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On the Corporate Demand for Insurance: Evidence from the Reinsurance Market

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Author Info
Mayers, David
Smith, Clifford W, Jr
Abstract

Significant attention has focused on the determinants of corporate insurance purchases. While this analysis generally involves observable firm characteristics, its implications have been untested. This is primarily due to the difficulty in obtaining data on corporate insurance purchases. The authors examine one industry where data on insurance purchases are systematically reported: the insurance industry. A reinsurance contract is an insurance policy purchased by one insurance company from another. Their examination of reinsurance purchases by property/casualty insurance companies provides strong evidence on the effects of ownership structure, size, geographic concentration, and line-of-business concentration on the demand for reinsurance. Copyright 1990 by the University of Chicago.

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File URL: http://www.jstor.org/fcgi-bin/jstor/listjournal.fcg/00219398/.61-.67
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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Business.

Volume (Year): 63 (1990)
Issue (Month): 1 (January)
Pages: 19-40
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ucp:jnlbus:v:63:y:1990:i:1:p:19-40

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Postal: The University of Chicago Press, Journals Division, P.O. Box 37005 Chicago, IL 60637
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  1. J. David Cummins & Richard Phillips & Stephen D. Smith, 1996. "Corporate Hedging in the Insurance Industry: The Use of Financial Derivatives by U.S. Insurers," Center for Financial Institutions Working Papers 96-26, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
    Other versions:
  2. Levent Güntay & N. R. Prabhala & Haluk Unal, . "Callable Bonds and Hedging," Center for Financial Institutions Working Papers 02-13, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  3. Hong Zou & Chuanhou Yang & Mulong Wang & Minglai Zhu, 2009. "Dividend decisions in the property and liability insurance industry: mutual versus stock companies," Review of Quantitative Finance and Accounting, Springer, vol. 33(2), pages 113-139, August. [Downloadable!] (restricted)
  4. M. Martin Boyer & Mathieu Delvaux-Derome, 2002. "The Demand for Directors' and Officers' Insurance in Canada," CIRANO Working Papers 2002s-72, CIRANO. [Downloadable!]
  5. James R. GARVEN & Henri Louberge, 1994. "Reinsurance, Taxes And Efficiency: A Contingent Claims Model Of Insurance Market Equilibrium," Finance 9404001, EconWPA. [Downloadable!]
    Other versions:
  6. Lawrence Powell & David Sommer, 2007. "Internal Versus External Capital Markets in the Insurance Industry: The Role of Reinsurance," Journal of Financial Services Research, Springer, vol. 31(2), pages 173-188, June. [Downloadable!] (restricted)
  7. James F. Moore, 1999. "Tail Estimation and Catastrophe Security Pricing: Can We Tell What Target We Hit if We Are Shooting in the Dark?," Center for Financial Institutions Working Papers 99-14, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  8. Thomann, Christian & Schulenburg, J.-Matthias, 2006. "Supply and Demand for Terrorism Insurance: Lessons from Germany," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover dp-340, Universität Hannover, Wirtschaftswissenschaftliche Fakultät. [Downloadable!]
  9. J. David Cummins & Hèlyette Geman, 1993. "An Asian Option to the Valuation of Insurance Futures Contracts," Center for Financial Institutions Working Papers 94-03, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  10. Aretz, Kevin & Bartram, Söhnke M., 2009. "Corporate Hedging and Shareholder Value," MPRA Paper 14088, University Library of Munich, Germany. [Downloadable!]
  11. M. Martin Boyer, 2003. "Is the Demand for Corporate Insurance a Habit? Evidence from Directors' and Officers' Insurance," CIRANO Working Papers 2003s-42, CIRANO. [Downloadable!]
  12. M. Martin Boyer, 2004. "Is the Demand for Corporate Insurance a Habit? Evidence of Organizational Inertia from Directors' and Officers' Insurance," CIRANO Working Papers 2004s-33, CIRANO. [Downloadable!]
  13. M. Martin Boyer, 2003. "Directors' and Officers' Insurance and Shareholders' Protection," CIRANO Working Papers 2003s-64, CIRANO. [Downloadable!]
  14. Ammon, Norbert, 1998. "Why Hedge? - A Critical Review of Theory and Empirical Evidence -," ZEW Discussion Papers 98-18, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  15. J. David Cummins & Christopher M. Lewis & Richard D. Phillips, 1998. "Pricing Excess-of-loss Reinsurance Contracts Against Catastrophic Loss," Center for Financial Institutions Working Papers 98-09, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
    Other versions:
  16. Marcel Boyer & M. Martin Boyer & René Garcia, 2005. "The Value of Real and Financial Risk Management," CIRANO Working Papers 2005s-38, CIRANO. [Downloadable!]
  17. Jeffrey I. Bernstein, 1992. "Information Spillovers, Margins, Scale and Scope: With an Application to Canadian Life Insurance," NBER Working Papers 3979, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  18. J. David Cummins & Richard D. Phillips & Stephen D. Smith, 1997. "Derivatives and corporate risk management: participation and volume decisions in the insurance industry," Working Paper 97-12, Federal Reserve Bank of Atlanta. [Downloadable!]
    Other versions:
  19. Azofra Palenzuela, Valentín & Castrillo Lara, María Jesús, 2001. "Estructuras de propiedad en el sector asegurador español: evidencia empírica de su eficiencia y estrategias alternativas," Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". Working Papers "New Trends on Business Administration". 2001-06, Interuniversitary Doctorate Program "New Trends on Business Administration", Universities of Valladolid, Burgos and Salamanca (Spain). Programa de Doctorado Interuniversitario "Nuevas Tendencias en Di. [Downloadable!]
  20. Chang Dan & Hong Gu & Kuan Xu, 2005. "The Impact of Hedging on Stock Return and Firm Value: New Evidence from Canadian Oil and Gas Companies," Department of Economics at Dalhousie University working papers archive hedging, Dalhousie, Department of Economics. [Downloadable!]
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