教師資料查詢 | 類別: 期刊論文 | 教師: 何佳玲HO, CHIA-LING (瀏覽個人網頁)

標題:An Analysis of Post-Demutualisation in the Property–Liability Insurance Industry
學年109
學期2
出版(發表)日期2021/05/18
作品名稱An Analysis of Post-Demutualisation in the Property–Liability Insurance Industry
作品名稱(其他語言)
著者Licheng Jin; Gene Lai; Chia-Ling Ho
單位
出版者
著錄名稱、卷期、頁數The Geneva Papers on Risk and Insurance-Issues and Practice
摘要Using a quasi-natural experiment, we examine how demutualisation affects demutualised insurers’ capital, organisational flexibility and alignment of managerial incentives post-demutualisation. First, our results show demutualised insurers have faster surplus growth than matching insurers post-demutualisation. However, the surplus growth differs between demutualised insurers with and without surplus notes. Specifically, the evidence shows that demutualised insurers with surplus notes experience long-term surplus growth, while demutualised insurers without surplus notes experience short-term surplus increases. Second, we find that increased organisational flexibility facilitates merger and acquisition activities for demutualised insurers and helps them to pursue growth and diversification. We find that 51% of demutualised stock insurers become targets in the conversion year. Finally, we find that demutualised insurers have lower underwriting expenses and underwrite more in commercial lines post-demutualisation. Overall, our evidence shows that demutualisation has a positive impact on surplus growth, organisational flexibility and the alignment between managerial incentives and owners' interests.
關鍵字Demutualisation;Access to capital;Organisational flexibility;Managerial incentive alignment
語言英文
ISSN1468-0440
期刊性質國外
收錄於SSCI;
產學合作
通訊作者
審稿制度
國別瑞士
公開徵稿
出版型式,電子版
相關連結
SDGs
  • 優質教育,尊嚴就業與經濟發展,負責任的消費與生產
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