Axel Möhlmann
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Inter-Cohort Risk Sharing with Long-Term Guarantees: Evidence from German Participating Contracts Open
Long-term minimum return guarantees sold by European life insurers increasingly become binding as interest rates decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts wh…
Interest rate risk of life insurers: Evidence from accounting data Open
Life insurers are exposed to interest rate risk as their liability side is typically more sensitive to interest rate changes than their asset side. This paper explores why insurers assume this risk using a new accounting‐based method to me…
Corporate tax minimization and stock price reactions Open
Tax minimization strategies may lead to significant tax savings, which could, in turn, increase firm value. However, such strategies are also associated with significant costs, such as expected penalties and planning, agency, and reputatio…