期刊論文
| 學年 | 109 |
|---|---|
| 學期 | 2 |
| 出版（發表）日期 | 2021-03-10 |
| 作品名稱 | Insurer acquisition in a narrow-synergy structure and policyholder protection under capital regulation |
| 作品名稱（其他語言） | |
| 著者 | Jyh-Horng Lin; Shi Chen; Fu-Wei Huang |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | Applied Economics v.53 n.32, p.3679-3693 |
| 摘要 | The article examines the effect of capital regulation on life insurance policyholder protection. The acquisition consists of a standard-call narrow insurance proposal for the acquirer and a barrier-cap synergy insurance proposal for the acquiree. Developing a contingent claim model integrating these features, we conclude that the acquisition creates value for consolidation. We show that the policyholder protection is enhanced under a stringent capital regulation when the consolidated insurer’s leverage is high. The favourable regulatory effect is significant when the premature default risk of the acquiree is high. Our results also suggest that a stringent capital regulation by decreasing the acquirer’s leverage decreases the acquisition incentive while decreasing the acquiree’s leverage increases the motivation. This article discusses the capital regulation effect on insurer acquisition strategies, which depends on both the acquirer’s and acquiree’s management structures. |
| 關鍵字 | Acquisition;policyholder protection;call option;barrier-cap option |
| 語言 | en |
| ISSN | |
| 期刊性質 | 國外 |
| 收錄於 | SSCI NotTSSCI |
| 產學合作 | |
| 通訊作者 | Chen Shi |
| 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/987654321/120929 ) |