This article examines the effect of organizational forms on corporate dividend decisions by exploring the differences in dividend payout ratios between mutual and stock property-liability (P-L) insurers in the U.S. Our large sample evidence suggests: a) mutual insurers tend to have a lower...

In a mean-variance framework, the indifference pricing approach is adopted to value weather derivatives, taking account of portfolio effects. Our analysis shows how the magnitude of portfolio effects is related to the correlation between weather indexes and other risky assets, the correlation...

Motivated by the increasing use of one-time charges in the US insurance industry, this paper examines the information content of explicit announcements of such charges in the US insurance industry over the period 1990 to 2001. We find that, as expected, market reaction tends to vary according to...