CEO Past Distress Experience and Risk‐taking: Evidence from US Property–Liability insurance firms
學年 112
學期 2
出版（發表）日期 2024-03-30
作品名稱 CEO Past Distress Experience and Risk‐taking: Evidence from US Property–Liability insurance firms
作品名稱（其他語言）
著者 Ho, Chia-ling
單位
出版者
著錄名稱、卷期、頁數 Risk Management and Insurance Review 27(1),　p.5-39
摘要 We investigate the relationship between CEOs' past distress experience and risk-taking in US property–liability insurance companies. Our evidence shows that CEOs' past distress experience is negatively associated with insurers' risk-taking behavior, suggesting that CEOs with distress experiences tend to take lower levels of risk in making financial decisions for their firms. The results are robust to using alternative measures of risk-taking, including value at risk, expected shortfall, volatility of stock return, idiosyncratic volatility, systematic volatility, underwriting risk, and investment risk. Additionally, our results pass a placebo test, and we mitigate endogeneity concerns with the propensity score matching method.
關鍵字
語言 en_US
ISSN 1540-6296
期刊性質 國外
收錄於 SSCI Scopus
產學合作
通訊作者
審稿制度 是
國別 USA
公開徵稿
出版型式 ,電子版
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