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Risk Updating and the Economics of the Catastrophe Bond Market
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Risk Updating and the Economics of the Catastrophe Bond Market. |
| 개인저자 | Baird, Katherine. |
| 단체저자명 | The University of Chicago. Public Policy Studies. |
| 발행사항 | [S.l.]: The University of Chicago., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 85 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-04B. Dissertation Abstract International |
| ISBN | 9781088376270 |
| 학위논문주기 | Thesis (Ph.D.)--The University of Chicago, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-04, Section: B.
Advisor: Kellogg, Ryan. |
| 이용제한사항 | This item must not be sold to any third party vendors.This item must not be added to any third party search indexes. |
| 요약 | A catastrophe bond is a unique form of reinsurance in which disaster-related risk is spread among many investors at a premium rate determined in the market. The stakeholders in this market are relatively sophisticated and must incorporate information about changes in future risk for large-scale devastating weather events. This dissertation presents evidence of risk updating in the cat bond market after the occurrence of major catastrophic weather events, and estimates the size of the risk premium response. Using a dataset of primary catastrophe bond contract data, Chapter 2 shows how short term bond rates are impacted by both updated measures of expected loss and changing perceptions of risk. In addition to the responsiveness of the market, the regions covered by the cat bond market are themselves of interest. Since catastrophe bonds make use of risk-based pricing, there is an incentive for the issuer of a bond to reduce the probability of future risk. Such measures could take the form of adaptive investment that mitigates the impact of a catastrophic weather event. Chapter 3 estimates the effect of cat bond contracts on regions' infrastructure investment over time. The size and sign of this effect may depend upon whether policymakers in these high-risk regions respond to moral hazard or to the risk-based pricing of catastrophe bonds.Since catastrophe bonds are often cited as a way to fund climate change adaptation, it is worthwhile to explore how states strategically respond to these disaster insurance contracts. |
| 일반주제명 | Economics. Environmental economics. Climate change. |
| 언어 | 영어 |
| 바로가기 | 
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