Abstract:Catastrophe Risk Securitization has risen as a promising solution to the increasingly severe problem of risk financing and compensation in the recent two decades. In the special structure of Catastrophe Risk Securitization, the relationship between the reinsurer and Special Purpose Vehicle is a decisive yet sensitive one, as principal and agent, potential incentive disorder between them can render the securitization mechanism fail to fulfill its task. This paper sets out to examine the optimal structure of inc… Show more
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