Journal ArticleDOI
The determinants of corporate financial performance in the Bermuda insurance market
Mike Adams,Mike Buckle +1 more
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TLDR
The authors examined the determinants of corporate underwriting and investment related financial performance in the Bermuda insurance market and found that, as expected, highly leveraged, lowly liquid companies and reinsurers have better operational performance than lowly leveraged and highly liquid companies.Abstract:
Drawing a framework from the organizational economics literature this study examines the determinants of corporate (i.e. underwriting and investment related) financial performance in the Bermuda insurance market. Using panel data for 1993–1997, it was found that, as expected, highly leveraged, lowly liquid companies and reinsurers have better operational performance than lowly leveraged, highly liquid companies and direct insurers. Contrary to what was hypothesized, performance was positively related to underwriting risk. However, the size of companies and the scope of their activities were not found to be important explanatory factors.read more
Citations
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Journal ArticleDOI
Underwriting and investment risks in the property-liability insurance industry: evidence prior to the 9–11 event
TL;DR: This paper conducted an empirical investigation of how these two risks are associated with each other in the 1994-2000 period (before the September 11th terrorist attack in 2001) and found that there is no significant relationship between the underwriting and investment risks among the sample firms.
Journal ArticleDOI
Macro economy and profitability of insurance companies: a post crisis scenario in pakistan
TL;DR: In this paper, the authors used firm level data of 39 companies of insurance industry of Pakistan for the period 2006-11 and found that the macroeconomic environment, equity market conditions and inflation have a positive and significant impact on profitability of insurance companies in Pakistan.
Journal ArticleDOI
Insurance regulations, risk and performance in Ghana
TL;DR: In this paper, the authors examine the hypothesis that the effect of insurer risks on profitability is conditional on regulation, using two main regulatory directives in the Ghanaian insurance market as a case study.
Dissertation
The determinants of the profitability of micro-life insurers in Nigeria and South Africa
TL;DR: In this article, the authors present an overview of the work of this article and present a list of abbreviations used in the study. 1 1 1.1 1.
Journal ArticleDOI
Financial Stability of Insurance Companies in Selected CEE Countries
TL;DR: The findings reveal that soundness of Croatian insurers is positively influenced by the size of an insurer, and both in Hungary and Poland reinsurance plays an important factor positively affecting soundness.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Posted Content
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
TL;DR: In this paper, the benefits of debt in reducing agency costs of free cash flows, how debt can substitute for dividends, why diversification programs are more likely to generate losses than takeovers or expansion in the same line of business or liquidationmotivated takeovers, and why the factors generating takeover activity in such diverse activities as broadcasting and tobacco are similar to those in oil.
Journal ArticleDOI
Agency Problems and the Theory of the Firm
TL;DR: In this article, the authors explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization, and set aside the presumption that a corporation has owners in any meaningful sense.
Book
A Guide to Econometrics
TL;DR: The fourth edition of "A Guide to Econometrics" provides an overview of the subject and an intuitive feel for its concepts and techniques without the notation and technical detail often characteristic of econometric textbooks.
Journal ArticleDOI
Performance Pay and Top Management Incentives
Kevin Murphy,Michael C. Jensen +1 more
TL;DR: For example, the authors estimates of the pay-performance relation (including pay, options, stockholdings, and dismissal) for chief executive officers indicate that CEO wealth changes $3.25 for every $1,000 change in shareholder wealth.