Recent research has examined the effect of the passage of the Financial Services Modernization Act of 1999, more commonly known as the Gramm-Leach- Bliley Act, on the market value of insurers, commercial banks, securities firms, thrifts, and finance companies. This study differs from previous...

This paper examines the risk/return relationship for life insurance stock returns using CAPM-GARCH. Prior studies use the traditional CAPM and fail to find risk-adjusted returns. Utilizing CAPM-GARCH, we find life insurance stocks provided 7.96% risk adjusted returns for the period 1985-2003....

Convertible bonds are financial instruments used by corporations to raise funds. Investors buy them for both their return and potential equity feature. To make the bonds more attractive to investors and to lower the bond interest rate, the corporations give investors the opportunity to receive...

This paper provides the first evidence that state-level liability standards affect auditor behavior. We hypothesize that auditors demand more conservative reporting when their insurance clients are domiciled in states with more stringent standards for third party claims against the auditor for...

Several studies have examined the effect of a catastrophic earthquake on the market value of property-liability (P&L) insurers. This study differs from previous ones in that it examines the market effects of revisions to estimated insured losses from the Northridge earthquake over an 18-month...