This article investigates the impact of the observation that managers can use cash to defer bankruptcy on default risk … risk depends on two opposing channels. While cash provides managers with a buffer against bankruptcy during difficult times … two channels. As managers' propensity for excess cash holdings depends on this total impact, the model explains observed …

This paper investigates the relationship between female CEOs and insolvency risk of U.S. property-casualty insurance … companies. We show that female CEOs are associated with lower insurer insolvency propensity, higher z-score, and lower standard … difference-in-difference approach. Furthermore, we find that the impact of female CEOs on insurer insolvency risk is moderated by …