Relationships between Property-Liability Insurance Stock Returns and the Business and Underwriting Cycles
This research examines quarterly excess returns for a property-liability (P&L) insurance stock portfolio over the period 1975-90. The excess portfolio returns are not correlated with the general business cycle. This study concludes that excess returns do occur during periods of increased underwriting profitability.
Volume (Year): 17 (1994)
Issue (Month): 1 ()
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