1

(9/1)

Course introduction

Syllabus and overview

Q&A

2

(9/8)

Reinsurance (I)

David, C. J. (2009). Securitization, Insurance, and Reinsurance/J. David Cummins, Philippe Trainar. The Journal of Risk and Insurance, (3), 463-492.

Shiu, Y., 2011, Reinsurance and Capital Structure: Evidence from the United Kingdom Non-Life Insurance Industry, Journal of Risk and Insurance, Vol. 78, Issue 2, pp. 475-494.

Presentation and discussion

3

(9/15)

Reinsurance (II)

Powell, L. S. and D. W. Sommer, 2007, Internal Versus External Capital Markets in the Insurance Industry: The Role of Reinsurance, Journal of Financial Services Research, 31: 173-188

Shiu, Y., 2016. Is reinsurance a substitute for or a complement to, derivative usage: Evidence from the United Kingdom non-life insurance industry. Geneva Pap. R. I-ISS. P. 41, 161–178.

Presentation and discussion

4

(9/22)

Reinsurance (III)

Powell, S. L.,D. W. Sommer, D. L. Eckles (2008). The Role of Internal Capital Markets in Financial Intermediaries: Evidence from Insurer Groups, Journal of Risk and Insurance, 75:439-461.

Adams, M., P. Hardwick, and H. Zou, 2008, Reinsurance and Corporate Taxation in the United Kingdom Life Insurance Industry, Journal of Banking and Finance, 32: 101-115.

Presentation and discussion

5

(9/29)

National holiday

6

(10/6)

National holiday

7

(10/13)

Financial risk and its management (I)

Cummins, J. D., R. D. Phillips, and S. D. Smith, 2001, Derivatives and Corporate Risk Management: Participation and Volume Decisions in the Insurance Industry, Journal of Risk and Insurance, 68: 51-92.

Bartram, S. M., G. W. Brown, and F. R. Fehle, 2009, International Evidence on Financial Derivatives Usage, Financial Management, Spring: 185-206.

Bali, T. G., Hume, S. R., & Martell, T. F. (2007). A new look at hedging with derivatives: will firms reduce market risk exposure?. Journal of Futures Markets, 27, 1053-1083.

Presentation and discussion

8

(10/20)

Mid-term exam (I)

TBA

9

(10/27)

Term project presentation (I)

TBA

10

(11/3)

Corporate social responsibility as a strategic tool of risk management (I)

Godfrey, P.C., C.B. Merrill and J.M. Hansen (2009), ‘The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis’, Strategic Management Journal, 30(4):425-45.

Shiu, Yung-Ming and Shou-Lin Yang (2017): Does Engagement in Corporate Social Responsibility Provide Strategic Insurance-like Effects? Strategic Management Journal, 38(2): 455-470.

Presentation and discussion

11

(11/10)

Corporate social responsibility as a strategic tool of risk management (II)

Lang L, Stulz R. 1992. Contagion and competitive intra industry effects of bankruptcy announcements: an empirical analysis. Journal of Financial Economics, 32(1): 45-60.

Luo, J., A. Kaul and H. Seo (2018):Winning us with Trifles: Adverse Selection in the Use of Philanthropy as Insurance, Strategic Management Journal, 39: 2591-2617.

Presentation and discussion

12

(11/17)

Mid-term exam (II)

TBA

13

(11/24)

Climate change risk management (I)

Giglio, S., Kelly, B., & Stroebel, J. (2021). Climate finance. Annual review of financial economics, 13(1), 15-36.

Engle, R. F., Giglio, S., Kelly, B., Lee, H., & Stroebel, J. (2020). Hedging climate change news. The Review of Financial Studies, 33(3), 1184-1216.

Presentation and discussion

14

(12/1)

Climate change risk management (II)

Huang, H.H., Kerstein, J. & Wang, C. The impact of climate risk on firm performance and financing choices: An international comparison. J Int Bus Stud 49, 633–656 (2018). https://doi.org/10.1057/s41267-017-0125-5

Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. The Review of financial studies, 33(3), 1067-1111.

Presentation and discussion

15

(12/8)

Term project presentation (II)

TBA

16

(12/15)

Final Exam

TBA

附註：每週上課內容，會因上課進度與主題重要性，由授課教師機動調整。