首席执行官过去的困境经历与风险承担：来自美国财产责任保险公司的证据

IF 1.1 Q3 BUSINESS, FINANCE

Risk Management and Insurance Review Pub Date : 2024-03-30 DOI:10.1111/rmir.12262

Gunratan Lonare, Gene Lai, Sangyong Han, Chia-Ling Ho

{"title":"首席执行官过去的困境经历与风险承担：来自美国财产责任保险公司的证据","authors":"Gunratan Lonare, Gene Lai, Sangyong Han, Chia-Ling Ho","doi":"10.1111/rmir.12262","DOIUrl":null,"url":null,"abstract":"We investigate the relationship between CEOs' past distress experience and risk‐taking in US property–liability insurance companies. Our evidence shows that CEOs' past distress experience is negatively associated with insurers' risk‐taking behavior, suggesting that CEOs with distress experiences tend to take lower levels of risk in making financial decisions for their firms. The results are robust to using alternative measures of risk‐taking, including value at risk, expected shortfall, volatility of stock return, idiosyncratic volatility, systematic volatility, underwriting risk, and investment risk. Additionally, our results pass a placebo test, and we mitigate endogeneity concerns with the propensity score matching method.","PeriodicalId":35338,"journal":{"name":"Risk Management and Insurance Review","volume":null,"pages":null},"PeriodicalIF":1.1000,"publicationDate":"2024-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"CEO past distress experience and risk‐taking: Evidence from US property–liability insurance firms\",\"authors\":\"Gunratan Lonare, Gene Lai, Sangyong Han, Chia-Ling Ho\",\"doi\":\"10.1111/rmir.12262\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We investigate the relationship between CEOs' past distress experience and risk‐taking in US property–liability insurance companies. Our evidence shows that CEOs' past distress experience is negatively associated with insurers' risk‐taking behavior, suggesting that CEOs with distress experiences tend to take lower levels of risk in making financial decisions for their firms. The results are robust to using alternative measures of risk‐taking, including value at risk, expected shortfall, volatility of stock return, idiosyncratic volatility, systematic volatility, underwriting risk, and investment risk. Additionally, our results pass a placebo test, and we mitigate endogeneity concerns with the propensity score matching method.\",\"PeriodicalId\":35338,\"journal\":{\"name\":\"Risk Management and Insurance Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.1000,\"publicationDate\":\"2024-03-30\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Risk Management and Insurance Review\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/rmir.12262\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Risk Management and Insurance Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/rmir.12262","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们研究了美国财产责任保险公司首席执行官过去的困境经历与风险承担之间的关系。我们的证据显示，首席执行官过去的困境经历与保险公司的风险承担行为呈负相关，这表明有困境经历的首席执行官在为公司做出财务决策时往往会承担较低水平的风险。使用其他风险承担衡量标准，包括风险价值、预期亏损、股票收益波动、特异性波动、系统性波动、承保风险和投资风险，结果都是稳健的。此外，我们的结果还通过了安慰剂测试，并通过倾向得分匹配法缓解了内生性问题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

CEO past distress experience and risk‐taking: Evidence from US property–liability insurance firms

We investigate the relationship between CEOs' past distress experience and risk‐taking in US property–liability insurance companies. Our evidence shows that CEOs' past distress experience is negatively associated with insurers' risk‐taking behavior, suggesting that CEOs with distress experiences tend to take lower levels of risk in making financial decisions for their firms. The results are robust to using alternative measures of risk‐taking, including value at risk, expected shortfall, volatility of stock return, idiosyncratic volatility, systematic volatility, underwriting risk, and investment risk. Additionally, our results pass a placebo test, and we mitigate endogeneity concerns with the propensity score matching method.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Risk Management and Insurance Review Economics, Econometrics and Finance-Finance

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： Risk Management and Insurance Review publishes respected, accessible, and high-quality applied research, and well-reasoned opinion and discussion in the field of risk and insurance. The Review"s "Feature Articles" section includes original research involving applications and applied techniques. The "Perspectives" section contains articles providing new insights on the research literature, business practice, and public policy. The "Educational Insights" section provides a repository of high-caliber model lectures in risk and insurance, along with articles discussing and evaluating instructional techniques.