The Relationships among the Demand for Reinsurance, Liquidity, and Leverage in the U.S. Property-Liability Insurance Industry_

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題名：	The Relationships among the Demand for Reinsurance, Liquidity, and Leverage in the U.S. Property-Liability Insurance Industry
書刊名：	經濟論文叢刊
作者：	張永郎／鄭士卿
作者(外文)：	Chang, Vincent Y.／Jeng, Vivian S.
出版日期：	2016
卷期：	44:4
頁次：	頁543-576
主題關鍵詞：	再保險；流動性；財務槓桿；資本結構；Demand for reinsurance；Liquidity；Leverage；Capital structure
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:0 點閱:6

本文採用1994－2006年結合時間序列與橫斷面資料分析美國財產責任保險公司再保險、流動性及財務槓桿之關係。本文採用二階段最小平方法來估計再保險需求、流動性及財務槓桿三條結構方程式。本文實證結果發現保險公司的再保險需求與流動性之間呈現替代的現象, 且流動性與財務槓桿之間亦呈現替代之關係。另外,本文亦發現再保險需求與財務槓桿之間的關係則為互補之現象。

以文找文

Using pooled time-series and cross-sectional data from 1994 to 2006, we examine the interrelations among the demand for reinsurance, liquidity, and leverage in the U.S. property-liability insurance industry. Three structural equations are simultaneously estimated on the basis of a two-stage least squares paradigm. On the one hand, the empirical results indicate that insurers’ liquidity and reinsurance demand are substitutes for each other, and the same relationship is found for liquidity and leverage. On the other hand, our empirical findings support the fact that reinsurance demand and leverage are complementary.

以文找文

期刊論文
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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.	Dittmar, Amy、Mahrt-Smith, Jan、Servaes, Henri(2002)。Corporate Liquidity。
3.	Faulkender, Michael W.(2002)。Cash Holdings Among Small Businesses。
4.	Bruinshoofd, Allard、Kool, Clemens(2002)。The Determinants of Corporate Liquidity in the Netherlands。

圖書
1.	Doherty, N. A.(2000)。Integrated Risk Management: Techniques and Strategies for Reducing Risk。New York：McGraw-Hill。
2.	de Haan, Leo(1997)。Financial Behavior of the Dutch Corporate Sector。West Lafayette, IN：Purdue University Press。
3.	NAIC(2012)。Property and Casualty and Title Industry Report。Kansas City：National Association of Insurance Commissioners。
4.	Wooldridge, Jeffrey M.(2002)。Econometric Analysis of Cross Section and Panel Data。Cambridge, Massachusetts：MIT Press。

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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