A vast majority of insurers are regulated by each state in which they conduct business; however, a small subset of specialized firms, risk retention groups (RRGs), are largely exempt from most aspects of duplicative regulation no matter how many states they operate. This paper analyzes the...

We study whether digital technology streamlines the regulatory process and reduces the costs of complying with regulation. To identify the effect of digital technology on regulatory compliance costs, we leverage a quasi-experimental policy change which mandates the use of an internet-based flow...

This paper examines the relation between the degree and type of strategic interaction among industry firms and firm performance. As a measure of firm performance, we use data envelopment analysis (DEA) to estimate the efficiency of a firm relative to the ‘best practice' firms in its industry....

We identify the effect of public guarantees on market discipline by exploiting the rich variation in U.S. state guarantees of property-liability insurer obligations. We find that insurer financing is significantly more risk-sensitive in the absence of government guarantees. The effects are...

We investigate the role of organizational structure in financial services markets by examining the U.S. life insurance industry. Traditionally stock and mutual life insurers were equally represented, but now the industry is mainly comprised of stock firms. We find operational efficiency, access...