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Guaranty funds and risk-taking Evidence from the insurance industry

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  • Lee, Soon-Jae
  • Mayers, David
  • Smith Jr., Clifford W.
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    File URL: http://www.sciencedirect.com/science/article/B6VBX-3SWTP9X-2/2/0c659a15a9c1f742facd3420b235996f
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Financial Economics.

    Volume (Year): 44 (1997)
    Issue (Month): 1 (April)
    Pages: 3-24

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    Handle: RePEc:eee:jfinec:v:44:y:1997:i:1:p:3-24

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    Web page: http://www.elsevier.com/locate/inca/505576

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    1. Fama, Eugene F & Jensen, Michael C, 1983. "Agency Problems and Residual Claims," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 327-49, June.
    2. Joong, K.W. & mayers, D. & Smith, C.V., 1996. "On the Choice of Insurance Distribution Systems," The A. Gary Anderson Graduate School of Management 96-15, The A. Gary Anderson Graduate School of Management. University of California Riverside.
    3. Merton, Robert C., 1977. "An analytic derivation of the cost of deposit insurance and loan guarantees An application of modern option pricing theory," Journal of Banking & Finance, Elsevier, vol. 1(1), pages 3-11, June.
    4. Mayers, David & Smith, Clifford W, Jr, 1988. "Ownership Structure across Lines of Property-Casualty Insurance," Journal of Law and Economics, University of Chicago Press, vol. 31(2), pages 351-78, October.
    5. Patricia Munch & Dennis E. Smallwood, 1980. "Solvency Regulation in the Property-Liability Insurance Industry: Empirical Evidence," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 261-279, Spring.
    6. Mayers, David & Smith, Clifford W, Jr, 1981. "Contractual Provisions, Organizational Structure, and Conflict Control in Insurance Markets," The Journal of Business, University of Chicago Press, vol. 54(3), pages 407-34, July.
    7. Buser, Stephen A & Chen, Andrew H & Kane, Edward J, 1981. "Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital," Journal of Finance, American Finance Association, vol. 36(1), pages 51-60, March.
    8. Mayers, David & Smith, Clifford W, Jr, 1992. "Executive Compensation in the Life Insurance Industry," The Journal of Business, University of Chicago Press, vol. 65(1), pages 51-74, January.
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    Cited by:
    1. Esty, Benjamin C., 1997. "A case study of organizational form and risk shifting in the savings and loan industry," Journal of Financial Economics, Elsevier, vol. 44(1), pages 57-76, April.
    2. Gueyie, Jean-Pierre & Lai, Van Son, 2003. "Bank moral hazard and the introduction of official deposit insurance in Canada," International Review of Economics & Finance, Elsevier, vol. 12(2), pages 247-273.
    3. Patricia C. Mosser & Joseph Tracy & Joshua Wright, 2013. "The capital structure and governance of a mortgage securitization utility," Staff Reports 644, Federal Reserve Bank of New York.
    4. J. David Cummins & Mary A. Weiss & Hongmin Zi, 1998. "Organizational Form and Efficiency: An Analysis of Stock and Mutual Property-Liability Insurers," Center for Financial Institutions Working Papers 97-02, Wharton School Center for Financial Institutions, University of Pennsylvania.
    5. Baranoff, Etti G. & Sager, Thomas W., 2002. "The relations among asset risk, product risk, and capital in the life insurance industry," Journal of Banking & Finance, Elsevier, vol. 26(6), pages 1181-1197, June.
    6. Bowo Setiyono & Amine Tarazi, 2014. "Disclosure, ownership structure and bank risk: Evidence from Asia," Working Papers hal-00947590, HAL.
    7. Ferro, Gustavo & Castagnolo, Fermando, 2010. "Seguros, crisis, regulación y disciplina del mercado
      [Insurance, crisis, regulation and market discipline]
      ," MPRA Paper 25593, University Library of Munich, Germany, revised 01 Oct 2010.
    8. Javier Delgado & Vicente Salas-Fumás & Jesús Saurina, 2006. "The joint size and ownership specialization in banks' lending," Banco de Espa�a Working Papers 0606, Banco de Espa�a.
    9. Therese M. Vaughan, 2009. "The Implications of Solvency II for U.S. Insurance Regulation," NFI Policy Briefs 2009-PB-03, Indiana State University, Scott College of Business, Networks Financial Institute.
    10. Therese M. Vaughan, 2008. "The Implications of Prompt Corrective Action for Insurance Firms," NFI Policy Briefs 2008-PB-02, Indiana State University, Scott College of Business, Networks Financial Institute.
    11. Esty, Benjamin C., 1997. "Organizational form and risk taking in the savings and loan industry," Journal of Financial Economics, Elsevier, vol. 44(1), pages 25-55, April.
    12. Lee, Soon-Jae & Smith, Michael L., 1999. "Property-casualty insurance guaranty funds and insurer vulnerability to misfortune," Journal of Banking & Finance, Elsevier, vol. 23(9), pages 1437-1456, September.
    13. P. Picard, 2000. "Les nouveaux enjeux de la régulation des marchés d'assurance," THEMA Working Papers 2000-53, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    14. Esty, Benjamin C., 1998. "The impact of contingent liability on commercial bank risk taking," Journal of Financial Economics, Elsevier, vol. 47(2), pages 189-218, February.

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