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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/92922

    Title: Dynamics of underwriting profits: Evidence from the U.S. insurance market
    Authors: Jiang, Shi-Jie;Nieh, Chien-Chung
    Contributors: 淡江大學財務金融學系
    Keywords: Insurance cycle;Underwriting profits;ARDL approach
    Date: 2012-01-01
    Issue Date: 2013-10-24 01:51:36 (UTC+8)
    Publisher: Amsterdam: Elsevier BV * North-Holland
    Abstract: 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.
    Relation: International Review of Economics & Finance 21(1), pp.1-15
    DOI: 10.1016/j.iref.2011.03.005
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

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