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Optimal Capital Utilization by Financial Firms: Evidence from the Property-Liability Insurance Industry

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Author Info
J. Cummins
Gregory Nini
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File URL: http://hdl.handle.net/10.1023/A:1014369617192
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Publisher Info
Article provided by Springer in its journal Journal of Financial Services Research.

Volume (Year): 21 (2002)
Issue (Month): 1 (February)
Pages: 15-53
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Handle: RePEc:kap:jfsres:v:21:y:2002:i:1:p:15-53

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Web page: http://www.springerlink.com/link.asp?id=102934

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Related research
Keywords: Data envelopment analysis; capital structure; efficiency; property-liability insurance; organizational form.;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  2. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Lamm-Tennant, Joan & Starks, Laura T, 1993. "Stock versus Mutual Ownership Structures: The Risk Implications," Journal of Business, University of Chicago Press, vol. 66(1), pages 29-46, January. [Downloadable!] (restricted)
  4. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June. [Downloadable!] (restricted)
  5. Berger, Allen N & Cummins, J David & Weiss, Mary A, 1997. "The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance," Journal of Business, University of Chicago Press, vol. 70(4), pages 515-46, October. [Downloadable!] (restricted)
    Other versions:
  6. Kunreuther, Howard & Pauly, Mark, 1985. "Market equilibrium with private knowledge : An insurance example," Journal of Public Economics, Elsevier, vol. 26(3), pages 269-288, April. [Downloadable!] (restricted)
  7. Allen N. Berger & J. David Cummins & Mary A. Weiss & Hongmin Zi, 2000. "Conglomeration Versus Strategic Focus: Evidence from the Insurance Industry," Center for Financial Institutions Working Papers 99-29, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
    Other versions:
  8. Cummins, J. David & Danzon, Patricia M., 1997. "Price, Financial Quality, and Capital Flows in Insurance Markets," Journal of Financial Intermediation, Elsevier, vol. 6(1), pages 3-38, January. [Downloadable!] (restricted)
  9. Cummins, J. David & Weiss, Mary A., 1993. "Measuring cost efficiency in the property-liability insurance industry," Journal of Banking & Finance, Elsevier, vol. 17(2-3), pages 463-481, April. [Downloadable!] (restricted)
  10. Winter Ralph A., 1994. "The Dynamics of Competitive Insurance Markets," Journal of Financial Intermediation, Elsevier, vol. 3(4), pages 379-415, September. [Downloadable!] (restricted)
  11. Cummins, J. David & Grace, Elizabeth, 1994. "Tax management and investment strategies of property-liability insurers," Journal of Banking & Finance, Elsevier, vol. 18(1), pages 43-72, January. [Downloadable!] (restricted)
  12. Allen N. Berger & David B. Humphrey, 1992. "Measurement and Efficiency Issues in Commercial Banking," NBER Chapters, in: Output Measurement in the Service Sectors, pages 245-300 National Bureau of Economic Research, Inc. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. J. David Cummins & Georges Dionne & Robert Gagné & Abdelhakim Nouira, 2006. "Efficiency of Insurance Firms with Endogenous Risk Management and Financial Intermediation Activities," Cahiers de recherche 06-06, HEC Montréal, Institut d'économie appliquée. [Downloadable!]
    Other versions:
  2. Leo de Haan & Jan Kakes, 2007. "Are non-risk based capital requirements for insurance companies binding?," DNB Working Papers 145, Netherlands Central Bank, Research Department. [Downloadable!]
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