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An Investigation Into the Diversification-Performance Relationship in the U.S. Property-Liability Insurance Industry

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  • B. Elango
  • Yu-Luen Ma
  • Nat Pope
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    Abstract

    This article investigates the relationship between product diversification and firm performance in the U.S. property-liability insurance industry using data over the 1994 through 2002 time period. Using various measures of product diversification and firm performance, we find that the extent of product diversification shares a complex and nonlinear relationship with firm performance. Our findings suggest that performance benefits associated with product diversification are contingent upon an insurer's degree of geographic diversification. Robustness tests using subsamples and market returns for public firms show consistent results. Copyright (c) The Journal of Risk and Insurance, 2008.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1539-6975.2008.00275.x
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    Bibliographic Info

    Article provided by The American Risk and Insurance Association in its journal Journal of Risk & Insurance.

    Volume (Year): 75 (2008)
    Issue (Month): 3 ()
    Pages: 567-591

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    Handle: RePEc:bla:jrinsu:v:75:y:2008:i:3:p:567-591

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    Cited by:
    1. Cummins, J. David & Weiss, Mary A. & Xie, Xiaoying & Zi, Hongmin, 2010. "Economies of scope in financial services: A DEA efficiency analysis of the US insurance industry," Journal of Banking & Finance, Elsevier, vol. 34(7), pages 1525-1539, July.
    2. J. Outreville, 2010. "Internationalization, Performance and Volatility: The World Largest Financial Groups," Journal of Financial Services Research, Springer, vol. 38(2), pages 115-134, December.
    3. Elango, B. & Pattnaik, Chinmay, 2013. "Response strategies of local firms to import competition in emerging markets," Journal of Business Research, Elsevier, vol. 66(12), pages 2460-2465.
    4. Stoyanova, Rayna & Gr√ľndl, Helmut, 2013. "Solvency II: A driver for mergers and acquisitions?," ICIR Working Paper Series 13/13, International Center for Insurance Regulation (ICIR), Goethe University Frankfurt.
    5. Jiang Cheng & Elyas Elyasiani & Jingyi (Jane) Jia, 2011. "Institutional Ownership Stability and Risk Taking: Evidence from the Life-Health Insurance Industry," NFI Working Papers 2011-WP-14, Indiana State University, Scott College of Business, Networks Financial Institute.

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