Corporate Transparency and Reserve Management: Evidence from US Property-Liability Insurance Companies

doi:10.1016/j.jbankfin.2018.07.017

淡江大學機構典藏 > 商管學院 > 風險管理與保險學系 > 期刊論文 > Item 987654321/116402

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题名:	Corporate Transparency and Reserve Management: Evidence from US Property-Liability Insurance Companies
作者:	Sangyong Han;Gene C.Lai;Chia-LingHo
关键词:	Corporate transparency;Financial crisis;Reserve management;SOX
日期:	2018-11
上传时间:	2019-04-30 12:10:21 (UTC+8)
出版者:	Elsevier
摘要:	Using a sample of US publicly traded property-liability insurers, we examine the effect of corporate transparency on earnings management. We find that a higher level of corporate transparency is associated with more conservative loss-reserves estimation. Our evidence shows that the positive effect of corporate transparency on insurers’ reserves-estimate conservatism is more pronounced for insurers that are smaller and have more diversified lines of business and that certain board characteristics—such as being smaller, meeting more frequently, and having a higher percentage of independent directors—can restrain the inadequate reserves management of less transparent US publicly traded property-liability insurers. We also provide evidence that additional regulatory mandates to seek greater transparency in the Sarbanes-Oxley Act may be redundant, given the existing regulations in the property-liability insurance industry. Finally, we find insurers’ conservative reserve estimates were more pronounced during the 2008–2009 financial crisis.
關聯:	Journal of Banking & Finance 96, p.379-392
DOI:	10.1016/j.jbankfin.2018.07.017
显示于类别:	[風險管理與保險學系] 期刊論文

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