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    題名: Internal versus external capital markets and risk-taking
    作者: Hsiao, Ching-yuan
    關鍵詞: Internal capital transfer;External capital issuance;Risk-taking;Capital buffer theory;Internal capital markets
    日期: 2024-02-19
    上傳時間: 2024-03-01 12:05:22 (UTC+8)
    出版者: Elsevier
    摘要: We examine the effects of internal capital transfer and external capital issuance on asset risk-taking using a database containing detailed information on capital. Consistent with capital buffer theory, we find that external capital issuance is positively related to risk-taking adjustment. We also find that the funds received via internal capital transfers are negatively related to risk-taking adjustment among affiliated insurers with lower capitalization and negative profitability, underscoring the monitoring role of groups with affiliates' risk-taking behavior. Our results emphasize the sharp contrast between internal capital transfer and external capital issuances on affiliates’ risk-taking.
    關聯: International Review of Economics and Finance 92, p.503-519
    DOI: 10.1016/j.iref.2024.02.033
    顯示於類別:[風險管理與保險學系] 期刊論文

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