期刊論文
| 學年 | 111 |
|---|---|
| 學期 | 2 |
| 出版（發表）日期 | 2023-04-01 |
| 作品名稱 | Risk-sharing function in internal capital markets: Evidence from intragroup reinsurance activities |
| 作品名稱（其他語言） | |
| 著者 | Hsiao, Ching-yuan |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | International Review of Financial Analysis 87, 102634 |
| 摘要 | This study explicitly investigates the risk-sharing function of internal capital markets by analyzing intragroup reinsurance (a substitute for capital) activities in the United States' non-life insurance sector. We find supporting evidence that intragroup reinsurance participants are generally associated with smoother income flows, and such an income smoothing effect exists for both ceding and assuming firms. Further to prior studies, we find that internal reinsurance ceded exerts both direct and indirect effects on premiums growth in the aftermath of the financial crisis in 2007 and 2008. In addition to direct capacity support, the reduction in income volatility is another channel through which intragroup reinsurance enhances ceding firms' premiums growth. In the presence of market turmoil, the risk-sharing function can lower member firms' insolvency risk and thus enable them to pursue business growth. |
| 關鍵字 | Internal capital markets;Risk sharing;Intragroup reinsurance;Financial crisis;Business growth |
| 語言 | en_US |
| ISSN | 1873-8079 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | |
| 審稿制度 | 否 |
| 國別 | USA |
| 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/987654321/125635 ) |