We test for the causal impact of analyst coverage on corporate risk-taking in the property and casualty insurance sector, using the exogenous change in analyst coverage introduced by broker closures and mergers. We find that a decrease in analyst coverage promotes an increase in insurers’...

This paper studies the impact of lenders’ sensitivity to company risk on the extent of market discipline in life insurance during the 1985-2010 period. We find strong market discipline for young insurers but not for older insurers, supporting the strong influence of lenders’ trust attached...

We study how the urban context of a disaster affects protection decisions against catastrophes using the 1995 Kobe earthquake, which is highly relevant to urban life but difficult to link with rural life. We use a Bayesian approach to identify regions with major cities where the sensitivities of...