This paper examines the effects of competing measures of earnings surprises on the value of insurance firms for a sample of 105 Life-Health insurers and 109 Property-Casualty insurers during the 1998-2007 period. Using the surprise portfolio approach, we find that investors in insurance stocks...

In this article, we examine how startup firms finance their operations over time. We empirically test the financial growth cycle theory developed by Berger and Udell (1998) using the Kauffman Firm Survey data, the largest longitudinal data set comprised of all U.S. startups launched in 2004....

In this article we examine how startup businesses finance their operations over time. We employ the Latent growth modeling technique to test the financial growth cycle theory developed by Berger and Udell (1998). The data used in this study is the Kauffman Firm Survey, the largest longitudinal...