programming which considers transaction costs, cash flow between time periods, and the matching of asset and liability; it does not depend on the assumption for normality of return distribution. Additionally, an investment constraint is added. The numerical example manifests that the multiperiod model can more effectively assist the property-liability insurer to determine the optimal composition of insurance and investment portfolio and outperforms the single period one.
文摘Separate research streams have identified relationships between IJV autonomy and IJV effectiveness, and between functional/dysfunctional parent-company differentiation and IJV effectiveness. This study attempts to integrate these two literature streams by examining how these two sets of independent variables interact in terms of predicting IJV effectiveness. Results partially support our hypotheses that the autonomy-effectiveness relationship is less positive with greater functional differentiation and more positive with greater dysfunctional differentiation. The results provide strong support for our hypotheses that activities closer to the local operating environment will influence these relationships such that autonomy becomes more important to effectiveness when an activity has strong local ties.
