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:Insurer acquisition in a narrow-synergy structure and policyholder protection under capital regulation
學年
學期
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Lin, J. H.; S., Chen; F. W., Huang.
單位
出版者
著錄名稱、卷期、頁數Applied Economics, 53(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
語言英文
ISSN
期刊性質國外
收錄於SSCI;
產學合作
通訊作者Chen Shi
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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