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 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-03-30 DOI:10.1111/rmir.12262

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

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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。

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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.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.