期刊論文
| 學年 | 100 |
|---|---|
| 學期 | 1 |
| 出版（發表）日期 | 2012-01-01 |
| 作品名稱 | Dynamics of underwriting profits: Evidence from the U.S. insurance market |
| 作品名稱（其他語言） | |
| 著者 | Jiang, Shi-Jie; Nieh, Chien-Chung |
| 單位 | 淡江大學財務金融學系 |
| 出版者 | Amsterdam: Elsevier BV * North-Holland |
| 著錄名稱、卷期、頁數 | International Review of Economics & Finance 21(1), pp.1-15 |
| 摘要 | U.S. property–liability insurance markets have displayed insurance cycles, with their swings in underwriting profits, for nearly a century. Various hypotheses have been developed to explain these fluctuations, as follows: financial pricing hypothesis, capacity constraint hypothesis, financial quality hypothesis, option pricing approach and economic pricing hypothesis. Consistent with previous studies despite of examining whether variables possess unit roots, performing an ARDL bound test on underwriting profits from 1950 to 2009 demonstrates that the economic pricing hypothesis may be the most suitable model for explaining historical insurance pricing. An evident cyclical pattern in underwriting profits is explained as dynamic feed back to the long-term equilibrium. Considerable evidence suggests that the supply effect of risk-averse insurance companies has dominated U.S. insurance markets during the last half century. |
| 關鍵字 | Insurance cycle;Underwriting profits;ARDL approach |
| 語言 | en_US |
| ISSN | 1059-0560 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | |
| 審稿制度 | 是 |
| 國別 | NLD |
| 公開徵稿 | |
| 出版型式 | ,電子版,紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/92922 ) |