Internal versus external capital markets and risk-taking

被引：1

作者：

Hsiao, Ching -Yuan ^{[1
]}

Shiu, Yung -Ming ^{[2
]}

机构：

[1] Tamkang Univ, Dept Risk Management & Insurance, 151 Yingzhuan Rd, New Taipei City 25137, Taiwan

[2] Natl Chengchi Univ, Coll Commerce, Risk & Insurance Res Ctr, Dept Risk Management & Insurance, 64,Sec 2,Zhi Nan Rd, Taipei 11605, Taiwan

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 92卷

关键词：

Internal capital transfer; External capital issuance; Risk-taking; Capital buffer theory; Internal capital markets; EMPIRICAL-EVIDENCE; PORTFOLIO RISK; MORAL HAZARD; ASSET RISK; FIRM RISK; INSURANCE; REINSURANCE; GOVERNANCE; IMPACT; COST;

D O I：

10.1016/j.iref.2024.02.033

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the effects of internal capital transfer and external capital issuance on asset risktaking 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 risktaking 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.

引用

页码：503 / 519

页数：17

共 53 条

[1] The relations among organizational and distribution forms and capital and asset risk structures in the life insurance industry [J].