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Risk capital in unit-linked insurance policies

100%
Homa M.
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
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2018
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issue 519
99-108
EN
Unit-linked insurance policies (ULIP) are endowment policies with shares in selected investment funds held by financial institutions, which combine insurance coverage with investment. Therefore, the risk related to this type of insurance is analysed as: subject of insurance risk and financial risk which determine the value of ULIP. To secure its liquidity, the insurer should take this enhanced risk. Thus, the aim of this text is to determine the appropriate capital levels which should offset the additional risk to which the insurer is exposed to in order to ensure the financial security of the insured persons and protect the insurer’s solvency.
2
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INSURANCE AND THE CORPORATE COST OF CAPITAL

88%
Wieczorek-Kosmala M.
Finansowy Kwartalnik Internetowy e-Finanse
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2012
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vol. 8
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issue 1
61-71
EN
The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC) and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC). The paper explains the idea of insurance as a retrospective (post-loss) risk financing tool and the risk transfer mechanism upon it. As the risk financing tool insurance reduces the need for the balance-sheet capital in a company and thus the financial distress costs. Also, insurance may reduce the level of operating risk and thus influences the required returns of the capital providers. These observations allow emphasising the impact of insurance on the WACC. However, according to the novel concept of the risk-based capital structure, insurance (as a risk financing tool) represents an off-balance sheet capital component. As a consequence, it extends the volume of total capital. The presented conceptual model, based on the TACC concept, indicates that large volume of insurance (the insurance sum) and its relatively low cost (the insurance premium) gives the possibility to the significant reduction of the cost of capital on average. The concluding remarks discuss some dilemmas over the utility of the TACC concept.
3
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Venturing Oil Fund Policy Globally

88%
Veggeland N.
Horyzonty Polityki
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2017
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vol. 8
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issue 25
85-94
EN
RESEARCH OBJECTIVE: The systematic global market risk of the type found in the gigantic Norwegian Oil Fund, called “Government Pension Fund – Global (GPF-G),” is discussed at length in this study. The objective is to find out if the risk capital animate ethical venture initiative. In the financial and entrepreneurial literature it has over time become common to relate systematic vulnerability and risk to a long range of factors that might cause imbalance and failure. THE RESEARCH PROBLEM AND METHODS: It is by scholars postulated that risks today related to innovations and unethical and uncontrolled venture capital have a different significance for everyday life from the risks that applied to previous historical eras. It claims that human activity, innovation and technology in advanced political and economic modernity produce as a side-effect risks venturing investment. That demands specialised expertise to access and recognize, and are collective, global, and irreversible in their impact. THE PROCESS OF ARGUMENTATION: To abstain from venturing actions are a way out of the dilemma for the investors. The Norwegian petroleum activity under regulatory management and control is an example of that. The Fund’s revenues have been shrinking lately following the oil prices of the market diving down globally. Perhaps the Norwegian Oil Fund, it is argued, ought to be restructured in a framework of ethics to become less risk exposed in a global financial market perspective, and become more innovative and ethical directed. RESEARCH RESULT: The Norwegian government first transferred capital to the fund in May 1996. By the end of the second quarter of 2017, the fund had received a total of 3,360 billion NOK and amassed a cumulative return of 3,622 billion NOK. The fund generated an annual return of 5.9 percent between 1 January 1998 and the end of the second quarter of 2017. After management costs and inflation, the annual return was 4.0 percent. Norway is invested its oil capital savings mainly in European and U.S. financial markets. In the Norwegian debate on the Oil Fund policy it has also been proposed that the management of the Fund should focus on investments for helping forward entrepreneurship, economic growth and poverty alleviation in developing countries, and ethical management in general. CONCLUSIONS, INNOVATION AND RECOMMENDATIONS: Ethical management of the Norwegian Oil Fund could be exercised in two different manners; by negative exclusion or positive selection. For some years now, in the public debate, it has been recommended that the ethical management should be reoriented from negative screening to innovative positive selection. Instead of excluding companies that violate the decided ethical standards, one should invest only in companies and branches that appear to be, in some sense, an active force for the good on ethical issues.
4
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How New Is Crowdfunding? The Venture Capital Evolution without Revolution – Discourse on Risk Capital Themes and their Relevance to Poland

63%
Frydrych D., Kinder T.
Problemy Zarządzania
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2015
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issue 4/2015 (56)
177-194
EN
This conceptual paper discourses the emergence and development of crowdfunding as a step of the broader risk capital evolution. In doing so, we call for a more careful discussion about whether crowdfunding is the next big thing in risk capital mechanisms or a continuity of risk capital instruments, which matches technological regime changes and aligns to economic and social development. Based on a historical overview of types of funding, we elaborate that the risk capital market follows an evolutionary rather than revolutionary progression, where crowdfunding developed as a continuity of business angel, venture capital and microfinance mechanisms. This paper also provides policy implications by discoursing the risk capital evolution and highlights the importance of diversification in risk capital institutions to drive entrepreneurial activity.
PL
W artykule omówiono powstanie i rozwój zjawiska finansowania społecznościowego jako etapu szerszej pojętej ewolucji kapitału podwyższonego ryzyka. Rozważając tę problematykę, autorzy postulują dokładniejsze przedyskutowanie kwestii, czy finansowanie to jest kolejnym kamieniem milowym w rozwoju mechanizmów kapitału podwyższonego ryzyka czy też stanowi kontynuację tego rodzaju instrumentów, która jest zgodna ze zmianami w reżimie technologicznym i zbieżna z rozwojem społecznogospodarczym. Na podstawie historycznego przeglądu rodzajów finansowania stwierdzono, że rynek kapitału podwyższonego ryzyka ulega zmianom ewolucyjnym, a nie rewolucyjnym, a finansowanie społecznościowe było kontynuacją takich mechanizmów jak aniołowie biznesu, kapitał wysokiego ryzyka i mikrofinanse. W artykule przedstawiono także konsekwencje dla polityki oraz wskazano znaczenie dywersyfikacji instytucji dostarczających taki kapitał w stymulowaniu przedsiębiorczości.
5
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Ocena zapotrzebowania na kapitał ryzyka w przedsiębiorstwie – propozycja wykorzystania wskaźników finansowych

51%
Wieczorek-Kosmala M., Błach J.
FINANSE Czasopismo Komitetu Nauk o Finansach PAN
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2015
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issue 1(8)
163-180
EN
The paper focuses on the important issue related to the integration of risk management and corporate financial management in the context of financing the consequences of risk in a company. The theoretical study was based on a modified approach to capital structure, enlarged by the inclusion of a new component – the risk capital (for financing the consequences of risk in a company) in addition to the operational capital (for financing the operating activity of a company). The main objective of this paper is to support the thesis, that the adequate assessment of the required level of risk capital should be based on the previous assessment of operational capital adequacy, as insufficient level of operational capital may increase the need for risk capital. The paper offers a proposal of an analytical model which consists of a set of financial ratios applied to the assessment of the operational capital adequacy, regarding its structure. Based on this model, conclusions have been synthetized about the potential direction of changes of the need for the risk capital, dependent upon the direction of changes of the operational capital adequacy ratios.
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