Internal versus external capital markets and risk-taking
學年 112
學期 2
出版（發表）日期 2024-02-19
作品名稱 Internal versus external capital markets and risk-taking
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 Economics and Finance 92,　p.503-519
摘要 We examine the effects of internal capital transfer and external capital issuance on asset risk-taking using a database containing detailed information on capital. Consistent with capital buffer theory, we find that external capital issuance is positively related to risk-taking adjustment. We also find that the funds received via internal capital transfers are negatively related to risk-taking adjustment among affiliated insurers with lower capitalization and negative profitability, underscoring the monitoring role of groups with affiliates' risk-taking behavior. Our results emphasize the sharp contrast between internal capital transfer and external capital issuances on affiliates’ risk-taking.
關鍵字 Internal capital transfer;External capital issuance;Risk-taking;Capital buffer theory;Internal capital markets
語言 en
ISSN 1873-8036
期刊性質 國外
收錄於 SSCI ABS*
產學合作
通訊作者 Yung-Ming Shiu
審稿制度 是
國別 NLD
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/987654321/125095 )