Financial reports should provide useful information to both shareholders and creditors, according to U.S. accounting principles. However, directors of corporations have fiduciary duties only toward equity holders, and those fiduciary duties normally do not extend to the interests of creditors. We examine whether this slant in corporate governance biases financial reports in favor of equity inve...

In the UK, copyright law provides a property right to authors for works that meet certain criteria. Contracts can be used to help a right holder exploit that property right. Copyright has been alleged to provide a balance between the interests of right holders and other stake holders. Whilst there is much debate as to what that balance is, there is evidence that the use of contracts could nonet...

We are accustomed to thinking of corporate stock primarily as property, and of stockholders, particularly minority stockholders, as free agents in the exercise of their rights as property owners. The purpose of this article is to show that there are situations in which minority shareholders, like other holders of contract and property rights, may be obligated when exercising their rights as own...

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Bank payouts divert cash to shareholders, while leaving behind riskier and less liquid assets to repay debt holders in the future. Bank payouts, therefore, constitute a type of risk-shifting that benefits equity holders at the expense of debt holders. In this paper, we provide insights on how incentives stemming from inside debt impact bank payout policy in a manner that protects debt holder in...

This paper is retracted at the request of authors due to potential existence a conflict interest and disagreements between head department where research was conducted, regarding holder authorship.

Theory suggests that people facing higher uninsurable background risk buy more insurance against other risks that are insurable. This proposition is supported by Italian cross-sectional data. It is shown that the probability of purchasing casualty insurance increases with earnings uncertainty. This finding is consistent with consumer preferences being characterised by decreasing absolute prudence.

For years, insurance distribution remained largely unchanged – relying primarily on independently affiliated agents and brokers. The process of selling to and servicing insurance customers was for the most part based on “high-touch” customer encounters. These interactions consumed a lot of time and energy – requiring agents to educate and assist customers with their research and subsequent purc...

in this paper, a novel technique on friction aided deep drawing using tapered blank holder divided into eight segments is proposed to overcome defect of friction aided deep drawing using four segments tapered blank holder technique. a taper blank holder is designed to be of two parts: stationary part with 5 degree taper angle and moving parts divided into eight tapered segments. the main functi...