Oxidative discolouration in whole-head and cut lettuce: biochemical and environmental influences on a complex phenotype and potential breeding strategies to improve shelf-life

Lettuce discolouration is a key post-harvest trait. The major enzyme controlling oxidative discolouration has long been considered to be polyphenol oxidase (PPO) however, levels of PPO and subsequent development of discolouration symptoms have not always correlated. The predominance of a latent state of the enzyme in plant tissues combined with substrate activation and contemporaneous suicide inactivation mechanisms are considered as potential explanations for this phenomenon. Leaf tissue physical properties have been associated with subsequent discolouration and these may be influenced by variation in nutrient availability, especially excess nitrogen and head maturity at harvest. Mild calcium and irrigation stress has also been associated with a reduction in subsequent discolouration, although excess irrigation has been linked to increased discolouration potentially through leaf physical properties. These environmental factors, including high temperature and UV light intensities, often have impacts on levels of phenolic compounds linking the environmental responses to the biochemistry of the PPO pathway. Breeding strategies targeting the PALand PPOpathway biochemistry and environmental response genes are discussed as a more cost-effective method of mitigating oxidative discolouration then either modified atmosphere packaging or post-harvest treatments, although current understanding of the biochemistry means that such programs are likely to be limited in nature and it is likely that they will need to be deployed alongside other methods for the foreseeable future

The Market Valuation and Trading Volume Effects of the Creation of the Florida Hurricane Catastrophe Fund on Property-liability Insurers

The Florida Hurricane Catastrophe Fund was officially created in November, 1993. This study analyzes investor reactions during the creation of the Florida Hurricane Catastrophe Fund. We find significant share price reactions for four of six legislative events consistent with the predictions of the theory outlined. We use both a generalized least squares portfolio approach and Corrado's (1989) rank statistic, a nonparametric event study methodology, to arrive at our findings. Empirical analysis of trading volume corroborates the findings involving share price reactions. We also find that the market is able to discriminate between property-liability insurers on the basis of hurricane exposure and firm size. Copyright Blackwell Publishers Ltd 2001.

Insurer stock price responses to the creation of the California Earthquake Authority

The California Earthquake Authority (CEA) was officially created on September 27, 1996, when Governor Pete Wilson signed the necessary legislation. During the year preceding the formal creation, state lawmakers, the Insurance Commissioner, representatives of the insurance industry, and consumer groups negotiated each party\u27s duties and financial obligations. This study analyzes the reactions of investors during the creation of the CEA. By examining eight key legislative events, we shed light on investor\u27s perception of the effect of the legislation on the value of insurance companies. We consistently find significant positive stock price reactions in response to news favorable to the development of the CEA. We also find significant negative reactions following the release of information that is unfavorable to the development. We use a generalized least square portfolio approach and Corrado\u27s (1989) rank statistic, a nonparametric event study methodology, to confirm our results. Finally we find that the stock market is able to discriminate between property-liability insurers with and without earthquake exposure in California

The market valuation and trading volume effects of the creation of the florida hurricane catastrophe fund on property-liability insurers

One purpose of this study is to examine the market reaction (both share prices and trading volume) of P&L insurers to regulatory changes created by the Cat Fund legislation. Another purpose is an examination of various theories of economic regulation applied to the property-liability insurance industry. Because the evolution of the initial Cat Fund legislation took about six months and involved negotiations between legislators, insurers, and others, our analysis covers the market response to the disclosure of six key legislative events. We examine the relation between changes in the regulatory environment and insurance firm value (and trading volume). (p.409

Insurer stock price responses to the disclosure of revised insured loss estimates after the 1994 Northridge earthquake

Several studies have examined the effect of a catastrophic earthquake on the market value of property-liability (P&L) insurers. This study differs from previous ones in that it examines the market effects of revisions to estimated insured losses from the Northridge earthquake over an 18-month period. Three competing theories—the pessimistic, threshold, and hardening theories—are offered to predict and explain insurer share price reaction to estimates of insured losses. Using both a generalized least squares portfolio approach and a nonparametric event study technique (Corrado’s rank statistic), we found significant share price reactions to certain announcements. These disclosures are associated with investors’ beliefs that the Northridge earthquake led the P&L insurance industry to shift toward the upside of the underwriting cycle. However, no evidence was found to indicate that the market had either an ability or a willingness to discriminate among exposed and unexposed insurers in the aftermath of the Northridge earthquake. In short, the results provide more support for the hardening theory than for the threshold or pessimistic theories

Board size and firm performance in the property-liability insurance industry.

Extant research on non-financial service firms indicates that board size is a key determinant of firm performance. Property-liability (P&L) insurers, however, face a different set of agency costs and a more intense regulatory environment than most non-financial firms. Both of these factors were reinforced by the implementation of the Financial Services Modernization Act in 2000. We document a significant inverse relation between publicly traded P&L insurer performance and board size in the post-Financial Services Modernization Act period. Publicly traded P&L insurer performance, measured by market-to-book ratio, return on revenues, and the operating ratio, was enhanced for firms with smaller board sizes in 2000 and 2001. Ironically, we find that publicly traded P&L insurers on average increased board size in 100 and 2001. In a post-Financial Service Modernization Act environment, board size appears to be related to publicly traded P&L insurer performance, but more research is necessary to develop a complete understanding of its role in P&L insurer corporate governance

The market impact of the financial services modernization act of 1999: Differences between life insurers and property-liability insurers

Recent research has examined the effect of the passage of the Financial Services Modernization Act of 1999, more commonly known as the Gramm-Leach-Bliley Act, on the market value of insurers, commercial banks, securities firms, thrifts, and finance companies. This study differs from previous research in that it examines life insurers and property-liability insurers as separate industries rather than treating them as a single industry. This study also analyzes trading volume in addition to share price reactions. Finally, this study features two variables in a cross-sectional analysis of insurer stock returns not considered in prior research. Using a generalized least squares portfolio approach and Corrado\u27s rank statistic, we find significant share price reactions to certain legislative announcements surrounding the passage of the GLB. Trading volume reactions corroborate the significant share price reactions. Our results indicate that life insurers and property-liability insurers reacted differently to enactment of the GLB. Smaller life insurers with high liquidity and high leverage had the most positive (or least negative) share price reactions of all insurers

Terrorism insurance coverage: The market impact on insurers and other exposed industries

This study tracks the progress of the various initiatives that eventually turned into the federal terrorism insurance law and also examines the market impact of the revisions on related industries. Intuitively, of course, insurance companies would be most directly affected by any new federal initiatives. Our study goes beyond that to also look at the effect on some of the major purchasers of insurance coverage, including airlines, banks and utility companies. (p.42

Corporate governance and the market impact of the Financial Services Modernization Act of 1999 on bank returns and trading volume

Recent deregulation of financial services by the Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act (GLB), places more reliance on corporate governance to oversee the actions of financial institutions. We examine whether corporate governance variables explain bank shareholder reaction to GLB passage. We find that banks with better board oversight react favorably to the GLB and banks with less effective board monitoring react less favorably to the GLB. Banks with lower leverage, lower insider ownership, less board activity, a smaller board, fewer inside directors, and less visibility respond more positively to the GLB. Results indicate investor approval of the legislative effort to increase the role of corporate governance in the banking industry and affirm the importance of effective corporate oversight among financial institutions

The insurance firm internal auditor as fraud-buster

Internal fraud is a significant problem faced by property and casualty insurance companies. Asset misappropriation committed by employees accounts for more than four out of five offenses. The insurance company internal auditor is often in the best position to detect, prevent, and deter employee fraud. This article outlines the types of fraud that occur in the property and casualty insurance industry, the fraud risks and signals that insurance firm internal auditors should recognize, the assistance that insurance internal auditors can provide for independent auditors, and the positive steps insurance internal auditors can take to prevent, deter, detect, and report fraud