Insurer acquisition in a narrow-synergy structure and policyholder protection under capital regulation
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
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機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/120929 )

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