财产险行业复杂性与管理自由裁量权的关系

IF 0.9 Q3 BUSINESS, FINANCE
M. Boyer, Elijah Brewer, Willie D. Reddic
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引用次数: 0

摘要

本文研究了损失准备金的设置是否取决于保险公司的复杂性,这是由保险公司承保的业务线数量和保险公司在这些业务线的专业知识决定的。我们的研究结果表明,复杂性水平较高的保险公司倾向于过度储备。我们还发现,随着复杂性的增加,财务状况不佳且盈利平稳的保险公司倾向于储备不足(即,将损失准备金向上倾斜)。此外,我们发现,随着复杂性的增加,具有高税收负债的保险公司倾向于将其损失准备金向下倾斜(即超额准备金),这表明税收策略是保险公司的重要问题。在确定损失准备金可以大胆设定到何种程度时,保险公司的复杂程度尤为突出。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Association between Complexity and Managerial Discretion in the Property and Casualty Insurance Industry
This paper investigates whether the setting of loss reserves depends on an insurer’s complexity, which is defined by the number of business lines an insurer underwrites and on the insurer’s expertise in those lines. Our results suggest that insurers with higher levels of complexity tend to over-reserve. We also find that, as complexity increases, insurers that are financially weak and smooth their earnings, tend to under-reserve (i.e., bias their loss reserves upward). Further, we find that as complexity increases, insurers with high tax liabilities tend to bias their loss reserves downward (i.e., over-reserve), suggesting that tax strategies are important issues for insurers. An insurer’s degree of complexity is particularly salient when determining the extent to which loss reserves can be aggressively set.
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来源期刊
Quarterly Journal of Finance
Quarterly Journal of Finance BUSINESS, FINANCE-
CiteScore
1.10
自引率
0.00%
发文量
0
期刊介绍: The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.
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