Interlocking directorates as a trust substitute: The case of the Italian non-life insurance industry

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Interlocking directorates as a trust substitute: The case of the Italian non-life insurance industry

Author Info

Davide Carbonai
Giovanni Di Bartolomeo

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Giovanni Di Bartolomeo

Abstract

This paper investigates the market structure of the insurance business by analyzing the (interlock) linkages among companies created by their directors. We focus on the non-life business since this is a sector relatively closed with respect to the competition with other financial activities; an absence of industry competition cannot thus be compensated by other agents. We apply the graph theory to describe the network and the principal component analysis to summarize information and verify the correlation between direct interlocking and companies’ market shares.

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Paper provided by Department of Communication, University of Teramo in its series wp.comunite with number 0001.

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Date of creation: Nov 2006
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Handle: RePEc:ter:wpaper:0001

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Web page: http://wp.comunite.it/

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Paper
- Carbonai, Davide & Di Bartolomeo, Giovanni, 2006. "Interlocking directorates as a thrust substitute: The case of the Italian non-life insurance industry," MPRA Paper 4420, University Library of Munich, Germany. [Downloadable!]

This paper has been announced in the following NEP Reports:

NEP-ALL-2007-11-03 (All new papers)
NEP-COM-2007-11-03 (Industrial Competition)
NEP-IAS-2007-11-03 (Insurance Economics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Giuseppe Turchetti & Cinzia Daraio, 2004. "How Deregulation Shapes Market Structure and Industry Efficiency: The Case of the Italian Motor Insurance Industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan Journals, vol. 29(2), pages 202-218, April. [Downloadable!] (restricted)
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Benjamin E. Hermalin & Michael S. Weisbach, 2001. "Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature," NBER Working Papers 8161, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Benjamin E. Hermalin & Michael S. Weisbach, 2003. "Boards of directors as an endogenously determined institution: a survey of the economic literature," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 7-26. [Downloadable!]
Giovanni Di Bartolomeo & Enrico Marchetti, 2005. "Central banks and information provided to the private sector," Macroeconomics 0504025, EconWPA, revised 27 Apr 2005. [Downloadable!]
Other versions:
- Giovanni Di Bartolomeo & Enrico Marchetti, 2003. "Central Banks And Information Provided To The Private Sector," Working Papers 61, Sapienza University of Rome, Department of Public Economics. [Downloadable!]
- Enrico Marchetti & Giovanni Di Bartolomeo, 2003. "Central Banks and Information Provided to the Private Sector," Macroeconomics 0311009, EconWPA. [Downloadable!]
Page, Frank Jr. & Wooders, Myrna H. & Kamat, Samir, 2005. "Networks and farsighted stability," Journal of Economic Theory, Elsevier, vol. 120(2), pages 257-269, February. [Downloadable!] (restricted)
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- Samir Kamat & Frank Page & Myrna Wooders, 2004. "Networks and Farsighted Stability," Econometric Society 2004 North American Winter Meetings 561, Econometric Society.
- Page Jr. Frank H & Wooders, Myrna & Kamat, Samir, 2003. "Networks and Farsighted Stability," The Warwick Economics Research Paper Series (TWERPS) 689, University of Warwick, Department of Economics. [Downloadable!]
- Page Jr, Frank H & Wooders, Myrna H. & Kamat, Samir, 2002. "Networks And Farsighted Stability," The Warwick Economics Research Paper Series (TWERPS) 660, University of Warwick, Department of Economics. [Downloadable!]
- Page Jr, Frank H & Wooders, Myrna H & Kamat, Samir, 2001. "Networks And Farsighted Stability," The Warwick Economics Research Paper Series (TWERPS) 621, University of Warwick, Department of Economics. [Downloadable!]
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- Matthew O. Jackson & Leeat Yariv, 2007. "Diffusion of Behavior and Equilibrium Properties in Network Games," American Economic Review, American Economic Association, vol. 97(2), pages 92-98, May. [Downloadable!]
Brunello, Giorgio & Graziano, Clara & Parigi, Bruno, 2000. "Ownership or Performance: What Determines Board of Directors' Turnover in Italy?," IZA Discussion Papers 105, Institute for the Study of Labor (IZA). [Downloadable!]
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- Giorgio Brunello & Clara Graziano & Bruno Parigi, . "Ownership or Performance: What Determines Board of Directors' Turnover in Italy?," Working Papers 1999.30, Fondazione Eni Enrico Mattei. [Downloadable!]
Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1989. "Alternative Mechanisms for Corporate Control," American Economic Review, American Economic Association, vol. 79(4), pages 842-52, September. [Downloadable!] (restricted)
Other versions:
- Randall Morck & Andrei Shleifer & Robert W. Vishny, 1988. "Alternative Mechanisms for Corporate Control," NBER Working Papers 2532, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
- Randall Morck & Andrel Shleifer & Robert W. Vishny, 1988. "Alternative Mechanisms for Corporate Control," University of Chicago - George G. Stigler Center for Study of Economy and State 52, Chicago - Center for Study of Economy and State.
Giuseppe Turchetti & Cinzia Daraio, 2004. "How Deregulation Shapes Market Structure and Industry Efficiency: The Case of the Italian Motor Insurance Industry," The Geneva Papers on Risk and Insurance, The International Association for the Study of Insurance Economics, vol. 29(2), pages 202-218, 04. [Downloadable!] (restricted)
Dooley, Peter C, 1969. "The Interlocking Directorate," American Economic Review, American Economic Association, vol. 59(3), pages 314-23, June. [Downloadable!] (restricted)
Yannis M. Ioannides & Linda Datcher Loury, 2002. "Job Information Networks, Neighborhood Effects and Inequality," Discussion Papers Series, Department of Economics, Tufts University 0217, Department of Economics, Tufts University. [Downloadable!]
Other versions:
- Yannis M. Ioannides & Linda Datcher Loury, 2004. "Job Information Networks, Neighborhood Effects, and Inequality," Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1056-1093, December. [Downloadable!] (restricted)

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Di Bartolomeo Anna & Di Bartolomeo Giovanni, 2007. "Integration of migrants in Italy: A simple general and objective measure," wp.comunite 0010, Department of Communication, University of Teramo. [Downloadable!]
Other versions:
- Di Bartolomeo, Anna & Di Bartolomeo, Giovanni, 2007. "Integration of migrants in Italy: A simple general and objective measure," MPRA Paper 4421, University Library of Munich, Germany. [Downloadable!]

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