manage their capital, as well as real effects of this management in the insurance product market. Effective at the end of … unaffected insurers, affected insurers are more likely to cede insurance to unauthorized captive reinsurers subject to lax … regulation, referred to as “shadow insurance,” after the shock. The increase in shadow insurance is stronger when affected …

transactions of non-agency RMBS by insurance companies from 2006 to 2009, we show that insurance companies that became more capital … at much lower prices than other insurance companies during the crisis …

In this paper, we investigate earnings management surrounding forced CEO turnover for U.S. property-casualty insurance …

' earnings forecasts of U.S. insurance companies. During most of the sample period, April 1983 through September 2012, the … financial markets. The differences in the IERP across the insurance sub-industries remained substantial after the crisis … of the results is that the current trend in accounting regulation to eliminate accounting differences across insurance …

This study examines the accuracy of relative valuation methods in the U.S. insurance industry, using price as a proxy …-financial firms, book value multiples perform relatively well in valuing insurance companies and are not dominated by earnings … of many insurance analysts, excluding Accumulated Other Comprehensive Income (AOCI) from book value worsens rather than …

with the life insurance data, in equilibrium young households are borrowing constrained and under-insured against human … capital risk. A calibrated version of the model can quantitatively account for the life-cycle variation of life-insurance … to a substantial increase in the volume of both credit and insurance. …

due to the limited pledgeability of human capital. We show analytically that, consistent with the life insurance data, in … account for the life-cycle variation of life-insurance holdings, financial wealth, earnings, and consumption inequality … insurance. …