Interplay between intragroup risk exposure and external financing
學年 115
學期 1
出版（發表）日期 2026-08-22
作品名稱 Interplay between intragroup risk exposure and external financing
作品名稱（其他語言）
著者 Ching-Yuan Hsiao; Yung-Ming Shiu
單位
出版者
著錄名稱、卷期、頁數 Quarterly Review of Economics and Finance, 102206
摘要 This study investigates whether intragroup risk exposure arising from internal capital market activities leads to capital replenishment via external financing activities. An analysis of a sample of U.S. intragroup non-life insurers shows that the increased intragroup risk exposure via intragroup reinsurance transactions from affiliated ceding firms motivates assuming firms to issue new capital externally and purchase reinsurance from non-affiliated reinsurers during the insurance crisis caused by Hurricane Katrina in 2005. These results suggest that intragroup reinsurance assuming firms manage to seek capacity replenishment via external financing activities despite the increased cost of capital and the impairment of overall (re)insurance industry’s capacity. This study reveals the interplay between intragroup risk exposure arising from internal capital market activities and external financing, while also elucidating capital management practices.
關鍵字 internal capital market; intragroup risk exposure; intragroup reinsurance; external capital issuance; external reinsurance; Hurricane Katrina; catastrophic event
語言 zh_TW
ISSN 1878-4259
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 USA
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/987654321/129830 )