We analyze abnormal premium growth surrounding changes in A.M. Best Company financial strength ratings for a large panel of property/casualty insurers during 1992-1999. Control group comparisons and regression estimates generally indicate economically and statistically significant premium...

Widely used test statistics for non-zero mean abnormal returns in short-horizon event studies ignore cross-firm variation in event effects. Cross-sectional regression analyses of abnormal returns often either ignore heteroskedasticity in model disturbances or ignore plausible implications of...

We provide estimates of the tax costs of equity financing and the resulting effects on the prices of catastrophe insurance/reinsurance arrangements using a partial equilibrium model of insurance pricing and capitalization that incorporates specific loss distributions for nationwide catastrophe...

Enterprise risk management (ERM) refers to the identification, quantification, and management of all of a company's risks within a "unified" framework. This approach is much more comprehensive than traditional risk management practice, where different types of risk are managed by different...