Berger, A. N., Cummins, J. D., and Weiss, M. (1997). The coexistence of multiple distribution systems for financial services: The case of property-liability insurance, Journal of Business 70, 515-546. Home/Search Document Details and Download
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Inside the Black Box: What Explains Differences in the.. - Berger, Mester (1997) (2 citations) (Correct)
....captured in the standard profit function. However, since it holds output prices fixed, the standard profit function is less able to account for differences in revenue that compensate for differences in product quality, since these revenue differences may be partly reflected in measured prices. Berger, Cummins, and Weiss (1996) found that both standard and alternative profit efficiencies helped control for differences in service quality in property liability insurance industry. 9 decades of growth and mergers and acquisitions, yet the standard profit function essentially treats these large and small banks as if they ....
....risk, transparency of information, type of collateral, covenants to be enforced, etc. These differences are likely to affect the costs to the bank of loan origination, ongoing monitoring and control, and financing expense. Unmeasured differences in product 12 See McAllister and McManus (1993) Berger, Cummins, and Weiss (1996), Berger and DeYoung (1996) Berger, Leusner, and Mingo (1996) and Mitchell and Onvural (1996) McAllister and McManus (1993) also used kernel regression and spline estimation techniques to obtain better global properties. 13 Other functional forms have also been specified. Mester (1992) ....
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Berger. A.N., D. Cummins, and M. Weiss, 1996, The coexistence of multiple distribution systems for financial services: The case of property-liability insurance, Working paper, Wharton Financial Institutions Center, University of Pennsylvania.
The Supply of Catastrophe Insurance Under Regulatory.. - Klein, Kleindorfer (1999) (Correct)
....zone may fail to meet the ex ante profit threshold for establishing marketing infrastructure, thus leading companies to be represented in some zones and not others. Profits and presence thus depend in essential ways on the structure of spatially determined costs. For example, it is well known (see Berger, Cummins and Weiss, 1997) that direct writers face cost structures with larger fixed costs F i and lower variable costs b i than agency writers. One consequence of this is that, for companies of equal size, we would expect direct writers to exhibit higher variance in both their presence and their exposures across zones ....
Berger, Allen N., J. David Cummins, and Mary A.Weiss, 1997, The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance,Journal of Business 70: 515-546.
What Explains the Dramatic Changes in Cost and Profit.. - Berger, Mester (1999) (1 citation) Self-citation (Berger) (Correct)
.... than the commonly specified local translog approximation, although prior studies disagree over whether the efficiency results are very different from those obtained when using the translog specification (McAllister and McManus, 1993; Mitchell and Onvural, 1996; Berger, Leusner, and Mingo, 1997; Berger, Cummins, and Weiss, 1997; Berger and DeYoung 1997; Berger and Mester, 1997) In this study, the inclusion of the trigonometric terms improved the fit of the alternative profit model substantially (adjusted R increased by 6 percentage points on average) but there was 2 very little change in fit for the cost function. To ....
Berger, A. N., Cummins, J. D., and Weiss, M. (1997). The coexistence of multiple distribution systems for financial services: The case of property-liability insurance, Journal of Business 70, 515-546.
Consolidation and Efficiency in the U.S. Life Insurance Industry - Cummins (1999) (1 citation) Self-citation (Cummins) (Correct)
....to 1982 using the Consumer Price Index (CPI) In keeping with the value added approach to output measurement, we define the price of each insurance output as the sum of premiums and investment income minus output for the line divided by output. The approach is consistent with that used by Berger, et al. 1997) and other researchers. All 10 quantities are expressed in real terms by deflating by the CPI prior to calculating the output prices. Inputs and Input Prices. Insurance inputs can be classified into four groups home office labor, 14 Some companies rely exclusively on agents to distribute ....
Berger, A.N., J.D. Cummins and M.A. Weiss, 1997, The coexistence of multiple distribution systems for financial services: The case of property-liability insurance, Journal of Business 70, 515-546.
Analyzing Firm Performance in the Insurance Industry Using.. - Cummins, Weiss (1998) Self-citation (Cummins Weiss) (Correct)
....economic concepts. Simply put, efficiency refers to how well firms are performing relative to the existing technology in an industry; whereas productivity refers to the evolution of technology over time. Frontier efficiency methods are available for measuring both efficiency and productivity. Berger and Humphrey (1997) provide a review of applications to financial institutions. 4 profits, respectively, contingent only on input and output prices. Finally, sophisticated methods such as 2 Malmquist analysis have recently been developed for measuring changes in efficiency and shifts in the frontier over time. ....
....by Berger, Cummins, and Weiss (1998) to analyze economies of scope in the insurance industry, considering firms that specialize in either life or property liability insurance along with those that write both types of insurance. 11 See Mitchell and Onvural (1992) for an application to banking and Berger, Cummins, and Weiss 6 (1997) for an application to insurance. For specificity, this discussion focuses on the translog, but a similar approach would apply for the 7 other functional forms discussed above. A limitation of all of the quadratic cost functions, including the translog and composite functions, is that they ....
[Article contains additional citation context not shown here]
Berger, Allen N., J. David Cummins, and Mary A. Weiss, 1997, "The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance," Journal of Business 70: 515-546.
Organizational Form and Efficiency: An Analysis of Stock.. - Cummins, Weiss, Zi (1998) (2 citations) Self-citation (Cummins Weiss) (Correct)
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Berger, A.N., J.D. Cummins, and M.A. Weiss, 1997, "The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance," The Journal of Business 70: 515-546.
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