教師資料查詢 | 類別: 期刊論文 | 教師: 林志鴻 Jyh-horng Lin (瀏覽個人網頁)

標題:CEO overconfidence and shadow-banking life insurer performance under government purchases of distressed assets
學年107
學期2
出版(發表)日期2019/03/05
作品名稱CEO overconfidence and shadow-banking life insurer performance under government purchases of distressed assets
作品名稱(其他語言)
著者Shi Chen; Jyh-Horng Lin; Wenyu Yao; Fu-Wei Huang
單位
出版者
著錄名稱、卷期、頁數Special issue Financial Risks and Regulation 7(1), 28
摘要In this paper, we develop a contingent claim model to evaluate the equity, default risk,
and efficiency gain/loss from managerial overconfidence of a shadow-banking life insurer under the
purchases of distressed assets by the government. Our paper focuses on managerial overconfidence
where the chief executive officer (CEO) overestimates the returns on investment. The investment
market faced by the life insurer is imperfectly competitive, and investment is core to the provision of
profit-sharing life insurance policies. We show that CEO overconfidence raises the default risk in the
life insurer’s equity returns, thereby adversely affecting the financial stability. Either shadow-banking
involvement or government bailout attenuates the unfavorable effect. There is an efficiency gain from
CEO overconfidence to investment. Government bailout helps to reduce the life insurer’s default risk,
but simultaneously reduce the efficiency gain from CEO overconfidence. Our results contribute to the
managerial overconfidence literature linking insurer shadow-banking involvement and government
bailout in particular during a financial crisis.
關鍵字profit-sharing life insurance policy;CEO overconfidence;shadow-banking transaction
語言英文
ISSN
期刊性質國外
收錄於ESCI;
產學合作
通訊作者Jyh-Horng Lin
審稿制度
國別英國
公開徵稿
出版型式,電子版
相關連結
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