期刊論文
| 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 | en |
| 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 | 是 |
| 國別 | GBR |
| 公開徵稿 | |
| 出版型式 | ,電子版 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/116757 ) |