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초록
영어
A rich literature on property-liability insurer loss reserve has developed since the 1970s. Prior research provides evidence that insurers strategically manage earnings via loss reserves but has not incorporated the role of internal capital markets. This paper first examines firm characteristics and internal capital markets activity that are associated with firm and group loss reserve error volatility. Results indicate that insurers who are part of a group and have greater access to internal capital markets tend to have less volatility in their reserve errors than unaffiliated insurers which suggests that internal capital markets provide alternative means of managing insurer capital.
목차
Abstract
1. Introduction
2. Literature Review
2.1 Loss Reserve Errors
2.2 Internal Capital Markets (ICMs)
3. Theoretical Background and Hypotheses
3.1. Loss Reserve Error Volatility at the Firm level
3.2. Loss Reserve Error Volatility at the Group level
4. Model, Methodology and Data
4.1 Model and Methodology
4.2 Data
5. Empirical Results
6. Robustness of Results
7. Conclusion
REFERENCES
1. Introduction
2. Literature Review
2.1 Loss Reserve Errors
2.2 Internal Capital Markets (ICMs)
3. Theoretical Background and Hypotheses
3.1. Loss Reserve Error Volatility at the Firm level
3.2. Loss Reserve Error Volatility at the Group level
4. Model, Methodology and Data
4.1 Model and Methodology
4.2 Data
5. Empirical Results
6. Robustness of Results
7. Conclusion
REFERENCES
저자정보
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