政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/159640

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文筆數/總筆數 : 118786/149850 (79%)
造訪人次 : 81723727 線上人數 : 3856

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

政大機構典藏 > 商學院 > 風險管理與保險學系 > 期刊論文 > Item 140.119/159640

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/159640

題名:	Does reinsurance affect capital structure deviations? Evidence from US property–casualty insurers
作者:	許永明 Shiu, Yung-Ming;Li, Xiaoyi
貢獻者:	風管系
關鍵詞:	Reinsurance;Capital structure deviations;Actual leverage;Target leverage
日期:	2025-06
上傳時間:	2025-09-24 09:53:53 (UTC+8)
摘要:	This study explores the effect of hedging on capital structure deviations by examining whether and how reinsurance affects the capital structure deviation of both underleveraged and overleveraged insurers. Although previous research findings indicated that risk management tools increase actual leverage, we discover that reinsurance, a commonly used risk management tool for property–casualty insurers, is associated with reduced absolute values of actual and target leverage deviations. Our findings suggest that reinsurance moves an insurer’s actual leverage towards its target leverage. Our difference-in-differences analysis using Hurricane Sandy, which devastated Atlantic regions in 2012, as an exogenous shock to reinsurance, is consistent with our main results. Additionally, we find that insurers with reinsurance exhibit a capital structure adjustment speed approximately 6.9% quicker than insurers without reinsurance.
關聯:	The Geneva Papers on Risk and Insurance - Issues and Practice
資料類型:	article
DOI 連結:	https://doi.org/10.1057/s41288-025-00356-1
DOI:	10.1057/s41288-025-00356-1
顯示於類別:	[風險管理與保險學系] 期刊論文

文件中的檔案:

檔案	描述	大小	格式	瀏覽次數
index.html		0Kb	HTML	69	檢視/開啟

在政大典藏中所有的資料項目都受到原著作權保護.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

資料載入中.....