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Executive Compensation in the Life Insurance Industry

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

Alternative theories imply differential compensation levels between executives of mutual and stock insurance companies. Evidence from the life insurance industry indicates (1) the compensation of mutual executives is lower than that of stock executives, (2) the compensation of mutual-subsidiary executives is lower than that of stock-subsidiary executives, and (3) the compensation of mutual executives is less responsive to firm performance than that of stock executives. This evidence is consistent with the existence of differences in corporate investment opportunity sets and resulting differences in required managerial discretion between mutual and stock life insurance companies. Copyright 1992 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Business.

Volume (Year): 65 (1992)
Issue (Month): 1 (January)
Pages: 51-74
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Handle: RePEc:ucp:jnlbus:v:65:y:1992:i:1:p:51-74

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  1. J. David Cummins & David Lalonde & Richard D. Phillips, 2000. "The Basis Risk of Catastrophic-Loss Index Securities," Center for Financial Institutions Working Papers 00-22, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
    Other versions:
  2. 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. [Downloadable!]
    Other versions:
  3. David Mayers & Clifford Smith, 2002. "Ownership Structure and Control: Property-Casualty Insurer Conversion to Stock Charter," Journal of Financial Services Research, Springer, vol. 21(1), pages 117-144, February. [Downloadable!] (restricted)
  4. 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!]
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