Do Insurers Partially Adjust Their Liquidity toward Target Levels? Evidence from the U.S. Property-Liability Insurance Industry_

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題名：	Do Insurers Partially Adjust Their Liquidity toward Target Levels? Evidence from the U.S. Property-Liability Insurance Industry
書刊名：	財務金融學刊
作者：	張永郎／楊昕昀
作者(外文)：	Chang, Vincent Y.／Yang, Melody H.
出版日期：	2016
卷期：	24:1
頁次：	頁103-136
主題關鍵詞：	最適流動性；目標流動性；部份調整模型；不對稱部份調整；調整速度；Optimal liquidity；Targeted liquidity；Partial adjustment model；Asymmetric partial adjustment；Speed of adjustment
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:2 點閱:4

本文探討美國產物保險公司是否存在目標流動性及如何調整到流動性目標值。實證結果支持抵換型式的調整過程。流動性在目標值之上的公司其調整速度會比在目標值之下的快，此結果說明低報酬率的考量是比破產成本和投機動機重要的。另外，財務槓桿的替代效果與流動性偏離目標值和財務槓桿的交义效果對流動性的調整也是重要的。

以文找文

This article studies whether insurers operating in the U.S. have targeted liquidity levels and how this target is achieved when it exists. The evidence supports the trade-off adjustment behavior of an insurer’s liquidity. Insurers that achieve liquidity above their targets adjust faster than insurers with liquidity below their targets, suggesting that low investment returns concern dominates the arguments about bankruptcy costs and speculative motivation. Additionally, the substitution effect of leverage and the combined effects of the interaction between an insurer’s deviation from the target liquidity and its leverage play a substantial role in insurers’ liquidity adjustments.

以文找文

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研究報告
1.	Almeida, Heitor、Campello, Murillo、Weisbach, Michael S.(2002)。The Demand for Corporate Liquidity: A Theory and Some Evidence。
2.	Faulkender, Michael W.(2002)。Cash Holdings Among Small Businesses。
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圖書
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圖書論文
1.	van Ees, Hans、Garretsen, Harry、de Haan, Leo、Sterken, Elmer(1998)。Investment and Debt Constraints, Evidence from Dutch Panel Data。Market Behaviour and Macroeconomic Modelling。London：Macmillan Press。

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